Bitcoin Q&A: Directed Acyclic Graphs (DAGs) and IOTA Video

What is your opinion on directed acyclic graphs (DAGs) and whether they can achieve the same level of decentralisation, security, and censorship resistance? DAGs are not vaporware, but the cryptocurrency projects using them mostly employ proof-of-stake (PoS) or proof-of-authority consensus mechanisms, which cannot be compared to proof-of-work (PoW) yet because they have not been tested at the same scale. PoW in Bitcoin, with a thermodynamic cost, will be hard to replace. Even though IOTA employs a PoW-type mechanism, they technically use proof-of-authority because IOTA is currently reliant on one special "Coordinator" node, run by their Foundation, to verify all transactions; if they were to shut it off today, we have no idea whether the other 'sub nodes' would be able to maintain its current level of security. We can begin to make real comparisons once it is no longer centralised.

Chapters
0:00 What is your opinion on directed acyclic graphs (DAGs)? Do they truly have the potential to replace open and decentralized blockchains? Or is it vaporware?
1:27 The technologies that I have seen using directed acyclic graphs
3:01 So far, nobody has been able to show a system that can replace proof-of-work
3:40 I think direct acyclic graphs are interesting, but I don't think they have the potential to replace open and decentralized blockchains

This is a question from the patron-only live Q&A which took place on January 27th 2018. If you want early-access to talks and a chance to participate in the monthly live Q&As with Andreas, become a patron: https://www.patreon.com/aantonop

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Andreas M. Antonopoulos is a technologist and serial entrepreneur who has become one of the most well-known and respected figures in bitcoin.

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He is the author of two books: “Mastering Bitcoin,” published by O’Reilly Media and considered the best technical guide to bitcoin; “The Internet of Money,” a book about why bitcoin matters.

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