Vitalik Buterin Shares Examples of Blockchain Application in a Series of Posts on Twitter
Vitalik (Non-Giver of Ether on Twitter) Buterin started a series of posts of Twitter on December 10th, calling the introduction on non-financial blockchain application a “tweetstorm.”
Buterin, the first men of Ethereum (ETH) and Ethereum platform began the series with stating that the scalability of blockchain is getting better, which is resulting in lower fees, adding that this fact will give more sense to the story later on in the series of posts.
Vitalik Buterin: “Blockchain is an Extension of Cryptography…”
In the second and the third tweet, Buterin talks about an “underappreciated” way to view blockchain, adding that blockchain can be viewed as an extension of cryptography, able to perform a variety of different operations.
He provides an example, mentioning one of simple, yet effective blockchain application created to verify university degrees where a degree can be certified with a digital signature. Buterin further explains that revocations are placed on the chain, adding that cryptography wouldn’t be able to verify if any revocation was signed without blockchain.
This is practically the same way blockchain technology enables cryptocurrency-based transactions on highly decentralized ecosystems without any management on the top or central power.
Buterin Uses the Example of University Degree Verification App to Explain Blockchain Use Cases
Using the example of a university degree verification application, Buterin explained further how blockchain enables checkups that can determine whether a degree is signed or not. In this case, the chain logs would be scanned in order to pick up data about the signature.
A similar use case is used for blockchain-based on chain transactions to prevent double spending.
Buterin also mentioned blockchain application use cases where apps might demand a common database, taking the example of supply chain tracing applications made on the blockchain.
Public Blockchain Networks Have Advantage Over Centralized Servers
Vitalik then continues with mentioning public blockchain platforms and the advantage these ecosystems have over centralized servers, due to its neutrality. The blockchain platform of the future, in accordance with Buterin, should work on Sharding for acquiring scalability and run on Proof of Stake, which would allow increased efficiency despite the rising number of users or the amount of data being written on the blockchain.
Ethereum 2.0, which is said to be the most advanced version of Ethereum network and the most important milestone for the upcoming months and years, will bring Sharding for improved scalability on Ethereum by 2020.
Blockchain is Not Cutting Computational Costs, but “Social Costs”
Talking about public blockchain platforms, like Ethereum, Buterin stated that blockchain is not meant for cutting computational costs, stating that the purpose of blockchain is more likely to increase computational costs to enable the reduction of social costs.
The first man of Ethereum further went to say that while computers have become “1 trillion times” cheaper in the course of the last 70 years, human labor got up to ten times more expensive, concluded that by having increased computational costs through blockchain, social costs are reduced, which makes blockchain “a bargain”.[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]