QuotableSatoshi on Nostr: We propose a solution to the double-spending problem using a peer-to-peer network. ...
We propose a solution to the double-spending problem using a peer-to-peer network. The network timestamps transactions by hashing them into an ongoing chain of hash-based proof-of-work, forming a record that cannot be changed without redoing the proof-of-work. The longest chain not only serves as proof of the sequence of events witnessed, but proof that it came from the largest pool of CPU power. As long as a majority of CPU power is controlled by nodes that are not cooperating to attack the network, they'll generate the longest chain and outpace attackers. The network itself requires minimal structure.
Published at
2024-09-23 00:21:04Event JSON
{
"id": "33e1a46f1ec603e1be9f4c86a10c908fd9b1a450aa2230cb7ca6ad1e00e1c244",
"pubkey": "87570647ca3b7549e66cb6c4bb8d197f5bc91de73b58eb1ade78c8ddd5fec7eb",
"created_at": 1727050864,
"kind": 1,
"tags": [],
"content": "We propose a solution to the double-spending problem using a peer-to-peer network. The network timestamps transactions by hashing them into an ongoing chain of hash-based proof-of-work, forming a record that cannot be changed without redoing the proof-of-work. The longest chain not only serves as proof of the sequence of events witnessed, but proof that it came from the largest pool of CPU power. As long as a majority of CPU power is controlled by nodes that are not cooperating to attack the network, they'll generate the longest chain and outpace attackers. The network itself requires minimal structure.",
"sig": "25b5c539fb73e2db8c54904ac701cf440a1ee21f8aab95d250bb62bba04ea43e039cb92fb66b91ad3fe5ebb8a9eae456684d9048f9141f82d7000820be17172c"
}
