Читать книгу Cryptocurrency All-in-One For Dummies онлайн

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Consumers will still want retail locations and commercial banks for the foreseeable future. But millennials have already adopted app-activated payments through PayPal, Venmo, Cash, and more. A new way of paying through their phones won’t faze them.

The great challenge is that if all money is digital, compromising it could be catastrophic. It’s possible that the architecture of blockchain systems could be strong enough. Instead, the issue might be that the code within the system is executed in an unexpected manner, as happened in the decentralized autonomous organization (DAO) hack on Ethereum (see ssss1 of this minibook). If the cryptocurrency were operating on a traditional public blockchain, then 51 percent of the nodes in the network would have to agree to fix the issue. Getting an agreement in place might take a lot of time, and it wouldn’t be practical for businesses and people who need stable and secure money at all times.

Data sovereignty and digital privacy are going to be huge topics in the future. Fraud prevention will be easier because if the entire economy is utilizing a cryptocurrency, then there will always be an auditable trail inside the blockchain that secures it. This is enticing for law enforcement but a nightmare for consumer privacy.