the theory of RPOW is simple
its not about the POW providing extra security to the priv/public key signing.. but instead adding a COST to the creation of the coin.
if an average PC uses say 100wats an hour and it requires a POW difficulty requiring 1day to create the coin.
then that coin is worth 2.4kwh meaning in a cheap electric region its worth 8.8cents (4cent/kwh) minimum
and no one wants to sell at a loss. so would sell for atleast 8.8cents to break even. and others with higher electric costs would happily buy for anything 8.8cents upto their own costs/efforts of mining.
thus an economy is formed..
this is where(today in hidsight) the PoS and PoW economics can be shown as why bitcoin is worth more than a crappy PoS altcoin.
and why when ethereum detonates to PoS, ethereum value/price will crash.. yep CRASH bad
..
bitcoin decided to use a POW concept as a economic model to give bitcoin a good store of value.
no im not talking about the market price. im talking about the underlying store of value amount based on the cheapest mining cost (~$30k this year(only a few pennies in 2009))
yes bitcoin PRICE is speculative between $30k to $70k window. but the bottomline value is sat at around $30k which has been creeping up to $30k for the last 13 years at a nice steady and smooth pace compared to the volatility of price speculation.
Topic: Hal Finney & Reusable Proof-of-Work (RPOW) |Bitcoin Predecessor (Read 155 times)
Lately I'm interested in reading the history of digital money and find out who was one of the first recipients of bitcoins sent directly by Satoshi Nakamoto. and of course as many people already know it is Hal Finney who appears in search engines.
I am also interested in reading about this important person. which I thought after reading Hal Finney's biography and life history. so I conclude that Hal Finney really deserves to be considered one of the heroes or important people in the development of digital money or Bitcoin. In addition, Finney also developed digital money before the birth of bitcoin (possibly) which he named Reusable Proof of Work (RPOW). From this RPOW project, Finney's interest and love for cryptographic payment systems is very visible.
Reusable Proof-of-Work (RPOW) itself is an invention by Hal Finney intended as a prototype for digital money based on Nick Szabo's collection theory. although it's said it was never meant to be more than just a prototype, RPOW is a truly very sophisticated piece of software and is said to be capable of servicing very large networks, if it succeeds.
oh yes and about Finney also allegedly as the second person, besides Satoshi, who runs and mines Bitcoin. maybe you all have read about this. but for people who are new to crypto I think they will be interested in the life story of Finney and his services to the development of bitcoin.
and because Finney was the one involved in the first Bitcoin transaction. which is said that Satoshi sent 50 BTC Bitcoin to Finney as a test on January 12, 2009. And after that, Finney and Satoshi had a correspondence via email where Finney reported a bug in Bitcoin and Satoshi fixed it.
and many interesting stories about Finney in relation to the development of digital money and bitcoin.
how do you all think about this important person?
and maybe there is additional information from all of you. whether it's about RPOW or Finney.
I also made this post to accommodate additional information related to the above which I will read in order to increase my knowledge about bitcoin. and besides Finney, of course there are other important people who contributed to the development of digital money and bitcoin.
I am also interested in reading about this important person. which I thought after reading Hal Finney's biography and life history. so I conclude that Hal Finney really deserves to be considered one of the heroes or important people in the development of digital money or Bitcoin. In addition, Finney also developed digital money before the birth of bitcoin (possibly) which he named Reusable Proof of Work (RPOW). From this RPOW project, Finney's interest and love for cryptographic payment systems is very visible.
Reusable Proof-of-Work (RPOW) itself is an invention by Hal Finney intended as a prototype for digital money based on Nick Szabo's collection theory. although it's said it was never meant to be more than just a prototype, RPOW is a truly very sophisticated piece of software and is said to be capable of servicing very large networks, if it succeeds.
oh yes and about Finney also allegedly as the second person, besides Satoshi, who runs and mines Bitcoin. maybe you all have read about this. but for people who are new to crypto I think they will be interested in the life story of Finney and his services to the development of bitcoin.
and because Finney was the one involved in the first Bitcoin transaction. which is said that Satoshi sent 50 BTC Bitcoin to Finney as a test on January 12, 2009. And after that, Finney and Satoshi had a correspondence via email where Finney reported a bug in Bitcoin and Satoshi fixed it.
and many interesting stories about Finney in relation to the development of digital money and bitcoin.
how do you all think about this important person?
and maybe there is additional information from all of you. whether it's about RPOW or Finney.
I also made this post to accommodate additional information related to the above which I will read in order to increase my knowledge about bitcoin. and besides Finney, of course there are other important people who contributed to the development of digital money and bitcoin.
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