Quotes About Blockchain

Take a very small amount of money, your throwaway money, treat it as if it's already gone, you've mentally set it on fire, and put it in some distribution of a few truly legit layer 1 blockchains.

Blockchain infiltration will be met with resistance because it is an extreme change.

Ethereum is in some sense a logical extension of the applications of Bitcoin because it allows for smart contracts – which are code that lives on a blockchain, can control assets and data, and define interactions between the assets, data, and network participants. The capacity for smart contracts defines Ethereum as a smart contract platform.

Ethereum and other smart contract platforms specifically gave rise to the decentralized application, or dApp. The backend components of these applications are built with interoperable, transparent smart contracts that continue to exist if the chain they live on exists. dApps allow peers to interact directly and remove the need for a company to act as a central clearing house for app interactions. It quickly became apparent that the first killer dApps would be financial ones.

Fundamentally, blockchains are software protocols that allow multiple parties to operate under shared assumptions and data without trusting each other. These data can be anything, such as location and destination information of items in a supply chain or account balances of a token. Updates are packaged into "blocks" and are "chained" together cryptographically to allow an audit of the prior history – hence the name.

The most popular application of blockchain technology is cryptocurrency, a token (usually scarce) that is cryptographically secured and transferred. The scarcity is what assures the possibility of value and is itself an innovation of blockchain.

A smart contract is code that can create and transform arbitrary data or tokens on top of the blockchain to which it belongs. Powerfully, it allows the user to trustlessly encode rules for any type of transaction and even create scarce assets with specialized functionality. Many of the clauses of traditional business agreements could be shifted to a smart contract, which not only would enumerate but also algorithmically enforce those clauses.

They can even be used to provide on-chain exposure to the returns of an off-chain asset if the target asset is not native to the underlying blockchain (e.g., gold, stocks, exchange-traded funds [ETFs]).

An equity token – not to be confused with equities or stocks in the traditional finance sense – represents ownership of an underlying asset or pool of assets.

The flip side of burning is minting, which increases the number of tokens in circulation.

DeFi offers considerable potential for solving the following five key problems associated with centralized finance: centralized control, limited access, inefficiency, lack of inoperability, and opacity.

The key innovation of Bitcoin was to combine the idea of blockchain (time stamping) with a consensus mechanism called proof of work

Blockchains allow for cryptographic scarcity (Bitcoin has a fixed supply cap of 21 million), censorship resistance and user sovereignty (no entity other than the user can determine how to use funds), and portability (can send any quantity anywhere for a low flat fee). These features combined in a single technology make cryptocurrency a powerful innovation.

In the context of smart contract platforms, an oracle is any data source for reporting information external to the blockchain. How can we create an oracle that can authoritatively speak about off-chain information in a trust-minimized way? Many applications require an oracle, and the implementations exhibit varying degrees of centralization.

Ethereum has taken what was a four-function calculator of a programming language in Bitcoin and turned it into a full-fledged computer.

I had been exposed to bitcoin early. I thought the consumer application of it felt, to me, further away. I thought there would be faster adoption of the blockchain in the enterprise space and with banks.

Mobile was Internet 2.0. It changed everything. Crypto is Internet 3.0.

With Bitcoin, no one has a monopoly of information.

The application of Blockchain technology is rapidly becoming a core component of our infrastructure!

the integration of materials with blockchain technologies could aid in the implementation of a global database for trusted materials sourcing and recycling provenance records.

blockchain technology records financial transactions made with digital currencies such as Bitcoin, it will in the future serve as a registrar for things as different as birth and death certificates, titles of ownership, marriage licenses, educational degrees, insurance claims, medical procedures and votes

There will be many types of assets codified into the blockchain, and they are all not just going to be on the bitcoin blockchain - it's going to be a number of different assets here. And the best way to invest in that is a diversified portfolio.

Anything scarce will ultimately be tokenized because the benefits of digitization and increased liquidity are so great.

Government leaders should get up to speed on the blockchain by understanding it first and committing to exploring its potential.