The Gridcoin Fireside #18 - Blockchains: Moving Beyond the Trust-Based Model

in gridcoin •  17 days ago  (edited)


The Gridcoin Fireside #18

Blockchains: Moving Beyond the Trust-Based Model

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The Gridcoin Fireside is a participatory podcast brought to you by the Gridcoin community. It is intended to introduce and explore DLT, cryptocurrency, and crypto-economics from a science oriented perspective.

The audience is welcome to participate through voice-comms or via the discord text chat.

Join us every Thursday at 8:00pm EDT on the Gridcoin discord server.

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Recorded on August 29th

Blockchains: Moving Beyond the Trust-Based Model

In this episode we discuss how blockchain technology presents an alternative to the trust-based model of not only finance, but any protocol, process, or organization that relies on arbiters of trust.

While the [electronic payments] system works well enough for most transactions, it still suffers from the inherent weaknesses of the trust based model.

What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party.

- Satoshi Nakamoto

Trust is a complex natural protocol that enables social interaction between individuals. It largely depends on a biological function drawn from a tribal library. It is difficult to maintain a natural web of trust beyond 100-200 individual people. This creates logical problems including tribalism and prejudice.

To overcome these problems, human societies manufactured protocols and processes that manage trust across large webs of individuals. For thousands of years, technological limitations demanded these protocols and processes be managed by people -- by arbiters of trust. In solving the problems of the tribal model, this trust-based model creates a significant problem: arbiters of trust hold incredible power.

Cypherpunks, crypto-anarchists, and others claim that a digital future secured by cryptography is the solution to this ancient problem. The Bitcoin blockchain was the first successful implementation of their proposed solution.

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18:00Opening Discussion
Eric Hughes - Cypher Punk Manifesto
Tim May - Crypto Anarchy Manifest
Bitcoin Whitepaper
19:45Tribal -> Trust -> Cryptographically based systems
24:00Trust, science, and why to build alternatives
28:45Multi-currency future
30:30Satoshi's perspective
31:45Communities of trust
34:00Alterative alternatives
43:45Oracles, Trust, and Science
55:15Closing comments

What is Gridcoin?

Gridcoin is a multi-incentive permissionless blockchain initiated in 2013. It mints and distributes cryptocurrency in relation to the processing power a network participant directs toward data-driven analysis and scientific discovery, as well as through a proof-of-stake reward mechanism. The Gridcoin blockchain monitors processing contributions to the Berkeley Open Infrastructure for Networked Computing (BOINC). BOINC hosts major institutional computing projects such as IBM’s World Community Grid, SETI, and CERN, alongside projects developed by students, enthusiasts, mathematicians, researchers, and citizen scientists. Access to Gridcoin's computation resources is free, while computation contributors are incentivized with cryptocurrency minted by the Gridcoin protocol.

Want to Learn More?

White Paper:

-- Github --


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