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by AndrewStephens
3 hours ago
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What is the incentive for an individual to participate in a non-financial blockchain? Bitcoin-style blockchains “work” because everyone gets the possibility of a little reward for all the hassle and non-negligible CPU time of being a node. |
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You get a reward for being a mining node, not just any node. Even then, do miners have much incentive to share blocks, other than the ones they mine?
I think the incentive is mutual for most nodes (aside from the mining aspect). People will set up a node to accept transactions in an automated manner, or to have higher confidence in the state of their accounts.
It's like being on the floor of the stock market. People participating want to be where all the information is (for their own benefit), and there is incentive to bring others in and share information (because it increases the amount of information you have).
I suppose you could be a "selfish" node. The bitcoin-equivalent of someone who leeches and never seeds. But the advantage is low relative to the amount of money moving around. Most people don't care about the bandwidth of running a bitcoin node, they care about latency. Unlike bittorrent, there isn't a de-facto finished version of the file being synced: it's a constantly-updating list that everyone wants to have the latest version of. I can't find the words, but this seems to be the fundamental difference.