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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 15

      Hugo Nguyen Retweeted Ari Paul

      It seems people confuse the “public security” aspect of Bitcoin (ledger integrity protected by PoW) with the “private security” aspect of Bitcoin (safe ownership of coins protected by ECDSA). Signatures are only relevant to private security.https://twitter.com/aridavidpaul/status/985536073668456448 …

      Hugo Nguyen added,

      Ari PaulVerified account @AriDavidPaul
      Replying to @tdryja @RayahMajor
      Why? PoW only has any relevance at all within the context of adding txs to a block with verified signatures. PoW without signatures literally has no value - deadweight loss...wouldn’t exist.
      2 replies 5 retweets 18 likes
      Show this thread
    2. Ari Paul‏Verified account @AriDavidPaul Apr 15
      Replying to @hugohanoi

      No. The public security is paid for by signed transactions. The public security is *economic* in nature. Incrementing nonces etc is just an implementation, what matters for public security is the game theory which is paid for by inflation then fees, both need signed txs.

      2 replies 0 retweets 3 likes
    3. Hugo Nguyen‏ @hugohanoi Apr 15
      Replying to @AriDavidPaul

      The relevance here is that public security provided by PoW is what makes the whole distributed consensus thing possible in the first place.

      1 reply 0 retweets 4 likes
    4. Hugo Nguyen‏ @hugohanoi Apr 15
      Replying to @hugohanoi @AriDavidPaul

      Talking about signatures (or lack thereof) outside the context of PoW-enabled consensus is meaningless, and backward. Blockchain signatures/transactions depend on PoW to have meaning, not the other way around.

      1 reply 2 retweets 6 likes
      Hugo Nguyen‏ @hugohanoi Apr 15
      Replying to @hugohanoi @AriDavidPaul

      PoW without signatures/transactions *absolutely* has value. PoW, judged on its own merits, is a new consensus mechanism and a breakthrough over traditional BFT systems (which PoS protocols are a subset of).

      7:48 PM - 15 Apr 2018
      • 2 Likes
      • vicen Joshua
      1 reply 0 retweets 2 likes
        1. New conversation
        2. Hugo Nguyen‏ @hugohanoi Apr 15
          Replying to @hugohanoi @AriDavidPaul

          The opposite of your statement is true: “Signatures/transactions without PoW have no value”.

          1 reply 0 retweets 1 like
        3. Blair Marshall‏ @blairlmarshall Apr 16
          Replying to @hugohanoi @AriDavidPaul

          So the whole subject of cryptographic signatures, which has been used for decades in many other use cases, has no value?

          1 reply 0 retweets 0 likes
        4. Hugo Nguyen‏ @hugohanoi Apr 16
          Replying to @blairlmarshall @AriDavidPaul

          That's not what I meant. Of cos cryptography has value. But in the context of distributed consensus, talking about signatures before consensus is putting the cart before the horse. You need consensus first to establish meaning.

          1 reply 0 retweets 0 likes
        5. 1 more reply

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