Difference between revisions of "Bit Gold proposal"

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(Links to Szabo's descriptions of economics and how transfers are done)
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The Bit Gold proposal, by Nick Szabo, describes a system for the decentralized creation of an unforgeable chain of [[proof of work|proofs of work]], with each one being attributed to its discoverer, using timestamps and digital signatures. It is said that these proofs of work would have value because they would be scarce and difficult to produce.
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The Bit Gold proposal, by Nick Szabo, describes a system for the decentralized creation of unforgeable chains of [[proof of work|proofs of work]], with each one being attributed to its discoverer's public key, using timestamps and digital signatures. It is said that these proofs of work would have value because they would be scarce, difficult to produce, and securely stored and transferred.  Szabo's theory of the economics of such money is described in the linked article on [http://szabo.best.vwh.net/shell.html the origins of money].
  
It is not said how transfers of ownership would be done. Also, the "strings of bit gold" described cannot be divided.
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Transfer with prevention of double-spending, via a Byzantine-resilient peer-to-peer method, is described in another linked article which calls the method [http://szabo.best.vwh.net/securetitle.html secure property titles] and proposes also applying it to other kinds of digital property, such as domain names.
  
 
==References==
 
==References==
* [http://unenumerated.blogspot.com/2005/12/bit-gold.html Blog post]
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* [http://unenumerated.blogspot.com/2005/12/bit-gold.html Bit gold]
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* [http://szabo.best.vwh.net/securetitle.html  Secure property titles with owner authority]
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*  [http://szabo.best.vwh.net/shell.html The origins of money]

Revision as of 22:49, 2 July 2011

The Bit Gold proposal, by Nick Szabo, describes a system for the decentralized creation of unforgeable chains of proofs of work, with each one being attributed to its discoverer's public key, using timestamps and digital signatures. It is said that these proofs of work would have value because they would be scarce, difficult to produce, and securely stored and transferred. Szabo's theory of the economics of such money is described in the linked article on the origins of money.

Transfer with prevention of double-spending, via a Byzantine-resilient peer-to-peer method, is described in another linked article which calls the method secure property titles and proposes also applying it to other kinds of digital property, such as domain names.

References