Bitcoin Forum
February 22, 2018, 12:36:56 PM *
News: Latest stable version of Bitcoin Core: 0.15.1  [Torrent].
 
   Home   Help Search Donate Login Register  
Pages: « 1 2 3 [4]  All
  Print  
Author Topic: A legitimately novel idea for a new crypto.  (Read 3461 times)
FrictionlessCoin
Hero Member
*****
Offline Offline

Activity: 798
Merit: 1000



View Profile
December 27, 2013, 10:33:37 PM
 #61

"The thing to understand about the pow is that its just a contrivance for creating a never ending string of varafiable unpredictable numbers that can be used as a means to reach consensus in the network. What you would do as a miner is hash the genesis block + the address you wanted your reward to be payed to + a series of random nonces. the first person to come up with a hash that it below a certain threshold wins the competition, everyone starts trying to hash his block plus the address they want to be payed too. Its just like bitcoin, except the blocks contain no transactions, only the address you want to be payed out too. "

So, if the hashes do not include the transactions, then how do we verify that the block chain we are looking at it the legit one?

Any system can create very quickly another block chain that is longer than the current one and we can't verify if it is the legit one.

just ignore this thread and go check out NextCoin (NXT). Its basically the same idea i was trying to outline here only better.

There aren't any spec for NXT.... so I can't tell if it even is legit.

There are specs you just have to dig around for them. For starters check out my conversation with come-from-beyond https://bitcointalk.org/index.php?topic=345773.msg4063478#msg4063478

Yeah right... a conversation is very far from a spec.
1519303016
Hero Member
*
Offline Offline

Posts: 1519303016

View Profile Personal Message (Offline)

Ignore
1519303016
Reply with quote  #2

1519303016
Report to moderator
1519303016
Hero Member
*
Offline Offline

Posts: 1519303016

View Profile Personal Message (Offline)

Ignore
1519303016
Reply with quote  #2

1519303016
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
Anon136
Legendary
*
Offline Offline

Activity: 1414
Merit: 1026



View Profile
December 27, 2013, 10:43:31 PM
 #62

"The thing to understand about the pow is that its just a contrivance for creating a never ending string of varafiable unpredictable numbers that can be used as a means to reach consensus in the network. What you would do as a miner is hash the genesis block + the address you wanted your reward to be payed to + a series of random nonces. the first person to come up with a hash that it below a certain threshold wins the competition, everyone starts trying to hash his block plus the address they want to be payed too. Its just like bitcoin, except the blocks contain no transactions, only the address you want to be payed out too. "

So, if the hashes do not include the transactions, then how do we verify that the block chain we are looking at it the legit one?

Any system can create very quickly another block chain that is longer than the current one and we can't verify if it is the legit one.

just ignore this thread and go check out NextCoin (NXT). Its basically the same idea i was trying to outline here only better.

There aren't any spec for NXT.... so I can't tell if it even is legit.

There are specs you just have to dig around for them. For starters check out my conversation with come-from-beyond https://bitcointalk.org/index.php?topic=345773.msg4063478#msg4063478

Yeah right... a conversation is very far from a spec.

go attack strawmen somewhere else please

Rep Thread: https://bitcointalk.org/index.php?topic=381041
If one can not confer upon another a right which he does not himself first possess, by what means does the state derive the right to engage in behaviors from which the public is prohibited?
jimhsu
Sr. Member
****
Offline Offline

Activity: 336
Merit: 250


View Profile
December 27, 2013, 10:49:32 PM
 #63

Interesting.

null
Pages: « 1 2 3 [4]  All
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!