Bitcoin Forum
May 23, 2019, 12:32:26 AM *
News: Latest Bitcoin Core release: 0.18.0 [Torrent] (New!)
   Home   Help Search Login Register More  
Pages: [1]
Author Topic: Counterfeit-Proof Physical Bitcoins  (Read 478 times)
Offline Offline

Activity: 27
Merit: 0

View Profile
February 12, 2014, 01:38:24 AM

My apologies if this is in the wrong sub-forum or if shameless self promotion is not allowed, but I figured out a viable scheme for physical Bitcoins which is (almost) entirely resistant to counterfeiting and I wanted to share with the community.  It's a long piece but it basically extends hash functions and traditional attack analysis to physical coins.

The problem with current “physical” Bitcoins systems is that their production cost scales at O(1+v*m*n) (upfront + btc value x materials x n) while the attack cost is only O(1+m*n). Storing the physical one-way hash of the individual coins on Namecoin would make such coins “counterfeit-proof” in that the attack cost scales at some multiple of the production cost.  This is a major breakthrough for both Bitcoin as well as currencies more generally.

Pages: [1]
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!