The market test shows that the redundancies of transaction recording and proof-of-work can only be justified for the purpose of producing electronic cash and a payment network without third-party intermediation. Electronic cash ownership and transactions can be communicated in very small quantities of data. Other economic cases which need more data requirements, such as mass payments and contracts, become unworkably cumbersome in the blockchain model. For any applications which involve intermediaries, the blockchain will offer an uncompetitive solution. There cannot be wide adoption of
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