Blockchain Reinvention

What if blockchain forks were not possible? The advantages would be: Faster confirmations, no opportunity for indecision and possible attacks, and no chance of network/currency splitting, because of a hard fork. It would require a synchronous operation, so that at the time a block is added to the blockchain, everyone has already agreed to it. No second thoughts. How would it work? See a technical introduction at:  https://lnkd.in/exAJjGF

Gorbyte announces it will save many Megawatts-hour of electricity per day. The most effective “green” initiative ever. See: bit.ly/2uVKDjy Gorbyte (Bitcoin upgraded) uses “voluntary resources” of devices already connected to the internet as processing power for its nodes. It will not use “miners”, thus it will not promote the use of special processors, which consume a much higher amount of electricity for their processing/cooling requirements. It will reduce the amount of energy used worldwide by many Mega-watts-hour per day. How much exactly? See: bit.ly/2vZd25a If you can take a minute and help us promote the most effective green initiative ever, please vote for Gorbyte Inc. at: crowdinvestsummit.com/contest

Can the Bitcoin crypto-network be taken over by a “majority attack”? A wealthy attacker could buy a manufacturing facility and produce more special hashing processors than the total number of nodes/miners in Bitcoin (See: coindesk.com/51-attacks-real-threat-bitcoin/ and coindesk.com/ahead-bitcoin-halving-51-attack-risks-reappear/ ). The cost to produce 100K processors would be about $100Million. The cost of energy plus other logistics costs could be another $100Million. Why is this not an incentive to take over a network which is potentially worth, in capitalization, over $20Billion USD? Loss of currency value The intuitive answer to the question is that by the time the attacker has taken over, the network it would be worth very little. The “worth” in capitalization is essentially related to trust. Previous transactions in the blockchain have no intrinsic worth. They cannot be changed to “spend their outputs” to the attacker’s address. There is no mechanism to re-process ol...

Gorbyte announces it will save many Megawatts-hour of electricity per day. The most effective “green” initiative ever. See: gorbyte.com Gorbyte’s design will use “voluntary resources” of devices already connected to the internet as processing power for its nodes. It will not use “miners”, thus it will not promote the use of special processors, which consume a much higher amount of electricity for their processing/cooling requirements. It will reduce the amount of energy used worldwide by many Mega-watts-hour per day. How much exactly? See: https://lnkd.in/eawF6Hg

PRESS RELEASE July 18, 2017 Gorbyte: Bitcoin upgraded – A second Canadian crypto-network – A more stable digital currency – Free financial transactions worldwide forthcoming – A new generation crypto-network. Gorbyte promises to develop a crypto-network with similar security features as Bitcoin, similar ability to support distributed applications as Ethereum, but using a new cooperative consensus mechanism. Gorbyte’s founder, Giuseppe Gori, announced that the company is now out of stealth mode and has published its web site. The web site includes introductory, technical and marketing information. Gorbyte’s cooperative consensus will allow the elimination of miners, rewards, and fees. This will reduce the network energy costs to essentially zero, with consequent currency value and environmental advantages. Furthermore, anyone with an online device will be able to become a node of the network and perform financial transactions for free, as a reward for sharing their resour...