How does this establish that we can trust the oracles telling us what time it is?
The only way I could see this working very long term and for important data is by using the bitcoin blockchain (often called the timechain) as a clock that literally can't be cheated because the proof of work allows you to independently verify that some amount of real world energy and computational machines were consumed to lock in every block. Otherwise, how do you not end up with a Byzantine generals problem?
The only way I could see this working very long term and for important data is by using the bitcoin blockchain (often called the timechain) as a clock that literally can't be cheated because the proof of work allows you to independently verify that some amount of real world energy and computational machines were consumed to lock in every block. Otherwise, how do you not end up with a Byzantine generals problem?
But maybe I lack imagination.