Last active
April 9, 2021 14:17
-
-
Save cryptobabel/40b42ab10598c660dbc09522b00bc6b3 to your computer and use it in GitHub Desktop.
This file contains bidirectional Unicode text that may be interpreted or compiled differently than what appears below. To review, open the file in an editor that reveals hidden Unicode characters.
Learn more about bidirectional Unicode characters
What is Bitcoin? | |
Bitcoin is an idea... | |
Bitcoin is a form of externalizing consensus and distributing it amongst many peers. | |
The idea can be implemented in various manners, as things are in in most implementations, a Proof of Work mechanism is employed that allows a | |
trustless, global state of consensus amongst those peers. | |
Given this and the implemenentation requirements for aware and active participation, incentives are considered for those | |
participaints in the Proof of Work mechanism. The system and the idea in general depends greatly on aware and active participation | |
in the consensus mechanism in order to retain its trustless state. The rules currently assume rational honesty from a majority | |
of the participants. If the majority of participants are not, on their own will, rationally honest as dictated by the rules then the entire system | |
can be manipulated in various ways. Rational honesty is also required outside the Proof of Work mechanisms. | |
Given the compute nature and depenance on participation the weighted majority can influence aspects external to the main consensus | |
mechanism. In all forms and implementations of the idea of Bitcoin is it top priority to ensure participation in all aspects is vastly distributed | |
and the participants are aware and active. |
Sign up for free
to join this conversation on GitHub.
Already have an account?
Sign in to comment