So that is blockchain, getting all the iners to agree on which of multiple spending messages is selected.
A group of generals, each commanding a portion of the Byzantine army, encircle a city. These generals wish to formulate a plan for attacking the city. In its simplest form, the generals must only decide whether to attack or retreat. Some generals may prefer to attack, while others prefer to retreat. The important thing is that every general agrees on a common decision, for a halfhearted attack by a few generals would become a rout and be worse than a coordinated attack or a coordinated retreat.
How does counterfeit proofing the general help?
The counterfeit proofing requires the cost of counterfeit to be high, and the gaim low. Then we allow that theledger services is not called immediately, paper cash, for example, can float around for a number of transactions before it ends up in a bank where counterfeit losses are take.
What does it better?
It is a continuum. Blockchain wants immediate clearance, but we pay a price in congestion. The price we pay the miners is much more than the losses from counterfeit incurred in small transactions.
In watermarked paper or digits, the cash is generally accepted for consumption, but eventually moves into the account managed by the coin issuer, who then detects double spends. The cash card is disqualified.
But cass cards, and paper cash, can be counterfeit difficult. The cheater must invest up front, then carefully laundry the fake digits such that they do not immediately end up on account.
The system works well for paper cash, and counterfeiting can be made much more difficult as we moved to watermarked cash exchange. Just adding a passcode means he counterfeiter needs cooperation from the card owner. Or, with biometrics, a featured biometric value helps select the secret key.
No comments:
Post a Comment