“Chain fees leave a bad impression vs inflation. Fees are visible, inflation is hidden. People get the impression that fees must be minimized, but the system is designed around them. Fees remind people of middleman rent, but it’s actually a direct support for the system’s security”

"Chain fees leave a bad impression vs inflation. Fees are visible, inflation is hidden. People get the impression that fees must be minimized, but the system is designed around them. Fees remind people of middleman rent, but it's actually a direct support for the system's security" submitted by /u/wallyjo3
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Bitcoin – The Currency of the Internet

POWER CONSUMPTION PERCEPTION POW CONSENSUS MECHANISM FOR BLOCK CHAIN (patentscope.wipo.int)

A power consumption perception PoW consensus mechanism for a block chain, comprising the following process steps: (1) in a Bitcoin system, all nodes compete with each other on the basis of respective computer computing power to jointly solve an SHA math problem that is complex to solve but easy to verify, and a node which solves the problem at the fastest speed obtains a block accounting right and Bitcoin award automatically generated by the system; (2) interconnecting physical servers…

Bitcoin

“Bitcoin itself cannot scale to have every single financial transaction in the world be broadcast to everyone and included in the block chain. There needs to be a secondary level of payment systems which is lighter weight and more efficient.” -Hal Finney, Dec 2010

R.I.P. my Satoshi Nakamoto.

submitted by /u/slacker-77
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Bitcoin – The Currency of the Internet

New Chain Platform Ivy Brings Smart Contracts to Bitcoin (news.bitcoin.com)

Smart contracts – self-executing pieces of code – are most commonly associated with the ethereum network. Long before Vitalik Buterin tried to sell a fake quantum mining computer and dreamed up his “global supercomputer”, however, Satoshi Nakamoto saw the potential for smart contracts, even though the term had yet to be popularized. The bitcoin blockchain is now a step closer to having its own self-executable agreements thanks to the arrival of Ivy.
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Bitcoin