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Comment by pepesza | Hacker News Reader

Offtopic. DLT is basically a marketing fraud. Both "permissioned" and "permissionless" DLT are packed into one term. Problem is - they are vastly different. Permissioned DLT is not interesting at all from technical and social point of view. We knew how to do them for a long long time. Openness, permissionless is the key innovation introduced with Bitcoin. "Permissioned blockchains" are just repackaged tech with lot of marketing sauce.

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Why is it a marketing fraud? As a mathematician, I can see the solution of a fully public permissionless DLT as long as (1) there is a PKI — not too hard to accomplish, (2) the generation time of ZKPs and SMPC can cross below the network latency threshold — to which I can say that I know researchers in the space and even a simple run rate calculations indicates this will be feasible soon...

I wonder whether your stance would update if you were to read Foundations of Cryptography by Oded Goldreich?

I think there is some typo in your comment - because otherwise - do you mean that permissionless DLT was obvious (as in anyone who read Foundations of Cryptography by Oded Goldreich could create it) and bitcoin was not a breakthrough?

Nope. I simply mean that it is not a fraud, and can provide a legitimate service in the form of a new abstraction implemented in software.

100%: Bitcoin was the first known solution for the double spend problem in a permissionless network while DLT doesn't have any dependency to this innovation.

What companies want to sell for DLTs is the vision of a "API 3.0" where different organizations make agreements with smart contracts instead of negotiating bilateral or multilateral protocols. The truth is that the hard problem here is the political and organizational agreements between parties and this cannot solved by technology.

Very well put.

I use the term DLT as, for example, DAGs are not exactly blockchains if I'm not mistaken. They have no blocks, just transactions. It had nothing to do with permission.

Not all DAGs have blocks however many DAGs do have blocks. BlockDAGs are usually considered blockchains.

I wasn't aware of that. Thanks for that insight!!

>Openness, permissionless is the key innovation introduced with Bitcoin.

Can you think of non currency, voting, or timestamp applications for this?

People pay extra for currency verification, I cant imagine they'd pay extra for social media picture verification.

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