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Is it even possible to have a decentralized currency where the mining problem isn't directly related to the maintenance of the ledger? Won't people just be ince

by haliax 12y ago

Is it even possible to have a decentralized currency where the mining problem isn't directly related to the maintenance of the ledger? Won't people just be incentivized to mine rather than preventing double spends, and the like?

PookTwo 12y ago
The counterparty protocol is built inside of the Bitcoin network. All assets (including FLDC) are built on this platform. It houses the assets inside of the Bitcoin network by using the 140 bytes of unused data in every BTC transaction. So everytime you send or receive FLDC, you will notice it shows up in the blockchain as a 0.00006 BTC transaction. This actually represents the Counterparty asset. http://blockscan.com/ http://blockscan.com/ is a site that decrypts this information and displays it as the assets, blockchain.info will only see it as a BTC transaction. So this prevents the double spend, because Counterparty is secured by the BTC miners, so the hashing power of the BTC miners is the same as the Counterparty assets. Only an attack on the Bitcoin network would affect FLDC
bbcbasic 12y ago
I don't thinks so. The proof of work needs to be tied to the block. It also needs to be very quick to verify but hard to compute (like getting a hash under a certain value). With scientific problems, you may need to solve a problem, then ever node on the network solves the same problem to verify what you did - which would waste a hell of a lot of resources!
- PookTwo 12y ago
  We actually just had a double spend try and happen to us. I cannot show you the links, because the blockchain already ignored them. What happened was: We run a fundraiser for helping in the expansion of foldingcoin http://foldingcoin.net/fundraising/ http://foldingcoin.net/fundraising/ and we use a company called Vennd.io to help in this fundraiser. What happens is someone will send BTC to a certain address, and in return they are given an amount of 1 FLDC per every 0.00001 BTC they donated. Someone recently tried to double spend a BTC transaction to trick Counterparty into giving them double the FLDC in return for their BTC. However since the double BTC was denied, so was the double FLDC. I tweeted about it, but its no longer in the blockchain, here is the tweet https://twitter.com/FoldingCoin/status/558704804449771520 https://twitter.com/FoldingCoin/status/558704804449771520 when it was solved, and here was the first tweet about the actual transaction https://twitter.com/FoldingCoin/status/558073025468567553 https://twitter.com/FoldingCoin/status/558073025468567553

by haliax 12y ago

PookTwo 12y ago

The counterparty protocol is built inside of the Bitcoin network. All assets (including FLDC) are built on this platform. It houses the assets inside of the Bitcoin network by using the 140 bytes of unused data in every BTC transaction. So everytime you send or receive FLDC, you will notice it shows up in the blockchain as a 0.00006 BTC transaction. This actually represents the Counterparty asset. http://blockscan.com/ http://blockscan.com/ is a site that decrypts this information and displays it as the assets, blockchain.info will only see it as a BTC transaction. So this prevents the double spend, because Counterparty is secured by the BTC miners, so the hashing power of the BTC miners is the same as the Counterparty assets. Only an attack on the Bitcoin network would affect FLDC

bbcbasic 12y ago

I don't thinks so. The proof of work needs to be tied to the block. It also needs to be very quick to verify but hard to compute (like getting a hash under a certain value). With scientific problems, you may need to solve a problem, then ever node on the network solves the same problem to verify what you did - which would waste a hell of a lot of resources!

PookTwo 12y ago
We actually just had a double spend try and happen to us. I cannot show you the links, because the blockchain already ignored them. What happened was: We run a fundraiser for helping in the expansion of foldingcoin http://foldingcoin.net/fundraising/ http://foldingcoin.net/fundraising/ and we use a company called Vennd.io to help in this fundraiser. What happens is someone will send BTC to a certain address, and in return they are given an amount of 1 FLDC per every 0.00001 BTC they donated. Someone recently tried to double spend a BTC transaction to trick Counterparty into giving them double the FLDC in return for their BTC. However since the double BTC was denied, so was the double FLDC. I tweeted about it, but its no longer in the blockchain, here is the tweet https://twitter.com/FoldingCoin/status/558704804449771520 https://twitter.com/FoldingCoin/status/558704804449771520 when it was solved, and here was the first tweet about the actual transaction https://twitter.com/FoldingCoin/status/558073025468567553 https://twitter.com/FoldingCoin/status/558073025468567553