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Bitcoin / Development & Technical Discussion / Re: Are blockchains truly distributed systems?
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on: September 20, 2020, 08:41:31 AM
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Less storage and less bandwidth than now but control of emission is still maintained.
That didn't make any sense. User verifies all transactions in his shard to ensure that no extra coins are injected by miners - control of emission. You said that miners/stakers are required to have all the shards. That is NOT sharding, and it makes a full node lesser than what it is in a non-sharded network.
We don't care about miners' wishes and requirements, through competition they will bear any block size as long as it brings in profit. Shards are created to accommodate reduced storage and bandwidth capacity of users. These shards are detached from each other, basically being independent currencies. But it's not something unheard of, throughout history people have been operating in parallel standards - gold, silver, copper. In the USA there were multiple coins before establishment of the Federal Reserve. Even now people in borderline zones carry two or three sorts of banknotes in their wallets. So if a technically sound and scalable solution could long-term stop corruption and legalized theft then I would say these conversions between independent currencies/shards would look like minor inconvenience.
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Bitcoin / Development & Technical Discussion / Re: Are blockchains truly distributed systems?
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on: September 19, 2020, 01:45:38 PM
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But what you posted DIDN'T maintain decentralization, it simply redefined a non-mining full node to be lesser than in a non-sharded network.
Less storage and less bandwidth than now but control of emission is still maintained. Think of these shards as cloned altcoins with shared (and very high) hashrate.
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Bitcoin / Development & Technical Discussion / Re: Are blockchains truly distributed systems?
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on: September 19, 2020, 06:37:16 AM
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All shards? Doesn't that NOT change anything except make a non-mining "full node" less than what is in a "non-sharded" blockchain?
Yes, that and 1000x bigger transaction throughput, and 100x bigger market cap. All while security and decentralization stay unchanged. But I guess the masses don't care much about security nor decentralization.
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Bitcoin / Development & Technical Discussion / Re: Mining IP Addresses
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on: February 22, 2020, 05:14:13 PM
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I think what he means is one that knows miners' IP addresses can gather and lock them all up. Greetings, the cryptocurrency problem has been solved. Therefore cryptocurrency without onion router isn't a viable concept.
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Bitcoin / Development & Technical Discussion / Re: Interesting way to get millions of people run full nodes.
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on: February 12, 2020, 04:24:49 AM
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Unfortunately unlike mining Bitcoin people who run a full node is only running at a cost without really earning anything, they do this voluntarily in order to keep the Bitcoin network up and running.
People invested in bitcoin run full nodes to verify what miners are doing and not to keep some network up and running. There aren't many full nodes because current bitcoin implementation is congested, dysfunctional and unusable as peer-to-peer payment system.
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Bitcoin / Development & Technical Discussion / Re: Miner Question
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on: January 10, 2020, 11:53:28 AM
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LN steals transaction fees from BTC for it's offchain network
Transaction fees can go trough the roof so it isn't a problem as many on this forum will reassure you. The problem is LN dependence on timelocks that will wreak havoc on the world if level 1 gets disabled for an extended period of time.
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Bitcoin / Development & Technical Discussion / Re: Will Bitcoin EVER have a bigger blocksize? Is there hope?
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on: December 27, 2019, 07:52:13 PM
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Bitcoin Cash still has a block time of 10 minutes, which is makes it terrible for micropayments.
To be fair, any cryptocurrency is terrible for micropayment unless it has very fast block time (e.g. 10 seconds). People and cashier don't want to wait 10 minutes (or even 30 seconds) to wait a transaction confirmed. With 2-of-2 multisig address where both merchant and customer park the same amount fast block time isn't necessary, even 24 hours blocks will work just fine.
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Bitcoin / Development & Technical Discussion / Re: Why don't we have bitcoin smart contract?
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on: December 03, 2019, 04:25:52 PM
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There is definitely one smart contract I'd like for Bitcoin: escrow. We're talking about Bitcoin as a payment tool and (trustless) escrow has got to be one of the things left to develop properly for Bitcoin. I remember first reading about Rootstock (mentioned by Pooya) at some point even in 2016/17 said that they were developing it for that precise usage. Think even Counterparty was supposed to have something like this.
A simple Ethereum script for it has existed for some time. But not for Bitcoin (to my knowledge). I can see that smart contract being put to use daily on this forum, for example. Or for inheritance (if I don't sign my wallet for 7 years, it releases to an heir, for example).
Or do these already exist?
A sort of escrow could be 2-of-2 multisig where seller puts one price and buyer puts two prices. But for it to be efficient both funding transactions should be included in the same block. Meaning that besides the usual transaction hash its counter-party transaction hash also should appear in the Merkle tree.
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