I just watched this video about blockchains. It seems like a nice introduction if you're unfamiliar with the concepts. He uses Bitcoin in some of the examples, but it's blockchain concepts that he's explaining.
I think mining is quite interesting. For our blockchain, I guess DCC is acting as the sole miner, and the hash puzzle either doesn't exist or is very easy to solve since there's no reason to limit the creation of new blocks.
I haven't seen any real details of how Blockchain is being used by DCC, but I've only been following for a short time. Can anyone refer me to some more in-depth info if it exists?
My understanding is that we're doing two things.
1. Keeping a ledger of transactions executed via AirPocket. Parts of this ledger could then be shared. For example, I may be applying for a loan and could choose to share just the last 6 months of my transaction history in order to earn a decent credit rating. This example is kind of transactional like Bitcoin, but I think the proprietary part is the additional security/partial permission granting.
2. Recording certifications, documents, etc against an ID. This sounds less transactional in that it's not about moving money. Instead, I guess each "transaction" would be the contents of a certification, document, etc. being added to a user. The Blockchain is basically being used to keep a distributed profile. I imagine a wallet (and its public/private keys) in this case is more like a certification body. That is, instead of a wallet owner sending money to a user, they're sending a certification. Again, I imagine DCC are the ones creating blocks in this chain, but I don't know.
Anyway, would be cool to discuss this with someone else who has more knowledge on the topic?
DCC Price at posting:
4.4¢ Sentiment: Buy Disclosure: Held
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