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Blockspace: An Introduction with Chris Dixon | The Generalist
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When using the blockchain, each user has to tell the system in advance how much he or she is willing to pay for having the transaction executed. The account that hands off ownership also pays the transaction fee.
All technologies have the capacity to help or harm; blockchains are no different. The question is, how can we maximize the good while minimizing the bad?
Currently, all existing blockchain protocols have the property that every computer in the network must process every transaction—a property that provides extreme degrees of fault tolerance and security, but at the cost of ensuring that the network's processing power is effectively bounded by the processing power of a single node.
The essence of temporal salability is soundness; the essence of spatial salability is portability. Prior to Bitcoin, the two were in inescapable tension; economic development induces a market demand for money to be increasingly purely informational, as commerce itself becomes more complex than movement of specie can efficiently support. But informa
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