What makes a good blockchain?
"Web3 crapto scammer nonsense"
There’s lots of scam artists out there, lots of bad actors in the blockchain space, and plenty of rubbish blockchains that shouldn’t really exist.
Cardano isn’t one of them. It’s a blockchain created with a mission to help the 1.7 billion people in the world who are unbanked. Who don’t have access to basic, fair financial services that people in the developed world take for granted.
That’s why it was created, but it has become far more than that. It offers the technology to become the financial operating system for the world – if we want it. A fair system open to all, without corporations and gatekeepers in control, a system that gives everyone equal power, from the richest to the poorest.
It also offers tantalising tools that can allow us to conduct government, voting, registration, traceability – many of the important bits of our societies – transparently, fairly and with complete trust.
It doesn’t seek to force any of this on the world. It is simply a set of tools. There if we want them. There for the new generation of pioneers and creators to choose and utilise, to create better.
What is a good blockchain?
To understand why Cardano is a good thing, we first need to look at what makes a good blockchain.
A blockchain is simplistically a big computer database. It holds records of every transaction that occurs on it, organised into blocks, all time-stamped and using cryptographically secure signatures (very clever maths) that prove exactly what happened.
That on its own isn’t hard to achieve, the technology to do that has existed for a long time. What makes blockchains hard is the additional requirement for it to be decentralized. Once you add that to the mix and start thinking through exactly what that means (at the blockchain design level), things get much, much harder.
So, an ideal blockchain is:
Decentralized, which means
Not owned or controlled by any single entity or government.
Usable by anyone – no centralised entities or gatekeepers that must be used to permit access to its services.
Controlled and run by the whole global community it provides its services to.
Trustable, which means
Immutable – its history can’t be altered by anyone. Not won’t be – literally can’t be – as in it’s impossible to!
Auditable – anyone can verify every transaction that’s ever occurred, without reliance on a centralised party.
Privacy protecting – where it’s important, keeping your private information safe and under your own control.