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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

      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
    2. 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
    3. 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
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    4. 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
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    5. 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
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    6. 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
    7. 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
    8. 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
    9. 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
    10. 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
      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.

      7:28 PM - 26 Jan 2018
      • 2 Retweets
      • 31 Likes
      • Capt. Blackheart, US Space Force astrobot86 John [sold BCH at $6K] Buba Kastorsky Bitcoin is Freedom Patrick Michalina #BCHin'💓🗽🌐💸,  BTC⚡🏦💰💩 Chad Lauterbach Jonathan [Bitcoin Not Blockchain]
      1 reply 2 retweets 31 likes
        1. 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
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