Post
Topic
Board Altcoin Discussion
Re: Satoshi didn't solve the Byzantine generals problem
by
TPTB_need_war
on 19/04/2016, 23:54:35 UTC
I have a solution, but it is a very radical change to the proof-of-work design that relies on unprofitable mining by payers.

Which I do not see as a solution due to my criticism of IOTA where abstracting block reward from the external entropy process defeats the purpose of the external entropy process from existing in the first place, giving you something that's functionally equivalent to a closed loop proof of stake system.  Or to put it more simply for people who didn't read the IOTA thread, without permanent coin turnover via either transaction fee as block reward or permanent inflation, you technically have a permissioned ledger and not a decentralized system.  Transaction fee as block reward being the far lesser of evils to the point where it can only be considered a work of art.  I believe unprofitable mining is therefore pointless mining.

My, to borrow a slightly overused Anonymint term, "holistic" grasp of all cryptocurrency elements was not where it is now when I originally made this thread, and Satoshi indeed did not implement any Sybil prevention due to pools acting as an unforeseen abstraction layer, but Bitcoin is otherwise a work of art that no alternative systems have been able to improve upon yet.

There is a permanent tail reward turnover in my design. And it is still unprofitable.