“Programmable Blockchains in Context: Ethereum’s Future” by Vinay Gupta
Vinay Gupta provides an explanation of the history of the database and how evolving technology in database management has led to the creation of blockchains, Bitcoin and Ethereum. Databases have primarily used the relational model of SQL to store and retrieve data, but the introduction of the Internet and networks have made apparent the bureaucracy involved in creating access to data through traditional models. He identifies three models (pros and cons included) with which people have attempted to solve this problem: the “diverse peers” model, a hub and spoke model and protocols. Blockchains would be a fourth, which combines the qualities of the hub and spoke and protocols and removes the middle-man — the trusted third-party which manages the data – creating a “distributed consensus.” Bitcoin uses the blockchains to track currency and financial transactions while another model, Ethereum uses the technology to create coding-based “smart contracts,” which can store records, such as home-buyer history or promises to deliver payment in exchange for services.
Tags: Ethereum, Bitcoin, blockchains, non-technical, articles, beginner level