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What are the biggest issues blockchain technology creates or faces? | Forum

Mike Stoner
Mike Stoner Oct 9 '22

I’ve been involved in crypto for almost a year now and the amount of information I’ve consumed is ridiculous. Even crazier is how little that knowledge is compared to the whole picture.

Anyhow, one of my longest fixations has been understanding blockchain technology and the issues it creates/faces. I’m curious to hear what anyone else would like to chip in. Some of my favorite issues to discuss are legal issues, mass adoption, and the blockchain trilemma + interoperability

Peter
Peter Oct 11 '22
Anonymity will have to suffer a little for DeFi to evolve. And I say this because if we really want mass adoption, we need to ensure DeFi finds solutions to the constant hacks, exploits, fraud and money laundering while also allowing for TradFi to enter the space. For this, we're most likely going to see an increase in KYC processes. AAVE already has this, ALBT has been working on it too. Not to mention AML. People will need to start providing ID documents digitally, or confirming they are who they say they are. Anonymity needs to take a tiny step back for growth. Visit the collectID site for more info
Jesse Hiserp
Jesse Hiserp Oct 16 '22
Music snippets, films, animations, computerized artwork, images, or even a ticket to a specific event, such as a movie, are all examples of NFT. Furthermore, using NFT, real estate ownership may be redefined! One of my acquaintances who is interested in NFT artwork informed me of the news. He described MSHIBA Marketplace as a one-stop shop where MSHIBA token holders may buy NFTs. I see this project is very potential!
Edward Galea
Edward Galea Oct 26 '22
The biggest issue with blockchain technology is that it can be very difficult to scale. The technology is great for dealing with small transactions, but when you need solar paneling for homes to scale up the technology becomes very slow and inefficient. Blockchain has been used for many different applications in the past few years and some of them have been successful, but most of them have not been successful.
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david john
david john Jan 5 '23

There are a number of big issues with blockchain technology that it faces. Some of these issues include:

-The potential for blockchain trap the cat technology to be used for criminal purposes

-The la times crossword potential for blockchain technology to be used for fraud 

The Forum post is edited by david john Jan 5 '23
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kloyst
kloyst Apr 8 '23
The pow vs pos consensus mechanism requires users to stake their crypto holdings before validating transactions and creating new blocks. This reduces the amount of computational power needed by hackers to forge a malicious block. It also makes it harder for a 51% attack to occur.
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