Author: Natanael 2015-02-12 14:36:05
Published on: 2015-02-12T14:36:05+00:00
The discussion revolves around the concept of notaries in Bitcoin. Comparisons are made between miners and notaries, with the argument being that a "rational" notary would kill his own business to increase his profits in the next few hours. The initial investment for a notary is small, and they don't have any large maintenance costs. However, in the fully centralized model, if the notary goes bad, the tokens are useless or gone. In Bitcoin, one isn't dependent on any one multisignature notary; one going down only represents a small loss and temporarily locked funds. Collateralized multisignature notaries are also discussed, with organizations related to Bitcoin transactions using unallocated funds as collateral. Arguments are made against relying on security-through-opportunity-cost for the attacker and assuming that one can always keep doing what they always did.
Updated on: 2023-06-09T16:50:23.483877+00:00