Vitalik Buterin calls blockchain a “truth machine” for its accurate timestamps but notes it can’t verify historical events. He underscores the need for additional tools for broader truth verification.
Vitalik Buterin, Ethereum co-founder, called blockchain a “truth machine” for its ability to provide accurate timestamps and unalterable data. His comment on social media followed a user’s question about what defines a global universal blockchain. Buterin explained that blockchains record information as it is entered without alteration or manipulation. However, he noted that blockchains are not designed for fact-checking queries.
Vitalik said that a blockchain functions as a “truth machine” by providing accurate timestamps and consensus on when messages are recorded, but it does not verify the truth of the content itself, such as whether historical events like the moon landing actually happened. While this approach reduces the blockchain’s vulnerability to manipulation, it means that other tools are needed to address and verify broader questions of truth.
A blockchain is a "truth machine" in the specific sense that it provides consensus approximate-truth over when messages were sent. It doesn't tell you "was the moon landing real?".
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This reduces the blockchain's attack surface by a lot, but it does mean we need other tools to…
— vitalik.eth (@VitalikButerin) July 20, 2024
Blockchain centralisation & misuse of power
Centralised blockchains are controlled by a single entity or organisation, which can lead to issues with transparency and trust. Unlike decentralised blockchains, where multiple nodes validate transactions, centralised blockchains rely on a single authority, which can compromise the system’s integrity. However, the centralised blockchain concept plays a vital role in the traditional financial system by modernising the slow payment infrastructure, though its use in the crypto sector can be problematic.
New crypto projects sometimes misuse blockchain technology to make quick money. They may launch tokens or cryptocurrencies without proper development or utility, often engaging in practices like “pump and dump,” where they artificially inflate the value of their tokens and then sell them off, leaving investors with losses. Such misuse undermines trust in crypto and blockchain technology and highlights the need for strict regulation and scrutiny in the crypto industry.
Read also: Three Alarming Signs: Ethereum (ETH) Poised for Major Correction
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