@0xstark.eth

A few thoughts: - Hardness is not about explaining blockchains, but really about explaining the category of things to which blockchains belong. It is just true that blockchains (ethereum), institutions (the fed), and atoms (gold) can all be used to create a money, and it bothers me that we haven't had a conceptually clear story for why that is the case. What do they share that enables them to be used for the same application? - "Strict global consensus" describes something true about blockchains, but i don't think it is sufficient for the above purpose. Based on how I understand you to define the term, I think "strict global consensus" is missing a notion of "confidence in the future". A blockchain that reaches strict global consensus once cannot be a foundation for money or conditional financial relationships. We must have justified confidence that it will keep reaching strict global consensus in the future, and that the rules it uses to do so won't materially change.

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