Decentralizing in Spite of Pareto Principle

Bitcoin was created with the intent of decentralizing control over block production so that there is no single point of failure or control. The idea is to randomly select people from the population to produce blocks and reward them for their contribution. To prevent gaming the selection process by creating “fake machines”, Satoshi introduced proof of work. Each computer had to perform a computational lottery that…

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Daniel Larimer

Daniel Larimer

8.4K Followers

Cofounder of Block.one, Steemit.com, BitShares.org, and author of More Equal Animals — the subtle art of true democracy.