Nick Szabo, believed to be the inventor of bitcoin, discusses the ‘history of the blockchain’

As you might expect from a man believed to be the creator of a project to decentralise and privatise money, Szabo was consistently critical of any attempts at centralisation. Looking at the Russian Revolution, Lenin “only had to take over a few places to get a stranglehold on society” due to this centralisation: the railroads, the newspapers, and so on.

The logic is that “wet code” (as he describes traditional law) has huge drawbacks: It’s vague, expensive, varies from jurisdiction to jurisdiction, and is “based ultimately on the threat of coercion.” But “dry code” – AKA computer code and Ethereum – has none of these problems. It’s precise as only computer code can be, cheap to deploy after initial outlays, is universally constant, and its security is based on the blockchain.

via Business Insider http://ow.ly/SPDG301gSgW

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