Author: Eric Lombrozo 2015-07-24 01:37:20
Published on: 2015-07-24T01:37:20+00:00
The assumption that all nodes have similar computational resources leads to misplaced incentives in the cryptocurrency industry. Direct outsourcing of computation through cryptocurrencies would enable the distribution of computational tasks in an economically sensible way. Wallets, however, should be assumed to have low computational resources and intermittent internet connections for the foreseeable future if it is to become a practical payment system. By using third parties separate from individual miners that do bidding on behalf of wallet owners, QoS guarantees can be obtained and complexity and risk can be shifted from wallets with little computational resources to services with abundance of them. Negotiating directly with miners via smart contracts seems difficult at best. As mining is a random, Poisson process, giving guarantees without a majority of hashing power isn't possible.
Updated on: 2023-06-10T03:22:19.580073+00:00