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How will your proposed blockchain protect against double spends or sybil attacks without a native token? This was the entire innovation of bitcoin.
by adrianmacneil 11y ago
How will your proposed blockchain protect against double spends or sybil attacks without a native token? This was the entire innovation of bitcoin.
- detaro 11y agoI remember designs for DNS-like services on alternative blockchains where you were supposed to pay the miners in Bitcoins after the fact. Or the miners could be paid for processed blocks by a central organizer (e.g. the central bank if we think about a banking application people seem to be desperately searching for some reason). There has to be an incentive for miners to work with the network, but it doesn't have to be intrinsic to the network.
- adrianmacneil 11y agoLike Namecoin (supported by a separate currency) or Blockstore (uses the Bitcoin blockchain)? Even if you have a central organizer/bank, you are simply using their currency as the native token. You could use a native token which has external value _if_ you have the authority to issue that token (e.g. a fiat currency if a central bank decided to create their own blockchain), but that doesn't remove the need for the network to have a native token.