![]() ![]() Since this takes a lot of computer time and electricity, the node that first completes the computation receives a reward in bitcoins. Each node receiving the message attempts to authorize the transaction by carrying out a difficult computation that involves your cryptographic key and the very large Bitcoin online database. If you want to pay a bill using bitcoins (currently valued at about $5 each) you send a message signed by public-key cryptography to nearby nodes on the network, which are expected to relay it to several others, starting a chain that spreads exponentially. Bitcoin uses a reward system that creates the same problem, the researchers said. You have now given your friends an incentive not to pass the request along: The fewer people there are searching, the better the odds that they will win the reward for themselves. You offer a reward to the first person who brings you one. You call up all your friends and ask them to look for one, and to pass your request along to as many others as possible. Imagine that you've been searching all your life for a Rosebud sled. Its software is open-source, supported by a community of volunteers. ![]() It does not even have a central authority, but uses a peer-to-peer network to authorize and record transactions. Although framed in the context of the Bitcoin network, the solution could be applied to a variety of incentive systems, the researchers said.īitcoin is independent of any bank or government. candidate Sigal Oren, and Microsoft Researchers Moshe Babaioff and Aviv Zohar explained the problem and proposed a solution in a paper published online as a Microsoft Research report, and to be presented at the 13th ACM conference on electronic commerce, June 4-8 in Valencia, Spain. The team of postdoctoral researcher Shahar Dobzinski, Ph.D. A feature intended to encourage participation and speed processing is actually a disincentive, they say, adding that the same weakness is turning up in other online incentive systems. The Bitcoin online currency system has an inherent weakness that may become a problem as the system grows, according to a team of Cornell and Microsoft Research computer scientists. ![]()
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