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.
recycling maximalist: secure all blockchains with bitcoin
[komodo's dpow explained]
how many most secure networks do we need?
bitcoin maximalists issues
- maximalisation is a driver (Schumpeter, 1942), but not the optimal state for an ecosystem (Kenneth Arrow, 1962).
> a monopoly tends to stifle innovation and to increase prices (economics)
> diversity & interconnectivity are that what makes any ecosystem resilient (nature, complexity theory) - ledgers specializing in solutions or ereas seem logical
- but, insecure blockchains are pointless
Interesting talk: Bernard Lietaer TEDx 2009: https://youtu.be/nORI8r3JIyw
paper Kenneth Arrow "Economic Welfare and the Allocation of Resources for Invention", 1962
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.
blockchains better collaborate
- energy consumption
- costs
- application (niche)
- no necessity of global administration
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
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 instead 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.
connected block-chains
in addition komodo allows people to create 'smart chains' which are full independent blockchains.
Most other blockchains can secure themselves with dPOW in komodo too.
smart chains
smart chains are independent blockchains.
They can in theory switch to another chain than komodo for its notarisations. Just like komodo can switch from bitcoin to another chain as well.
what is different?
1. detect notarisations in new blocks
2. update checkpointing code
3. prevent reorg passed previous notarisation
result: komodo and any block chain connected via dPOW inherits the superior security level of bitcoin while offering a more flexible and adaptive nature than bitcoin itself.
incentives and safety
incentives
- notary nodes earn mining fees on komodo & on komodo tech based chains
Attack
- resilient against 51% attack
- resilient against genesis attack
- notary nodes can as result of an attack be forced to stop notarising, but everyone will notice.
Usage
- scalable to infinity
^ source: Jack Tanner
the world will need only few (some competition is good) top-notch POW block chains to cover security needs of all.
dPOW answers the concerns of environmentalists for energy consumption, confirms bitcoin maximalists for POW dominance & confirms alt-coin adepts for diversity, localism & flexibility.
further reading
thank you
recycling maximalist: secure all blockchains with bitcoin
By Bart van Maarseveen
recycling maximalist: secure all blockchains with bitcoin
[komodo's dpow explained]
