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RE: The Brain Drain in the Legal System has an unlikely ally: the Scaling Trilemma; but is it enough to stop Decentralization?
Ripple claims that even if their team is gone, coin would stand? Well, that is for sure the issue with current system, govts. would never accept decentralization and even then how can we be sure that in proof of stake these 21 votes would not be harassed or bought. You are right it still need decades and that too even if we want to actually implement this fair and open system.
I have no idea why that "Making difference" post is in the trending section instead of this. Awesome work man :)
Witness power is a lot more limited than senatorial or congressional power, so even if it happens your ability to opt out of any binding agreement you don't agree with is similar to changing the terms of a contract. A smart contract on some platforms cannot always run "stoppable code". Instead you have to set up a new contract that rectifies the conditions of the old one and opt in again if you agree to the terms.
EOS however is said to have the option to reverse transactions if enough witnesses vote for it. In Steem, there is something similar with account recovery. The reversal to a previous state is not always impossible on all blockchains.
Wow, thank you i didnt know that EOS and steem could possibly have a reversal. Well, for sure i think witness power is a lot more limited. Are you running for witness on steemit? i would like to vote you :)
You should understand that transaction reversals on these blockchains is far more difficult than what banks do. The earliest implementation of reversal required a fork (such as the one that created ETH and Ethereum classic). Dan has taken steps in EOS to formalize situations that might require a transaction reversal involving specific governance rules, but I'm not privy to the details yet.
Thanks but not interested in being a witness. I'm a programmer.
Yes, i could learn it before that it is far difficult. Even cancelling a transaction once it has been announced to hash is also kind of hard to do. So, it leaves less chances of mistake removal. That is great. I think you have a bright future as a programmer :)