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I've posted in the General Section with no replies, perhaps Forum is more specific to my questions
Madeuchre
Member Posts: 2 ✭
I'm still not grasping a few things. I have a few ideas that don't involve the transfer of currency. Let's say I want a document like a property title in the blockchain.
1)Once I figure out the smart contracts, do I place them on the main Ethereum blockchain where Ether crypto currency resides? If so, does that mean the main blockchain is used for all sorts of non-financial transactions that I'm reading about? So the blocks are full of Ether transactions as well as stuff like this https://www.coindesk.com/7-cool-decentralized-apps-built-ethereum/ ?
2)I've seen where people are posting patents and similar docs to the blockchain. How are they embedding a document in the transaction? Something like a 3 page PDF for instance. Is there room in the transaction header for a document? From what I can tell Swarm isn't operational yet. IF this is how they are doing it, isn't the blockchain getting bloated with these documents instead of tiny transactions?
3)If you start your own blockchain, how do you get a critical mass to start mining it? Like on day one, you are only miner. What if the next 5 miners are hackers? How do you get a bunch of good people to mine right out of the gate so you have more than 51%?
Thanks,
Peter
1)Once I figure out the smart contracts, do I place them on the main Ethereum blockchain where Ether crypto currency resides? If so, does that mean the main blockchain is used for all sorts of non-financial transactions that I'm reading about? So the blocks are full of Ether transactions as well as stuff like this https://www.coindesk.com/7-cool-decentralized-apps-built-ethereum/ ?
2)I've seen where people are posting patents and similar docs to the blockchain. How are they embedding a document in the transaction? Something like a 3 page PDF for instance. Is there room in the transaction header for a document? From what I can tell Swarm isn't operational yet. IF this is how they are doing it, isn't the blockchain getting bloated with these documents instead of tiny transactions?
3)If you start your own blockchain, how do you get a critical mass to start mining it? Like on day one, you are only miner. What if the next 5 miners are hackers? How do you get a bunch of good people to mine right out of the gate so you have more than 51%?
Thanks,
Peter
Comments
First is the transaction data which is sent to the blockchain and is immutable
Second are logs stored in the chain data to which smart contracts can register 'events', also immutible.
Third is the 'state' database which smart contracts can use as very expensive general purpose mutable storage
Fourth is the Swarm decentralised storage layer (not yet shipped), which.
2. Most projects that require blockchain proofs and access of data store the data on IPFS while storing a hash of the data in a smart contract.
3. I wouldn't even think of starting yet another PoW chain. Ethereum can be set up as a public, private or consortium network with various different consensus algos like, PoW and PoA (Proof of Authority)