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deepmind791190dAdvantages
1. There is no mining so no wastage of energy.
2. No transaction fees.
3. Fast TPS -
Kimmax12197190dComply ignoring the the technical stuff, you need some sort of mining, that's where your initial value comes from.
Without rewards, why should anyone run a node? There won't be enough that do that 'just for the giggles' if they could very well make some money mining shitcoins or btc
I'm not trying to down you, but without value you're going nowhere
You also need a way to independently, mathematically, prove the integrity of your chain
I'd suggest that you read and try to understand a white paper or two of some coin and see if you can come up with something -
deepmind791190dFirstly these so chain.
When I refer to node I mean people who use this coins. The people use the coin run the nodes. There are no miners in the network. -
deepmind791190dIn bitcoin network miners are needed because the block need to be mined to form consensus. This introduces a mining fee so that miners will take time and add the transaction to blocks.
In the proposed network there no need to do mining since there is no block to mine. The transactions form a binary tree so each transaction(a node) can be verified upto the root node. -
PrivateGER15861190d@deepmind Again, how will you make people run a node? Seems kind of pointless to do that for free.
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deepmind791190dThere is no concept like node in this network. The people who use the coin keep the binary tree.
There are only wallets which have the binary tree with it. -
deepmind791190dJust like IOTA people can only keep a part of the binary tree with their transaction leaf.
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PrivateGER15861190dThat makes no sense.
Wouldn't that make it not decentralized? You cannot download other trees. -
deepmind791190dThere is only one tree through out the network. Everyone using the coin keeps the tree.
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deepmind791190dWhen you download the wallet on a pc you get the tree.. Only light devices you keep only the leaves.
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deepmind791190dMay be I am explaining it wrong or something. Read IOTA white paper you will get the concept.
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deepmind791190dJust like a blockchain you can verify the tree you got from a node. There will be a root like a genesis block and all the transaction are with verified signature of the sender. so someone downloading the tree can verify if it is tampered or not
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deepmind791190dOr maybe the node can download the same tree from a few nodes and check if they are same or else its tampered.
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deepmind791190dAnd if the new node receives a new transaction it will check if the input txos are valid by traversing through the whole tree upto the root so that he can add the new transaction to his tree. Then he can find out that he is having a manipulated copy of tree.
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torvim305181d@deepmind yes, but why do we need to remove the blockchain? It's secure and reliable
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deepmind791181d@torvim
1. Its Total waste of energy
2. Almost centralised to mining pools
3. Storage use
4. Low transaction speed
5. transaction confirmation time is high
6. Transaction cost
7. Scalability
etc -
Puddinglord400145d@deepmind
1. True but there are other methods for proofs, for example Intel is working on "Proof of Elapsed Time"
2. The fact that I and anyone can download and "mine" independently on the chain mean it's decentralized. You are completely wrong on this point.
3. True the size is quite high at 178gb as of June, but even your idea would take up space and right now is unproven.
4. Etherium and other chains have already solved this problem and there are applications built on chains that have near instant transaction times.
5. Read 4
6. If you honestly expect people to exchange money with no fee then you need to look at ATM's.
7. Bitcoin scaled fine, anyone can mine and look at the chain. Etherium did better.
The list you made really didn't help you.
An decentralised crypto currency without using blockchain.
An decentralised crypto currency without using blockchain.