Author: Gregory Maxwell 2013-02-11 19:21:25
Published on: 2013-02-11T19:21:25+00:00
Timo Hanke argues that DNS has lower security demands compared to payment IDs for Bitcoin. He believes that DNS data can be in a chain with a lower hash rate than Bitcoin's hash rate while payment IDs need to be in a chain with the same hash rate. However, the person he is communicating with may not be well-informed about what Namecoin does - it is a multiple namespace key-value store that can have exactly the same Proof of Work hash power as a non-parasitic system. Namecoin chose a model that allowed it to survive even if Bitcoin failed, but this is not necessary for others to do. The writer strongly recommends externalizing the costs of services without taking resources from Bitcoin currency users without their consent. There are people who are willing to help figure out how to accomplish what is needed in a way that benefits everyone.
Updated on: 2023-05-19T16:27:03.423332+00:00