Just when I think I understand the cryptocurrency/block chain space, I realize I didn’t understand anything at all
Four recent events have made me realize that I don’t understand this space anywhere near as well as I thought I did. But that’s good: it means I’ve been forced to come up with a new mental model to explain to myself how all these projects relate to each other.
TL;DR: the two questions to ask about a “fiduciary code” requirement are: who do I need to trust and what am I trusting them about?
A simple model to capture the essential differences between some consensus platforms
The rest of this article describes the four events that influenced me to draw it.
Event 1: Nick Szabo’s “The Dawn of Trustworthy Computing” Article
In his recent article, Nick Szabo introduces two really helpful terms to explain what makes systems like Bitcoin particularly noteworthy.
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