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I just published the first of a series of blog posts in which I will outline what Elas does, and how our ledger technology can be used to implement systems from tiny to grand. Let me know what you think! https://elas.digital/blog/f/elas-ledger-a-journey-of-understanding
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1 year ago
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1 year ago
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1 year ago
Nice Brendan! Looking forward to seeing this evolve.
elas_digital replied:
Thanks Connor!
This is clearing up the confusion. The ledger is not the blockchain. The ledger rather forms the blockchain. The blockchain is a contiguous and chronological grouping of the records in a ledger into new blocks sealed every 10mins with a time stamp and recorded as having existed at a point in time such that a record on a ledger cannot be repudiated.
bitscomplicated tipped:
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1 year ago
elas_digital replied:
Yes! Now you're getting it :-) You can even write to the ledger and withhold it from the blockchain until you are sure it's what you want to record. That's exactly what is happening every time you post on PowPing!!!
tklah replied:
Ok then more questions follow 1. How long can you keep writing to the ledger without it getting recorded to the blockchain? 2. At which point is your transaction mined? When you are ready to record it to the blockchain? 3. Where are the contents of the ledger sitting then? The answers to these questions will further clear this up. Brendan, this is your first student from faraway, remember?
elas_digital replied:
1. As long as you like... There are no limits in the Bitcoin protocol. 2. Your transaction can only be mined if you broadcast it to the network with adequate fees. When you are ready, you send it. 3. If you haven't broadcast it yet, only the copies you have made exist, and are not yet immutable. Once you have broadcast the transaction, it instantly exists on every node in the network, and once confirmed exists in every copy of the full blockchain. Your local copies also still exist and are what you should draw from in future. The copies in the ledger are there so that you can a) prove the data hasn't changed and b) get it back again if you ever lose your copy.
elas_digital replied:
In this way, if PowPing servers went down and all the live copies were lost, only the interactions which had been written onto the ledger would be retrievable.
elas_digital replied:
Sorry, this should say 'only the interactions which had been written onto the block chain would be retrievable'
Hi Brendan. I remember awhile ago you were talking about separation of bitcoin as a token and Bitcoin as the protocol. It appears as if you’ve fleshed those ideas out a bit more. After reading your article couldn’t there also be a separate specification for Bitcoin - the Network? I’m not sure if that would fall under being considered as the “ledger”. Cheers!
elas_digital replied:
Absolutely the network is again a separate thing. The network exists to enable us to write to the ledger, and it is incentivised to do so through the rewards that come from being an active contributor to the block chain.
bitscomplicated tipped:
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1 year ago
Thanks for those images in the post. It makes it clearer.
elas_digital replied:
I'm glad. It can be a hard concept to grasp...