Bitcoin's Key Challenge Key Technical challenge of a distributed eCash System is Distributed consensus Why distributed consensus? Reliability required in distributed systems. 10 or 15 different nodes, all of them record the action or none of the nodes should record it. If we were able to build a distributed key value store it would enable … Continue reading Defining Distributed Consensus & Challenges in achieving it
Block Chain
When is decentralization a good idea?
Definition: Technological alternative to human institutions - legal, social and financial What are the problems with car ownership and trade? Security (theft)? Dispute about sale terms What happens in a smart property model? Security has 3 components Preventive - Steering wheeling lock Detective - Car alarm system Corrective - Law enforcement In real world, … Continue reading When is decentralization a good idea?
What can we decentralize?
Purely digital things. Name mapping (Example NameCoin, Blockchain used a record of the current state of the mapping) Storage - Paying for storage Pay for Proof - Paying for computation Random Number generation (Using bitcoin as a Beacon) Lotteries (payment and payout denominated in the currency of the blockchain, lottery reduces to a random number … Continue reading What can we decentralize?
Assorted Musings 