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A Summary of

Why it’s hard to “get” bitcoin: the blockchain spectrum

by
Dhruv Bansal
Unchained Capital
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Blockchain Spectrum

Blockchains are interdisciplinary- think of it as taking the spectrum and breaking white light into its constituent colors. The Blockchain Spectrum: - Cryptography - Distributed systems - Economics - Politics

Cryptography

  1. Security vs. Convenience
  2. Secrecy vs. Access

Distributed Systems

  • Operate at a larger scale
  • High amounts of built-in redundancy
  • Can be slower or more unwieldy than centralized counterparts
  • CAP Theorem
  • Append-only log

Economics

  • Replace centralized organization with a valuable token
  • Miners compete to perform consensus
  • Incentivization via block rewards

Politics

  • Distributed consensus algorithm
  • Process of determining consensus rules?
  • Greater transparency
  • Total crypto-polling
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