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May 21, 2013, 10:20:49 PM |
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The work would have to be hard to fake, yet easy to independently verify. Bitcoin achieves this by using hashing functions. Projects that use distributed computing like protein folding, finding prime numbers, or calculating pi does not meet this criteria. Protein folding, for example requires centralization because some organization has to come up with which proteins to fold. Finding pi or prime numbers isn't feasible because they take as compute as to verify. (mathematicians, feel free correct me on this if I'm wrong)
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