[Cryptography] Spinal ledger - a finance-free decentralized global ledger?

Lodewijk andré de la porte l at odewijk.nl
Thu Apr 16 14:34:44 EDT 2015

2015-04-17 2:09 GMT+09:00 Tony Arcieri <bascule at gmail.com>:

> There are projects like this that aren't vaporware and don't rely on a
> Proof-of-Work, allowing them to come to consensus substantially faster than
> Bitcoin:
> https://www.stellar.org/blog/stellar-consensus-protocol-proof-code/
> http://tendermint.com/

I am not certain Stellar maintains relative openness. It certainly seems
like a superior algorithm, but if important quorum(-slices) decide that
Wikileaks should not get donations, does wikileaks still get donations?
With Bitcoin transactions can be ignored, but it would amount to a proper
51/34% attack. I suppose it would fracture the network if a group cannot
legally approve of Wikileaks donations. I am also confused about how
centralized it all is, and why there is any need for "Stellars", given the
algorithm. I'll read more on it.

Why can I sign up and link to Facebook to receive Stellars?... I find this
mostly unpleasing - although user friendly, there isn't the assuringly
paranoid style.

Tendermint introduces an attack wherin the wealthy can destroy funds from
those less wealthy but also committed -- quite unpleasant. It must be
assumed the world is already so unbalanced as to allow that attack. It
seems like a rather simplistic proof-of-stake algorithm. There's an ACM
buy-this-knowledge link on their homepage. Are these people that say the
future is now?

I also don't see either approach to problem to generic information
ledgering. SCP might work for agreeing on information, and thus be useful
for it, but they're not doing it. I can definitely see SCP or something
similar agree upon a single hash every minute or so, and therewith extend
the "spine" as described above.

It remains pleasant of proof of work that one knows the blockchain has
value. It cannot be cheaply rewritten in equal quality.
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