...why?
Because people gamble on election outcomes using ethereum.
AP reports US election results via Ethereum blockchain
11–20 of 25 posts
Re: AP reports US election results via Ethereum blockchain
#12Re: AP reports US election results via Ethereum blockchain
#13...why?
Smart contracts have a major hurdle called the 'Oracle problem'. In summary, it is hard to get data from the real world into the blockchain. Even if you put it there, why should anyone trust you. A way around this is to get many credible parties to input the 'state' from their perspective and then blend the inputs. Once you have a data stream that you can trust (relatively) on the blockchain, you can make non-custodi…
> bets, predictions, derivatives, etc.
All things that work just fine without the blockchain.
Blockchains only solve one problem: when two or more parties don't trust each other, and do not have the protections of the legal system (trying to be anonymous or conducting illegal acts). They will forever remain a solution in search of a problem.
Re: AP reports US election results via Ethereum blockchain
#14Earlier quoted context omitted.
Smart contracts have a major hurdle called the 'Oracle problem'. In summary, it is hard to get data from the real world into the blockchain. Even if you put it there, why should anyone trust you. A way around this is to get many credible parties to input the 'state' from their perspective and then blend the inputs. Once you have a data stream that you can trust (relatively) on the blockchain, you can make non-custodi…
> bets, predictions, derivatives, etc. All things that work just fine without the blockchain. Blockchains only solve one problem: when two or more parties don't trust each other, and do not have the protections of the legal system (trying to be anonymous or conducting illegal acts). They will forever remain a solution in search of a problem.
There are plenty of countries where protections of the legal system isn't guaranteed, even if you're not trying to be anonymous or conduct illegal acts.
Re: AP reports US election results via Ethereum blockchain
#15...why?
So we can create derivitives to gamble with, of course. Come on, it's not the 1990s anymore. Instead of betting your uncle $100 that Trump is going to win it's now possible to use synthetic dollars to earn arbitrage profit by rebalancing the automated market makers who are supplying liquidity to all of our uncles bets on who will become president.
Re: AP reports US election results via Ethereum blockchain
#16Earlier quoted context omitted.
Smart contracts have a major hurdle called the 'Oracle problem'. In summary, it is hard to get data from the real world into the blockchain. Even if you put it there, why should anyone trust you. A way around this is to get many credible parties to input the 'state' from their perspective and then blend the inputs. Once you have a data stream that you can trust (relatively) on the blockchain, you can make non-custodi…
> bets, predictions, derivatives, etc. All things that work just fine without the blockchain. Blockchains only solve one problem: when two or more parties don't trust each other, and do not have the protections of the legal system (trying to be anonymous or conducting illegal acts). They will forever remain a solution in search of a problem.
Smart contracts do solve one additional problem: for contracts where performance is measured on purely objective, measurable criteria, execution is swift - there is no scope of disputes hence legal costs are reduced. You also don't need a 3rd party to oversee the execution of contracts, reducing management/transaction costs.
Re: AP reports US election results via Ethereum blockchain
#17Earlier quoted context omitted.
> bets, predictions, derivatives, etc. All things that work just fine without the blockchain. Blockchains only solve one problem: when two or more parties don't trust each other, and do not have the protections of the legal system (trying to be anonymous or conducting illegal acts). They will forever remain a solution in search of a problem.
Smart contracts do solve one additional problem: for contracts where performance is measured on purely objective, measurable criteria, execution is swift - there is no scope of disputes hence legal costs are reduced. You also don't need a 3rd party to oversee the execution of contracts, reducing management/transaction costs.
where performance is objectively measurable on the blockchain, if it's in the real world, you introduce trust issues again. How could one trust the measurement was objective in the real world?
Re: AP reports US election results via Ethereum blockchain
#18This API is confusing for multiple reasons.
The obvious question is why involve a blockchain at all. I don't think there is a coherent answer to that question.
The second is why are we asking people to poll for information instead of broadcasting it to them via something like webhooks? It's much easier to notify people of updates rather than have them constantly ask for updates.
Re: AP reports US election results via Ethereum blockchain
#19Shouldn't the election boards be reporting via Ethereum and not news orgs?
Re: AP reports US election results via Ethereum blockchain
#20Shouldn't the election boards be reporting via Ethereum and not news orgs?
If you're solving for trust (the point of blockchains), that would mean you don't trust the AP (Associated Press). They're the gold standard for election reporting, and trusted, so no.
Ethereum is simply acting as a complicated API for AP election data in this use case.