You can break the encryption, but you can’t hack the blockchain

You can break the encryption, but you can’t hack the blockchain

George Friedman thinks that blockchain will become 'obsolete' very soon, anniversary of the DAO hack which split the ETH community and unclear future of EOS.

George Friedman, a geopolitical forecaster, has an opinion that blockchain technology won't last long

He explains that every encryption technology was cracked in the end, by the USA, China or Russia.

The opinions like these ones are good for blockchain, as it clearly shows that its opponents rarely do any research and barely have any basic understanding of how it all works. George Friedman talks here about breaking the encryption, but the truth is, you can’t hack a blockchain.

It a principle of the big numbers, the numbers are just so ridiculously big it’s impossible to brute force it, because it would take the amount of time comparable to the time of universe existence. It’s impossible at the current levels of human technology, it’s not an algorithm that could be cracked. However, there’s still a threat from quantum computers, but they are still in the early stages of development.

We have 10 more years before they could actually crack the blockchain, and by that time all blockchains will be upgraded against the quantum threat.

Two years have passed since the DAO hack, according to Vlad Zamfir

This hack split Ethereum community and created Ethereum Classic fork, in an attempt to keep the chain immutable.

The DAO hack was an unfortunate event, that showed one of the blockchain’s biggest strengths and weaknesses: the irreversibility of transactions. There’s still a question unsolved: was it good to fork Ethereum.

As we see, two years later, after the similar problem with Parity wallet, with millions lost forever, the community refused to return the funds to people who lost them in Parity wallet, that would mean forking in the process. The fix was ready, but the community rejected it during the voting. Was it possible to leave it be in the first place? There’s an opinion that it would be the end of Ethereum because nobody would trust his money to such blockchain after this failure. Meanwhile, that still remains one of the biggest failures in crypto.

Now the Ethereum team is one the most mature and professional in the space, but it doesn’t diminish the lesson learned after this hack. It showed the community that there should be a very high level of competence and responsibility, as there’s no way to change the code after you’ve sent it to the blockchain. A lesson that not everyone seems to have learned.

EOS has more and more problems since its launch

The ambitious project has provoked heated debates in the crypto community, about whether it's normal or not for a 4 billion dollar project to stop running after just a few days of uptime.

There are two things that surprise us no more: Tim Draper shilling his bitcoin holdings and EOS having critical problems. The 4 billion dollar chain halting after having worked barely a few days, it tells so much of the number of efforts put in its development. It’s great to have a high profit from the project but the community would like to see more of its money put into actual development and less in the marketing, hyping and various venture funds.

The product looks to be released untested and unfinished, that it sparkled new debates whether it’s a scam. The future of EOS remains very unclear. It has a school project’s level of organization. The questions is, how the funds were spent?

Ethereum

ETH
Price
117.64 USD -0.43%
0.03300000 BTC -0.36%
Volume, 24h
615,491,571 USD
-13.81%
Marketcap
12,273,110,346 USD
10%
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