- In 2009 a solution to a known problem known as "Double spending" was presented. The first implementation based on proof of work was introduced back then.
I didn't like that very much as I had began to like how the Ripple Monetary System works. The new solution could of course be used as part of Ripple but I didn't really like that idea as I was not sure if the new solution really worked or if it was some sort of scam which lots of people blindly believed in was not a scam.
The problem though is that Ripple exists only in theory and in a proof of concept at https://classic.ripplepay.com/. A real decentralised solution is still in progress as of 2013. I hope to use and get introduced to a working copy of Ripple one day.
Though as days went by and I didn't understand the system that tackled double spending, I got to know that the only 2 technologies that were part of it were Proof of Work and Public-key Cryptography with only the digital signatures part included. The proofs of work being shared between computers when a solution was found.
When I finally understood this system, well, it's just like that. When you understand something there's a special feeling. This system may have its little flaws but unless PKC or PoW are found to be broken this system will stay stable.
- checksums, proof of work, digital signatures in PKC, public-key cryptography
- Taking care of my own economy
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