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Author Topic: Bitcoin As An Eternity Service  (Read 4878 times)
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May 14, 2011, 10:07:29 AM

What's more to receive the file, now everyone who wants it has to download and process the entire block chain, a process that already takes forever just for financial data.

They only have to process the block chain from the point where people started including files in it, at block 123571, if you count my encoded bitcoin.jpg as the first such instance.

The reason processing the block chain takes forever is the signature verifications on the transactions.  Skimming blocks of depth greater than or equal to 123571 to decode files would be blindingly fast.

Even generating arrays of all the inputs and outputs in the entire block chain, and checking that the unspent outputs total 50 times the number of blocks only takes a few seconds, if you employ flat files.

Reading 150 meg on a modern PC is a very fast operation.

The current bitcoin client gets bogged down on three things.  Verifying signatures on transactions.  Slogging through random access database files.  And gratuitous beating on the IRC channel.

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Mike Hearn
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May 14, 2011, 10:32:04 AM

You're right, sorry. I was thinking far out (years) but then it's true you'd still only need to download the section of chain where the file is stored. One more bit of metadata you need to exchange out of band though.

Here is the logo transaction:

You can decode parts by looking at the hex sequence after OP_HASH160 and then decoding using Python:

>>> "3737362063726333323d61376163383434390d0a".decode("hex")
'776 crc32=a7ac8449\r\n'

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