The Existence of Alternative Blockchains
Bitcoin's network is the oldest too most established blockchain. It has been revolutionary every bit a shop of value too every bit a payment arrangement since its creation inward 2009. It is the most secure blockchain, has the largest transaction book too marketplace position capitalization every bit good every bit the highest mining hash rate. It every bit good possesses the largest network of developers every bit good every bit academic too coder reviews.
However, the number of choice blockchains is growing though many of these networks practice non receive got major differences inward utility to Bitcoin's network. Rand reckons this phenomenon is explained past times recognizing that these choice networks are created every bit 'ethically dubious money making schemes.'
Explaining further, he states: "This is a affair because blockchains are hard to understand. In particular, they are a actually weird chimeric combination of a bunch of dissimilar fields. Cryptography, distributed systems, economics, too game theory. And every bit a number of this investors, journalists, too users pretty much almost invariably cannot evaluate the details of blockchain applied scientific discipline products."
This combination of factors makes the blockchain land ripe dry soil for scammers who volition exploit the existing depression levels of agreement inward gild to get investors every bit good every bit users for their profit-driven blockchains.
Legitimate Use Cases For Alternative Blockchains
Although at that topographic point exists a number of scammy choice blockchains, Rand believes at that topographic point are actual legitimate utilization cases for choice networks. Alternative blockchains tin flame last used to mitigate sure as shooting challenges.
To laid out with, naming systems are ane utilization instance for choice blockchains. The Domain Name System (DNS) is the protocol through which things, similar computers, mobile phones, too websites, that are connected to the cyberspace are allocated a name. This mention is attached to an Internet Protocol (IP) that is made upwardly of numbers too is by too large hard for a human to remember. DNS combines this numerical information alongside an easily recognizable discussion to create a name.
Though DNS is an essential part of the Internet, it faces diverse challenges. Domain names tin flame last slow pickings for criminals who volition aim to pocket or hijack the mention piece corrupt governments tin flame forcefully receive got over a domain mention inward gild to farther their agendas. In the instance of dispute over domain names too their ownership, the dispute resolution procedure that normally occurs through the courts is costly too time-consuming.
In addition, domain names are vulnerable to Distributed Denial of Service (DDoS) attacks. This refers to an assault where a number of malfunctioning systems converge on a unmarried arrangement leading to a Denial of Service (DoS) attack. These attacks impact the surgical operation of the domain too tin flame receive got a piece to resolve.
Related to the naming arrangement utilization instance is Public Key Infrastructure (PKI). PKI refers to the arrangement that facilitates the secure transfer of information over the Internet. Amongst other protocols, the arrangement utilizes a procedure named Transport Layer Security (TLS). However, this protocol is flawed. In gild to adequately business office every bit a facilitator of secure information transfer, TLS protocols must trust sure as shooting pages on the Internet. These pages are known every bit Certificate Authorities (CA). CA's are vulnerable to assault too tin flame malfunction.
Zooko's triangle, formulated past times Zooko Wilcox, refers to 3 aspects that a naming arrangement (such every bit DNS) must receive got inward gild to business office adequately. These properties include a decentralized system, global names, too human meaningful. Global names hateful that a mention should refer to the same affair everywhere piece human meaningful denotes that the names are chosen past times humans. Similar to decentralized consensus, this was deemed impossible until the advent of blockchain technology.
Early Bitcoin community members saw the blockchain every bit a path to fixing the shortcomings witnessed inward DNS too PKI systems. Appamoto, a proponent of this idea, believed Bitcoin's network could last used to shop names too other values through the add-on of non-currency systems to its blockchain. The resulting blockchain would last named BitX too would include bitcoin, BitDNS every bit good every bit other systems.
Bitcoin's pseudonymous creator, Satoshi Nakamoto was against the thought stating:
"Piling every proof of piece of occupation quorum arrangement inward the globe into ane dataset doesn't scale. Bitcoin too BitDNS tin flame last used separately. Users shouldn't receive got to download all of both to utilization on or the other."
Instead, he proposed a modified arrangement know every bit Auxiliary Proof of Work (AuxPoW) that would let multiple blockchains to co-exist. This system, every bit good known every bit merge-mined sidechains would ensure the chains would non last a danger to each other.
Namecoin
Namecoin is the implementation of the DNS proposal. It is a fork of Bitcoin Core too utilizes AuxPoW inward gild to create a naming system. Namecoin adds a few lines of code to the scripting linguistic communication used past times Bitcoin's network hence every bit to generate names. "The information attached to a mention consists of a mention declaration too a value argument. The mention update upcode tin flame either modify the mention the value of the name, or it tin flame transfer the mention to a novel owner," explained Rand.
Names typically expire 250 days, which is nearly 36,000 blocks, afterward the most recent mention update. However, it is slow to update a mention past times only inputting the update upcode too setting it the same value it already has.
Namecoin operates inside sure as shooting consensus rules. First is the global uniqueness of unexpired names pregnant at that topographic point no same names tin flame be too mo is the immutability of the mention field. One cannot modify a mention on the blockchain; rather ane must register a novel name.
However, it must last noted that the mention spaces too their semantics practice non assort part of the consensus rules but are agreed upon purely past times convention. This allows the blockchain to last flexible plenty to accommodate domain names, human identities every bit good every bit whatever novel utilization cases that may arise.
Namecoin makes a instance for itself every bit an illustration of an choice blockchain that is solving existent globe challenges. Using blockchain technology to dorsum the authenticity of records is an innovative trend of utilizing the inherent features of the applied scientific discipline that receive got made it a disruptor since its release.
[Telegram Channel | Original Article: ]