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@ JohnOnchain
2024-04-20 14:27:28https://youtube.com/shorts/CqyFaZdkUzE?feature=share
Abstract
A purely peer-to-peer version of electronic storage would allow data to be saved directly from one party to another without going through a centralized third party. Digital signatures provide part of the solution, but the main benefits are lost if a trusted third party is still required to ensure data security and integrity. We propose a solution to the problem of data sovereignty using a peer-to-peer network. The network timestamps transactions by hashing them into an ongoing chain of hash-based proof-of-work, forming a record that cannot be changed without redoing the proof-of-work. The longest chain not only serves as proof of the sequence of recorded events but also as proof that it came from the largest pool of CPU power. As long as a majority of CPU power is controlled by nodes that are not cooperating to attack the network, they will generate the longest chain and outpace attackers. The network itself requires minimal structure. Messages are broadcast on a best-effort basis, and nodes can leave and rejoin the network at will, accepting the longest proof-of-work chain as proof of what happened while they were gone.
This decentralized system, which we will call Bitcoin S3, offers:
- Secure data storage
- Robust network security
- Individual sovereignty over information
By eliminating the need for trusted third parties, Bitcoin S3 paves the way for a new era of data management where each user has full control over their digital information.