Hotcoin developer also confirmed that in order to do 100 wallets, one would need to have so many computers and consume so much electricity.
Think of it in this way.
When one is using their computer for social uses, like browsing the internet, work, etc, one is already consuming and paying for their electricity. If one adds an anti-virus software, do the consumption of electricity go up? Very, very little, maybe £2 extra a year. When Hotcoin does the same through queue mining, very, very little extra electricity is consumed. POW require another separate set of mining rig that consume another set of electricity in addition to one's home computer.
Hello,
I'm a little excited by the idea of queued-mining, but I'm still blinded by the flaws I see. Help me shine a light on it and clear the way =)
The quoted justification still isn't valid to me. A malicious user could still use multiple VMs to get multiple blocks per round. If he had more development resources he could do even worse things, like using as little hash-rate as possible to have the maximum number of wallets. Say for example he has 1MH/s, what would prevent him from splitting them in one thousand 1KH/s wallets? Even if it was IP address limited, all that he needed to do was create a website that when accessed would use JavaScript to use the viewer's IP address to queue blocks, making botnets even easier.
I think there probably exists a clear explanation of this type of attack prevention, but I don't know where. Is there a whitepaper or something?
Thanks,
Janito