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I only have a fairly basic understanding of crypto, so this may be a very naive view, but I thought it was the same as bitcoin, whereby the whole network eventu
by brutusborn 5y ago
I only have a fairly basic understanding of crypto, so this may be a very naive view, but I thought it was the same as bitcoin, whereby the whole network eventually comes to a consensus on the order of transactions / blocks on the chain?
- wccrawford 5y agoSure, but if I post data to the blockchain (perhaps a URL to an XKCD comic) and someone else posts that exact same data another time, how would we even know each other posted it? At some point, it's practically impossible to search the entire block chain. Now suppose each of use are selling the 'first' post of that data. How does a buyer know that we're really the first? And so I'm saying that even claiming 'first' is practically impossible via blockchain. Even if someone knew about both of the instances above and could arbitrate between them, there might be a third, older instance yet.
- brutusborn 5y agoWhy is it impossible to search the block chain? Isn't this how bitcoin works: to accept a transaction, all transactions with the relevant accounts must be searched and summed to ensure there are enough funds?