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See, this is what I don't understand. They don't have to trust each other to use traditional consensus protocols. What does it mean to fake a transaction? Wha
by Canada 10y ago
See, this is what I don't understand. They don't have to trust each other to use traditional consensus protocols.
What does it mean to fake a transaction?
What does it mean to verify a transaction? With Bitcoin it's possible to do because the balances are public. But once you start making transactions private that deal not in value that exists on chain, but are merely promises for some externally held value, then who can verify its legitimacy?
- nickonline 10y agoIt's the difference between double entry bookkeeping and single entry bookkeeping. By providing a common ledger that can be used when you desire single entry bookkeeping you don't necessarily need all the backchecking as you're using a smart contract to ensure upfront that when the money is settled the assets move.
- nickonline 10y agoAdditionally if by 'traditional consensus protocols' you mean proof of work, you do realise it currently uses more power than Ireland to perform ~100MM transactions a day and that number is only going to incrase
- kybernetikos 10y ago'Traditional consensus protocols' probably refers to Raft and Paxos rather than proof of work.