February 26, 2017

Archives for May 2015

An empirical study of Namecoin and lessons for decentralized namespace design

[Let’s welcome to Freedom to Tinker first-year grad student Miles Carlsten, who, with fellow first-years Harry Kalodner and Paul Ellenbogen, worked on a neat study of Namecoin. — Arvind Narayanan]

Namecoin is a Bitcoin-like cryptocurrency that aims to create a secure decentralized namespace — that is, an online system that maps names to values, but without the need for a central authority to manage the mappings [1]. In particular, Namecoin focuses on establishing a censorship-resistant alternative to the current centralized Domain Name System (DNS).

In a new paper to be presented at WEIS 2015, we report the results of an empirical study of Namecoin. Our primary finding is that so far Namecoin hasn’t succeeded at this goal — out of about 200,000 registered names, only 28 represent non-squatted domains with non-trivial content. We argue that there’s a crucial game-theoretic component to namespaces that must be designed properly for such systems to be successful.

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The story behind the picture of Nick Szabo with other Bitcoin researchers and developers

Reddit seems to have discovered this picture of a group of 20 Bitcoin people having dinner, and the community seems intrigued by Nick Szabo’s public presence. It’s actually an old picture, from March 2014. I was the chief instigator of that event, so let me tell the story of how that amazing group of people happened to be assembled at Princeton’s Prospect House.

Photo credit: Matt Green

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Bitcoin faces a crossroads, needs an effective decision-making process

Joint post with Andrew Miller.

Virtually unknown outside the Bitcoin community, a debate is raging about whether or not to increase the maximum size of Bitcoin blocks. Blocks are created in Bitcoin roughly once every ten minutes and are currently limited to a size of 1 megabyte, putting a limit on the rate at which the network can handle transactions. At first sight this might seem like a technical decision for the developers to make and indeed it’s largely being treated that way. In reality, it has far-reaching consequences for the Bitcoin ecosystem as it is the first truly contentious decision the Bitcoin community has faced. In fact, the manner in which the community reaches — or fails to reach — consensus on this issue may set a crucial precedent for Bitcoin’s long-term ability to survive, adapt, grow, and govern itself. [1]


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