Follow-up on r/Buttcoin discussion

  • Tamper-proof database: any change in its state is only possible as a result of a valid transaction. You cannot simply modify the data without being noticed.
  • User authentication with strong cryptography. Also the permissions system allows setting up complex authentication scenarios, such as multi-signature, 2FA, or allowing a specific private key perform only a limited set of actions.
  • Distributed multi-master architecture: the network can be scaled up to hundreds of nodes around the globe, each maintaining an exact copy of state, and each allowing concurrent transaction submission, topping at few thousand transactions per second.
  • Fully auditable: every transaction is associated with a signing authority, and each block is timestamped. For every change of state we can find out who, when, and in what sequence has performed the actions.
  • Distributed application platform: the blockchain executes smart contracts, or pieces of program code that can verify the input, modify internal state, reject invalid transactions, and perform application logic according to business requirements.
  • Trustless: parties don’t need to trust each other in order to transact. Their business relationship can be regulated by smart contracts. The processes can be designed to make fraud too expensive or impossible.

The discussion

On using non-fungible tokens for property rights management, and as an example, real estate management:

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