Author

Topic: Bitcoin efficiency (Read 555 times)

newbie
Activity: 56
Merit: 0
April 15, 2013, 01:33:52 PM
#5
This is something that the protocol is designed to handle via changes later. Once transaction registers get too long, the database itself will no longer be hosted entirely on each macine in the network and will instead be distributed (with plenty of redundancy) full database nodes will still exist but will not be nearly as common as it is now. As the network grows, the protocol can be modified to allow normal nodes to carry half the database, then 1/4, then 1/8th, and so on. The larger number of nodes will allow smaller portions of an ever-larger database to be carried on each node without risk of loss.

That sounds promising.  However, I've read stories that Bitcoin mining takes a lot of energy.  If we can wring more redundancy out, that saves everyone money and makes it more attractive to run a server node.  Besides my ideas are based on simple quality control models.  In a factory, you don't have everyone inspect every widget, you do random sampling.
newbie
Activity: 56
Merit: 0
April 15, 2013, 01:31:54 PM
#4
this would make bitcoin pretty much meaningless because bitcoin is all about privacy and decentralisation

How would it violate the model?  I haven't read the source code, but I assume that all that would be needed is a static IP address to accumulate "reputation" and function as a server.
newbie
Activity: 20
Merit: 0
April 15, 2013, 07:16:14 AM
#3
This is something that the protocol is designed to handle via changes later. Once transaction registers get too long, the database itself will no longer be hosted entirely on each macine in the network and will instead be distributed (with plenty of redundancy) full database nodes will still exist but will not be nearly as common as it is now. As the network grows, the protocol can be modified to allow normal nodes to carry half the database, then 1/4, then 1/8th, and so on. The larger number of nodes will allow smaller portions of an ever-larger database to be carried on each node without risk of loss.
newbie
Activity: 41
Merit: 0
April 15, 2013, 06:26:30 AM
#2
this would make bitcoin pretty much meaningless because bitcoin is all about privacy and decentralisation
newbie
Activity: 56
Merit: 0
April 15, 2013, 06:22:59 AM
#1
I am new to Bitcoin and have a question about Bitcoin efficiency.  The transaction model seems inefficient to me, because it looks like an all-to-all network where everyone is verifying everyone's transactions.  Hypothetically, why couldn't Bitcoin do this instead: rely on a randomly chosen subsample of servers to verify the transaction.  Since the recipient is more interested in preventing double-spending than the sender, they can pick the servers.  Furthermore, the servers would be chosen randomly from a pool of available servers.  The larger the transaction, the more servers would be chosen.  And the higher the reputation of a server, the more likely it would be chosen.  Finally, the receiver could pay a tiny fraction of a bitcoin for each transaction.  This would make Bitcoin more reliable and efficient at the same time.  The amount of servers verifying the transaction would scale with the size of the transaction, so you could achieve proportional security: more security for bigger transactions, less security for smaller transactions.  And it would mitigate the 51% attack since servers would be chose in proportion to their reputation, that is, the length of their history of successful past transactions.
Jump to: