

Proof of Transition: New Thin Client Technique for Blockchains - nijiko
https://blog.okturtles.com/2015/06/proof-of-transition-new-thin-client-technique-for-blockchains/

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ziedaniel1
Another thin client technique I haven't seen mentioned much: VerSum.
[https://people.csail.mit.edu/nickolai/papers/vandenhooff-
ver...](https://people.csail.mit.edu/nickolai/papers/vandenhooff-versum.pdf)

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TylerE
Notice how the ones trying to attract VC money aren't saying "Bitcoin"
anymore.

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natrius
You're missing the point. Since 2009, people have been thinking about what
blockchains are good for. The first answer was just money—Bitcoin itself.
Today's answer is that we can use blockchains to mediate all economic activity
in ways that eliminate economic transaction costs, obsolete most of the notion
of economies of scale, and make individuals freer and wealthier.

Venture capital hasn't made people stop saying "Bitcoin." It just turned out
that there's a lot more to talk about than Bitcoin.

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oh_sigh
> in ways that eliminate economic transaction costs

Who pays for all the computers that run the bitcoin network?

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natrius
Engineers have built new methods to secure blockchains that don't require
mining. Maintaining a blockchain can be almost free. You could do it using an
unnoticeable fraction of your computer's power and bandwidth.

To clarify, I wasn't talking about just transaction _fees_ , I was talking
about economic transaction costs:
[https://en.wikipedia.org/wiki/Transaction_cost](https://en.wikipedia.org/wiki/Transaction_cost)

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TylerE
Oh really? And these are secure exactly how?

Or does this first party with enough motivation to build a custom ASIC (or
hell, right some custom GPGPU code) ownzerz the network?

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sanswork
Read up on Proof of Stake.

