Miners are agents of the network.
They earn tokens both from the network (me) as a diminishing subsidy, and as fees from users. They accept payment (consideration) in exchange for the service the provide in registering the envelopes on their ledger. They are a notary.
The ledger is distributed to allow any node or user to read a copy and check the registration journal. Each node competes to gain the rights to earn the fees in notarizing the set of ledger entries in a block. Other nodes ensure that the nodes remain honest and will orphan bad or erroneous ledger submissions.
The greater the investment, the more right to write the entry in the ledger and to be paid by the network.
Nodes contract BOTH with the network (me) and individuals who want their transactions registered (the fees are the consideration for the verification and registration service).
Nodes use PoW to show skin in the game, they demonstrate that they have something to lose if they are dishonest.
The is, something that the court can seize if the node cheats or is dishonest.
Proof of Work means that a node is always large enough, has a big investment and hence a presence that is easily found.
It stops everyone being able to run a node. Only corporate groups can afford to run a node.
This means, they (a node) cannot escape law and regulations. A node that is dishonest can be sued, they can have assets seized. The security is economic through law.
So.
Nodes contract BOTH with the network (me) and the users of the system.
If a node Knowingly helps move a coin that is associated with money laundering, theft or other crimes, they are complicit. Nodes what do not blacklist certain tokens are themselves criminal groups.
CSW
Mar 5, 2020
https://metanet-icu.slack.com/archives/C5131HKFX/p1583420301179600
https://t.me/CSW_Slack/2329
They earn tokens both from the network (me) as a diminishing subsidy, and as fees from users. They accept payment (consideration) in exchange for the service the provide in registering the envelopes on their ledger. They are a notary.
The ledger is distributed to allow any node or user to read a copy and check the registration journal. Each node competes to gain the rights to earn the fees in notarizing the set of ledger entries in a block. Other nodes ensure that the nodes remain honest and will orphan bad or erroneous ledger submissions.
The greater the investment, the more right to write the entry in the ledger and to be paid by the network.
Nodes contract BOTH with the network (me) and individuals who want their transactions registered (the fees are the consideration for the verification and registration service).
Nodes use PoW to show skin in the game, they demonstrate that they have something to lose if they are dishonest.
The is, something that the court can seize if the node cheats or is dishonest.
Proof of Work means that a node is always large enough, has a big investment and hence a presence that is easily found.
It stops everyone being able to run a node. Only corporate groups can afford to run a node.
This means, they (a node) cannot escape law and regulations. A node that is dishonest can be sued, they can have assets seized. The security is economic through law.
So.
Nodes contract BOTH with the network (me) and the users of the system.
If a node Knowingly helps move a coin that is associated with money laundering, theft or other crimes, they are complicit. Nodes what do not blacklist certain tokens are themselves criminal groups.
CSW
Mar 5, 2020
https://metanet-icu.slack.com/archives/C5131HKFX/p1583420301179600
https://t.me/CSW_Slack/2329
Comments
Be the first to add a comment
Log in to comment