Saturday, February 17, 2018

Try bitcoin with a priori protections

Take the bitcoin chain as it is, a record of all exchanges past.  Keep that, except we resolve  the double spending issue prior to  recording.  The miners do the same amount of work, but much less checking runnin the main chain. They execute orders of magnitude more transactions, most of the transactions being a verification on two pipelines prior to commit.  Thus, they preselect the winning spender using only local, current information where as bitcoin post selects.

The huge gain comes about because the set of processors is few, and they are the fastest path toward reconciliation.  We get the same miners industry, we have just shifted much of their activity down to the more granular level.

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