I think maybe i'm confused at the setup -
is this running on an existing blockchain network like Etherium, or a private chain, and if a private one, who is being trusted as validator?
& @ 51% attack: valid, for Etherium it's a 66% attack: https://ethereum.org/en/developers/docs/consensus-mechanisms/pos/attack-and-defense/#attackers-with-66-stake
Either way, if one entity controls all the validators I don't see how it's better than a regular database. If it's running on a public chain, gas fees are expensive and there's definitely disadvantages but I can see how it can make sense, especially for users who might be worried about Rolex folding or shutting things down on their end
Have you... priced a 66% attack?
# of validators, today: 1,068,000
Ethereum required per validator: 32
Price of Ethereum, right now: $2,368
Price of 66% of ethereum validator network: $53.4B
And note that you gotta get it all at once. Proof-of-stake is kept honest by slashing, whereby disunity is automatically ratted out via penalization and bounty.
We could get further into this? But you have to realize how little incentive I have for doing so when regardless of what I say or how elaborately I explain it, your response is some variation on "it's just a database."
Yea this is why I think I may have misunderstood the setup you were talking about,
if this is on the main etherium network obviously you can't 66% it.
Honestly tho, the more I think about it, the more I feel like
1. This might actually be a pretty reasonable use of NFTs
2. Blockchain is totally just a database with interesting security characteristics
- 2. Blockchain is totally just a database with interesting security characteristics
I mean, database is essentially a list with fields, so it's not exactly a unique structure or data representation/storage.