The inner-workings of Bitcoin, demystified.
Felipe Faria
1986

IMHO both Bitcoin and ETH/ETC are doomed to fail in the long run as they suffer from following fatal design flaws that stem from Blockchain technology itself:

• The blockchain distributed ledger pioneered by Bitcoin is effective at preventing double-spending, but inherently attracts (1) user cartels in the form of mining monopolies and (2) incompressible delays, as a result of linear verification and a winner-takes-all incentive lottery.

• We propose to forgo the “blocks” and “chain” entirely, and build a truly distributed ledger system based on a lean graph of cross-verifying transactions, which now become the main and only objects in the system.
Our new cryptocurrency codenamed “Substar” under active development will be the world’s first unchained (Blockchain-free) decentralized cryptocurrency capable of hyperfast validation (< 1sec) and built-in resistance to 51% and 33% attack vectors that plague all contemporary decentralized cryptocurrencies e.g. Bitcoin and Ethereum. Unlike Bitcoin and Ethereum, Substar will not be constrained by hardwired slow validation of transaction.

You may view our story here: https://medium.com/@sebrebel2070/humanitys-post-catastrophic-backup-system-a-blockchain-free-decentralized-cryptocurrency-and-a-35817be116dd

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