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a whole new world of possibility!
•Blockchain for database storage. 😍
Instead of storing data in native database forms we may use blockchain to store data which as a result becomes highly secure and decentralized(essence of blockchain).
👉 In general, traditional user accounts can be substituted by public-private keys and addresses in blockchains. Traditional databases are subject to strong access control, almost all data is restricted to authenticated accounts. Moreover, account creation is also of a centralized model in traditional databases, by which a database administrator grants the user an account for access. With blockchains, conversely, key pairs are generated freely by anyone, without the need for centralized administration.
👉 For applications that require some form of central administration, it is achievable through the business logic inside the client/node software. Privileged key pairs known as administrators can be built into the client software. 👼
- Elements of a traditional database can have a new interpretation as objects in a blockchain environment. The followings are examples of basic objects:
- Public Key: the public part of a key pair generated by users
- Address: an abbreviated form of public key
- Virtual Identity/Avatar: long term use identity, as compared to public key, which can be for temporary use
- Organization: an identity associated with and managed by multiple virtual identities/avatars
- Fungible: virtual asset/token of a fungible nature, such as currency and share etc.
Then why haven’t we used blockchains for database yet: 😔
Here is the reason: 😅
There have been many problems with this idea.
• First, Bitcoin style blockchain is proven to be difficult and expensive. Such blockchains works on a ‘proof-of-work’ consensus i.e miners compete with each other to validate the block of blockchain and whoever validates it first gets the reward. Generally the one with high computation power gets the reward.
•It takes a lot of energy and computation power for mining. This has been highly criticized 😥 at the international level as the power consumed to mine a single bitcoin is almost equivalent to the power consumed by a household daily and all other miners’ energy and time is wasted who did not come first.
•It has been a prolonged battle and drama to raise Bitcoin’s maximum block size limit, by which evidently reflects that inherent scalability limitation of the technology. The scalability issues stem from the fact that, unlike previous distributed databases, Bitcoin is an extremely redundant system.
•Single blockchain provides no isolation system or resource between application.
What if I say that there is no need to spend time and energy to validate a blockchain transaction but still we can validate the blockchain and we can have millions of interacting blockchains. 😌
- Here comes Sunny King 😇
Sunny King, a legendary blockchain developer, is the inventor of Proof of Stake consensus mechanism and creator of three cryptocurrencies/blockchain projects, including V SYSTEMS, Peercoin and Primecoin.
Sunny king invented Proof-of-stake consensus mechanism with which the blockchain could be still validated without spending any energy.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.