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That's trusting private keys of passport-issuing governments and makers of the NFC chips. If you can trust an authority like that, then you don't even need a bl
by pornel 5y ago
That's trusting private keys of passport-issuing governments and makers of the NFC chips. If you can trust an authority like that, then you don't even need a blockchain.
The whole scheme will fall apart as soon as value of cheating will be higher than the cost of equipment needed to extract keys from a passport.
- janmo 5y agoThat's of concern but solutions to these problems have been discussed in the original post. This includes: - Have a custom difficulty for every single passport so that it wont be profitable to extract the private key. Let's say a passport has already mined a block, then it will be twice as difficult for that same passport to mine a second one. - Make it so that 51% of the countries have to collude in order to run a double spend. Now think about the advantages: - No Botnets mining it. - Potentially many more "small" miners (individuals). Not huge mining farms somewhere in China or Island.