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consistent spelling of blockchain, focus on key points

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Christian Grothoff 2016-10-27 15:11:14 +02:00
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@ -188,13 +188,14 @@ transactions are recorded for eternity, which can enable
identification of users. In theory, this concern has been addressed
with the Zerocoin extension to the protocol~\cite{miers2013zerocoin}.
These protocols dispense with the need for a central, trusted
authority, while providing a useful measure of pseudonymity.
The key contribution of blockchain-based protocols is that
they dispense with the need for a central, trusted
authority.
Yet, there are several major irredeemable problems inherent in their designs:
\begin{itemize}
\item The computational puzzles solved by Bitcoin nodes with the purpose
of securing the block chain consume a considerable amount of energy.
of securing the blockchain consume a considerable amount of energy.
So Bitcoin is an environmentally irresponsible design.
\item Bitcoin transactions have pseduononymous recipients, making taxation
hard to systematically enforce.