IT Analyst Jason Bloomberg: What I’m Really Saying Is ‘Shut Down Permissionless Blockchains’

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IT Analyst Jason Bloomberg: What I’m Really Saying Is ‘Shut Down Permissionless Blockchains’

Sun Sep 09, 2018 12:27 pm

What’s wrong with permissionless blockchains
Olivia Capozzalo: So, you have a reputation for saying some pretty bold things about cryptocurrency. This spring you wrote an article in which there was a sentence stating something like “We need to make cryptocurrency as we know it illegal.”

Jason Bloomberg: Right. The challenge that most cryptocurrencies have is that they run on a permissionless blockchain infrastructure. By permissionless, we mean that there’s nobody in charge, right?

In a proof-of-work system, every transaction processor has to process the transactions. Because it’s permissionless, anybody can sign up as a miner, including criminals.

Now, not all miners are criminals, obviously, but criminals are welcome to be miners. There’s nothing stopping them from being miners. As a result, many criminal enterprises, including organized crime syndicates, have gotten into the mining business.

There’s really no way to stop this, aside from moving away from permissionless blockchain-based approaches.

So, when I say, “Shut all the cryptocurrencies down,” what I’m really saying is “shut down the permissionless ones.” If cryptocurrency is going to survive, we’ll have to move to a permissioned infrastructure.


https://cointelegraph.com/news/it-analy ... lockchains

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