Summary of the book "What is blockchain?"

Here is my summary of the book What is blockchain?

• Blockchain principles

  • Start with the story of Changpeng Zhao - a blockchain billionaire in less than a year.
  • He created Binance in 2017 a flatform to transfer bitcoin and altcoins.

  • Network Effects

    For every user who joins a blockchain, the more valuable that blockchain becomes.

    ... networks that are more open are generally more successful.

    • The sweet spot between permissioned and permissionless.

      

  • Eliminate the Intermediaries

    • Story of apple juice supplement. The more middleman in the process, the more price customers will pay.
    • Where do we have inefficient intermediaries? Who can we eliminate from our supply chain? “Going direct to the customer” has always been a way to save money for both producers and consumers.
    • where can we eliminate steps in our supply chain? Where can we replace a centralized record keeper with a decentralized ledger? Where can we eliminate an intermediary? That’s where a blockchain solution is often hiding.
  • Code, Not Contracts
    • A contract is paperwork that records a transaction between two or more parties.
    • A smart contract is computer code that establishes agreements between parties and then executes the transaction when certain conditions are met, without the need for a third party.
    • Still don’t understand the idea of it???

  • Forking bitcoin should be avoidable for 2 main reasons

    • You lose users

    • You are more likely to fork again

      

  • Four simple principles of a blockchain project: Free, Instant, Scalable, and Trusted.

  • The story of blockchain in 2017-2018 periods: Evolution vs Revolution