- I’m super biased.
- Ethereum is pretty cool!
- Competition is effective.
Like Bitcoin, Ethereum suffers from the flaw that every transaction needs to be processed by every node in the network. With Bitcoin, the size of the current blockchain rests at about 15 GB, growing by about 1 MB per hour. If the Bitcoin network were to process Visa’s 2000 transactions per second, it would grow by 1 MB per three seconds (1 GB per hour, 8 TB per year).
What’s decentralized about that? Ways of mitigating this are used, but still a flaw.
Checks and balances are often built in at the content level. In CP they are at the context level. That’s one reason there are almost no arbitrary variables in CP. There are many in blockchains.
Ethereum driving factors are
- “…confidence in the possible outcomes and how those outcomes might come about.”
CP creates those, but without all the complexity. There is a lot of math in that link! CP uses a bit of multiplication and division. And a smattering of statistics. But that’s it. 🙂 CP is not a tech advance. Like other timeless things, it’s an organizational advance.
Anyone can make a currency in “2 lines of code”. But how are they all organized? What are they backed by? In CP every event has a currency: shares backed by Joules.
Mining. I don’t fully understand it. But is seems that it uses a lot of energy as a way to introduce scarcity. Don’t Joules already do that? 😉
Where is the conflict resolution function? CP has this built in.
And overall, there is the same issue with Oracle saying, ~”We have a solution for every business aspect.” Where is the integration??? As Cyd Harell of Code4America said, “A typical city website today is ABOUT the city, but the site should BE the city, doing the people’s business online.” Almost nobody understands this directness, which is a huge competitive advantage.
What’s not really addressed is that all this crypto stuff is mostly to work around governments not doing what they said they would do. But in the end it’s still a fight and gov’s can just outlaw it. CP supersedes govs. In the end there is no fight. Effective choices are transparently available, often automatically implemented.