Ok I have read through the whole thread and still have one simple question:
Isn't everything that Radium does also possible with the Bitcoin Blockchain?
Why does it have to be a fancy self created "Smartchain"?
i suggest you read it again
or are you just trolling with newbie account?
Not really. Would love to have a serious answer.
i think you missed the link on OP to smart chain thread
read more here
https://bitcointalk.org/index.php?topic=1322856.0Thanks. I already read the smart chain thread before but still could not grasp why this would not work to build on top of the original blockchain.
Would appreciate an explanation.
Well as a simple answer, its closed source and wasn't built for the bitcoin chain.. im sure it could be modified to work on top of bitcoin, but there would be serious drawbacks. JJ and TM chose to create this ecosystem and thats why the smartchain is on top of the radium blockchain.
As a list of the top of my head the advantages and disadvantages of putting the Smartchain on top of bitcoin would be:
Advantage - Correct me if I'm wrong, Factom I believe uses Bitcoins OPReturn to store hashes. A Smartchain on BTC could operate the same way as the hash meets the 80 byte space available from OPReturn.
Disadvantage - Im guessing Radium's OPReturn is huge sized to fit Smartchain text notes, though Im not sure the exact mechanism. At this time it costs 1 Radon token to store 20 bytes. Obviously its cost prohibitive to store the entire War & Peace novel but theres limited space on Bitcoins blockchain where as Radiums blockchain has 20 MB blocks allowing for serious growth to happen before any revisiting of the code would need to happen. With Bitcoin already being choked just on tx data, Im not sure how fond people would be of having to store other peoples text data (proof of existence.)
Disadvantage - As the storing of text notes or file hashes for verification comes with a one time RADON token fee, if the Smartchain was built on bitcoin, the fees paid out to create RADON and to spend it would be given out to the large Bitcoin miners as Bitcoin, instead of the POS network contributors. Since anyone holding coins with an open wallet can contribute and be rewarded I feel like its an incentive to use something like this or similar. Everyone has the chance to participate, and trade some storage and bandwidth for rewards. Just running a bitcoin node does not offer this (I know, I run one. and even at setgenerate 1 it does not pay shit!)
So to recap, while the smartchain likely could be adapted to parse usernames and address linkage along with the factom like file hash storage and verification on top of bitcoin's network the Radium blockchain was adapted to fit these features easier than Bitcoins existing tx situation. Meanwhile anyone can be rewarded for holding coins and contributing to the network (by storing the chain) through POS rewards, but also with rewards in a POS block they solve which include Radium used to decay Radon, and again when Radon is used as a fee to use a Smartchain utility.
Also its been mentioned just like factom wants to allow hashing onto Ethereum, the Smartchain here in the future (not immediately) would like to be able to store at least proof of existance file hashes and verification on other blockchains as well.
Sorry I typed this quick and am out the door, if anythings blatantly wrong apologies in advance.
Show Posts
