Ten years ago, Satoshi Nakamoto wrote his seminal paper on Bitcoin, in which he wrote about timestamping: “The earliest transaction is the one that counts.”
However, there is a fundamental flaw in how peer-to-peer networks like blockchain “timestamp” Bitcoin and other cryptocurrency transactions and this could raise new challenges for crypto markets and traders.
The law of spacetime means that the conventional way we timestamp in one place can be in contrast with how we timestamp in another place. With cryptocurrencies that don’t have an actual location or deal in time at a micro-structure level, how can we really prove when the transaction occurred?
This white paper proposes “Chain-block” cryptographic technology, which is based on a formal symmetry criterion, the Perspectival Invariance Criterion. This criterion was first proposed by the author and can be used to motivate the pursuit of a class of solutions to the peer-to-peer marketplace problem.
Further explore this white paper here.