Russian - Businessman | January 31, 1994 -
The industrial revolution allowed us, for the first time, to start replacing human labour with machines.
Vitalik Buterin
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Whereas most technologies tend to automate workers on the periphery doing menial tasks, blockchains automate away the center. Instead of putting the taxi driver out of a job, blockchain puts Uber out of a job and lets the taxi drivers work with the customer directly.
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As society becomes more and more complex, cheating will in many ways become progressively easier and easier to do and harder to police or even understand.
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The main advantage of blockchain technology is supposed to be that it's more secure, but new technologies are generally hard for people to trust, and this paradox can't really be avoided.
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You could imagine something like a completely automated system for renting bikes that's just done completely over blockchain crypto-payments. And theoretically just sort of start it up, and it works completely autonomously.
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Bitcoin is great as a form of digital money, but its scripting language is too weak for any kind of serious advanced applications to be built on top.
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The thing that I often ask startups on top of Ethereum is, 'Can you please tell me why using the Ethereum blockchain is better than using Excel?' And if they can come up with a good answer, that's when you know you've got something really interesting.
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When I came up with Ethereum, my first first thought was, 'Okay, this thing is too good to be true.' As it turned out, the core Ethereum idea was good - fundamentally, completely sound.
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The technical side of Ethereum's efficacy is 100% an engineering exercise.
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I think people don't realise that running a piece of code that verifies some conditions for a financial transaction, that by itself is a lot less work than verifying a cryptographic signature, and so even if the virtual machine is inefficient, the cryptographic signature is still going to dominate.
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In general, signalling theory says that if you have a good way of proving something and a noisy way of proving something, and you choose the noisy way, that means chances are it's because you couldn't do the good way in the first place.
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A smart contract is a mechanism involving digital assets and two or more parties, where some or all of the parties put assets in, and assets are automatically redistributed among those parties according to a formula based on certain data that is not known at the time the contract is initiated.
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