Author: Peter Todd 2013-05-06 20:43:07
Published on: 2013-05-06T20:43:07+00:00
In an email conversation from May 6th, 2013, Adam Back and Peter Todd discuss the potential to make a node identity expensive to obtain. Back suggests that zerocoin could be used to prove the private key of an unlinked coin was in the double-spend disclosed attribute. However, he notes that zerocoin is not efficient. Todd proposes constructing a proof-of-work (PoW) including the node pubkey, which can easily be done by creating a vanity address with many leading zeros. He explains how to create a PoW for a given digest, which involves selecting a block reasonably deep in the blockchain, constructing an invalid block header, and hashing until the PoW with the desired difficulty is found. Once the value of D is determined, Todd states that determining the expected return in bitcoins from the block reward had the hasher solved valid blocks instead can determine the exact worth of the PoW. However, this method does not account for the fees of solving the block, and it is unclear whether to use historic or current exchange rates for calculating the value. Additionally, Todd mentions the need for accurate historical exchange rate data and timestamping. He suggests that Mt. Gox should PGP sign their exchange rate data and timestamp it properly, and the blockchain should also be archived.
Updated on: 2023-06-06T16:11:13.475881+00:00