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by dozzie
3156 days ago
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>> Blockchain does not solve consensus problem. It's a timestamping service. > Certainly Bitcoin seems to be a distributed consensus system. It is not. Bitcoin only tells which of the pair of documents was earlier (a
document describes a single transaction). It doesn't allow to negotiate
a value. If you swapped producing the proof of work with sending the
transaction to a trusted third party for adding a timestamp, Bitcoin would
work just as well. Go read "trusted timestamping" topic, Wikipedia has a good
description. >> Why the hell would anybody think "proof of work" is a "solution to denial-of-service attacks"? > Isn't it? What service does blockchain protect against availability disruption? How? |
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Proof of work can be used to protect against denial of service. If you provide a web service, you can choose to require proof of work before serving a client to make the client commit some proportional amount of effort.