Virtual currency without block chain - page 2.

Anders

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Quote from: HunterMinerCrafter on October 03, 2014, 11:48:38 AM

Quote from: Anders on September 14, 2014, 07:25:09 AM

5. B checks the distributed hash table to verify ownership.

The problem here is that it relies on some assurances that a DHT, alone, cannot provide. If a DHT registry were "enough" by itself then we would've had a working bitcoin in the mid 90s, trivially. Unfortunately the "Merkle proof chaining" mechanism of the blocks really is strictly necessary in order to avoid double spend and assure consistent transaction selection and processing. Without such a mechanism the most simple of attacks against the network could easily be used to disrupt the entire system.

I thought that maybe a distributed real-time server could solve that. For example, the calendar time is taken to be a median value among the nodes in the network.

And then every let's say 5 seconds a chunk of transactions is committed to the distributed hash table. For a transaction to be valid it must be signed with the current coin owner's private key.

HunterMinerCrafter

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Quote from: Anders on September 14, 2014, 07:25:09 AM

5. B checks the distributed hash table to verify ownership.

The problem here is that it relies on some assurances that a DHT, alone, cannot provide. If a DHT registry were "enough" by itself then we would've had a working bitcoin in the mid 90s, trivially. Unfortunately the "Merkle proof chaining" mechanism of the blocks really is strictly necessary in order to avoid double spend and assure consistent transaction selection and processing. Without such a mechanism the most simple of attacks against the network could easily be used to disrupt the entire system.

HunterMinerCrafter

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Quote from: sadface on October 03, 2014, 07:57:21 AM

check this:

https://bitcointalk.org/index.php?topic=614917.620

its not released yet, but will have what is called 'proof of consensus' and afaik no blockchain.

The developer himself has said, several times, that there is actually a block-chain. This is also clearly visible from the source.

This coin will just use a mechanism similar to automated check-pointing in order to reduce burden of storing the chain history. This carries with it some significant implications and caveats, including a potential "total kill switch" in the hands of the developer, as has been discussed on the thread.

sadface

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check this:

https://bitcointalk.org/index.php?topic=614917.620

its not released yet, but will have what is called 'proof of consensus' and afaik no blockchain.

Anders

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Quote from: trotter55 on October 03, 2014, 06:27:22 AM

Cryptonite has a mini-blockchain similar to your proposal, but it's not completely missing a block chain.

https://bitcointalk.org/index.php?topic=713538.520

One minute block time is good for many purposes but I'm looking for transactions that can be done in a few seconds. I don't know yet though how fast Safecoin is.

trotter55

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Cryptonite has a mini-blockchain similar to your proposal, but it's not completely missing a block chain.

https://bitcointalk.org/index.php?topic=713538.520

Anders

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Quote from: true-asset on October 03, 2014, 12:59:11 AM

Without a block chain, there will be no way to search the past transaction history.

Only one transaction back history! Grin

But I heard that block chains can be built on top of MaidSafe.

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Uro: 1 URO = 1 metric tonne of Urea N46 fertilizer

Without a block chain, there will be no way to search the past transaction history.

Anders

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There is already a virtual currency without a block chain! Safecoin is a part of MaidSafe:

"Safecoin is the currency of the SAFE network and a mechanism to incentivise and reward end users and developers as well as provide access to network services. End users who provide their unused computing resources to the network, called Farmers are rewarded in safecoin, while application developers, called Builders earn safecoin in proportion to how often their applications are used. ... Safecoins are managed by the network’s Transaction Manager. This is the SAFE equivalent to the block chain, however, in SAFE’s case it is unchained, keeping record of only the existing and previous owner. In this respect, safecoin should be thought of as digital cash." -- http://maidsafe.net/safecoin

Could be a brilliant solution. I haven't learned about it enough yet. Looks at face value to have a huge potential.

Anders

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Quote from: beaver6 on September 14, 2014, 08:37:18 AM

A virtual currency without block chain ? Is that a centrenlized coin?

I guess the issuing of the coins will be centralized similar to pre-mined coins. Once a coin has been issued it will be fully decentralized and peer-to-peer.

beaver6

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A virtual currency without block chain ? Is that a centrenlized coin?

Anders

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A virtual currency can be designed by issuing coins with unique ids connected to owners with cryptographic signatures. The coins are transferred between owners in this way:

1. The current owner A unlocks a coin with a private key.
2. A signs the coin with the new owner B's public key.
3. A registers the coin in a distributed hash table.
4. A sends a message to B about the coin having been transferred.
5. B checks the distributed hash table to verify ownership.

Coins of different values 1, 10, 100, 1000 and so on can be issued to make it practical. So for example if a person X wants to send 235 coins to person Y, then two 100, three 10 and five 1 coins are sent in the transaction.

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