Amazon Quantum Ledger Database • Hacker News Board

Re: Amazon Quantum Ledger Database

#181

Post by cburgdorf » Fri, Nov 30, 2018, 8:38 PM UTC

ric2b wrote: post #178

cburgdorf wrote: post #171

Earlier quoted context omitted.

MakerDAO is basically a community run central bank on the Ethereum blockchain. You can lock away assets you own (currently only ETH but eventually even your house will work as a collateral). By locking away your collateral you can withdraw DAI which will be generated based on your collateral. This is comparable to how banks worked in the past where they only printed money for which they had gold as collateral. You ne…

How does it monitor the peg in a decentralized, sibyl-resistant, manner?

Price feeds provide the data. They get normalized (removing extreme values) and I think there's some parameters in regard to sensitivity that they can tweak. The trusted accounts for these feeds are voted by all MKR holders. The overall system is very much like a community run central bank.

Re: Amazon Quantum Ledger Database

#182

Post by magnamerc » Fri, Nov 30, 2018, 8:51 PM UTC

cheeze wrote: post #143

magnamerc wrote: post #36

Earlier quoted context omitted.

How can you make something like MakerDAO on a centralized ledger?

I don't think anyone is arguing that you can. But most companies who want a ledger don't need a blockchain to accomplish it. In your case, you're talking about no trusted actors in a very decentralized system. We're talking about walmart tracking supply chain and whatnot. For a centralized ledger where you do have trusted actors, blockchain is a hilariously shitty solution.

I completely agree. It's almost like blockchains are only useful for trustless decentralized systems.

Re: Amazon Quantum Ledger Database

#183

Post by matiman » Sun, Dec 02, 2018, 4:27 AM UTC

cburgdorf wrote: post #171

siliconviking wrote: post #142

Earlier quoted context omitted.

Been hearing about it but must admit I don't fully understand it. Would you mind a sentence or two on why the concept is so amazing?

MakerDAO is basically a community run central bank on the Ethereum blockchain. You can lock away assets you own (currently only ETH but eventually even your house will work as a collateral). By locking away your collateral you can withdraw DAI which will be generated based on your collateral. This is comparable to how banks worked in the past where they only printed money for which they had gold as collateral. You ne…

Great explanation. I heard about it too but didn't understand it this way. May be I don't have finance background. Any resources you think are great to learn more about this ?