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Title: Is this a way to make a coin 51% attack and ASIC proof? Post by: MysticalCockFungus on February 11, 2014, 04:36:06 PM This has probs been discussed before but I havent seen it so im ganna say it anyways, is it not possible to code a coin to reject nodes with more than x% of the network power? This would ensure a permanently de-centralized, 51% attack and ASIC proof system. This can be countered by splitting the hashes across multiple IPs but if the x% was lowered enough splitting across multiple IPs would not be viable and you can have a coin where everyone has to solo mine, creating a truly random and equal way to distribute the currency. The x% governs the maximum amount of hashes a node can have before being rejected.
If this is possible and such a coin catches on there will be millions of ppl solo mining the coin 24/7 either on a PC or some sort of purpose built ASIC that is power efficient and constantly provides the maximum amount of hashes that the network allows, giving the user the highest possible chance of attaining a block. Therefore it will be something of a global lottery where some people mine for years with no luck and others will catch a block or two and buy a new car or something. I dont know anthing about code so dont grill me if this is completely whack and not possible Title: Re: Is this a way to make a coin 51% attack and ASIC proof? Post by: DeathAndTaxes on February 11, 2014, 04:42:55 PM No.
Read up on sybill attacks. Bitcoin doesn't attempt to identify each node as a unique real world entity. It doesn't try because in an anonymous network that is (nearly) impossible. Instead it allows an unlimited number of nodes because doing so gives the attacker no advantage. It relies on hashing power (proof of work) as a proxy because it is something that can't be faked. Still even if what you "wanted" was possible you would simply make the coin insanely profitable for those who control botnets. Some of the largest botnets are in excess of hundred thousand nodes. So while you are "fairly" mining away with your single computer, a botnet by definition would be mining at 100,000x your throughput while not violating any of the (probably impossible to implement) rules on hashpower per node. Title: Re: Is this a way to make a coin 51% attack and ASIC proof? Post by: MysticalCockFungus on February 11, 2014, 04:46:23 PM great explanation, I never thought about botnets, your completely right. Thanks :)
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