Not if you want massive hash power to find very long vanity names.
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Wait, do you mean that there will be massive hash power to find long names, or there won't?
Imagine all the hash power that is 'securing' the network would go to finding your vanity address? You could create addresses that have very few random bits and a lot of leading 0's. It would be like a mining pool for vanity addresses.
Well, this is exactly what I'm excited about.
Consider this bitcoin vanity address : 1abcdefghi***....
Solo-mining this address at about 18M keys/s has about a 50% chance for a hit in about 10 days
This address however : 1abcdefghij
Has a 50% chance for a hit in about 300
A 10 characters address is not "very long" by any means
This address : 1abcdefghijk***...
Has a 50% chance for a hit in just about 24 years
So suppose our network is what, 1000 times as strong? 10000 times? Creating addresses such as 1Encyclopedia would still take months if not years to generate.
Should miners participating in this DAC be prepared for years and years of mining?
Maybe it's not even such a bad deal, since difficulty does not change, and is just an outcome of the length of the address that's being mined?
A very interesting concept imo. I would very much like to hear more.