Miners and Pools

Bitcoin’s security stems from the vast computing resources of many participants called miners. These participants contribute their computing power, called mining power, and the system rewards them with Bitcoin. We assume that the miners follow the honest mining protocol, and therefore the payoff of a miner is proportional to its ratio of mining power out…

Bitcoin Corporation Representative P. Quarles assigned to WampumCoin Project

Bitcoin Corporation Representative P. Quarles has been assigned to independently acquire and develop the WampumCoin (http://wampumcoin.com) Project. Quarles is hashing out the final details of acquiring all assets of WampumCoin to include various social media accounts, current and pending exchange relationships, and 300 Million surplus pre-mined WampumCoins after which the assets will be sold to…

For [the blockchain] to have any chance of succeeding, network users need an incentive to help validate transactions

For [the blockchain] to have any chance of succeeding, network users need an incentive to help validate transactions. Without such an incentive, they have no reason to expend valuable computational power, merely to help validate other people’s transactions. And if network users are not willing to expend that power, then the whole system won’t work.…