Today we could redo bitcoin, as a centralized perfectly trustworthy system : https://en.wikipedia.org/wiki/Homomorphic_encryption#The_2nd_generation_of_homomor

Today we could redo bitcoin, as a centralized perfectly trustworthy system : https://en.wikipedia.org/wiki/Homomorphic_encryption#The_2nd_generation_of_homomorphic_cryptosystems https://en.wikipedia.org/wiki/Homomorphic_encryption#The_2nd... Simply have 5 servers running that as a network server and you won't need proof of work, nor will you need a blockchain. Homomorphically encrypt a basic ledger with an encrypted backend, and throw away the key. Done/done. One might say encrypting 52 integers in 36 hours is somewhat less than acceptable performance, but how does it really compare to bitcoin in total effort ? This is certainly good enough that anyone with a decent pc could run it. Hell, you might even reward them for running it just like bitcoin does. And it ought to be a lot cheaper to run than bitcoin.