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re: Bitcoin faces biggest threat yet: a miner takeover
Posted on 6/18/14 at 10:02 am to Poodlebrain
Posted on 6/18/14 at 10:02 am to Poodlebrain
Because it will change the transaction verification mechanism from mining to anyone running any kind of node (including SPV). They would be verifying not the entire block, but Merkle tree chains of transactions in the block.
And to the person who asked how this would make bitcoin mainstream, this concept doesn't seek to make bitcoin mainstream, it seeks to solve the problem of node centralization brought about by increased block sizes or merge mining proposed side chains.
And to the person who asked how this would make bitcoin mainstream, this concept doesn't seek to make bitcoin mainstream, it seeks to solve the problem of node centralization brought about by increased block sizes or merge mining proposed side chains.
1
Posted on 6/18/14 at 10:24 am to joshnorris14
Why will people want to verify transactions unless their is reward for doing so? It there is reward, then the most efficient miners will get the most rewards. How do you disassociate economies of scale from efficiency in mining operations? The competition will change from the entire block to Merkle tree chains, but there will still be competition.
BTW, my father used to work with Merkle's father at what is now Lawrence Livermore National Laboratory. They were physicists who spent the majority of their careers working on classified projects. They were typical of the scientists that government has working for it. The government has similarly qualified people working on cryptologic projects who are among the best in the field.
BTW, my father used to work with Merkle's father at what is now Lawrence Livermore National Laboratory. They were physicists who spent the majority of their careers working on classified projects. They were typical of the scientists that government has working for it. The government has similarly qualified people working on cryptologic projects who are among the best in the field.
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