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The Bitcoin Whitepaper is 100% clear that the owner of a coin transfers the *entire* chain of digital signatures* to the next owner.
No "backtracking" algorithm exists without violating the laws of thermodynamics.The proof of that is left to the reader as an exercise.
No "backtracking" algorithm exists without violating the laws of thermodynamics.The proof of that is left to the reader as an exercise.
Embrace the Bitcoin design. To verify a coin, a chain of digital signatures, 2 options:
1. Proactively index or pay someone to do it.
2. Reactively get the entire coin (chain back to coinbase tx/minting) and quickly verify it. Whether from peer or an indexer you trust.
1. Proactively index or pay someone to do it.
2. Reactively get the entire coin (chain back to coinbase tx/minting) and quickly verify it. Whether from peer or an indexer you trust.
This is laid out in more detail in the following 2 papers:
Bitcoin Agent:
https://bitcoinfiles.org/t/77a2928ada60ee24f012a5309f221c52a1b9e15a900a9bb63993340e596b0c15
SuperAsset:
https://bitcoinfiles.org/t/d6c18189966ea060452bcf59157235f2e15df3abf7383d9d450acff69cf29181
But to save time, you may reread that sentence in the Whitepaper and draw your own conclusions.
Bitcoin Agent:
https://bitcoinfiles.org/t/77a2928ada60ee24f012a5309f221c52a1b9e15a900a9bb63993340e596b0c15
SuperAsset:
https://bitcoinfiles.org/t/d6c18189966ea060452bcf59157235f2e15df3abf7383d9d450acff69cf29181
But to save time, you may reread that sentence in the Whitepaper and draw your own conclusions.
Imagine watching videos and photos online, downloading 100's of megabytes within a couple of minutes on your phone....
But all of a sudden downloading the chain of digital signatures for the UTXO's you are receiving from a peer is "unscalable".
But all of a sudden downloading the chain of digital signatures for the UTXO's you are receiving from a peer is "unscalable".
Even with a history of 10,000 (ancestor) transactions for a UTXO it will likely be << 40MB. Will there be coins with millions of history items? Sure, but we are talking edge cases and it's still not hard and we have options in that case too.
There has been a weird "miner fetish" in Bitcoin for a long time. It manifests as statements like:
"The miners will protect me, they are incentivized to do so"
Think for a second who planted that idea in your head and ask yourself why they would want you to believe it.
"The miners will protect me, they are incentivized to do so"
Think for a second who planted that idea in your head and ask yourself why they would want you to believe it.
We will demonstrate through the technology and code that everyone always had everything they needed to succeed.
Do not wait for software releases from "miners", it is a distraction and a waste of precious time while they secretly prepare for the next phase of Bitcoin.
Do not wait for software releases from "miners", it is a distraction and a waste of precious time while they secretly prepare for the next phase of Bitcoin.
"Bitcoin wallet" means to have the coins (ie: the chain of digital signatures) in hand.
Imagine a physical wallet with no money in it, just paper fragments with signatures on it (ie: no authenticity) and hoping someone, somewhere will tell you that you actually have the money.
Imagine a physical wallet with no money in it, just paper fragments with signatures on it (ie: no authenticity) and hoping someone, somewhere will tell you that you actually have the money.
"Miners are incentivized to help you out!!"
is the new:
"You don't need to run a node"
is the new:
"You don't need to run a node"
