On other system, CheckChanges(CurrentStateorChanges).
That's it. All the extra stuff is for extra requirements or overhead from traditional, bank designs. It's not requirements for centralized banking. You can do the basics of banking, with crypto, on 16-bit microcontrollers on smartcards. You can do the ledger in memory with snapshots for persistence. You're talking load and store instructions plus some I/O. Super simple. The stuff proof engineers are mathematically modeling, implementing, and verifying down to the assembly is much more complicated than this.
Now, with cryptocurrency, it starts with some pretty math. That turns into a way more complex implementation than what I just described. Inevitably because their protocols are intrinsically more difficult than centralized protocols that just publish ledger for decentralized checking. Even the tools for verifying them are more in infancy than those for traditional systems. Then, there's the mass of code they use like Linux to operate. Then there's developers that can make changes. There can be lawsuits forcing things to happen. A lot more than math goes on with the cryptocurrencies even though proponents talk like it's just math that you can trust.
Now, someone might say their complexities aren't nearly as bad as traditional banking or weaknesses are worth it. The former might be true, but nobody has proven the latter given a centralized non-profit can do almost everything better. I haven't even seen opponents of traditional banks attempt to do better with centralized design. I have seen for-profit companies like PayPal, Western Union, Venmo, and an online bank in Go language vastly improve on the situation with clean-slate designs getting lots of market share away from bankers. Had idealists done that, they'd have millions to billions to spend on experiments like cryptocurrencies plus made a huge, positive difference in people's lives. That's because they are actually using the centralized alternatives based on traditional currencies. Can you imagine how much better they'd be if they were public benefit or non-profit companies with stuff in their charter and agreements protecting the customers? And that leverages existing laws that lawyers understand well.
> Can you imagine how much better they'd be if they were public benefit or non-profit companies with stuff in their charter and agreements protecting the customers? And that leverages existing laws that lawyers understand well.
Idealists opposed to traditional banking have done that, with significant success. Hence, public benefit banks, public banks, and credit unions.
A bank transaction is this:
MoveMoney(FromThisAccount, ToThisAccount)
One with decentralized checking is this:
MoveMoney(FromThisAccount, ToThisAccount) PostToLedger(CurrentStateorChanges);
On other system, CheckChanges(CurrentStateorChanges).
That's it. All the extra stuff is for extra requirements or overhead from traditional, bank designs. It's not requirements for centralized banking. You can do the basics of banking, with crypto, on 16-bit microcontrollers on smartcards. You can do the ledger in memory with snapshots for persistence. You're talking load and store instructions plus some I/O. Super simple. The stuff proof engineers are mathematically modeling, implementing, and verifying down to the assembly is much more complicated than this.
Now, with cryptocurrency, it starts with some pretty math. That turns into a way more complex implementation than what I just described. Inevitably because their protocols are intrinsically more difficult than centralized protocols that just publish ledger for decentralized checking. Even the tools for verifying them are more in infancy than those for traditional systems. Then, there's the mass of code they use like Linux to operate. Then there's developers that can make changes. There can be lawsuits forcing things to happen. A lot more than math goes on with the cryptocurrencies even though proponents talk like it's just math that you can trust.
Now, someone might say their complexities aren't nearly as bad as traditional banking or weaknesses are worth it. The former might be true, but nobody has proven the latter given a centralized non-profit can do almost everything better. I haven't even seen opponents of traditional banks attempt to do better with centralized design. I have seen for-profit companies like PayPal, Western Union, Venmo, and an online bank in Go language vastly improve on the situation with clean-slate designs getting lots of market share away from bankers. Had idealists done that, they'd have millions to billions to spend on experiments like cryptocurrencies plus made a huge, positive difference in people's lives. That's because they are actually using the centralized alternatives based on traditional currencies. Can you imagine how much better they'd be if they were public benefit or non-profit companies with stuff in their charter and agreements protecting the customers? And that leverages existing laws that lawyers understand well.