Recently I garnered a new found interest in blockchain technology and I started learning more about blockchain technology. I came across this very interesting book called Life After Google, it's authored by George Gilder. This book talks about a lot of tech concepts and I suggest you read it.
One of those concepts happens to be Laws of Cryptocosm and they are quite interesting and easy to understand, so I thought I’ll introduce some of you to them as well.
What does cryptocosm mean ? Right now, most of us are using at least one of Google’s services and Google collects data of all its users. In this world of rising awareness regarding data security and privacy, the biggest curse to using Google’s services is that it lacks security. This is due to security being a network function and property of the device and its owner. The root-and-branch revolution of distributed peer-to-peer computing is gaining popularity and this is what cryptocosm is all about. There are 10 laws of cryptocosm and they are quite simple and self explanatory.
The root-and-branch revolution of distributed peer-to-peer computing is gaining popularity and this is what is all about.
Security First : Security is not a procedure or a mechanism, it is an architecture. Its keys and doors, walls and channels, roofs and windows define property and privacy at the device-level. They determine who can go where and do what. Security cannot be retrofitted, patched or improvised from above.
Centralisation is not safe : Watched one of those action movies where the protagonist steals a huge vault full of cash from a bank/casino/gangster? Well, it was easy to steal all of those valuables because they were all in the same place. On the internet, your data is the cash and huge data centres are the vaults, all of this data needs to be stored in a distributed manner to maintain safety.
Safety last : You might say ‘Wait a minute? Didn’t you say that safety is extremely important?’ But unless the architecture achieves its desired goal, it's pointless to even think of safety and security. Requiring the system to be safe at every step makes the machine too complex to use.
Nothing is free : Contrary to popular belief, nothing comes free, for real! Capitalism requires companies to serve their customers and to accept their proof of work, which is money. Banishing money, companies devalue their customers.
Time is the final measure of cost : Well , time is money.
Stable money endows humans with dignity and control : Stable money reflects a scarcity of time, without stable money, an economy is governed only by time and power.
Asymmetry Law : Asymmetrical encryption codes are much more difficult to break down as compared to symmetrical codes. As much as we love symmetry, asymmetry is the one which helps us more in this context.
Private keys rule : They are what are secure, they cannot be changed from on top any more than your DNA can be changed or blended from above.
Private keys are held by individuals not by a common entity : Ownership of private keys distributes power. The owner of a private key (ID) can always respond to a challenge by proving ownership of the identity of a public address and contents of a public ledger. Thus in response to an organisation’s claims and charges, the owner of the private key can prove his work and his record. By signing with a private key the owner can always prove title to an item of property defined by the public key on a digital ledger.
Behind every private key and its public key is the human interpreter : A focus on individual human beings makes meaningful security.
Well, those are the 10 laws of cryptocosm and I would like to highlight my understanding of this topic is quite new and I have gathered my knowledge from Life After Google.