Bitcoin blockchain is not a thing, it's a design pattern
The article argues that Bitcoin’s value lies not in the blockchain itself, but in its ability to cryptographically confirm transactions in a non-reversible manner. The author emphasizes that the blockchain is a mechanism to agree on transaction locks, not a universal solution.
Key Points
- Blockchain as design pattern: The blockchain should be viewed as an evolving design pattern, not a single centralized data structure to build everything upon
- Decentralization concerns: The blockchain is currently “distributed centralized” - truly decentralized systems should not share core components
- Nature analogy: Natural systems (ants, plants, wolves) are decentralized and co-exist without sharing core parts - they connect at the edges
- Projects like MasterCoin and Ethereum: While valuable, the author is concerned about over-reliance on a single blockchain
- Evolution needed: The blockchain structure may need to decentralize further; merkle trees aren’t the answer as they still have a root (centralized point)
Author’s Position
- Not attacking Bitcoin - believes it will exist for many years
- Believes centralized structures within Bitcoin (like Mt Gox) will fail
- Advocates for projects to use decentralised mechanisms with agreed, open algorithms rather than simply building on “the blockchain”