PoW² explored — A post-launch look at some of the security implications
This is the first in a series of articles I’ll be doing that focus on various aspects of the latest gulden release and PoW² specifically; I’ll be releasing more articles over the coming weeks each focusing on different aspects of the system or from a different perspective — so follow me if you want to know more.
NOTE: For the technical, this article glosses over various more in depth details that exist in order to be accessible; it also uses simplified calculations that are good enough for the average person to get a ballpark idea but are not exact, so should be read as such. Please do not attempt to nitpick at these things, an updated copy of the whitepaper will be available in the near future where more detailed/technical calculations are available.
Roughly a year ago I released the initial white paper for PoW². It has been a long, hard and incredibly challenging (but also rewarding) development cycle to bring this concept to reality but since July 16th we live in a world where PoW² is active on the Gulden blockchain.
The whitepaper talked about various ways in which PoW² would enhance the security of Gulden, however:
1. The whitepaper is a long and technical read.
2. Whitepaper is focused from a developer perspective and not an end user perspective.
3. There were unknowns in the whitepaper that we now know better once launched.
This article takes a look at the immediate security implications of PoW² from an end user or merchant point of view.
The main attack vector or area of concern for the day to day user of a blockchain based currency like Gulden is known as a “double spend”.
How double spend works:
1. I create two valid transactions one that sends some funds to your address and the other to an address of…