Published on Jun 8, 2016

Blockchain explained. Shai Rubin, CTO of Citi Innovation Lab, explains in an easy and simple way the basics of blockchain.
Molana Rumi
This frenzy of bitcoin and blockchain is exaggerated and turned into a global casino for the participants. For now that is all . There is not even one practical application of blockchain at work solving or enhancing enterprise applications. And the reason for this is the fact that blockchain is encumber some , slow, utilizing extensive amount of computation and energy to validate block of transactions. Although the concept of getting rid of centralized trusted parties is the key attribute of blockchain technology, the implementation and speed of process is not yet up to par with the needs and demands that are currently solved by centralized trusted parties. Bitcoin thus is only serving as a token of participating in the Ponzi game of global casino it has created. Every newcomer joins in hoping to sell bitcoin to the next guy for a higher price fueling the demand till it implodes and all the late comers hold the bags. Very unhealthy for masses . And it will not serve or solve any of the promises that have been hyped as a blockchain. There are already others that are at work trying to improve or offer alternative to blockchain in the hope of a practical enterprise application that can immediately be put to work to achieve decentralized transactions through consensus theory. One such model is Hashgraph. Problem with Hashgraph though being licensed to one company as a closed source. Hopefully soon it will be an open source or others will come up with similar improved technology making blockchain obsolete. Hashgraph is capable of 250000 transactions per sec, vs. blockchain of 7 transactions per second. Further it is cheaper and will not consume the massive energy blockchain requires. If one indeed cares about the technology must move on past slow turtle of blockchain into new innovations that are going to leave blockchain in the museums as an old archaic innovation that fueled the birth of other innovations that blockchain promised but could not deliver.
RH Olson
Prof. Rubin: If I get this right – we’d be replacing banks with miners. The miners with the best super computers “win”. What prevents present day banks from buying the best computers/talent – and continuing on with their business?




Categories: Uncategorized


Leave a Reply