Transaction

j"1LAnZuoQdcKCkpDBKQMCgziGMoPC4VQUckM°<div class="post"><div class="quoteheader"><a href="https://bitcointalk.org/index.php?topic=1790.msg22539#msg22539">Quote from: ByteCoin on November 18, 2010, 05:14:20 AM</a></div><div class="quote">I've been thinking about your scheme appamato and as we discussed, rejecting invalid blocks and only working on the longest chain is a critical part of the security of these schemes. Therefore all hashing clients need to have the logic to tell the good from the bad. Ths could be done by distributing the appropriate logic for each app as java bytecode or .NET stuff. All clients would therefore understand all apps.<br/><br/>There would have to be some incentive to support an app in this way. Some form of payment.... hmmm<br/><br/>ByteCoin<br/></div><br/>It is funny how people are thinking about the same issue at the same time.&nbsp; I have been trying to think of some way that another "chain" using Bitcoin principles of hashing might be able to use Bitcoins as a transaction fee:<br/><br/><a href="http://bitcointalk.org/index.php?topic=2028.0">http://bitcointalk.org/index.php?topic=2028.0</a><br/><br/>The issue here is that you would need some way for those "mining" new blocks into this sort of DNS data block chain (or any other kind of similar data protected by a hash chain with miners) to receive some sort of transaction fee for processing that chain.&nbsp; In this case, the incentive for processing the DNS entries would be to receive these transactions fees.... which could be quite considerable depending on what people would be willing to pay for a domain name under this system.<br/><br/>I have considered perhaps an alternative, which would have the main Bitcoin miners of the main chain have as "optional" transactions to be processing in such a way that could let the miner itself keep these transaction fees.&nbsp; My main objection to doing that is that it puts far too much processing into miners and makes a bottleneck that I think we would all rather not have.&nbsp; Bitcoin miners ought to be for bitcoin transactions alone, but it is at least something to consider.<br/><br/>This thread I mention here goes into the technical details, but it is something that could help with this idea too.&nbsp; I haven't completely "solved" the problem, but I have at least identified what issues need to be solved.<br/><br/>Besides, it would be nice if there were other ways for those interested in using Bitcoins to be able to earn them since the main mining of coins is now being locked up with with stronger computers and GPU miners of various kind including server farms.<br/><br/>The one advantage here of using a fee is to avoid a tragedy of the commons, where those who want to register a domain or transfer "ownership" of that domain would have to put up real money to do so.&nbsp; The fees don't go to some central processing bureau or organization, but rather to those who are doing the real work, which is processing the actual domain registrations itself.</div> text/html