Quote from: HunterMinerCrafter on October 03, 2014, 03:48:38 PM

Quote from: Anders on September 14, 2014, 11:25:09 AM

5. B checks the distributed hash table to verify ownership.

The problem here is that it relies on some assurances that a DHT, alone, cannot provide. If a DHT registry were "enough" by itself then we would've had a working bitcoin in the mid 90s, trivially. Unfortunately the "Merkle proof chaining" mechanism of the blocks really is strictly necessary in order to avoid double spend and assure consistent transaction selection and processing. Without such a mechanism the most simple of attacks against the network could easily be used to disrupt the entire system.

I thought that maybe a distributed real-time server could solve that. For example, the calendar time is taken to be a median value among the nodes in the network.

And then every let's say 5 seconds a chunk of transactions is committed to the distributed hash table. For a transaction to be valid it must be signed with the current coin owner's private key.