Suppose:
a huge (100? 1000? 10k?) list of urls/nodes in the source code
many coins, each coin with a different id and owner (public key).
the owner of the coin (public key) wants to send it to someone else.
it signs a transaction with the coin id and the public key of the new owner and notifies all the urls in the list.
then it counts the 'ok' answers.
If it gets 50% + 1 'oks', it sends the private key to the nodes.
Transaction complete. That coin has a new owner.
Since the private key has been revealed, there is no way to double spend.
If the transaction/coin does not receive 50% + 1 of the votes, in pratice it will be "burned" (nobody will not be able to spend it).
While the majority of the nodes/ips are honest, the coin is safe.
"The proof-of-work also solves the problem of determining representation in majority decision
making. If the majority were based on one-IP-address-one-vote, it could be subverted by anyone
able to allocate many IPs. Proof-of-work is essentially one-CPU-one-vote. The majority
decision is represented by the longest chain, which has the greatest proof-of-work effort invested
in it. If a majority of CPU power is controlled by honest nodes, the honest chain will grow the
fastest and outpace any competing chains." - Satoshi Nakamoto
We just need a FIXED long list of nodes/urls.
If we choose 300 nodes, we already has a propaganda for the coin
a huge (100? 1000? 10k?) list of urls/nodes in the source code
many coins, each coin with a different id and owner (public key).
the owner of the coin (public key) wants to send it to someone else.
it signs a transaction with the coin id and the public key of the new owner and notifies all the urls in the list.
then it counts the 'ok' answers.
If it gets 50% + 1 'oks', it sends the private key to the nodes.
Transaction complete. That coin has a new owner.
Since the private key has been revealed, there is no way to double spend.
If the transaction/coin does not receive 50% + 1 of the votes, in pratice it will be "burned" (nobody will not be able to spend it).
While the majority of the nodes/ips are honest, the coin is safe.
"The proof-of-work also solves the problem of determining representation in majority decision
making. If the majority were based on one-IP-address-one-vote, it could be subverted by anyone
able to allocate many IPs. Proof-of-work is essentially one-CPU-one-vote. The majority
decision is represented by the longest chain, which has the greatest proof-of-work effort invested
in it. If a majority of CPU power is controlled by honest nodes, the honest chain will grow the
fastest and outpace any competing chains." - Satoshi Nakamoto
We just need a FIXED long list of nodes/urls.
If we choose 300 nodes, we already has a propaganda for the coin