Anyone got an idea for a consensus algo, put it here!
This may sound weird, so stay with me.
If you where able to verify each individual txn via the sender’s private key, but without actually using the sender’s private key in the process. In theory, you would have a verifiable ledger without any need to use a miner/validator. This means that all you would need to do is have transactions. If you used some kind of method to add the values from the prior transactions into a state, you could break it into blocks. Each with a hash of the transactions, and the prior block hash. This would allow anyone to process a block, with it being physically impossible to fake it with the format. There would also probably be a verify function to insure that all blocks are formatted correctly.
So that is my algo idea. If you want me to work it into your project, just tell me!
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Not entirely sure if you’re trolling, so here goes…
If you where able to verify each individual txn via the sender’s private key, but without actually using the sender’s private key in the process
Isn’t that what public/private key encryption is? Most (if not all) blockchains already do this.
If you used some kind of method to add the values from the prior transactions into a state, you could break it into blocks. Each with a hash of the transactions, and the prior block hash. This would allow anyone to process a block, with it being physically impossible to fake it with the format. There would also probably be a verify function to insure that all blocks are formatted correctly.
I’m missing one very important part here that makes a blockchain a blockchain. I can take a block A, and put some transactions in there to create block B. Then I take block A, and put some other (conflicting) transactions in there to create block C. How do people know which block to choose? What’s preventing me from doubly spending my tokens? What forces the participants to all choose the same block?
Please help me out. I’ll really appreciate