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Why trust the blockchain?

Because we have cryptocurrencies in a safe place, which moves from one chain to another preventing thieves from knowing where the thieves are in addition, they would need to solve very complex mathematical equations.

And you trust him blockchain?

Answers 3

If the blockchain generates trust, I believe that it must trust more than in the banking entities, the banks are physical structures and everyone knows that the money is there, you can plan to steal it. However, the blockchain is a bit difficult to scrub.

First of all a trusted blockchain would be decentralized and not private. Take Telos coin for example, that stays on the telos chain and can't run on another chain.
Your telos wallet doesn't have any coins in it, it only has your keys that you use to control your coins on the telos chain.
For someone to guess your private key, the odds are roughly 1 in 115 quattuorvigintillion chances of getting that right. Thats more then all the atoms that are in our Universe. The risk comes when loading a private key into a wallet, so I keep most of my funds in one wallet and then open another separate account with it's own keys and put say 5% of funds in that one, then I can use mobile/iPad wallets for ease and peace of mind.
Not forgetting that EOSIO software has the added advantage of more private key controls, owner/ active.

With blockchains now anyone can have their own personal Swiss bank account, not just the rich, but the cost is that you have to be responsible for your own security and private keys.

So yes, give me blockchains any day over corrupt insolvent banks that just gamble with our deposits and then expect us, the tax payers to bail them out every time they loose.

You can trust blockchain because you don't have to trust it.

When someone says, "trust me" it means that you have no way to stop them from cheating you so you just have to trust. But blockchain has a couple of traits that mean you don't have to rely on trust because no one has the ability to cheat the system in the first place.

A blockchain is made up of a chain of blocks. You can't change the information recorded on a block without first changing the block before it, because each block contains a hash of the preceding block so changing anything would no longer make a valid block. This chain goes all the way back to the genesis, so that would require the writing of a lot of blocks and that takes time and resources.

The other protection is that writing a block requires some sort of proof. Either a proof of work, by solving a complex mathematical puzzle through trial and error, or through another type of proof like delegated proof of stake (for Telos) where to write blocks a node needs to receive a large percentage of the token staker's votes to be included in the producers schedule. Finally, one would have to get collusion from a number of other independent organizations that are competing with that node for block rewards.

So in the end, blockchain does not require people to trust is, since revising or faking a transaction is simply not easy or even possible on a legitimate public blockchain like Bitcoin or Telos--and that's why you can trust it. Private or permissioned blockchains do not have these same protections because someone ultimately "owns" it and has higher permissions, so you need to trust that person or company.

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