Re: BYTEBALL: Totally new consensus algorithm + private untraceable payments
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Sincere apologies if I was to impolite.
Sincere apologies if I was to impolite.
alright, just for you I'll write another post here: no apologies needed, this was not addressed at you.
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As for the monetary reward and costs, there is hardly any of that in Byeball, the role of a witness is very different and it is much more about trustworthyness, reputation. In fact the point is, they are only witnesses because they are reputable and to continue to be recognized as such, they should not have any other interest in the ecosystem other then that. Very different from the interests of miners in a PoW-scenario.
Bitcoins base premise is that you don't have to trust the miners because the system as a whole is built in a way that makes bad behavior expensive and ultimately not worth it. Anyone, regardless of reputation, is able to mine and you as a user should not need to care who confirmed your transaction.
I can see how soe people might feel uncomfortable with this. What if the block was mined by a state-sponsored mining facility in North Korea (to my knowledge not happening right now, but a possible scenario)? Having real world entities who keep the system running may be the preferable choice for some.
Now, this may sound silly, but can you imagine being one of twelve witnesses on a system with the marketcap and transaction throughput of Bitcoin, or even more? I would be terrified. What if there was a bug and I messed something up and someone lost a big amount of money? What if someone knocked on my door and asked me politely but "convincingly" not to confirm transactions on a certain branch of the DAG or something? We were talking about scaling in a different sense, but maybe thinking about scaling in that direction would be worth a thought or two.
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if history teaches us anything, we just need to use new tech to publish porn in order to make a project succeed.
Oh god, does that mean the real future of crypto is Verge? I think we can both agree on that not being a good thing
Ok, now that's it I think.