Mir Moiz’s Weblog
Life is meaningful, only when one wishes to make it. We are creatures of time and we’ll wither away in it. The little moments of joy we find and create are all that will live with us.Archive for September, 2017
Block Chain(s)
For those curious observers, who see the innumerable benefits from BLOCK CHAIN.
I have a reservation that I believe may come to light properly, not now, but later in time as computing changes exponentially.
Satoshi Nakamoto writes in his debut…
—
I’ve been working on a new electronic cash system that’s fully peer-to-peer, with no trusted third party.
The main properties:
Double-spending is prevented with a peer-to-peer network.
No mint or other trusted parties.
Participants can be anonymous.
New coins are made from Hashcash style proof-of-work.
The proof-of-work for new coin generation also powers the network to prevent double-spending.
Bitcoin: A Peer-to-Peer Electronic Cash System
Abstract. A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without the burdens of going through a financial institution.
Digital signatures provide part of the solution, but the main benefits are lost if a trusted party is still required to prevent double-spending. We propose a solution to the double-spending problem using a peer-to-peer network. The network timestamps transactions by hashing them into an ongoing chain of hash-based proof-of-work, forming a record that cannot be changed without redoing the proof-of-work. The longest chain not only serves as proof of the sequence of events witnessed, but proof that it came from the largest pool of CPU power. As long as honest nodes control the most CPU power on the network, they can generate the longest chain and outpace any attackers. The network itself requires minimal structure. Messages are broadcasted on a best effort basis, and nodes can leave and rejoin the network at will, accepting the longest proof-of-work chain as proof of what happened while they
were gone.
Satoshi Nakamoto
—
China already has the world’s fastest computer at 33,860 trillion calculations per second. Can that not forge a record!
What about the next versions from other developed countries, over the next decade.!!
Then… how about the use of Quantum Computers !!!
The fact is that those with the highest computing capacity will rule.
I invite any thoughts to the contrary.
It is a changed world.
© MIR. 4 September 2017.