Transaction

j"1LAnZuoQdcKCkpDBKQMCgziGMoPC4VQUckM<div class="post">Hey guys.&nbsp; I'm really surprised that my post received so much attention!<br/><br/>And, I'm glad that BitDNS (or domain chain?) has generated this level excitement.<br/><br/>However, I urge you to re-read my initial post, as I feel that original formulation of the idea solves many of the problems you are currently discussing, including the (1) business-plan problem and (2) the bitcoin integration problem.&nbsp; There is also a third problem which hasn't been brought up by anyone thus far, which is (3) the problem of dividing the CPU pool among multiple block chains.<br/><br/>In the original formulation, bitDNS is simply an <i>example</i> of a possible generalization of bitcoin.&nbsp; It should be possible to dream up many such applications requiring block chains for systems that need some kind of quorum.<br/><br/><b>We should be discussing BitX</b>, the general block chain that in the future will support both bitcoin and bitDNS.&nbsp; It neatly solves (1) and (2), as well as the biggest problem in my view, the CPU pool division problem.<br/><br/>BitX is essentially an uber-chain which has hashes of app (bitcoin, bitDNS, ...) payloads as its payload.&nbsp; This way a bitDNS server will only need to download its own app payload without worrying about bitcoin's payload and vice-versa.&nbsp; As the number of bit-apps increase, this problem of smushing them all into bitcoin will only get worse, and (2) becomes a big problem that has to be solved for each app.&nbsp; BitX neatly deals with applications liberally, leaving it completely up to them to decide their own protocols but forming a valuable backbone for them.<br/><br/>With bitcoin and bitDNS as separate apps running on BitX, (1) is easily solved with third-party escrows.&nbsp; Escrowing is a big problem, and perhaps unsolveable, with respect to bitcoin and USD or PPUSD transactions, but it is incredibly reliable when executed between two bitapps.&nbsp; A trusted escrow can receive both transactions, verify them mechanically and automatically release the assets when both transactions are properly verified.<br/><br/>Note that this also frees bitDNS from bitcoin baggage when bitMoney overtakes bitcoin as the most popular bit-currency.&nbsp; I believe in fact that bitcoin in its present form will <i>necessarily</i> be overtaken due to problem (3).<br/><br/>The big deal: <b>the CPU pool division problem</b>.&nbsp; CPU division will occur when bitcoin can't or won't support bit-application bitFoo.&nbsp; This may occur with bitDNS, or it may occur later, but I think it will occur at some point.<br/><br/>Every miner for bitFoo will be one less miner for bitcoin and vice-versa.&nbsp; Both of these systems will be twice as susceptible to attack (if they have roughly equal CPU pools), and the problem multiplies as the number of bit-apps and their block chains increases.<br/><br/>BitX cleanly solves this by having every bit-app generate on the same block chain, the BitX chain.&nbsp; They weave their own block chains within the uber-chain, and unwittingly protect eachother from attack.&nbsp; It also greatly speeds adoption of any given bit-app; the BitX miners are already generating bitcoins, so why not generate bitDNS names as well?&nbsp; There is no cost to the miner, and who knows, this new-fangled bitDNS thing might actually take off someday?<br/><br/>Even if the demerits of separate block chains can be mitigated, the merits of a unified chain cannot be overstated in my view.<br/><br/>Finally, I hope that the name will remain BitDNS or BitNames, keeping the trend of revolutionary projects like bittorrent and bitcoin.&nbsp; There isn't any reason to call it domainchain if it is built upon BitX in any case, because the name registration aspect will be an implementation on top of the BitX chain rather than a full implementation with its own chain.<br/><br/>This separation of concerns makes BitX and bitDNS/bitcoin simple enough that I feel I can implement them myself if necessary, although slowly, in my spare time.&nbsp; I'm looking forward to some bit fun!<br/><br/>Thanks guys!</div> text/html