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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 Jan 26

      1/ The anatomy of Proof-of-Work

      12 replies 191 retweets 472 likes
      Show this thread
    2. Hugo Nguyen‏ @hugohanoi Jan 26

      2/ PoW was originally invented as a measure against email spams (https://en.m.wikipedia.org/wiki/Proof-of-work_system …). Only later it was adapted to be used in digital cash, starting with @adam3us 's hashcash.

      2 replies 3 retweets 34 likes
      Show this thread
    3. Hugo Nguyen‏ @hugohanoi Jan 26

      3/ What PoW mining actually does under the hood, is that it converts kinetic energy (electricity) into a ledger block.

      2 replies 4 retweets 39 likes
      Show this thread
    4. Hugo Nguyen‏ @hugohanoi Jan 26

      4/ A mining machine repeatedly performs hash operations until it solves a cryptographic puzzle. All hash operations are thrown away except for the one hash that solves it.

      2 replies 1 retweet 22 likes
      Show this thread
    5. Hugo Nguyen‏ @hugohanoi Jan 26

      5/ This one tiny hash, which itself takes very little energy to compute, is a direct representation of the huge ball of energy that was required to produce it. The “proof” that the block was minted.

      1 reply 3 retweets 29 likes
      Show this thread
    6. Hugo Nguyen‏ @hugohanoi Jan 26

      6/ In order to rewrite the block, an attacker later will have to spend a roughly equivalent number of hash operations that was originally required.

      1 reply 1 retweet 21 likes
      Show this thread
    7. Hugo Nguyen‏ @hugohanoi Jan 26

      7/ Let’s say that again: reverting takes an equivalent amount of hash operations, not an equivalent amount of energy. That is because the hash is only a *representation of the energy used*, not the energy itself.

      1 reply 1 retweet 30 likes
      Show this thread
    8. Hugo Nguyen‏ @hugohanoi Jan 26

      8/ Over time, this representation of energy becomes less & less accurate - as improved hardware becomes more efficient. Energy itself doesn’t change, but its old representations “leak”.

      1 reply 2 retweets 21 likes
      Show this thread
      Hugo Nguyen‏ @hugohanoi Jan 26

      9/ Another way to visualize this process, is to think of PoW mining as attaching physical weights to virtual blocks. Over time the older blocks get damaged and get lighter & lighter. This also reduces the total weight of the chain, everything else being equal.

      7:23 PM - 26 Jan 2018
      • 2 Retweets
      • 19 Likes
      • Capt. Blackheart, US Space Force ®🌵dአ🦉🔱℘™ Chad Lauterbach Jonathan [Bitcoin Not Blockchain] LaurentMT CryptYo Cornbagged⚡️ Larry Chiang Paul Pajo #Insulin4All {#HODL}
      1 reply 2 retweets 19 likes
        1. New conversation
        2. Hugo Nguyen‏ @hugohanoi Jan 26

          10/ Bitcoin combats this attrition process by constantly creating new blocks with fresh weights. This ensures that the tip of the chain is always heavy in the present, protecting the integrity of the entire chain. Heavy chain == secure chain.

          2 replies 2 retweets 35 likes
          Show this thread
        3. Hugo Nguyen‏ @hugohanoi Jan 26

          11/ (Some have suggested that “heaviest chain” is a better terminology than Satoshi’s “longest chain.” Longest chain can be very misleading when we don’t really mean length in the literal sense.)

          2 replies 2 retweets 30 likes
          Show this thread
        4. Hugo Nguyen‏ @hugohanoi Jan 26

          12/ SHA256 is the hash function that backs Bitcoin PoW mining. SHA256 protects the ledger from being rewritten. One hash in (to mine), one hash out (to revert). This is what gives Bitcoin its immutability property.

          3 replies 2 retweets 31 likes
          Show this thread
        5. Hugo Nguyen‏ @hugohanoi Jan 26

          13/ It’s amazing when you think about it. Hash operations dedicate their entire existence to the purpose of securing the ledger! Rarely anything in the real world has 100% dedication & efficiency. (e.g.: contrast that with gasoline & the combustion engine).

          2 replies 2 retweets 27 likes
          Show this thread
        6. Hugo Nguyen‏ @hugohanoi Jan 26

          14/ In reality, it is probably not 100% but something close to it. Because irreversibility relies on the hashed results being uniformly random (just like when you roll a dice), and algorithms can’t truly simulate real-world randomness.

          3 replies 1 retweet 19 likes
          Show this thread
        7. Hugo Nguyen‏ @hugohanoi Jan 26

          15/ Luckily for us, hash functions such as SHA256 have shown to be sufficiently random, aka “pseudorandom”. SHA256 has been reviewed & stress-tested for years, and has a rich research literature behind it. So it's not something we have to be too concerned about (yet).

          1 reply 2 retweets 23 likes
          Show this thread
        8. Hugo Nguyen‏ @hugohanoi Jan 26

          16/ Fundamentally, I believe the idea of “attaching energy” to blocks is the right one & probably the only way to simulate immutability virtually.

          1 reply 5 retweets 35 likes
          Show this thread
        9. Hugo Nguyen‏ @hugohanoi Jan 26

          Hugo Nguyen Retweeted Hugo Nguyen

          17/ Using energy burnt to back a block allows us to view immutability objectively. Whereas any non-energy-based method ultimately requires someone’s subjective interpretation of immutability.https://twitter.com/hugohanoi/status/953346280134029312 …

          Hugo Nguyen added,

          Hugo Nguyen @hugohanoi
          2/ PoS: subjective interpretation of immutability. The source of truth is someone saying this ledger is real & final. All things that require subjectivity can potentially be subverted. https://twitter.com/hugohanoi/status/952714149582159873 …
          Show this thread
          2 replies 16 retweets 88 likes
          Show this thread
        10. Hugo Nguyen‏ @hugohanoi Jan 26

          18/ By attaching energy to a block, we give it “form”, allowing it to have real weight & consequences in the physical world. We can also think of PoW as the link that brings a bunch of 0s & 1s into life.

          2 replies 6 retweets 27 likes
          Show this thread
        11. Hugo Nguyen‏ @hugohanoi Jan 26

          19/ In other words, PoW is the bridge between the digital & the physical.

          4 replies 23 retweets 96 likes
          Show this thread
        12. Hugo Nguyen‏ @hugohanoi Jan 26

          20/ Compare that to some cryptokitties that someone creates, modifies & removes as they see fit. Their uniqueness & existence are neither guaranteed nor reliable.

          1 reply 3 retweets 22 likes
          Show this thread
        13. Hugo Nguyen‏ @hugohanoi Jan 26

          21/ Even if the current variant of PoW fails, I’m confident that there will be other ways of attaching energy to a block.

          1 reply 1 retweet 24 likes
          Show this thread
        14. Hugo Nguyen‏ @hugohanoi Jan 26

          22/ In conclusion, PoW’s application in blockchains might prove to be far more significant & wide reaching than what it was originally invented for.

          1 reply 2 retweets 31 likes
          Show this thread
        15. Hugo Nguyen‏ @hugohanoi Jan 26

          23/ PoW gives us immutability, which gives us uncensorable money, which could potentially change how society organizes itself ( read @NickSzabo4 ‘s wonderful essay on social scalability for more on that: http://unenumerated.blogspot.com/2017/02/money-blockchains-and-social-scalability.html … ).

          8 replies 14 retweets 81 likes
          Show this thread
        16. End of conversation

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