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"fully decentralized consensus" Can someone define this term? Do we ignore P2P bootstrapping issues? Do we ignore the roll of IANA, RIRs, and other authoriti
by betterunix2 6y ago
"fully decentralized consensus"
Can someone define this term? Do we ignore P2P bootstrapping issues? Do we ignore the roll of IANA, RIRs, and other authorities that manage IP address and ASN assignments?
Or perhaps more to the point, why would it not work to have a consortium of banks set up and operate a distributed public ledger (thus avoiding the energy-intensive "mining" process)?
- DennisP 6y agoYou don't even need a consortium to avoid the energy-intensive mining. Ethereum's beacon chain has been running a low-energy consensus process for months with no problems so far, and $5 billion in ETH participating, on about 100K nodes. They haven't migrated the legacy chain to it yet but that's coming in a year or so.
- ric2b 6y ago> Do we ignore the roll of IANA, RIRs, and other authorities that manage IP address and ASN assignments? Yes, because Bitcoin doesn't have those issues. It follows the chain with the largest amount of PoW, it doesn't matter where it comes from.