Can you explain the "Proof-of-Block" a little more? I don't get it? You can get coins when you make transactions? Or am I misunderstanding? Couldn't you just endlessly send coins to your self?
You could endlessly send coins to yourself sure, but fees would eat up your funds, its based on addresses in the previous block converted to a hex format, a snippet of that address then used to search the previous block hash for matches, if there is a match the address receives part of the mining subsidy. Its not very easy to have a match. Because of this, there is additional checking the verifies the coinbase transactions including address, value, size etc further securing the blockchain and eliminating the possibility of disabling the functionality.
Theoretical situation to understand this better.
Let's say, to improve my chances, I have a bot that controlled 2000 FLT wallets each one having a balance of 1000 flutters (or more).
The bot sends 1000 flutters to 1000 addresses (it controls also).
It repeats this process by sending them back and forward or scales it up by adding more addresses and more funds.
It now has an extremely high chance of one or some of those transactions finding a match and is rewarded a PoT for an amount of FLT that is greater than all of the transaction fees.
In that scenario, would it be possible for somebody to take advantage of the PoT reward?
Show Posts
