good article on database vs blockchain. yes there willl be a lot of proprietary code written. https://hackernoon.com/blockchains-versus-traditional-databases-c1a728159f79
Hackernoon
Blockchains versus Traditional Databases | HackerNoon
To understand the difference between a blockchain and a traditional database, it is worth considering how each of these is designed and maintained.
How Mimblewimble Could Change How Bitcoin Works For The Better https://t.co/OsZhwwav7W https://t.co/aQPpG3Hefb
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How Mimblewimble Could Change How Bitcoin Works For The Better https://t.co/OsZhwwav7W
Arvind Naranayan, profesor de Ciencias de la Computación en la Universidad de Princeton https://freedom-to-tinker.com/2015/09/18/private-blockchain-is-just-a-confusing-name-for-a-shared-database/
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Forwarded from 395 361 Wei Dai - BMoney - prebitcoin (@RamonQuesada)
From: Satoshi Nakamoto
Sent: Saturday, January 10, 2009 11:17 AM
To: weidai@weidai.com
Subject: Re: Citation of your b-money page
I wanted to let you know, I just released the full implementation of the paper I sent you a few months ago, Bitcoin v0.1. Details, download and screenshots are at www.bitcoin.org
I think it achieves nearly all the goals you set out to solve in your b-money paper.
The system is entirely decentralized, without any server or trusted parties. The network infrastructure can support a full range of escrow
transactions and contracts, but for now the focus is on the basics of money and transactions.
There was a discussion of the design on the Cryptography mailing list.
Hal Finney gave a good high-level overview:
| One thing I might mention is that in many ways bitcoin is two independent ideas: a way of solving the kinds of problems James lists here, of creating a globally consistent but decentralized database; and then using it for a system similar to Wei Dai's b-money (which is referenced in the paper) but transaction/coin based rather than account based. Solving the global, massively decentralized database problem is arguably the harder part, as James emphasizes. The use of proof-of-work as a tool for this purpose is a novel idea well worth further review IMO.
Satoshi
http://www.gwern.net/docs/bitcoin/2008-nakamoto#section-1
Sent: Saturday, January 10, 2009 11:17 AM
To: weidai@weidai.com
Subject: Re: Citation of your b-money page
I wanted to let you know, I just released the full implementation of the paper I sent you a few months ago, Bitcoin v0.1. Details, download and screenshots are at www.bitcoin.org
I think it achieves nearly all the goals you set out to solve in your b-money paper.
The system is entirely decentralized, without any server or trusted parties. The network infrastructure can support a full range of escrow
transactions and contracts, but for now the focus is on the basics of money and transactions.
There was a discussion of the design on the Cryptography mailing list.
Hal Finney gave a good high-level overview:
| One thing I might mention is that in many ways bitcoin is two independent ideas: a way of solving the kinds of problems James lists here, of creating a globally consistent but decentralized database; and then using it for a system similar to Wei Dai's b-money (which is referenced in the paper) but transaction/coin based rather than account based. Solving the global, massively decentralized database problem is arguably the harder part, as James emphasizes. The use of proof-of-work as a tool for this purpose is a novel idea well worth further review IMO.
Satoshi
http://www.gwern.net/docs/bitcoin/2008-nakamoto#section-1
gwern.net
Wei Dai/Satoshi Nakamoto 2009 Bitcoin emails
Emails in 2009 between Wei Dai and Satoshi Nakamoto discussing Bitcoin draft proposal and B-money.
en este buscador me salen 293 patentes con el criterio de busqueda: nChain Holdings Limited
https://patentscope.wipo.int/search/en/result.jsf
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This patent search tool allows you not only to search the PCT database of about 2 million International Applications but also the worldwide patent collections. This search facility features: flexible search syntax; automatic word stemming and relevance ranking;…
Forwarded from 2009 361 - 21 Millions Coins - Protocol (@RamonQuesada)
Reply by Satoshi Nakamoto on February 18, 2009 at 20:50
It is a global distributed database, with additions to the database by consent of the majority, based on a set of rules they follow:
- Whenever someone finds proof-of-work to generate a block, they get some new coins
- The proof-of-work difficulty is adjusted every two weeks to target an average of 6 blocks per hour (for the whole network)
- The coins given per block is cut in half every 4 years
You could say coins are issued by the majority. They are issued in a limited, predetermined amount.
As an example, if there are 1000 nodes, and 6 get coins each hour, it would likely take a week before you get anything.
To Sepp's question, indeed there is nobody to act as central bank or federal reserve to adjust the money supply as the population of users grows. That would have required a trusted party to determine the value, because I don't know a way for software to know the real world value of things. If there was some clever way, or if we wanted to trust someone to actively manage the money supply to peg it to something, the rules could have been programmed for that.
In this sense, it's more typical of a precious metal. Instead of the supply changing to keep the value the same, the supply is predetermined and the value changes. As the number of users grows, the value per coin increases. It has the potential for a positive feedback loop; as users increase, the value goes up, which could attract more users to take advantage of the increasing value.
http://p2pfoundation.ning.com/forum/topics/bitcoin-open-source?commentId=2003008%3AComment%3A9493
It is a global distributed database, with additions to the database by consent of the majority, based on a set of rules they follow:
- Whenever someone finds proof-of-work to generate a block, they get some new coins
- The proof-of-work difficulty is adjusted every two weeks to target an average of 6 blocks per hour (for the whole network)
- The coins given per block is cut in half every 4 years
You could say coins are issued by the majority. They are issued in a limited, predetermined amount.
As an example, if there are 1000 nodes, and 6 get coins each hour, it would likely take a week before you get anything.
To Sepp's question, indeed there is nobody to act as central bank or federal reserve to adjust the money supply as the population of users grows. That would have required a trusted party to determine the value, because I don't know a way for software to know the real world value of things. If there was some clever way, or if we wanted to trust someone to actively manage the money supply to peg it to something, the rules could have been programmed for that.
In this sense, it's more typical of a precious metal. Instead of the supply changing to keep the value the same, the supply is predetermined and the value changes. As the number of users grows, the value per coin increases. It has the potential for a positive feedback loop; as users increase, the value goes up, which could attract more users to take advantage of the increasing value.
http://p2pfoundation.ning.com/forum/topics/bitcoin-open-source?commentId=2003008%3AComment%3A9493