Blockchain being fairly new technology has a lot of myths and legends circulating around it. But, just as every tech solution, it has its strengths and weaknesses. Today we will go through list of pros and cons of this technology so everyone can have clearer view on the matter.
A is a growing list of , called blocks, which are linked using . Each block contains a of the previous block, a , and transaction data so it is no wonder that its biggest asset is its secure encryption and tamper proof data storage ability. Sadly, its biggest plus is one of few faults of this encryption type. Once you start ‘’ you have to stick to one encryption module, changing it is really hard, same goes for moving of data, if we want to export data to a new with the correct data models you can find it night impossible, a doesn’t provide an immediate out-of-the-box exit strategy.
But why would you want to change your encryption system? Currently, is the safest way to data, we don’t even have means to break it as it would require quantum computer as well as finding proper exploits. The only logical reason for transfer of data would be unwanted centralization caused by farms or ‘forking’ which happens when part of network breaks off and starts a new , still, in that scenario, data will remain safe, only downside then would be accessibility, as it can be harder to acquire data after fork. Even fact that data transactions that go through are taking longer to write down on the seems less of an issue, when knowing that the reason for it is securing data.
If speed is what you going for, faster data transfer can be achieved by going off-chain, transaction made this way will be faster but won’t get recorded in the , making them I fact more private because only two of participants, and sometimes a guarantor are aware that transaction took place. It’s possible because Off-chain transactions don’t change main chain. They are also cheap, usually free but it depends on , because of low transaction fees off-chain negates problem of ‘ Dust’, when amounts of are so small they are lower than the minimum limit of a valid transaction.
is an amazing system that is still in its infancy, so to tell if we can make it an invincible cryptographic system and a key to keeping of our privacy, we need time. Appearance of spread awareness about how easy it is to gain access to our personal information, and that there are ways to change it. We can’t stop here, I believe that in near future we can find a way to make even better, for safer, decentralized future.
– Aleksander Witocha
Published at Sat, 11 May 2019 08:42:47 +0000
![Monero [xmr] gears up for hard fork scheduled for today](https://ohiobitcoin.com/storage/2019/03/Screen-Shot-2019-03-09-at-4.51.25-PM.png "Monero [xmr] gears up for hard fork scheduled for today")
