How these new blocks are created is essential to why blockchain is considered highly secure. A majority of nodes should confirm and confirm the legitimacy of the brand new data before a brand new block could be added to the ledger. For a cryptocurrency, they might contain making certain that new transactions in a block were not fraudulent, or that coins had not been spent greater than once. That is different from a standalone database or tondog.net spreadsheet, the place one person could make adjustments without oversight.
Joey: «Second is risk controls. There’s this great saying in software, «worse is better». I think you possibly can assume about that in risk management programs. On Wall Road, folks give you these really sophisticated risk management mechanisms the place people convince themselves that they know greater than everybody else and that their risk mechanism is true. You saw this with the credit score default swaps situation in 2008. When you look again during the last 300 years of financial history, you see it so many instances — whether it’s Lengthy-Time period Capital Management or Three Arrows Capital or anyone else.
In the case of something important, like your checking account, the normal solution to make data secure and correct is through a trusted agent corresponding to a financial institution. The distributed version of banking was the results of grafting traditional financial management practices onto the internet. The bank was trusted to persist and retrieve our monetary information.
«I want to conclude this put up by wishing luck to all these striving for decentralization, steadiness and equality on this planet. You might be combating the correct battle. This battle may effectively be an important battle of our technology. We hope that you succeed where now we have failed,» wrote Durov, cautioning folks to keep away from unbiased variations of TON constructed by third-occasion entities.