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The system itself, e.g. the code of a smart contract. Example implementation: https://github.com/randao/randao https://github.com/randao/randao
by RoboTeddy 9y ago
The system itself, e.g. the code of a smart contract. Example implementation: https://github.com/randao/randao https://github.com/randao/randao
- barbegal 9y agoSo the randomness providers secure the deposit of their own randomness. The circularity of the system means it won't work in practice. RANDAO is secured by the proof of work miners.
- RoboTeddy 9y agoActually, this kind of "snake eating its own tail" loop is exactly how cryptocurrencies operate. For example, proof of work blockchains secure themselves by creating mining incentives with money that has value because it is secure. It works because the system can regress over time, e.g. value at t=n can be used to secure a greater amount of value at t=n+1. (Although value needn't be strictly increasing for system to operate; if value decreases, so do the security requirements)