A METHOD AND SYSTEM FOR SECURING COMPUTER SOFTWARE USING A DISTRIBUTED HASH TABLE AND A BLOCKCHAIN (patentscope.wipo.int)

A computer-implemented method (100) and system (1) for determining a metadata M for securing a controlled digital resource such as computer software using a distributed hash table (13) and a peer-to-peer distributed ledger (14). This is a blockchain such as the Bitcoin blockchain. The method includes determining (110) a data associated with the computer software and determining (120) a first hash value based on the computer software. A second hash value based on the data and the computer…

Bitcoin

Bcash is damaging both itself and bitcoin through violent difficulty and hash rate oscillations

Bitcoin is currently under attack (intentionally or not) from the bcash difficulty algorithm that deviates in a stupid way from Satoshi Nakamoto's original one. This leads to extreme difficulty oscillations on the bcash chain, which affect bitcoin as well.

This is possible because bcash kept the original proof-of-work algorithm, so miners can freely choose whether to mine bitcoin or bcash.

During the phases when the bcash difficulty is very low, lots of miners jump on the bcash chain and mine an insane number of blocks, many times more than the intended 6 per hour. Bitcoin loses that hash power and becomes slow, so the fees rise.

After a few days the bcash difficulty adjusts upward, so miners jump back to bitcoin and begin to reduce the backlog. However, bcash's difficulty algorithm is senselessly asymmetric, so it adjusts down much more rapidly than up. As a consequence, its difficulty falls like a stone after 12 hours, and many miners jump back, deserting bitcoin.

If this continues, bitcoin's average block rate will be reduced until its next difficulty adjustment, causing higher fees.

More thoughts

It seems now that the oscillations that had already been predicted two days ago are getting worse.

A lot depends on whether bcash users realise that bcash, particularly its difficulty adjustment algorithm, is the cause of the oscillations and recognize that bcash was designed without full understanding of the consequences.

Some people said that this is intentional, in which case it would be a malevolent attack on bitcoin, but so far I have no indication that this is the case and don't believe it, particularly because the situation is bad for both coins, which are now limping along on a knife's edge.

So what will happen? The situation is so bad for everybody that it looks as if at least one chain will have to lose market capitalization relatively soon. Nobody will put up with this in the long run.

Interesting questions are how the price of bcash relative to bitcoin influences the outcome, whether rapid SegWit adoption will help bitcoin, and whether bitcoin users will stay the line for long enough.

It would be very sad if a hard fork like bcash severely damaged the entire cryptocoin realm. But the miners have never been quick to recognize when they were working towards their own demise. Moreover, they always suffer from the Tragedy of the Commons, where coordinated action could save us, but each single miner profits more in the short term from accelerating the catastrophe.

submitted by /u/hgmichna
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Bitcoin

METHOD AND DEVICE FOR OPTIMIZING HASH COMPUTING CHIP FOR BITCOIN PROOF-OF-WORK, AND CIRCUIT (patentscope.wipo.int)

The present invention relates to the technical field of password computing, computer networks and integrated circuits. Disclosed are a method and device for optimizing a Hash computing chip of bitcoin proof-of-work, and a circuit. The method for optimizing a Hash computing chip of bitcoin proof-of-work comprises: periodically maintaining a second input of a Hash computing chip to be unchanged, and when the second input is unchanged, switching off a computing circuit corresponding to the…

Bitcoin

Blockchain SHA256 hash and nonce

I have been reading the SHA256 hash creation with a random nonce. So, my understanding is every miner would pull uncommited transactions and would create try to creaet a Hash of the transactions with a random nonce starting with 0 and increment from there on. So, if every node/miner is performing the same hash with the nonce sequence starting from 0, it would always be the miner with the maximum computing power always outrun the smaller ones. How would a miner with lesser computing power ever be able to create a hash quicker than the largest one?

My second question is every time a block is added to the chain, would every miner stop their current process and restart all over again since the next block would depend on the hash of the currently added block?

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