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Monero/CryptoNote actually uses fairly vanilla crypto compared to Zcash. However, you have to create new crypto if you want to do new things. Bitcoin's securi
by indolering 9y ago
Monero/CryptoNote actually uses fairly vanilla crypto compared to Zcash. However, you have to create new crypto if you want to do new things. Bitcoin's security model is based on the ridiculous premise that people will spend real money to run worthless calculations in exchange for virtual money (edit: /s).
What bothers me is that none of them are using high-assurance software methods. Cryptocurrencies are better than most in that the developers have an informal security model written down somewhere. However, the real specification boils down to a pile of C++ code.
- runeks 9y ago> Bitcoin's security model is based on the ridiculous premise that people will spend real money to run worthless calculations in exchange for virtual money. This ridiculous premise is the reality right now. Also, the calculations are by no means worthless. They prevent alteration of the blockchain history. Without this, everyone involved in a crypto-currency can collude to increase their own balances without leaving any proof whatsoever. It's not waste; it's a necessity. Imagine an attacker exploiting a bug in the reference implementation, where the exploit is able to travel from node to node (not far-fetched). This exploit deletes the existing chain that all nodes carry, replacing it with the attacker's version. With Bitcoin this exploit has no effect, because proof-of-work makes the chain immutable. For non-proof-of-work currencies, everyone will be left wondering which version of the history is the correct one, and the only way to settle the matter would be through trust.
- indolering 9y agoI was being sarcastic ; ) I'll edit the post.
- deleted 9y ago[deleted]