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Message-ID: <540F1846.8070509@ciphershed.org> Date: Tue, 09 Sep 2014 11:09:58 -0400 From: Bill Cox <waywardgeek@...hershed.org> To: discussions@...sword-hashing.net Subject: Re: [PHC] BSTY - yescrypt-based cryptocoin -----BEGIN PGP SIGNED MESSAGE----- Hash: SHA1 On 09/09/2014 07:50 AM, Solar Designer wrote: > Hi, > > A yescrypt-based cryptocoin was launched ~12 hours ago: > > https://bitcointalk.org/index.php?topic=775289.0 > https://github.com/GlobalBoost/GlobalBoost-Y > https://bst.globalboo.st/y/product.php?id=22 Very cool! I have been noodling about the architecture of a Makwa backed P2P network, where Makwa ASIC boxes provide both authentication work factors as well as providing proof of work for maintaining the security of a global block chain based ledger. I would want the global ledger to support recording arbitrary data, such as anonymous credentials, in addition to some financial transactions. Delegation between various companies of authentication work factors is only feasible if we can do small enough nano transactions to pay for what the work is worth. It is worth very little! How could an ASIC based Makwa authentication server get paid? BitCoins are the obvious choice, but BitCoins are too much of a pain. Their value fluctuates wildly, and it is too difficult to convert BitCoins back and forth to local currencies. Even buying a BitCoin remains too difficult for most people. Why not try to fix the e-money network, using Makwa ASIC based servers? That's a dumb idea I had the other day, and I am still pretty excited about it. Makwa delegation helps solve the problem of having network servers with vastly different compute power. My Raspberry Pi would hang for several minutes if someone tried to have it do a Makwa authentication with 100,000 squarings. A Makwa server could do this in 1/10th of a second, almost for free. Throw in a few milliseconds of memory-hard hashing with some ROM on the SDCard, and a Makwa strengthened master key that never hits disk, and my Raspberry Pi password database would probably be harder to crack than Google's. Compare that to typical authentication today, where a server spends at most a few milliseconds doing hashing that an ASIC can do a million times faster. My preference would be for nano-transactions to be in local currencies. The original Ripple algorithm does this quite well, but the new Ripple Coin based stuff is just another BitCoin for speculators. They introduced their own e-coin and gave themselves most of them for free. It's a money scam that should be illegal. My low-end Raspberry Pi's could easily act as a server in a Ripple-like network. It could sell services like low-end web hosting, help downloading faster in a torrent, helping to securely store encrypted data, and hosting some types of games. I would probably have one fairly secure Raspberry Pi do nothing but authentication and transactions, while my other one would do work to earn nano-payments. Several of the e-coin systems that have succeeded, including BitCoin and LiteCoin, bribed users with something extra to get them to engage. With BitCoin, I wanted a free high-end gaming machine for my son, and BitCoin mining bought it for him. Now that ASICs have ruined that party, LiteCoin has picked up the torch, once again providing a way for geeks to pay for high-end graphics cards. With this system, enthusiasts could justify buying a few extra Raspberry Pi's, or maybe even a high-end desktop. The idea is the network could help them sell services, such as virtual machine hosting, web site hosting, data storage, network bandwidth, etc. Real world e-money supporting nano-transactions is required to make this work. BitCoin is great for making a few people rich, but it fails for nano-transactions. I think Makwa could play in important in fixing this. Thoughts? Bill -----BEGIN PGP SIGNATURE----- Version: GnuPG v1 iQIcBAEBAgAGBQJUDxhCAAoJEAcQZQdOpZUZ+t8QAJR4h3BVigegyRMtAmH9yWu0 32tYrHNXNpFSbjz/4bazA6lkTmCaENoZu97X4rAw1lpmvNJ+pZo5s/dgDmZXCdiv VZfnNnK3sSgClYoOurTqzSsHZmQlWmtckVE7JaYvu5db87E+OKc8LXIdKjD4mDm3 WPsSrCfIo41IRFUfqdc3jxw7U8ygJDP+98HvAF5ZW/4BLYdCWgApEq07ZAL8nkrT CF92gOTE4U9N8VM9o34xFwYvbCtL5OpT+CWmWqZNhUg9WanOArns0fmTbMw5OBZx QHYWzRFAfNXRu+L5fXi63odYjPCjGDAR1CC3RTRqfQ36XVPPXjTUDgIo7FJ9ZVkh wv5a07AFhMwL0ql5qhhbLiYBvFmQYLVt60RPAU6bdUc5eEohWQnu0oFCXBoyVCcB 9K0CWlQ3BaI7TmgZm6zqKYySk3VYSyml/NbzlI85BKDXOjB61dKDQyF1Qd1M+qAF +s+pziNvuSGuX1OroTPyvIgIZCm1aWqxzaJKt3CXMx0XCGP3ohyoNYNH156b9Ega j0Gh7iT7YppM0QPr64zGhg3WiXAXxtCrVP+npGiFZX4ApyKu6ysxqTKnk8cEbcCb qCF2yetLdRL2eh0owz1j5kWzPh4fN88FZTCsIlYShtHa4qchXyx9Nv+pug/MEDlI vkbQJzt6vUqMxSZo2GRJ =MFaV -----END PGP SIGNATURE-----
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