Dr. Craig S. Wright took the stage at the CoinGeek Live London studio on September 30, and gave a presentation about “Outsourced Computation on Bitcoin: How One World Blockchain Powers a New Future for Computing & Cloud System.”
Dr. Wright’s presentation addressed the efficiency of node operators and a few of the many things that are possible when nodes are operating efficiently. He also explained why Ethereum’s computational validation system is inefficient.
“We don’t want miners doing everything, we don’t want to be Ethereum,” said Dr. Wright.
The problem with Ethereum is that every node runs the computation itself to determine whether or not the computation at hand is valid. However, this is not an efficient system. “It is not about the machines,” said Dr. Wright, “it is about the outcome. We want to validate the existence of a computation, not have every single node re-do the computation to say, yes this is true and valid.”
Fortunately, Bitcoin already does this.
“[We] set up a system where we incentivize people for finding solutions and verifying that things work,” said Dr. Wright. “If your tx isn’t valid or others in the chain reject it, then you are not going to get paid.”
There is no need for every node on the network to run the computation to check for validity when we can check if the end result is valid or not. This opens up a world of opportunities when it comes to what nodes can do, or rather, the data they can verify, on the Bitcoin network.
If you missed Dr. Wright’s presentation, we recommend you watch the full video once it is released. You will also have three more opportunities to watch Dr. Wright speak at CoinGeek Live 2020.
On October 1s, Dr. Wright will be having a fireside chat with Bitcoin Association President Jimmy Nguyen about “The Importance of Bitcoin as a Timestamp Server.” On October 2nd, Dr. Wright will be giving a keynote titled “From the Internet to Bitcoin: The Digital Ledger to Advance the World’s Technology Infrastructure.” And later in the day on October 2nd, Dr. Wright will be participating in the fireside chat, “Can Satoshi Nakamoto Save the Internet & World Money” alongside technology visionary George Gilder.
Watch CoinGeek Live 2020 Day 1 here.
New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.