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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 Apr 14

      Hugo Nguyen Retweeted Naval

      1/ This is an interesting idea. Leaving aside the issue of whether this would actually stop the rise of altcoins, I doubt that in-protocol incentives for future development would be feasible.https://twitter.com/naval/status/985018594252742656 …

      Hugo Nguyen added,

      Naval @naval
      Most coins wouldn’t exist if Bitcoin and Ethereum had incentives for future development built into the core protocol.
      Show this thread
      3 replies 6 retweets 41 likes
      Show this thread
    2. Hugo Nguyen‏ @hugohanoi Apr 14

      2/ The reason Bitcoin’s incentive scheme works is that it’s actually pretty simple. *Note: this does not imply that the Game Theory aspect of Bitcoin is simple. Complex dynamics could develop from very simple rules (e.g.: think of Go/Chess).

      1 reply 1 retweet 12 likes
      Show this thread
    3. Hugo Nguyen‏ @hugohanoi Apr 14

      3/ Concretely, in Bitcoin, the goal of mining can be: (a) mathematically defined - miners get paid for finding a hash that is <= current difficulty target (b) computationally verifiable - miners’ work is verifiable by *anyone*, cheaply

      1 reply 0 retweets 12 likes
      Show this thread
      Hugo Nguyen‏ @hugohanoi Apr 14

      4/ The fact that the goal can be mathematically defined & computationally verifiable means that the incentive scheme can be automated: a reward will be paid out whenever said goal is met. This simple logic thus can be embedded directly into Bitcoin’s consensus code.

      1:35 AM - 14 Apr 2018
      • 2 Retweets
      • 8 Likes
      • Byron Gibson Marty Bent Kevin ''Thuggish'' Pham Sar Haribhakti RobertKnolles Giacomo Zucco Naval Hasu dotglum
      1 reply 2 retweets 8 likes
        1. New conversation
        2. Hugo Nguyen‏ @hugohanoi Apr 14

          5/ In contrast, it’s often impossible to convert “development goals” into something that satisfy the above 2 conditions.

          1 reply 0 retweets 9 likes
          Show this thread
        3. Hugo Nguyen‏ @hugohanoi Apr 14

          6/ An example of a development goal: scale the network 2X without degrading network security or Bitcoin’s essential attributes.

          1 reply 0 retweets 5 likes
          Show this thread
        4. Hugo Nguyen‏ @hugohanoi Apr 14

          7/ How would you translate this scaling requirement into concrete, mathematical terms? As we have seen, “network security” or “Bitcoin’s essential attributes” can mean very different things to different people. It is also hard to verify and verify cheaply.

          1 reply 3 retweets 11 likes
          Show this thread
        5. Hugo Nguyen‏ @hugohanoi Apr 14

          8/ In effect, this means that development goals/roadmap will ultimately require *subjective human inputs*. Who’s to create development goals? Who’s to define judging criteria? This is all fuzzy stuff that cannot be automated away / embedded into the protocol.

          1 reply 2 retweets 8 likes
          Show this thread
        6. Hugo Nguyen‏ @hugohanoi Apr 14

          9/ TL;DR: In-protocol incentives only work if the goal can be mathematically defined & computationally verifiable.

          1 reply 6 retweets 23 likes
          Show this thread
        7. Hugo Nguyen‏ @hugohanoi Apr 14

          10/ One more food for thought: there is another aspect to incentives & that is whether designed incentives can truly bring the intended effects. There’s a long history of human-made incentives that ended up producing undesirable outcomes. https://en.wikipedia.org/wiki/Perverse_incentive …

          1 reply 1 retweet 10 likes
          Show this thread
        8. Hugo Nguyen‏ @hugohanoi Apr 14

          11/ In Bitcoin’s case, it’s clear how block rewards (and later transaction fees) help secure the network. The effort spent chasing the rewards is directly linked to network security. 100%.

          1 reply 0 retweets 5 likes
          Show this thread
        9. Hugo Nguyen‏ @hugohanoi Apr 14

          Hugo Nguyen Retweeted Tuur Demeester

          12/ But it’s not always so simple. An example of a perverse incentive is Ethereum Casper’s concept of “inactivity leak”. In trying to incentivize nodes to stay online, you might inadvertently *disincentivize* them instead.https://twitter.com/TuurDemeester/status/981720971223629825 …

          Hugo Nguyen added,

          “Casper introduces the problematic concept of ‘inactivity leak’, where nodes get penalized for the mere crime of going offline. Whether you’re intentionally going offline to cause harm or not, it doesn’t matter. This is a super perverse rule because a) it introduces a new vulnerability where an attacker can DDOS…” from “Proof-of-Stake, Private Keys Attacks and Unforgeable Costliness the Unsung Hero” by Hugo Nguyen.
          Tuur Demeester @TuurDemeester
          “Proof-of-Stake, Private Keys Attacks and Unforgeable Costliness the Unsung Hero” — @hugohanoi https://medium.com/@hugonguyen/proof-of-stake-private-keys-attacks-and-unforgeable-costliness-the-unsung-hero-5caca70b01cb#---0-560 … pic.twitter.com/yHn0WbtVOC
          Show this thread
          1 reply 1 retweet 6 likes
          Show this thread
        10. Hugo Nguyen‏ @hugohanoi Apr 14

          13/ A similar argument can be made for any protocol that fancies the idea of embedding governance into the protocol & have stake holders vote on protocol changes. Democracy will never produce a good engineering system. It’s akin to asking the mob on how to design a space shuttle.

          6 replies 3 retweets 16 likes
          Show this thread
        11. Hugo Nguyen‏ @hugohanoi Apr 14

          14/ The more complex the rules, the harder it is to ensure that the arising dynamics match exactly what you want, or not have unintended effects.

          0 replies 2 retweets 12 likes
          Show this thread
        12. End of conversation

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