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Relativistic Effects on Proof-of-Work Based Cryptocurrency Protocols

28 May 2018, 17:00 UTC
Relativistic Effects on Proof-of-Work Based Cryptocurrency Protocols
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The blogpost explores relativistic effects on proof-of-work based cryptocurrency protocols. Cryptocurrencies are here to stay and it is quite plausible that future human colonists spread across the solar system and beyond will use a decentralized cryptocurrency as opposed to a fiat currency issued by a central authority. The low transaction fees, the ubiquitous access, not being bound by exchange rates or interest rates, not being controlled by financial institutions who are serving foreign interests — these are some of the advantages cryptocurrencies will enjoy in the thriving exo-economy.
At present, on a cryptocurrency network, the information exchanged by the nodes in the network reaches each node almost instantaneously. The speed at which the TCP/IP packets travel on the network and the fact that the Internet spans only the Earth and the LEO makes this possible. However, once the region the network is spread across will reach certain boundaries, the network size would have negative impact on the network: increasing communication failures due to network delays, more frequent and longer blockchain forks as part of the proof-of-work protocol, network segregation into local sub-networks (let us call them topological forks), just to name a few.
Nullius in verba… ...

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