User Question #1 – Blockchain Building

 

Question:

“No problem… So the idea i have is pretty basic and goes directly with the nature of blockchain. Its timestamping and putting documents on blockchain. So pdf’s, docs, pitcures, diplomas, contracts…Anything that two or more parties are signing. Which blockchain do u propose to use (need to have low fees, be fast, easy to use)? Currently i dont know hoe to code, but planning to do, but i have people that can do that for me. On the end idea would suceed if its marketed in a correct way – i live in a small country and have acsess to companies that would need this type of solution.”

My Response:

This will be difficult to be honest with you. There are a lot of facets that go into the question that you’re asking.

First, let’s look at projects that have attempted to do the same.

#1 – Po.et

Po.et is an ERC20 token, but it proposes to let you publish on the ledger (not in the sense that you’re talking about though).

#2 – LBRY

This project is somewhat similar to Po.et but not quite. I won’t dig into it too much. What I can say is that this project disappointed me for a number of reasons (not the least of which being the fact that it never quite reached fruition in the way that it was supposed to).

#3 – Bitcoin Cash SV

Some others may hate this suggestion, but it is the truth. There are a number of individuals out there than can attest to the fact that $BCHSV has been able to store blips of information (such as tweets) directly on the blockchain in a manner that allows it to be accessible in the future.

Building Such a Blockchain

There are a number of struggles that you’re going to encounter when attempting to build such a blockchain:

  1. Size. This is going to be the biggest thorn in your side. Even a very simple document will take up a lot of space on the blockchain. What other projects (like Po.et) do is simply create a mechanism that allows you to ‘hash’ the document so that you can verify the document you receive is the same exact copy as the original document (i.e., that it hasn’t been touched). It also can serve the purpose of allowing you to validate (in a decentralized manner) that the document was created at a specific time or on a certain date. Essentially, other projects have only managed to wield the blockchain as a notary. Being able to propagate such a blockchain will be extremely difficult.
  2. Ensuring the integrity of such a blockchain will be extremely difficult as well. Bitcoin is fairly straightforward since a bitcoin = bitcoin. However, if you are creating a chain where information can be stored on there, then not every single ‘coin’, ‘native asset’ or block will be valued in a uniform fashion. Thus, you will have to figure out how to account for that too (if you’re trading on exchanges etc.)
  3. Development and maintenance will be considerable. The incidence of orphan blocks will be exponentially greater as well. Handling the mining ecosystem and protecting against expanded attack vectors will also take its toll.

Conclusion

There are a lot of additional concerns to consider in performing such a project.

In my opinion, you might even want to consider whether blockchain is the best way to facilitate such a goal.

DHT (Distributed Hash Tables) like Kademlia may be a way better option for you.

See the following: https://pdos.csail.mit.edu/~petar/papers/maymounkov-kademlia-lncs.pdf

There is already a P2P framework for Kademlia as well that proves itself significantly more flexible for the type of information sharing that you are looking into.

However, if you’re attempting to do this with blockchain, then you’ll more than likely find yourself in a position where you more or less have to move the entire blockchain space forward (innovatively) in order to make your idea come to fruition.

Good luck!

 

 

 

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