Daniel Mescheder: What Problem Do Blockchains Actually Solve? | RR: Understanding Crypto 1
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- เผยแพร่เมื่อ 2 มิ.ย. 2022
- Welcome to the first episode of our limited series focusing on cryptocurrencies and everything you need to know about them. Our first guest is Daniel Mescheder, who joins us to appropriately break down some of the basic concepts and engineering of the blockchain, using his expertise as a software engineer as the lens for this discussion. We felt this chat was the best way to launch the series and prepare listeners for the following episodes on the subject, and you can expect to hear Daniel share very helpful insight and explanations of fundamental terms and concepts such as distributed systems, consensus, hashing, digital signatures, and more. We also have time for our guest to weigh in on the subjects of smart contracts and NFTs, both of which are regular points of intrigue for the uninitiated. Importantly, we do hear from Daniel about the limitations of the technology at present, and which types of technological problems that he believes the blockchain is well-suited to address. So for all this and more, and to start this journey with us into such an important and hot topic, make sure to listen in.
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#crypto - แนวปฏิบัติและการใช้ชีวิต
As a fellow software developer, I just wanted to say that I 100% agree with everything Daniel said.
All the hours of youtube videos I have watched on cryptocurrencies and I think this is the first to actually talk about the basics of how they work! Fascinating, clear and well explained.
I'm also a software engineer. Most of the discussion wasn't new to me, but I really appreciated Daniel's explanations. His explanation of centralized vs distributed systems is something I'll likely use.
Refreshing to hear folks talk about the facts of this technology and not the speculation (price and/or future impact).
I would love to see more series like this that do really deep dives on topics that haven't yet been discussed extensively. Monetary policy, life insurance, commodities, leverage, whatever. I'm excited for this series.
Re immutability - if we imagine an Excel example, perhaps the file doesn’t let you change previous transactions and you’re forced to rely on cumulative sums to reflect the state. You can always just open a new Excel sheet. You can copy all transactions up to a selected date and try to convince people of the abbreviated reality. Just another way to think about the fundamental units of immutability - they are not so black and white. In this context, immutability must also be supported by social consensus, it’s not a standalone objective property. It’s fascinating how all these concepts are so interconnected. Sometimes we forget that.
Great conversation, another approval from myself, a fellow distributed systems / data engineer! 🎉
This is the best interview ever!!!
great to hear quality info on the actual mechanics of how blockchains work. As a non-software engineer I'll definetly have to watch it a second time to fully absorb the info but it was presented in a very digestible
10/10 talk 👍. I'm a software developer too, hearing this said in technical terms I can understand is so satisfying
Bravo Rational Reminder Podcast, bringing relevant content to today's changing and evolving economic environment
+1! (Thanks all, appreciate and enjoyed this discussion.)
I love the 8 bit models and their different heights.
Very clear and great quality for such a small podcast
Great program. I’m just beginning to investigate block chain and trying to determine how it will change the web and the world. Thanks.
Great content!
Great interview, thank you. Instant subscription:)
I too agree with Daniel, his explanations are fine. (I am software engineer).
Congrats to Ben and Cameron, who don't merely label crypto world as scam, and push to have further insights from knowledgeable people.
Like classic finance, crypto is too complex to be trashed,just because it's new.
This TH-cam video is also helpful: An Introduction to Blockchain with Mark Russinovich - Build 2018
Maybe it is due to my (lack) of knowledge in data systems, but the way they speak about the blockchain, it seems like they are proposing home aluminum smelter. Maybe is the wolrd saving promise, but there is a reason some complicated processes are centralized.
You are absolutely correct, imo. Not to say crypto doesn't have value, it's just that it doesn't solve everything, it should be viewed and treated as another tool in the technology/cryptography arsenal.
1:21:21 Another wise observation.
1:19:50 This is a wise observation.
Sounds like Google docs and Google sheets already solve the problem for the hypothetical application and it's very fast and reliable. Without using a blockchain. But I guess if you want VC to shower you with money you can say you're gonna make something functionally equivalent but with a blockchain architecture that makes it much slower and more expensive. BUT at least you can then do an ICO and pay a social media influencer to pump it tf up in exchange for free (initially worthless) crypto tokens that have to do with it and then after their tweet or tik tok you can start rugging and sell it all and then never actually do the project because it's already pointless
Are you sure it's better that btc wasn't invented?😂😂😂
When you bring up any of these points to cryptobros, they will give a solution that either breaks or contradicts another key principle of blockchain. You can't rationalize with them.
Are you sure you're the rational one? 😂😂😂
I'm only 20 min in but I can't help but comment. Hedera Hashgraph has solved all of Blockchains issues. BFT is not good enough but Hedera is aBFT and it's not a blockchain at all. I hope that there is mention of the blockchain trilemma no longer being an issue.
😂😂😂hedera shill
shills get paid- I'm an enthusiast
@@bahmak2003
IMO Proof of work is valuable, not wasteful.
If I mine a block using POF the only reason I get paid money is because a valuable transaction took place. I worked and the paying counterparty valued my work.
Whereas, Proof of stake is rent seeking. I.e. because I'm rich, I have authority to remove value from the system workout working.
Thoughts?
Suppose there are two worlds...
World A: Everyone has one penny (only "God" can mint pennies and of course can not be split)
World B: Everyone has one bitcoin (can not mine anymore but everyone can split on their own without end)
In what world will there be hyperinflation?
World A is fantasy because who is God. Now consider World C where a group of elites decide to print fiat money out of thin air depending on economic conditions. What scenario would cause hyperinflation?
@@ProdigalExplorer Absolutely World B!
Madness and greedyness of the mass is unpredictable. Elites are more rational and will not shoot in their own leg.
Bitcoin cannot be split without end, one bitcoin is made up of 100 million Satoshis.
Lol people can't even agree the existence of god! 😂😂😂
Now you want people to agree that a god mint a penny?
If you split 1 bitcoin there is one bitcoin. If you split 1 whole pizza you still have the same amount of pizza, there is no inflation of pizza!😂😂😂
What an oxymoron
@@bahmak2003 "God" in my example represents one entity, which is one government. No, if you split one bitcoin, there is half a bitcoin in the possession of two people. Comparing it to one cent, which cannot be split, thus, bitcoin is not rare; unlimited people can possess it and trade with it.
Many of the arguments raised here are not an issue in real life. At a minimum the blockchain can be used to streamline the process of keeping ledgers and would massively save costs. With third party regulation and without. Its quite doable. Not an issue
There are many distributed database system with far more use and functionality that aren’t blockchain.
@@stevecelera8435
Evidently not. That's why blockchain is fast replacing legacy distributed databases across every industry right now
@@williamwallace6508 They aren't. Blockchains make the news, but no companies are adopting blockchain to replace their databases. Sorry. What you are saying is just patently not true. Source: me, a senior software engineer for an Extremely Large tech giant..