Bitcoin as an Interplanetary Monetary Standard with Proof-of-Transit Timestamping

★

☆

SHARE

Overview

Paper Summary

Conflicts of Interest

Identified Weaknesses

Rating Explanation

Good to know

Topic Hierarchy

File Information

Paper Summary

Paperzilla title

Bitcoin on Mars: Can it work? (Spoiler: Maybe, but with lots of caveats)

This paper proposes a system for using Bitcoin between Earth and Mars, addressing the challenges of long communication delays. It introduces "Proof-of-Transit Timestamping" (PoTT) to track Bitcoin transactions across space and suggests using existing technologies like the Lightning Network and sidechains for faster payments and settlements.

Possible Conflicts of Interest

None identified.

Identified Weaknesses

Theoretical proposal

The paper is primarily a theoretical proposal and lacks real-world testing or implementation. The feasibility and security of the proposed system remain to be validated in practice.

Dependence on DTN

The system heavily relies on the Delay/Disruption-Tolerant Networking (DTN) model, which is still under development and might not be mature enough for reliable interplanetary communication.

Assumption of honest relays

The security analysis assumes at least one honest relay on each path, which might not be realistic in a decentralized and potentially adversarial environment.

Complexity

The proposed system, involving PoTT, Lightning Network, and sidechains, is complex and requires significant coordination between different components, increasing the risk of errors and vulnerabilities.

Lack of empirical data

The paper lacks empirical data to support the performance and feasibility claims. For example, the latency and bandwidth limitations of interplanetary communication are not thoroughly addressed with real-world measurements.

Rating Explanation

This paper presents an interesting theoretical framework, but its feasibility and practicality are questionable due to the dependence on immature technologies and the lack of real-world testing. The paper's theoretical nature and several assumptions made in the security analysis limit its impact. However, it opens up avenues for future research and development in the field of interplanetary payments.

Good to know

This is our free standard analysis. Paperzilla Pro fact-checks every citation, researches author backgrounds and funding sources, and uses advanced AI reasoning for more thorough insights.

Explore Pro →