Zooko's triangle is a trilemma of three properties that some people consider desirable for names of participants in a network protocol: [1]
Zooko Wilcox-O'Hearn conjectured that no single kind of name can achieve more than two. For example: DNSSec offers a human-meaningful, secure naming scheme, but is not decentralized as it relies on trusted root-servers; .onion addresses and bitcoin addresses are secure and decentralized but not human-meaningful; and I2P uses name translation services which are secure (as they run locally) and provide human-meaningful names - but fail to provide unique entities when used globally in a decentralised network without authorities. [lower-alpha 1]
Several systems that exhibit all three properties of Zooko's triangle include:
Several platforms implement refutations of Zooko's conjecture, including: Twister (which use Swartz' system with a bitcoin-like system), Blockstack (separate blockchain), Namecoin (separate blockchain), LBRY (separate blockchain - content discovery, ownership, and peer-to-peer file-sharing),[ citation needed ] Monero, OpenAlias, [6] Ethereum Name Service, and the Handshake Protocol. [7]
A smart contract is a computer program or a transaction protocol that is intended to automatically execute, control or document legally-relevant events and actions according to the terms of a contract or an agreement. The objectives of smart contracts are the reduction of need for trusted intermediators, arbitration costs, and fraud losses, as well as the reduction of malicious and accidental exceptions. Smart contracts are commonly associated with cryptocurrencies, and the smart contracts introduced by Ethereum are generally considered a fundamental building block for decentralized finance (DeFi) and NFT applications.
Petname systems are naming systems that claim to possess all three naming properties of Zooko's triangle - global, secure, and memorable. Software that uses such a system can satisfy all three requirements. Such systems can be used to enhance security, such as preventing phishing attacks. Unlike traditional identity systems which focus on the service provider, Petname systems are decentralized and designed to facilitate the needs of the enduser as they interact with multiple services.
Zooko Wilcox-O'Hearn, is an American Colorado-based computer security specialist, self-proclaimed cypherpunk, and CEO of the Electric Coin Company (ECC), a for-profit company leading the development of Zcash.
Tahoe-LAFS is a free and open, secure, decentralized, fault-tolerant, distributed data store and distributed file system. It can be used as an online backup system, or to serve as a file or Web host similar to Freenet, depending on the front-end used to insert and access files in the Tahoe system. Tahoe can also be used in a RAID-like fashion using multiple disks to make a single large Redundant Array of Inexpensive Nodes (RAIN) pool of reliable data storage.
Namecoin is a cryptocurrency originally forked from bitcoin software. It uses proof-of-work algorithm. Like bitcoin, it is limited to 21 million.
A cryptocurrency, crypto-currency, or crypto is a digital currency designed to work as a medium of exchange through a computer network that is not reliant on any central authority, such as a government or bank, to uphold or maintain it. It is a decentralized system for verifying that the parties to a transaction have the money they claim to have, eliminating the need for traditional intermediaries, such as banks, when funds are being transferred between two entities.
Nicholas Szabo is a computer scientist, legal scholar, and cryptographer known for his research in digital contracts and digital currency. He graduated from the University of Washington in 1989 with a degree in computer science and received a Juris Doctor degree from George Washington University Law School. He holds an honorary professorship at the Universidad Francisco Marroquín.
A decentralized autonomous organization (DAO), sometimes called a decentralized autonomous corporation (DAC), is an organization constructed by rules encoded as a computer program that is often transparent, controlled by the organization's members and not influenced by a central government. In general terms, DAOs are member-owned communities without centralized leadership. A DAO's financial transaction records and program rules are maintained on a blockchain. The precise legal status of this type of business organization is unclear.
Dash is an open source cryptocurrency. It is an altcoin that was forked from the Bitcoin protocol. It is also a decentralized autonomous organization (DAO) run by a subset of its users, which are called "masternodes".
A blockchain is a type of distributed ledger technology (DLT) that consists of growing list of records, called blocks, that are securely linked together using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. The timestamp proves that the transaction data existed when the block was created. Since each block contains information about the previous block, they effectively form a chain, with each additional block linking to the ones before it. Consequently, blockchain transactions are irreversible in that, once they are recorded, the data in any given block cannot be altered retroactively without altering all subsequent blocks.
Monero is a decentralized cryptocurrency. It uses a public distributed ledger with privacy-enhancing technologies that obfuscate transactions to achieve anonymity and fungibility. Observers cannot decipher addresses trading monero, transaction amounts, address balances, or transaction histories.
A decentralised application is an application that can operate autonomously, typically through the use of smart contracts, that run on a decentralized computing, blockchain or other distributed ledger system. Like traditional applications, DApps provide some function or utility to its users. However, unlike traditional applications, DApps operate without human intervention and are not owned by any one entity, rather DApps distribute tokens that represent ownership. These tokens are distributed according to a programmed algorithm to the users of the system, diluting ownership and control of the DApp. Without any one entity controlling the system, the application is therefore decentralised.
The Ricardian contract, as invented by Ian Grigg in 1996, is a method of recording a document as a contract at law, and linking it securely to other systems, such as accounting, for the contract as an issuance of value. It is robust through use of identification by cryptographic hash function, transparent through use of readable text for legal prose and efficient through markup language to extract essential information.
Zcash is a cryptocurrency aimed at using cryptography to provide enhanced privacy for its users compared to other cryptocurrencies such as Bitcoin.
A cryptocurrency wallet is a device, physical medium, program or a service which stores the public and/or private keys for cryptocurrency transactions. In addition to this basic function of storing the keys, a cryptocurrency wallet more often also offers the functionality of encrypting and/or signing information. Signing can for example result in executing a smart contract, a cryptocurrency transaction, identification or legally signing a 'document'.
A blockchain is a shared database that records transactions between two parties in an immutable ledger. Blockchain documents and confirms pseudonymous ownership of all transactions in a verifiable and sustainable way. After a transaction is validated and cryptographically verified by other participants or nodes in the network, it is made into a "block" on the blockchain. A block contains information about the time the transaction occurred, previous transactions, and details about the transaction. Once recorded as a block, transactions are ordered chronologically and cannot be altered. This technology rose to popularity after the creation of Bitcoin, the first application of blockchain technology, which has since catalyzed other cryptocurrencies and applications.
Cryptoeconomics is an evolving economic paradigm for a cross-disciplinary approach to the study of digital economies and decentralized finance (DeFi) applications. Cryptoeconomics integrates concepts and principles from traditional economics, cryptography, computer science, and mathematical game theory disciplines. Just as traditional economics provides a theoretical foundation for traditional financial services, cryptoeconomics provides a theoretical foundation for DeFi services bought and sold via fiat cryptocurrencies, and legally bound by smart contracts.
ICON is a decentralized, open-source blockchain with smart contract functionality. ICX is the native cryptocurrency of the platform.
Colored Coins is an open-source protocol built on the Bitcoin 2.0 that allows users to represent and manipulate immutable digital resources on top of Bitcoin transactions. They are a class of methods for representing and maintaining real-world assets on the Bitcoin blockchain, which may be used to establish asset ownership. Colored coins are bitcoins with a mark on them that specifies what they may be used for. Colored coins are also considered the initial step toward NFTs built on top of the Bitcoin network.