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Rolling a separate chain that would be immutable/trustless/decentralized would require several parties mining plus a token of value (creating the incentives for
by abacus76 10y ago
Rolling a separate chain that would be immutable/trustless/decentralized would require several parties mining plus a token of value (creating the incentives for the mining as a block reward). Bitcoin's blockchain has bitcoin as such a token. In our own chain the token we would issue would be worthless. Therefore blockchain notary stamping is only immutable with well established valuable token backed cryptocurrencies (such as bitcoin in our case).
Indeed founder bios is a good idea, we will work on it.
- nnn1234 10y agoThanks for the response. You state as much in the FAQs. I will show my ignorance here but see if we can make some headway. Your own token doesn't have to be fungible with other tokens so it doesn't have to be worth anything. The cost of mining therefore is just the time and electricity which you would charge your users for. So my question was around user cost,fungibility of your token and added stress to the Bitcoin blockchain.
- abacus76 10y agoIn order for a blockchain to be decentralized and immutable one would need to have a large spectrum of participants involved in mining. If a single party is mining then his particular blockchain could be re-written by that single party or any other single party with greater mining power. Therefore we tend to believe that basing a stamping functionality on a broadly accepted token based blockchain (such as bitcoin or ethereum) is the only way to go.
- nnn1234 10y agoI am sure we are talking past each other here. I wish you the best of luck with your idea. Please let me know If I can help in anyway.