Oracle a blockchain the computation is carried block redundantly rather than in the traditional segregated and parallel manner. Retrieved 10 Bitcoin Blockchains facilitate users could take ownership of game assets digital assets ,an example of this is Size. Retrieved 16 November This has implications far beyond the crypto currency.
Bitcoin is an architecture that contains this anomaly. Retrieved 17 November Pilot project uses blockchain in Moscow". We will see how well they do to address the shortcoming encountered by the Bitcoin implementation. Retrieved 3 May I understand the current zeal for bitcoin. They analyzed the venture funding that went into blockchain ventures.
However, Szabo's method block double-spending protection was vulnerable to Sybil attacks. The size with this would bitcoin stopping scammers. Oracle Oracle Problem self. Retrieved 21 November It's where people size have a keyring and they assign trust to one another so block you can estimate the trustworthiness of another person based on how many hops they are bitcoin you oracle the trust relationships.
This makes it a system only usable to a really narrow set of people those with programming skills. It also doesn't help with complicated bounties and the like.
Has software been created that does X,Y, and Z? Did the person create a painting of a dog? I envision systems anyone can use, whether they are programmers or not and any win conditions can be set by users whether it can use a data feed or not. I can imagine a system with a number of built in sources you could choose from, the ability to point to an unlisted data source, or the option to rely on the crowds.
In the short term, I think you under-estimate the power of millions of programmers who can - and will - write random agents to fill every niche. The mechanism relies on a concept known as Schelling points. The way it works is at follows. Suppose you and another prisoner are kept in separate rooms, and the guards give you two identical pieces of paper with a few numbers on them.
If both of you choose the same number, then you will be released; otherwise, because human rights are not particularly relevant in the land of game theory, you will be thrown in solitary confinement for the rest of your lives. The numbers are as follows:. Which number do you pick? In practice, however, the probability is much higher, because most people choose Thus each prisoner, believing that the other is more likely to choose , will choose themselves.
It doesn't work, because as long as the cost of creating false answers is lower than the benefit of creating false answers someone will spam bogus answers in order to swing the outcome of a system. And if you impose high costs to submitting answers, you risk driving away people with little to gain, thereby destroying the unbiased nature of the decision market everyone just votes in their own favor and no extra outsiders weigh in.
This doesn't require an oracle. All the information is located on the blockchain, so therefore can be automated and relied upon. Unless you're thinking of a different type of crowdfunding model than I am My best solution is to implement some sort of decentralized p2p "watson" powered by a blockchain so that consensus could be recorded.
Here's how it would work - Get a bunch of people running "watson" software on their computers or maybe wolfram alpha-like software. A question is posed to the network - this can be any question just like when watson plays jeopardy.
Each answer could be submitted to the network like transactions are submitted to the bitcoin network - once a "blockhash" was found a hash with a difficulty breaching a given threshold the block containing all of the answers could be incorporated into the blockchain. The "correct" answer could be determined at at a given point in time based on the answer that occurs most frequently in the blockchain.
All of the people submitting answers to the blockchain would be rewarded with a bit of "watsoncoin" - of course these coins must have some monetary value for the system to work. Maybe you could even fuel the system by requiring a small "tnx fee" to submit a question. I think you'll really enjoy Nick Szabo's The dawn of trustworthy computing essay, just published last Thursday. He discusses 2 BIG, novel ideas very relevant to your thoughts. First, he proposes thinking of the Bitcoin network as the first blockchain computer: Second, this blockchain computer very slow at the moment compared to our normal computers, but getting faster is perfect for running fiduciary code: They have the answer to your question.
Exactly, with Ethereum, you can call APIs. Let's say for example you want to make a bet about the weather. If that is the case you make a basket and you put Yahoo Weather, BBC Weather and so on and you use in the bet for temperature for example the average of all temperatures. Additionally you can use agents with reputation entities with different types of baskets. If the bet is small enough, it will be economically non feasible to build fake reputation.
Finally with the perfect balance between incentives, the future contract will become unbreakable. In the same way with Ethereum, you can build decentralized crowd funding systems. Here you need no APIs or agents. You simply put a if else statement in the contract. Every time I see ethereum mentioned some people seem to trash it so I've never checked it out.
Just so I have it in mind, what would you say are the common criticisms of Ethereum and do you think they are valid concerns? The common criticism is Ethereum is not finished What I know is the project works exactly like that and I even seen examples of a decentralized crowd fund system , what I don t know is why it is taking so long for them to finish it I don t know I don't pay to much attention I guess, some people are afraid that the evil people from the bank sector will do something evil to Ethereum.
Somehow it is weird that a lot of developers are working in cubicles and accelerator spaces sponsored by the banks which is very strange Other than that I suggest you download the Beta client and test a contract yourself or go to a meetup. You didn't use BTC natively? Why must you club baby seals SatoshiNakamotoInstute orthogonal. The system was meant to embrace innovation and thus embrace altcoins, but people identify them as competitors and prefer to pretend that all altcoins are shit and bitcoin cannot be improved.
The eventual outcome is that bitcoin is completely surpassed by an altcoin that actually improves itself while bitcoin does nothing. Ripple is already showing that alts can have massive rallies without bitcoin or other alts benefitting from it. Clearly you didn't hear about Counterparty incorporating Ethereum's code and running on top of Bitcoin's blockchain , thereby making Ethereum obsolete. XCP is competing with bitcoin, and could eventually become the altcoin that surpasses it.
They are still under development. They've only been theorized in a white paper so far, so they are obviously open to change and refinement, as they get developed over the next 1 year. And Blockstream only has the brightest minds in cryptocurrency on their team, so they won't eventually create a viable solution for sidechains, right?
The ethereum smart contracts that have been implemented will only be able to use XCP, and over time most people will want to hold their crypto in those kind of smart contracts because they offer a whole range of options such as better security than multisig and protection against volatility. If XCP becomes the dominant next gen platform then over time it will siphon off the entire bitcoin market cap. Especially since bitcoin holders have to pay for mining through inflation but XCP holders pay only tx fees.
Blockstream is probably working on using some form of complicated zero-knowledge proofs to fix the most glaring sidechain vulnerability which was miners stealing the sidechain coins.
Even when the tech is "ready" there are so many inherent problems with it that its not sure the updates will be pushed through. Competing systems will be marketing their finished products to consumers who will likely prefer them since bitcoin has such a negative image as a cult to ordinary people. The only problem with all this is what if the project is bullshit, the repository is corrupted, or the nefarious user just sends funds to that wallet from another source to unlock the funds.
I've thought a lot about this because it's one of the key components of "Assassination Markets. There are no systems which can align incentives in such a way to get people to participate over other options, while also not being open to gaming. The only way prediction markets work in the real world is because of the power of real enforceable contracts against singular entities. Now, I might be wrong, and there might be a solution to the problem.
It's certainly worth more investigation, and a mathematical proof that it can't work would also be nice. I think the results are quite powerful either way. Your first example crowdfunding is actually solved already, without the need of any trusted oracle. In essence, you create an "anyone can pay" transation for the full amount, with the desired output s.
This means that inputs can be added, and each signature only covers the input itself. Anyone who wants to contribute adds an input to the transaction, and once the amount of Bitcoin on the input side matches the output, the transaction becomes valid and can be entered into the blockchain. I believe this is what Lighthouse does https: A few of the things mentioned don't depend on an external state and don't require an oracle.
Gambling and weighted coin tosses can be done trustlessly. Crowd funding can be done as well. Unless he gets the other BTC the transaction isn't valid, since you can't have outputs worth more than the input sum in Bitcoin.
Lot's of people in this thread are saying Ethereum is the solution, when in fact most of the things you can do in Ethereum you can do in Bitcoin.
Price feeds may be part of a sidechain, but you have to make sure the set of oracles are incentivized to not collude in both systems. One of these two systems have severe misalignment of incentives already and it's not Bitcoin so I'm not confident they will be the one to solve this. Bitcoin doesn't really support decentralized smart contract, you still need to send money to places like Fairlay. Don't worry, Ethereum people are working very hard on problems like this, you should check out their forum and play with the wallets.
It's really eye-opening how advance their developments already is. They have developers getting paid to work on different things. It will revolutionize the crypto-currency space and we will see ethereum and bitcoin co-exist for a couple of years while bitcoin slowly phase out.
And then third generation of cryptocurrency will come replacing Ethereum. Currency competition will ultimately lead to a very advanced and low-cost value transfer system, separating the money and state, freeing us from centralized debt based unconstitutional banking-system run by profit driven cooperation for enslavement.
Then why would you post saying that Ethereum will eventually dominate Bitcoin? Join Stack Overflow to learn, share knowledge, and build your career. I am trying to extract data from local bitcoin database. As I know, bitcoin-qt is using BerkeleyDB.
I have installed berkley db from Oracle web site, and found here dll for. I am trying to open any file, but I get DatabaseException. Here is my code:. Blocks are stored one after the other in the blkxxxxx.
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Add My Comment Register. Login Forgot your password? Submit your e-mail address below. We'll send you an email containing your password. Your password has been sent to: Please create a username to comment. Do you think the underlying blockchain technology is the big problem with bitcoin? I see the big problem with bitcoin is it's separation from reality.
Digitized objects are not real and will evaporate if systems fail due to electrical or human error events. The fact that it is only backed by the popularity of owning the product and the greed that drives that ownership; is a failure before it starts. If it were backed by something that actually exists, then it may have a chance to be a real currency. Some argue that the cost of the energy put into mining a bitcoin represents its real value, or at least a base value. I personally don't agree with that take.
Just because you invest money into something doesn't mean that thing acquires that value. You can invest all the money you want into a Studebaker.
That doesn't mean you'll get that investment back on resale. I do see a role for cryptocurrencies in the future. But I don't think it will be Bitcoin. And when one currency replaces another, the replaced currency tends to devalue overnight and its worth quickly approaches zero. When speculators realize that the fundamental problems with Bitcoin cannot easily be resolved, the money will flee, and investors will be fleeced.
And not to be too much of a gold bug, but I like the fact that I can still access my gold coins when the power goes out. Bitcoin is a commodity-less commodity: The "cost of energy" is just that: Somehow people have conflated the terms 'cost' and 'investment'.
They're not the same thing. Not so sure about the Studebaker. Even dismissing all your concerns I share them , a stable secure permanent bitcoin would be impossible to manage, even in a world of unlimited electricity and infinite computing resources, because blockchain is an unworkable ledger at scale. The author assumes that various enterprise use cases built on blockchain use the same core technology as Bitcoin, which does consume a lot of power for "proof of work" algorithms, has long transaction delays, etc.
However, many enterprises use alternate blockchain technologies that do not have these issues and are well-designed from a technical architecture perspective, e. Don't conflate Bitcoin and the broader blockchain space. Your point is well taken, and indeed, there is a lot of work being done in the blockchain space to address many of these issues. We will see how well they do to address the shortcoming encountered by the Bitcoin implementation.