Will cryptocurrency survive better than paper money in a solar superstorm?
Probably not, as it would violate the basic assumptions of Cardano, one of which is liveness… if the internet goes out, so does liveness. In theory however, you could back up the entire blockchain on a regular basis to external media and bury it 500 m below ground in the Swiss alps. Then, in a catastrophic/cataclysmic event, that last backup/snapshot would become the restore point for the entire blockchain, minus any transactions that didn’t happen due to the outage, however long it lasted, which again in theory, once the blockchain is restored, and the network comes back up, those pending transactions could be applied to the blockchain.
Another assumption is an ‘honest majority’. When all hell breaks loose, what would be considered in normal situations (whatever normal means…), could in theory turn into a ‘dishonest majority’. Perhaps not all, but enough to subvert the soundness of Ouroboros and perhaps engage in double spending or rewriting history.
Most of these seem far fetched and highly unlikely scenarios though. Your question is a great research question. I don’t know if CH or anyone from IOHK has ever answered it w/r/t Cardano.
I was thinking of asking Charles about it, but don’t know how.
He throws these AMAs quite often, just wait for the next one and submit the question when he’s online doing the AMA. I’ve had a couple of questions as a software engineer that were of interest to me awhile back, he answered them on a YouTube AMA… He is not stuck up at all and if you field a question to him that makes sense, such as this one and tie it to Cardano somehow, he will most assuredly answer it if you can grab his attention.
cool thanks. Is there a special place that i can wait for it? Where is the link promoted for the AMA?
You’re in it . This forum’s “Announcements” section will usually announce these AMAs, I think Maki usually does it… and watch the Cardano sub-reddit too, CH (/u/ethereumcharles) is active there as well as people from the foundation or IOHK will occasionally post/respond there.
I think CH also might post them on his Twitter account too, although the troll factor on Twitter I think is too much even for him, so he might not be as active there. (e.g. “when moon” posts, or bashing his food or giraffe pics are galore on Twitter).
Hi, this may be an old topic but are there any update on this? Do solar flares affect every side of the earth at once or do different parts of the earth have varied effects? What’s the worst that can
realistically happen to the nodes, hardware wallets, and everything else that’s part of the cryptocurrency space. This question has been bugging me for months.
This is an interesting follow-up question. I’ve tried to ask Charles in an AMA about the original question, but he ignored it.
Maybe because I didn’t asked specifically about Cardano.