Simpler Blockchain/ No mining

[UsernameBitcoin]

Would it be easier if the block chain just lists the balances of all addresses?
So, if you want to make a transaction, the protocol checks your balance.
If there's enough, it deducts the amount from your balance and credits to the receiver's.
All done by the protocol itself. No confirmations and mining needed.
(Generating new bitcoins is another question, of course)

[ranochigo]

Would it be easier if the block chain just lists the balances of all addresses?
So, if you want to make a transaction, the protocol checks your balance.
If there's enough, it deducts the amount from your balance and credits to the receiver's.
All done by the protocol itself. No confirmations and mining needed.
(Generating new bitcoins is another question, of course)

Wouldn't it be centralised if protocol checks the transactions? It is just like a bank, they only checks your balance and deduct amount when you transfer money. It wouldn't be decentralized and considered as p2p as a centralised program checks the transactions. It would function like a bank if only the protocol verifies transactions which isn't what people want.

[chanz]

That is what makes it decentralized without it would be centralised.
Check out this one, it's good read about Why Is The Bitcoin BlockChain Important?

[UsernameBitcoin]

Wouldn't it be centralised if protocol checks the transactions? It is just like a bank, they only checks your balance and deduct amount when you transfer money. It wouldn't be decentralized and considered as p2p as a centralised program checks the transactions. It would function like a bank if only the protocol verifies transactions which isn't what people want.

I think it's different from a bank. There's just the protocol running, not controlled by anyone, no one who can decide whether to allow a transaction or not.

That is what makes it decentralized without it would be centralised.
Check out this one, it's good read about Why Is The Bitcoin BlockChain Important?

Thanks for the link. Is it really centralized if everyone uses the same protocol which isn't controlled by an institution? It could be completely transparent.

[ranochigo]

Wouldn't it be centralised if protocol checks the transactions? It is just like a bank, they only checks your balance and deduct amount when you transfer money. It wouldn't be decentralized and considered as p2p as a centralised program checks the transactions. It would function like a bank if only the protocol verifies transactions which isn't what people want.

I think it's different from a bank. There's just the protocol running, not controlled by anyone, no one who can decide whether to allow a transaction or not.

That is what makes it decentralized without it would be centralised.
Check out this one, it's good read about Why Is The Bitcoin BlockChain Important?

Thanks for the link. Is it really centralized if everyone uses the same protocol which isn't controlled by an institution? It could be completely transparent.

Bank function the same way, deduct money once you make a transaction without verifying the legitimacy of your transaction cryptographically. If the protocol is verifying the transaction without the community verify it themselves, it is almost equal to it being centralised as only it can verify the transaction and approve them. If a hacker manage to hack and change the protocol, it can block everyone else transaction from being verified and deduct money from everyone else account. If mining pool is used, no one can block transaction from being verified unless they have 51% of mining power which is expensive and it cannot control anyone else's account. That is the point of bitcoin isn't it? Being able to have full control of your coins without someone actually respond to your request and transfer the amount.

[guybrushthreepwood]

Would it be easier if the block chain just lists the balances of all addresses?
So, if you want to make a transaction, the protocol checks your balance.
If there's enough, it deducts the amount from your balance and credits to the receiver's.
All done by the protocol itself. No confirmations and mining needed.
(Generating new bitcoins is another question, of course)

But without the miners who would verify the transactions? The miners are the thing that makes the backbone of the blockchain to check to make sure transactions are legitimate. Without it it just wouldnt work or be bitcoin.

[DannyHamilton]

Read this:

https://bitcoin.org/bitcoin.pdf

Then come back with your newly found knowledge and see if you can present a better understanding of what mining accomplishes and why.

[UsernameBitcoin]

But without the miners who would verify the transactions? The miners are the thing that makes the backbone of the blockchain to check to make sure transactions are legitimate. Without it it just wouldnt work or be bitcoin.

I thought the protocol itself could verify it, i.e. the sender who wants to transmit the money is the only person in control of anything, and the protocol just executes the order without anyone's influence. So, it's actually the algorithm of the protocol which confirms a transaction.

Read this:
https://bitcoin.org/bitcoin.pdf
Then come back with your newly found knowledge and see if you can present a better understanding of what mining accomplishes and why.

Thanks, I take a look. I hope it's not too technical.

[zimmah]

no, there's multiple reasons why this would not work.