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Distributed database that maintains an append-to-only ledger.
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Why decentralization matters

Chris Dixon on Medium: Early internet protocols were technical specifications created by working groups or non-profit organizations that relied on the alignment of interests in the internet community to gain adoption. This method worked well during the very early stages of the internet but since the early 1990s very few new protocols have gained widespread adoption. Cryptonetworks fix these problems by providing economics incentives to developers, maintainers, and other network participants in the form of tokens. They are also much more technically robust. For example, they are able to keep state and do arbitrary transformations on that state, something past protocols could never do. What Chris is advocating is the protocols of the past weren't made for the internet of the future. The next era of the internet is being built with Web 3.


Preethi Kasireddy

Fundamental Challenges with Public Blockchains

Preethi does a great job of bringing some sanity to the (somewhat justified) hype around Ethereum and friends: blockchains have several major technical barriers that make them impractical for mainstream use today... it could be many years before trustless systems are ready for mainstream use at scale. We discussed these issues with Preethi in-depth at the tail end of The Changelog #277.

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What Is a Blockchain Smart Contract?

If you're new to or learning more about blockchain, this is a great post that breaks down the semantics of what a blockchain smart contract is and is not. Mike Bursell: The first thing to know about blockchain smart contracts is that there isn't a contract, they aren't smart, nor are they necessarily on a blockchain. Smart contracts could, I suppose, be smart, but for me, that means complex and able to react to unexpected or unlikely situations. I think that people call them "smart" because they're embodied in code.

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