Bart van Maarseveen
Open software & open standards are fuelling innovation. Open internet & blockchain are responsible for enormous innovations yet to come. Hire me for guidance.
bitcoin: just p2p cash?
threads
one must maintain a high hashrate to counter risks for 51%- or genesis attack.
costs
pow is necessary to blockchains and proven to be most secure (yet). But maintaining it is (and has to be) costly and energy consuming.
how many most secure networks do we need?
Satoshi Nakamoto
Bitcoin allows for messages to be written into the blockchain with a so called OP code.
In the first Bitcoin block ever mined, Satoshi included this message:
03/Jan/2009 Chancellor on brink of second bailout for banks
what is komodo?
komodo's end goal is to create a secure, powerful, and open-source blockchain ecosystem, with the option of privacy features & Bitcoin-level security
blockchains better collaborate
- energy consumption
- costs
- application (niche)
- necessity of global administration
dPOW
komodo came up with the delayed proof of work consensus mechanism.
the hash of the komodo chain is stored in the bitcoin chain with a fixed interval.
dPOW
komodo dPOW ignores the 'longest chain' rule, but looks at hashes in Bitcoin to verify the true chain.
dPOW
if another chain then Bitcoin would be the most secure in the future, dPOW provides in switching to that within minutes.
asset chains
in addition komodo allows people to create 'asset chains' which are full blockchains.
asset chains secure themselves with dPOW in komodo.
asset chains
asset chains ignore the 'longest chain' rule as well and look at komodo to resolve conflicts.
asset chains
asset chains can in theory switch to another chain then komodo, just like komodo can switch from bitcoin to another chain.
result: komodo and its asset chains inherit the superior security level of Bitcoin while offering a more flexible and adaptive nature than Bitcoin itself.
origin: Bitcoin provides the best and most robust security to an ecosystem of blockchains which has way more impact then being the no.1 p2p cash system.
pay off: the world will need only few (some competition is good) top notch POW blockchains to cover security needs of all.
this answers concerns of environmentalists for energy consumption, confirms Bitcoin maximalists for POW & confirms alt-coin adepts for diversity, localism & flexibility.
Further reading
thank you
bitcoin just p2p cash?
By Bart van Maarseveen
