Decentralization is what allows Bitcoin to substitute an army of computers for an army of accountants, investigators, and lawyers.
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@mwilcox Visa, Wall St., etc. all traditionally work on the labor-intensive "human blockchain" model of cross-checking bureaucrats.
@mwilcox In other words, trusted third parties are security holes: http://szabo.best.vwh.net/ttps.html
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@NickSzabo4 would you say that a (highly decentralised) PoS network would require those things? -
@mwilcox Proof-of-anything still requires great messaging redundancy (would need full broadcast from every node for provable security). - 1 more reply
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@NickSzabo4 I don't disagree but I think it's the other way round. The use of computation allows for decentralisationThanks. Twitter will use this to make your timeline better. UndoUndo
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@NickSzabo4 If you lose decentralisation Bitcoin can still work, without an army of accountants, but as a network it would be a failure -
@NickSzabo4 changes in computation architecture accessibility (i.e. ASICs) leads to centralisation which leads to a weaker network
End of conversation
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@NickSzabo4 Ok, I read the post. I misinterpreted your tweet - Agreed.Thanks. Twitter will use this to make your timeline better. UndoUndo
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@NickSzabo4 Also realised I contradicted myself- haThanks. Twitter will use this to make your timeline better. UndoUndo
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Do you have any examples of use cases where a trusted 3rd party would bring more value than a fully decentralized system?
Thanks. Twitter will use this to make your timeline better. UndoUndo
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