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The trouble is: we need a way ensuring that the people can
be trusted, that this vast network of machines can reliably keep track of our
money, that no one can game the system and make off with money that isn't
rightful theirs (or, at least, that no one will game things too easily).
Bitcoin tackles this issue using a rather elaborate online system where people
build specialized computers , or mining rigs,” that do little more than solve
random math problems all day long. But David Mazières is proposing a new
method, one that affords trust—perhaps even a greater level of trust—without
relying on the expensive and power-hungry mining operations that drive bitcoin.
David Mazières is a professor of computer science at
Stanford University But right now, he's on leave at Stellar, a San Francisco
non-profit that's seeks an extreme version of that dream. Stellar aims to
create a worldwide network of machines that lets anyone send any currency and
have it arrive as any other—bitcoin could arrive as dollars, euros as yen,
Brazilian real as dogecoin —and last summer, the organization asked Mazières to
show that all those machines could keep each other accurate and honest.
