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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 Mar 9

      Hugo Nguyen Retweeted Hugo Nguyen

      4/ This was what prompted me to study & write ‘the Anatomy of Proof-of-Work’.https://twitter.com/hugohanoi/status/965672795647524864 …

      Hugo Nguyen added,

      Hugo Nguyen @hugohanoi
      My Proof-of-Work article published on Bitcoin Tech Talk. Thanks @jimmysong !!! (and @hrdng for the comments) :-) https://twitter.com/jimmysong/status/965624805667024896 …
      1 reply 1 retweet 17 likes
      Show this thread
    2. Hugo Nguyen‏ @hugohanoi Mar 9

      5/ IMO people regularly underestimate the significance & full meaning of Proof-of-Work.

      1 reply 2 retweets 12 likes
      Show this thread
    3. Hugo Nguyen‏ @hugohanoi Mar 9

      6/ This led to erroneous thinking like PoW is “wasteful”. How can one look at the inner workings of PoW, how it secures the chain, and proclaim that PoW is “wasteful” is beyond me. *Eg: Vitalik or Cardano researchers.

      2 replies 0 retweets 12 likes
      Show this thread
    4. Hugo Nguyen‏ @hugohanoi Mar 9

      7/ PoW is the invention that allows us, for the first time in history, to emulate physical properties like Immutability & Scarcity (*keyword: emulate). These properties previously only exist in rare & unforgeable metals.

      2 replies 6 retweets 24 likes
      Show this thread
    5. Hugo Nguyen‏ @hugohanoi Mar 9

      8/ These metals were created from the nucleosynthesis process billions of years ago (ht @realLudvigArt). PoW is our feeble attempt at emulating this amazing phenomenon in nature. If anything, energy spent in PoW is *not enough*, in terms of securing the chain against changes.

      2 replies 1 retweet 11 likes
      Show this thread
    6. Hugo Nguyen‏ @hugohanoi Mar 9

      9/ Once we understand Proof-of-Work, it’s easy to see that what Proof-of-Stake proponents call “finality” or “immutability” is simply an illusion. A PoS ledger is immutable to the degree that some people in the group say that it is immutable.

      1 reply 1 retweet 14 likes
      Show this thread
    7. Hugo Nguyen‏ @hugohanoi Mar 9

      10/ In order to maintain the illusion of immutability, a member has to maintain contact with this group at all time. This is apparent in assumption #3 in the original Ouroboros paper, and the "weak subjectivity" concept Vitalik talked about in Casper- which is a BS terminology.

      1 reply 0 retweets 11 likes
      Show this thread
    8. Hugo Nguyen‏ @hugohanoi Mar 9

      11/ When a member of such a group gets detached from the group (maybe for reasons beyond his control), he risks breaking this illusion, each & every time.

      1 reply 0 retweets 4 likes
      Show this thread
    9. Hugo Nguyen‏ @hugohanoi Mar 9

      12/ When a temporarily detached member joins back in, he has no way to determine which PoS chain is the canonical chain, unless he has a trusted 3rd party. A PoS system cannot be truly permission-less.

      2 replies 1 retweet 11 likes
      Show this thread
    10. Tushar Jain‏ @TusharJain_ Mar 14
      Replying to @hugohanoi

      Why is it so important for a temporarily detached member to be treated any differently than a new member? New members always have to figure out which is the canonical chain.

      1 reply 0 retweets 0 likes
      Hugo Nguyen‏ @hugohanoi Mar 14
      Replying to @TusharJain_

      Hugo Nguyen Retweeted Hugo Nguyen

      Trust minimization. A PoW node requires trust only when bootstrapping, after that point it's on autopilot. A PoS node continually requires trust, no matter how long it has been running. Also see this threadhttps://twitter.com/hugohanoi/status/952712190808608768 …

      Hugo Nguyen added,

      Hugo Nguyen @hugohanoi
      1/ Ehhh, I addressed directly Casper’s handwaving attitude regarding “weak subjectivity” or the reliance on social consensus in my thread. @VitalikButerin believes this kind of weakness is trivial. But it’s not. https://twitter.com/VitalikButerin/status/952548219988226049 …
      Show this thread
      2:50 PM - 14 Mar 2018
      • 1 Like
      • ~⚡
      2 replies 0 retweets 1 like
        1. Tushar Jain‏ @TusharJain_ Mar 14
          Replying to @hugohanoi

          Thank you for sharing your insights. I appreciate the respectful debate :)

          0 replies 0 retweets 1 like
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        2. Sou‏ @SoufouS Mar 14
          Replying to @hugohanoi @TusharJain_

          I believe PoS validators or any other payment validators/processors are Money Transmitters, which requires licensing and need to have AML/KYC in the U.S. Haven’t heard FINCERN going that route yet.

          1 reply 0 retweets 0 likes
        3. Tushar Jain‏ @TusharJain_ Mar 14
          Replying to @SoufouS @hugohanoi

          Why would PoS validators be money transmitters but PoW validators are not?

          1 reply 0 retweets 1 like
        4. Sou‏ @SoufouS Mar 14
          Replying to @TusharJain_ @hugohanoi

          PoW as well.

          1 reply 0 retweets 0 likes
        5. Sou‏ @SoufouS Mar 14
          Replying to @SoufouS @TusharJain_ @hugohanoi

          I believe that (licensing, AML/KYC requirement for validators) will be the next crack down. The fines will be heavy.

          0 replies 0 retweets 0 likes
        6. End of conversation

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