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Episode 22: Cesare Fracassi - Cryptocurrency

Keep Talking

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How to Vote on Bitcoin?

Bitcoin is an open network, meaning that you can create your own node with your desktop. If there are 10,000 nodes in the network, if people vote, more than 50% of the nodes decide the transaction is valid. A Sibil attack means that what prevents me to go on AWS on Amazon, create 10,000 in one new nodes. So voting doesn't work. That's one of the problems. How do you make them do the right thing? Yeah. The answer is proof of work. In order to vote, you have to do certain work. Meaning work means they are solving some kind of cryptographic puzzles. Nowadays, it costs about 20 billion dollars to manipulate

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