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The alternative explanation is that the blockchain app is built on Ethereum, which removes the mining requirement, but I'm unclear on its exact details.
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I assumed there was a "mainline" Ethereum blockchain that'd allow you to run contracts on, so you could implement an app directly on it if structured correctly. But I don't know exactly what it takes to do this.
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Ethereum pay to play is, at least, far more reasonable than having your own separate blockchain. But I'd need to read up to make sure there's not a looming liquidity crisis on the horizon, like what Bitcoin hit recently...
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Looks like Ethereum is trying to move to Proof of Stake to avoid the "ponzi crisis" but a cursory read makes me think it's wildly gameable by a wealthy entity. Reading more details now to see if I'm wrong.
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Yeah based on the Casper PoS protocol I'm not fully convinced that an attacker couldn't abuse the validator pool to bias the vote. I guess this is similar to a PoW 51% attack, and the paper suggests soft forks as a temporary fix, but I wonder if it could go undetected...
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