Cryptocurrencies the way ahead

Why is are these technologies emerging? (“They can’t stop it”)

Code is law – a quick overview, click here (Havard Magazine)

http://codev2.cc/download+remix/Lessig-Codev2.pdf

The immediate future

Colu’s OpenAsset
Local Exchanges
Barter / Paying your tax
Darknet

bitcoin <- the lightening network

One of bitcoin’s blockchain ideas is executing scripts, this gave birth to Ethereum, however that will be eclipsed this “Turin complete” system like Tau Chain: A ‘Decentralized App Store’ with Greater Flexibility than Ethereum, providing a defined cost of computing. (Click on the link above to read the Coin Telegraph article)

CT: How does it compare to Ethereum?

HMC: Ethereum is a Turing complete logic, per block. This means they can easily prove that they can compute any computable thing in one block, but at the cost of not being able to necessarily know how much resource it will take to do the block’s computation.

Because of this, they need to back their resources with a fixed token asset, and set a network-wide resource price on computations in order to avoid abuse of resource.  Further, in order to secure exchange, they require everyone who is validating the block to effectively re-execute everything that has ever been executed.

To contrast, Tau is a decidable complete logic, per block, with Turing completeness recovered by the iteration of multiple blocks.  This means that we cannot compute any computable thing in one block, but we can know exactly how much resource expenditure a block will require to verify. We can still compute any computable thing; it may just require structuring the execution to run over the span of multiple blocks.  Because of this, Tau resources do not need to be backed directly by a token, and resource exchange can be negotiated by the users as they see fit.

Further, because it is decidable Tau can contextualize all of its logical resolutions, the only processes that necessarily must be re-executed by all participants is the resource expenditure required to persist the root chain securely. Any other process need only be re-executed by participants interested in verifying activity that occurred within that context, and can be ignored by other users, without sacrificing any security in the long run.

 

 

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