Author: odinn 2014-12-12 13:41:34
Published on: 2014-12-12T13:41:34+00:00
Proof-of-Publication is a method that solves the double-spend problem in blockchain systems. It is closely related to cryptographic proofs and involves using more than one type of proof, including Proof-of-Receipt, Proof-of-Non-Publication, and Proof-of-Membership. However, there are myths surrounding Proof-of-Publication, such as the belief that it is the same as timestamping or that it can be easily censored. Peter Todd dispels these myths and explains how Proof-of-Publication can be made expensive but cannot be outsourced to untrusted third parties.Todd gives an example of how Proof-of-Publication is used in the Torrens Title System. However, proof-of-publication systems rely on trusted third parties, which can put users in a position where they cannot prove they did not commit fraud. The main issue with these systems is proving non-publication, as all potential child-chain hashes must be obtainable by scanning the Bitcoin blockchain. Factom and other similar systems also rely on trusted third parties, and from an economic perspective, proof-of-publication systems compete with other uses of the blockchain, resulting in increased fees per transaction.Despite the potential negative impact on Bitcoin, people will still use proof-of-publication systems due to social pressure. Thus, Bitcoin must make technical improvements to scalability that negate any harmful effects. Proof-of-publication systems pay fees like any other transaction and hold trusted third parties accountable. Although global consensus is inefficient, this is a fundamental problem in Bitcoin's architecture that applies to all uses of it and should be solved in general.Proof-of-publication systems often require more resources than mining-based alternatives from the perspective of an SPV client. However, the cost of mining introduces a trusted third party - miners. Some embedded consensus systems require limited-supply tokens within the system for technical reasons. Not all proof-of-publication use-cases involve tokens, and some like colored coins transact directly to and from Bitcoin, while others do not involve finance at all.
Updated on: 2023-06-09T14:47:35.999813+00:00