Bitcloud and Proof of Bandwidth (vaporware)
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There was a “new proof of work algorithm” introduced today where by people demonstrate their proof of work by contributing bandwidth.
https://github.com/wetube/bitcloud
While this sounds fantastic in theory, in reality there’s nothing that I can find that demonstrates how this would actually work… it’s just vaporware. There’s lots of ideas, but nothing coherent at all that results in something which can’t be gamed or hacked.
It’s unfortunate. I had started working on a similar concept called, “Proof of Storage”, but never got around to ironing out the kinks, and when I heard this I though maybe they had stumbled upon the same solution… but it would appear they’re just hand-waving right now.
Can anyone else offer any insight into what’s going on with this project? Is there really something to this idea, or are these guys just high on their own exhaust?
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What is/are the cause of failures of the current proof of works? (That this is meant to fix?)
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* lets get dedicated host from the UK… *
I know a company that offers 10GBps for less than $100 a month… -
[quote name=“Kevlar” post=“52796” timestamp=“1389916769”]
There was a “new proof of work algorithm” introduced today where by people demonstrate their proof of work by contributing bandwidth.https://github.com/wetube/bitcloud
While this sounds fantastic in theory, in reality there’s nothing that I can find that demonstrates how this would actually work… it’s just vaporware. There’s lots of ideas, but nothing coherent at all that results in something which can’t be gamed or hacked.
It’s unfortunate. I had started working on a similar concept called, “Proof of Storage”, but never got around to ironing out the kinks, and when I heard this I though maybe they had stumbled upon the same solution… but it would appear they’re just hand-waving right now.
Can anyone else offer any insight into what’s going on with this project? Is there really something to this idea, or are these guys just high on their own exhaust?
[/quote]They’re high. They were confronted in a Reddit thread and the response was essentially that, well I’ll just find it:
http://www.reddit.com/r/Bitcoin/comments/1vd2r1/we_want_to_replace_youtube_dropbox_facebook/cer4av6
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It would put power into the hands of the few who can acquire stupendous amounts of bandwidth… Like governmental organizations, individual institutions like Universities, and not to mention the Military.
This is sorta against why crypto’s have been set up to be the way they are.
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Calem, you are right, it fixes a problem that isn’t there and causes some potential bugs doing it.
That is why the Feathercoin discussions, on what could be done about attacks went into so much detail. It immediately looks over complicated.
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Could the problem it’s looking for be mesh networks?
