Jimmy song: private blackany doomed to failure

Developed by Jimmy song considers the use of the blockchain for private centralized systems useless. Song shared his experience working on a similar project Paxos in the podcast Unchained. It is reported by Cointelegraph.

The blockchain needs to be decentralized

Jimmy song also is a venture partner of Blockchain Capital. More than two years the developer has been involved in the creation of a private blockchain Paxos. Song said that to implement the idea of the Paxos team and failed.

Every time I came to the same error for normal operation of the blockchain would have to centralize a large part of the network. I don’t see any sense in this.

The programmer also explained the difference between the Federal systems of the blockchain (Blockstream) and other private implementations of (Hyperledger and Corda). In his view, the normal development of the blockchain in these systems prevent “problems with the Oracle and regulation.” The principle problem of the Oracle song explained for example, when a company wants to link a real asset with bloccano.

Once you do that, there is a whole mess. Take a token that is backed by gold bullion that lies in store. If someone steals the token, then who will belong to the ingot?

The challenge of managing the song explains the necessity of the intervention of regulators. As an example, the developer sets a platform Hyperledger, where a centralized node decides which next block is added to the blockchain.

Another reason for the failure of the technology inside private companies lust for profit. To earn income from the blockchain, the firm needs to control the system alone.

You need to determine why they pay you. If they support, and you have no influence on the system, it makes no sense.

In early summer the problems with centralization appeared in EOS. The platform repeatedly has been criticized for bugs in the code and centralized the location of the coins.

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