Consensus Algorithm Quotes

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

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.

For the foreseeable future, I'm all about building blockchain-based decentralized services.

When asked to explain this space, I often ask people to forget pretty much everything you've heard about blockchains, crypto-currencies, and bitcoin, and instead dumb it down a lot and think about something no more complex or intimidating than good old-fashioned database technology.

You can write anything that you would be able to write on a server and put it onto the blockchain. Instead of Javascript making calls to the server, you would be making calls to the blockchain.

Users and entrepreneurs building new business models off the blockchain means that there are competing interests on how best to scale the network. Linux, also an open source software project, had similar growing pains.

When we look at government in Washington or what's happening on Wall Street, we see so much centralization. But really, our goals should be to eliminate and overcome these central institutions. And in recent years we have gained powerful new tools to do this, and most significant among those is the block chain, which is the software behind Bitcoin.

A block chain is a series of blocks. Each block is a series of computations done by computers all over the world using serious cryptography in a way that's very hard to undo.

Although the Ethereum blockchain is a public blockchain, it is great to see private and consortium blockchains using the Ethereum code base actively under development.

If you think about any multiparty process where shared information is necessary to the completion of transactions, and the coordination of activity and the exchange of value, that's where blockchain technology can be put to good use.

The technical side of Ethereum's efficacy is 100% an engineering exercise.

The interesting thing about blockchain is that it has made it possible for humanity to reach a consensus about a piece of data without having any authority to dictate it.

In order to have a decentralised database, you need to have security. In order to have security, you need to - you need to have incentives.

The ledger, the distributed database - it's called a Blockchain - is held in the cloud by all the parties involved. It can't be broken by any of them. It's cryptographically too strong. You would have to compromise the entire network to take over Bitcoin.

When you drill down, blockchains are really a shared version of reality everyone agrees on. So whether it's a fully immersive VR experience, augmented reality, or even Bitcoin or Ethereum in the physical world as a shared ledger for our 'real world,' we'll increasingly trust blockchains as our basis for reality.

There is nothing that Bitcoin can do which Ethereum can't. While Ethereum is less battle-tested, it is moving faster, has better leadership, and has more developer mindshare.

I think the best projects understand that they don't need to invent a new currency. They don't need to use the block chain as their long-term data storage solution. And they don't need to use the peer-to-peer network as their communication mechanism. They should use the block chain as the world's most secure distributed ledger.

Bitcoin solved the double-spend problem. The key problem was payment confirmation without central clearing. Bitcoin's solution was ingenious but wasteful - it's fairly slow, and you can't put other things on it.

Blockchain technology, or distributed ledger technology, is just a way of using the modern sciences of encryption to enable entities to share a common infrastructure for database retention.