Forgive me for not knowing much about blockchain technology. But here is my question:
“I suspect that apps that can most benefit from the characteristics of Blockstack’s underlying blockchain - bitcoin - will be most successful. Blockstack, like bitcoin, will enable apps that run counter to the wishes of powerful interests: platform owners and others. Will be interesting to see what emerges!” -Larry
How can you trust a digital store of value for purchasing real goods in USD? Is Blockstack like an App Store for developers to eventually start charging when critical ecosystem of developers is reached?
@arooj You are confusing the application platform (Blockstack) with the underlying data store (Bitcoin). Blockstack uses Bitcoin as its source of truth. If you trust the Bitcoin blockchain, then you trust the Blockstack identity system. This is because the identity system is anchored in the Bitcoin blockchain via a Virtualchain.
The Blockstack platform allows users to build arbitrary web and mobile applications using our core APIs (Identity, Discovery, Storage). Individual developers can choose to take payment however they choose for any goods or services they want to sell through their application. Adding integrations for things like Square or Stripe is supported.
@arooj When we are talking about “trust” in the bitcoin blockchain it means that you trust that blockchain as an immutable ledger of transactions. If you can trust that the blockchain is that then you should trust bitcoin as well. But by implementation we have the ability to migrate to a different underlying blockchains if the need arises.