More explicitly, the blockchain is summarized as a platform allowing exchanges in all confidence, each aggregating "tokens" that can have very diversified origins (ex. the note of sending of a carrier with a contract for the sale of a real estate property), guaranteeing the identity of the party and the integrity of the contents of the transaction (either a smart contract, a crypto currency or a value of exchange with its rules related to the status of the transaction in question).
Blockchain technology is based on principles of:
- “liquid democracy", a self-regulated model of collective decision-making without going through a central regulator;
- the "futarchy" which does not replace democracy but adds the following principle: when a prediction market clearly believes that the proposed decision will improve national wealth, the proposal becomes law. The market therefore defines the means, the end being determined by traditional democratic systems.
Blockchain, based on a distributed model, is constantly evoked as being a game-changer (not yet demonstrated) of the limits of the regulated and centralized systems of the democracies that have existed for one century, notably in the Western world (Europe and US).
It is surprising that a hyper-regulated and centralised country promotes (certainly with the blessing of the authorities) a technology with an ‘anarchist connotation'.
A few examples of Blockchain
- Hollywood movie studio in terms of :
- production of a film through all phases of the producer's project, which is built up over time and includes all information relating to the production (costs of actors, studio, etc...)
- distribution by sharing the IP directly with the exhibitors and bypassing the distributor to improve the producer's margin
- Neo - OnChain (Dr Da Hongfei) are 2 companies that promote the use of a blockchain platform with stakeholders (companies, governments). OnChain offers consulting services for large companies seeking to appropriate this technology in order to offer more efficient and disruptive services.... of course implemented on their blockchain platform.
How should the exchanges take place:
- Token economics: economy based on the creation of a reliable 'token' (with crypto-technology underlying the blockchain, or in contactless payments from MasterCard/Visa/Apple) representing smart contracts.
- ICO (Initial Coin Offering): may be financed by ICO, which would give the virtues of "crowdfunding" in the sense of the validation of an offer by a large number of people (in principle...)
- Promoting decentralized exchanges
- Incentivized on chain governance: concepts of liquid democracy and futarchy as mentioned above.
The blockchain is always limited to 2 poles:
- smart contracts >> production part in the above example
- digital assets (IP) >> rights distribution part in the example above
We must already think of the interoperability of block-chained networks, for example
- Digital asset management
- Settlement of commercial relations
- Blockchain for the identification of the actors
For information, Neo's platform offers Blockchain technology allowing transactions to be validated much faster. Moreover, it is interoperable with other Blockchain platforms.
Possibly, three different blockchain technologies / platforms will interconnect as the blockchain movement develops.
The current problem of miners' performance is being resolved as blockchain transactions are developed (from 1,000 transactions per second today to 100,000 TPS by 2020) by third party HPB (High Performance Blockchain) services that will invest heavily. For instance, Trinity offers a specific combination of hardware platform dedicated to the running of blockchain applications and software optimization.
For technology stakeholders, the algorithm used by Neo to achieve consensus on a faster decentralized network is called “dBFT”( for delegated Byzantine Fault Tolerance). As a reminder, the two most popular algorithms at the moment are :
- POW for “Proof of Work” which is used by Bitcoin ;
- POS for “Proof of Stake”, or proof of possession, which will soon be implemented on Ethereum (even if some call it PoW as well...)
For more information: https://journalducoin.com/altcoins/blockchain-de-neo-dbft-2-3/
Many blockchain platforms (such as Neo) are developed to be in the race for further consolidation and hope to impose themselves commercially and technically. So it seems to be difficult to select the blockchain platform on which to plug.
These platforms address the following features of:
- the digital economy to secure the identification transactions of contracting persons, IoTs, assets and crypto currencies
- the programmable economy: smart contracts that are transparent between the parties and objectived
- the economy of confidence, disintermediated