TOPIC 2 - How the creator of BitTorrent thinks he’s created a less wasteful, more distributed, more secure approach to Nakamoto Consensus
Decentralized systems and the critical success of BitTorrent
Naming projects, vegetables and a list of grains
Proof of Space and Time
Warehouses of computers, competitive money burning and Keynesian stimulus
Proof of Work works and that’s a huge accomplishment, but could be better
Centralization, Nakamoto consensus and Proof of Stake
Moats and losing the battle with ASIC-hard consensus algorithms
“Grinding attacks” as the competitive strategy
Fundamental economics, storage capacity and the loophole
Airdrops for something over-resourced and under-provisioned
Losing money on buying “farming” hardware
The early days of bitcoin mining with CPUs
Power and CPUs, GPUs, FPGAs, and ASICs
Hard Drives ,hard drives, hard drives and hard drives
Storing data as proof, but not peoples data is like Proof of Work; the work isn’t useful, it’s just a measuring stick that doesn’t need your name or a long term commitment
Printing lottery tickets with ASICs vs. a hard drive full of bingo cards
Proofs of Space need Proofs of Time
Less wasteful by using an underutilized resource
More distributed because excess hard drive capacity is already distributed and there is no “ASIC” equivalent possible for hard drives. Just better or faster hard drives
More secure because less wasteful and more distributed equal better security in distributed consensus
Breaking, tweaking and proving proofs of time and space
Miners don’t run data centers
UTXOs, message passing on-chain programming environments and walking a fine line between Bitcoin and Ethereum
Rate limiting wallets and reversible paper wallets
Improving colored coins
Decentralized exchange doesn’t need decentralized exchanges
Farming, pre-farming, farming rewards and trailing emissions
Why pre-farm?
Is it viable to farm with AWS?
Carrying hundred dollar bills and Chia’s business model involves loaning Tokens To Large International Companies
Covenants replicate many banking system benefits without requiring banks or centralization
Complexity, Bitcoin Script and Protocol Level Improvements