Will Bitcoin be the gold of the crypto realm and Graphene based blockchains rule it all?
It is an idea that I think makes sence and would be the only reason for Bitcoin to have an lasting role in the Crypto Fiat Valuta realm. Bitcoin as the precious coin that holds large amounts of value for longer periodes of time as an asset. This way it could go on for years to come and even be purged, say every 5 years. Or even more actively. If Bitcoin were to become the 'gold value' in the crypto world it would not matter that much transactions took 6 confirmations. An hour or so to be sure the amount of value has been secured, no one would complain. No need for huge blocks of hundreds of megabytes, or faster blocking times.
There would be a price to pay for this shift towards this huge status increase. It simply would not pay to move small transactions, miners simply would not except anything below 0.01 BTC. And that would allready be a lot in real gold value, or fiat money, if it still does excist. Bitcoin then would be used to move vast amounts of value around, or to hold it for a longer period of time. This could be a future reason to keep Bitcoin going, as it will be a reason for the miners to keep their rigs powered on. And I think a lot of other Bitcoin siblings could have a hard time moving on after BTC got the 'maybe even better then gold' status in the crypto realm. Some other blockchain technologies allready anticipated like NXT, that is moving to a new chain, with a lot of potential, called Ardor.
Graphene allready started off on the right foot
Can it scale big time, can it handle a lot of transactions in a jiffy, can it move value fast, can it expand with subchains, can Apps be build upon it, can it change the way we go about our daily lives? In the case of the Graphene blockchain technology all these questions can be answered with: Yes! And then some more, maybe. Now, as a Steem user and SteemIt publisher you might think I'm a bit biased, okay maybe even a lot. But it simply proofs itself in practice, everybody who is using Bitshares or Steem and maybe some other Graphene based blockchains can confirm this. Maybe in value underestimated, but in marketcapacity showing proof that it certainly has got a big share of the pie. And that will only grow more if people start to get how innovative this technology really is. Early adopters got it allready and more will come.
So, Steem on Graphene and any other on that technololgy based blockchain is way ahead of it's time. Well, maybe that is weird to state, because it is here and now that it is happening. In my vision I do not see Steem or any other Graphene based coin kick Bitcoin from the highest value per coin spot. But I do think that the Graphene based coins can do something Bitcoin was never capable of and will never be capable of. And that is being a realtime value exchange system that will get mass adoption, with great apps build upon it. Internet of things? Here comes Graphene!
Or am I gazing too much in my crystal ball here...? Anyway, my evening thought for today.
Have a nice Steem!
I just revisited your article through a google search to learn more about Graphene blockchain. I like the point of view you have on not needing to scale BTC, I have also felt that way about it. There are many alts that could already handle that issue. It seems a classic please the shareholders.
I would like to see this article reposted being a little closer to August 1st and the resolve of scaling issues being in a battle that could have negative effects on the asset BTC.
There are indeed other cryptos that can handle scaling far better now already, than Bitcoin could ever do.
Graphene (bitshares) and its successor chainbase (steem/eos) are build to do that in the best possible way.
Even with SegWit, that could be a good move forward, Bitcoin will stay at low transactions per second. It is constructed to hold high value per BTC.
In my most recent post I refered to the ongoing fight and how that is bad for the value of Bitcoin. That means it will byte back at those who keep fighting.
Strange, as if they do not get who this will only lead to all fighting parties losing.
This might be worth a repost.
I am still very unsure of the whole process I need step by step instructions
Could you be a bit more specific @karenb54? What is it that you need step-by-step instructions with.
Would be glad to help, if I can.
I don't understand any of it, where it has come from, who pays for it, what it is. .. I can't get to grips with the whole process
I'll get back to you on this... Have to figure out, how to set it up. ;-)
Great. I look forward to reading it as will a lot of members
Writing a new post... Will send a note here when done.
Thank you
There you go @karenb54, hope it is any help to you:
https://steemit.com/steem/@oaldamster/once-upon-a-time-in-a-virtual-digital-reality-far-away-there-came-to-life-the-blockchain
Umm, could you please explain Graphene blockchain technology? I'm truly interested in the article but you have written it with the assumption that the reader knows what it is. Perhaps I should but I don't. Maybe a sentence or two explanation? I googled http://docs.bitshares.org/ but perhaps a briefer explanation please. :)
In short.
Graphene is a unique decentralized blockchain technology that can be used to make a coin, but it also is capable of building social media upon, like Steem(It). And things like assets, smart contracts, and so on. Think Bitshares, Muse and etcetera.
What makes Graphene one of a kind is that it can scale quite easy. Transactions are handled instantly and there are thousands per second possible. And if the decentralized network is willing, even more. It is a solid base for many applications, like Steem(It).
Do not know if this is any help for you, if you need more clarification or indeep explanation let me know. And ofter other helpfull Steemers will jump in too, to help.
Aha, I am supposing this is why so many Steem blocks can be generated so rapidly. I may or may not be on the right track on that.
Your brief explanation was very helpful, thank you.
Yes, that is indeed the case, you are on the right track.
Glad I could be of assistence, you are welcome!
yes but Graphene has witnesses/master nodes, which is problematic. Also this technology could have been around for 20 years already, see the Paxos Algorithm (Steemit, Bitshares, Ripple, Stellar are all variations of it).
So master nodes don't have much to do with Satoshi's actual innovation which is complete trustlessness.
In Bitcoin there'll be the Lightning Network to handle scale.
It is a different approach and it is decentralized, the setup of Graphene is different. Still to me it is an innovation. And I see much potential as it solves many problems that other blockchain technology has. It is not my claim that it is according to the idea of Nakamoto Satoshi. Nor does it have that intention, as far as I understood. The approach is from another angle.
Bitcoin has gotten a certain level of centralization, that was not forseen, as far as I know. And there has to be a certain consensus there too, see the recent strugles between different developement branches. So there are certain challenges ahead, for Bitcoin also.
And I, personaly do not see Bitcoin being able to scale enough, due to the technical limits it has. Simply rising the blocksize won't do the trick, as far as I can see. But, that was not the subject of this item for me. Because I still see a function for Bitcoin, as the 'gold' or if you like the 'diamond' of the crypto realm. And others to be the flowing water that keeps it running.
Pareto Principle more or less seems to strike always in everything humans (and nature) do, an unsolved problem. Re-decentralization can happen (when the arms race will require miners to make use of waste heat, which is impossible for a large-scale facility). So it's all a very dynamic and thus much more resilient process. Much more resilient and adaptive than a strict, limited number of identifiable master nodes, which will eventually fall under tight regulations.
Again, Lightning Network.
It is dynamic. And there are always unexpected challenges along the way, that is what gives a stimulus to innovate, to evolve. As can be seen here at Steem(It) too.
And I'm aware of the scale argument through a fiber glass network, and maybe allready sooner than many belief possible: quantum computing. Or data storage on a quantum scale. Than that would change things quite a lot. And also my perspective of current affairs, also a good reason to start posting some more.
For me it is a difference in opinion, I'm okay with that. And I do like Steem on Graphene, I love that it is Blogging on a Blockchain. Do get your arguments and I respect them. My point of view differs from yours currently, and if I'm proven wrong, I will be the first to admit it.
And you can call me back on that, it's locked in the blockchain for everyone to witness. ;-)
Yes, you don't respond to my arguments much anymore.
:)For the record, actually I see great potential for Steemit. It seems to be actively and continuously improved, the front-end is smooth and works well, color me impressed. For potential big investors (much bigger than today's steem whales) the technology behind it won't matter much. They don't care if or how much steemit is centralized. They only see the size of the community and the new innovations it brings for monetization.
Thanks for the discussion. ;-)
And yes, we agree on SteemIt! :-)
Steem On!
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