bascule at gmail.com
Fri Aug 22 15:46:15 PDT 2014
On Fri, Aug 22, 2014 at 3:33 PM, Tao Effect <contact at taoeffect.com> wrote:
> Speaking of unsupported assertions, that "the merits of proof-of-work
> [are] debatable" needs to be substantiated with something, especially if
> you are comparing it to pre-PoW concepts.
Systems that use a Bitcoin-like proof-of-work function are both:
1) Monumentally inefficient
2) Vulnerable to an attacker who wins the proof-of-work lottery most of the
time, like has recently happened to Bitcoin
Compounding this problem is the desire to prevent key compromise in
Bitcoin-like systems via the use of multisignature trust and trusted third
parties which sign-off on certain operations. This approach centralizes
authority, in which case a consensus-based system like Ripple with trusted
gateways could be used instead. If it were, it'd be much more efficient,
and arguably have better security properties.
-------------- next part --------------
An HTML attachment was scrubbed...
More information about the Messaging