Centralized Ledgers and Downsides Flashcards
1
Q
What is a Centralized Ledger?
A
A ledger controlled by a single entity.
2
Q
Can a bank theoretically take your money?
A
YES
3
Q
Can a bank control all incoming and outgoing transactions?
A
YES
4
Q
1st Fact:
A
Internal & external reconciliation required.
5
Q
2nd Fact:
A
No restrictions imposed.
6
Q
3rd Fact:
A
Single point of failure.
7
Q
4th Fact:
A
Single point of control.
8
Q
5th Fact:
A
Unnecessary middle men.
9
Q
6th Fact:
A
Cryptography is an add on.
10
Q
7th Fact:
A
Actions done on behalf of others.
11
Q
8th Fact:
A
Backups are manual.
