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It would only be extended with new transactions, not blocks. Computational resources will be devoted to verification rather than brute-forcing hashes (a much le
by iwwr 15y ago
It would only be extended with new transactions, not blocks. Computational resources will be devoted to verification rather than brute-forcing hashes (a much less computationally intensive matter).
- caf 15y agoNo, blocks are still created in exactly the same way, the only difference is that no new bitcoins are created as a side-effect. It is necessary for new transactions to be locked into the block chain with a bruteforced hash, as it's this expenditure of processing power that makes the transactions permanent and prevents double-spending.
- iwwr 15y agoI just imagined that the bitcoin world post-mining (after or near the 21M BTC is reached) would just consist of the transactional interfaces and not need the specialized GPU miners.
- caf 15y agoUnfortunately, that's not how it works. The "miners" are really "transaction settlers". It's the longest block chain that represents the globally consistent view of which transactions have settled.
- iwwr 15y agoOK, that was an aspect I was unfamiliar with. So after the mining phase ends, transactions become zero-sum BTC games, where the biggest 'miners' accrue their proportional share of the total fees of transactions validated.