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hugohanoi's profile
Hugo Nguyen
Hugo Nguyen
Hugo Nguyen
@hugohanoi

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Hugo Nguyen

@hugohanoi

I chain, therefore I am ⛓️

Joined April 2012

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    1. Hugo Nguyen‏ @hugohanoi Jun 6

      Hugo Nguyen Retweeted Matt Corallo

      @TheBlueMatt's brilliant proposal that separates 1/ block construction process from 2/ payout process. You'll still get the benefit of connecting to a pool (stable payouts) while not conceding the right to propose a block. Best of both worlds solution that will help d14n. 💪💪https://twitter.com/TheBlueMatt/status/1004106026721972224 …

      Hugo Nguyen added,

      Matt Corallo @TheBlueMatt
      Finally published a draft of the mining protocols I've been working on for a while today. Lots of potential to make mining more effecient, more secure, and more decentralized. https://github.com/TheBlueMatt/bips/blob/betterhash/bip-XXXX.mediawiki … Also discussions at http://talesfromthecrypt.libsyn.com/tales-from-the-crypt-31-matt-corallo … and https://youtu.be/dpCEa6NB7to 
      Show this thread
      4 replies 34 retweets 147 likes
    2. Eric Voskuil‏ @evoskuil Jun 11
      Replying to @hugohanoi @TheBlueMatt

      This proposal does not increase the security of #bitcoin through increased decentralization, it merely shifts the point of centralization. This is essentially the same flaw that he produced in his work on relays.

      3 replies 0 retweets 2 likes
    3. Hasu‏ @hasufl Jun 11
      Replying to @evoskuil @hugohanoi @TheBlueMatt

      Where does it shift the point of centralization?

      1 reply 0 retweets 2 likes
    4. belcher‏ @chris_belcher_ Jun 11
      Replying to @hasufl @evoskuil and

      The pool still controls payouts, so it could say to hashers "censor these transactions or else you won't get paid".

      2 replies 0 retweets 3 likes
    5. Eric Voskuil‏ @evoskuil Jun 11
      Replying to @chris_belcher_ @hasufl and

      Yup, power remains with the ability to control the larger payout.

      2 replies 0 retweets 1 like
      Hugo Nguyen‏ @hugohanoi Jun 11
      Replying to @evoskuil @chris_belcher_ and

      That's true, but pools have always had this power. I wouldn't say BetterHash "shifts the point of centralization". It's still the same point. What it'd do is potentially reducing pools' power - an improvement over the status quo. That is worth something.

      12:22 PM - 11 Jun 2018
      • 4 Likes
      • AvY Giacomo Zucco Jonathan [Bitcoin Not Blockchain] Hasu
      2 replies 0 retweets 4 likes
        1. New conversation
        2. Hugo Nguyen‏ @hugohanoi Jun 11
          Replying to @hugohanoi @evoskuil and

          Fundamentally, I believe it’s always a trade-off between mining variance <-> some centralization. I don’t think you can get around that.

          1 reply 0 retweets 1 like
        3. Eric Voskuil‏ @evoskuil Jun 11
          Replying to @hugohanoi @chris_belcher_ and

          That’s just an assumption. @BobMcElrath

          2 replies 0 retweets 0 likes
        4. Hugo Nguyen‏ @hugohanoi Jun 11
          Replying to @evoskuil @chris_belcher_ and

          Hugo Nguyen Retweeted Bob McElrath

          Yes, @BobMcElrath was kind enough to engage with me about his work on #braidpool 😀 I think the idea of a DAG-based consensus is incredibly interesting, but I'm still unclear it could actually work / be secure enough. Need to do more research.https://twitter.com/BobMcElrath/status/1006016236415782912 …

          Hugo Nguyen added,

          Bob McElrath @BobMcElrath
          Replying to @hugohanoi @TheBlueMatt and 2 others
          Yes, it's called p2pool, and it's all but dead for a host of reasons. A DAG isn't really an optimization since a blockchain fails to reach consensus for fast block times, due to orphans. If you want fast blocks, a DAG is required.
          0 replies 0 retweets 0 likes
        5. End of conversation
        1. New conversation
        2. Eric Voskuil‏ @evoskuil Jun 11
          Replying to @hugohanoi @chris_belcher_ and

          Just as with FIBRE the “shift” is cosmetic, the power structure remains the same. In FIBRE the relay operator is assuming the power of the pool. In this thing the payout pool is assuming the power of a pool under a different name. But yes, what would a true “shift” even mean?

          1 reply 0 retweets 1 like
        3. Eric Voskuil‏ @evoskuil Jun 11
          Replying to @evoskuil @hugohanoi and

          But it is not true at all that this reduces pool power. There is no security improvement.

          2 replies 0 retweets 1 like
        4. Steve Barbour  ⛏‏ @SGBarbour Jun 11
          Replying to @evoskuil @hugohanoi and

          What about accessibility improvements (reducing cost to run a BetterHash pool). What about bandwidth usage to receive / transmit pool shares in the Work Pool, any improvement? My business uses cellular and we mine in remote locations, so this is interesting to me.

          1 reply 0 retweets 4 likes
        5. Eric Voskuil‏ @evoskuil Jun 11
          Replying to @SGBarbour @hugohanoi and

          There may very well be optimizations, which would not be surprising given the very shitty state of existing protocols. However given the security design failure it’s necessary to consider the protocol strictly as an optimization. This may lead one to a different design.

          1 reply 0 retweets 2 likes
        6. Hugo Nguyen‏ @hugohanoi Jun 11
          Replying to @evoskuil @SGBarbour and

          The big improvements BetterHash brings, IMO: 1/ Individual miners regain their right to propose blocks 2/ Authenticated connections between miners & pools - something Stratum didn't have 3/ Reduced latency by eliminating the dependency on a centralized getblocktemplate() service

          1 reply 0 retweets 8 likes
        7. Steve Barbour  ⛏‏ @SGBarbour Jun 11
          Replying to @hugohanoi @evoskuil and

          Assuming BetterHash makes improvements on lowering the cost to run a pool (BetterHash ‘Pool Protocol’ operator vs Stratum pool operator), then does that not incentivize more competition between pool operators, thus improving security?

          1 reply 0 retweets 2 likes
        8. Eric Voskuil‏ @evoskuil Jun 11
          Replying to @SGBarbour @hugohanoi and

          No, the incentive for competition remains unchanged. If there is a financial benefit to the protocol, they simply all upgrade.

          2 replies 0 retweets 2 likes
        9. Eric Voskuil‏ @evoskuil Jun 11
          Replying to @evoskuil @SGBarbour and

          1) No, this is unchanged vs. current pools. They of course have the "right" to change pools, but the larger pool wins. No improvement. 2) This is not a system security improvement, and is not necessarily an improvement. 3) No, in this case latency increases.

          2 replies 0 retweets 3 likes
        10. 9 more replies

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