Fwd: <nettime> Ten years in, nobody has come up with a use for blockchain

[\0xDynamite]

There is a killer app though.

On 12/31/17, jamesd at echeque.com <jamesd at echeque.com> wrote:
> On 12/31/2017 10:01 AM, Steven Schear wrote:
>> I'm still hoping a new cryptocoin/fork implements a client-determined
>> miner selection capability similar to what we suggested in that 2013
>> paper I've mentioned here.
>
> I cannot immediately find your link to your paper.
>
> Obviously, at full scale we are always going to have immensely more
> clients than full peers, likely by a factor of hundreds of thousands,
> but we need to have enough peers, which means we need to reward peers
> for being peers, for providing the service of storing blockchain data,
> propagating transactions, verifying the blockchain, and making the data
> readily available, rather than for the current pointless bit crunching
> and waste of electricity employed by current mining.
>
> The power over the blockchain, and the revenues coming from transaction
> and storage fees, have to go to this large number of peers, rather than,
> as at present, mostly to four miners located in China.
>
> Also, at scale, we are going to have to shard, so that a peer is
> actually a pool of machines, each with a shard of the blockchain,
> perhaps with all the machines run by one person, perhaps run by a group
> of people who trust each other, each of whom runs one machine managing
> one shard of the blockchain.
>
> Rewards, and the decision as to which chain is final, has to go to
> weight of stake, but also to proof of service - to peers, who store and
> check the blockchain and make it available.
>
> All durable keys should live in client wallets, because they can be
> secured off the internet.  So how do we implement weight of stake, since
> only peers are actually sufficiently well connected to actually
> participate in governance?
>
> To solve this problem, stakes are held by client wallets.  Stakes that
> are in the clear get registered with a peer, the registration gets
> recorded in the blockchain, and the peer is gets influence, and to some
> extent rewards, proportional to the stake registered with it,
> conditional on the part it is doing to supply data storage,
> verification, and bandwidth.
>