Topic: Counterfeit-Proof Physical Bitcoins (Read 572 times)

indolering

newbie

Activity: 27

Merit: 0

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.

Quote

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.

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