Bitcoin Cooperative Proof-of-Stake whitpaper
4 messages, 20 to 21 May 2014. Started by Stephen Reed.
Stephen Reed, Nick Simpson, Odinn Cyberguerrilla, Benjamin Cordes
I completed a whitepaper for Bitcoin a proof-of-stake version which uses a single nomadic verifiable mint agent and distributed replication of a single blockchain by compensated full nodes to achieve 6-hop, sub-second transaction acknowledgement times. Plus it pays dividends to holders instead of wasting it on miners. Subsidized transaction fees are thus lower.
https://docs.google.com/document/d/1C4m-MFnxw0JjDorzrKs_IRQRqD9ila79o0IDt6KsbcE
Because the code is not yet written, this idea is half-baked so to speak. Comments appreciated on my project thread, which will be a development diary. I plan a hard fork of the Bitcoin blockchain in early 2016, after a year of public system testing, and conditioned on wide approval.
https://bitcointalk.org/index.php?topic=584719.msg6397403#msg6397403
-Steve
Stephen L. Reed Austin, Texas, USA 512.791.7860
Referring to the subsidy for miners as "wasting it on miners" isn't going to garner you much favor.
On May 20, 2014 11:12:53 AM CDT, Stephen Reed <stephenreed@yahoo•com> wrote:
Quoted text (40 lines)
>I completed a whitepaper for Bitcoin a proof-of-stake version which >uses a single nomadic verifiable mint agent and distributed replication >of a single blockchain by compensated full nodes to achieve 6-hop, >sub-second transaction acknowledgement times. Plus it pays dividends to >holders instead of wasting it on miners. Subsidized transaction fees >are thus lower. > >https://docs.google.com/document/d/1C4m-MFnxw0JjDorzrKs_IRQRqD9ila79o0IDt6KsbcE > > >Because the code is not yet written, this idea is half-baked so to >speak. Comments appreciated on my project thread, which will be a >development diary. I plan a hard fork of the Bitcoin blockchain in >early 2016, after a year of public system testing, and conditioned on >wide approval. > >https://bitcointalk.org/index.php?topic=584719.msg6397403#msg6397403 > >-Steve > >Stephen L. Reed >Austin, Texas, USA >512.791.7860 > >------------------------------------------------------------------------ > >------------------------------------------------------------------------------ >"Accelerate Dev Cycles with Automated Cross-Browser Testing - For FREE >Instantly run your Selenium tests across 300+ browser/OS combos. >Get unparalleled scalability from the best Selenium testing platform >available >Simple to use. Nothing to install. Get started now for free." >http://p.sf.net/sfu/SauceLabs > >------------------------------------------------------------------------ > >_______________________________________________ >Bitcoin-development mailing list >Bitcoin-development@lists•sourceforge•net >https://lists.sourceforge.net/lists/listinfo/bitcoin-development
Quoted text (6 lines)
> I completed a whitepaper for Bitcoin a proof-of-stake version which uses a > single nomadic verifiable mint agent and distributed replication of a > single blockchain by compensated full nodes to achieve 6-hop, sub-second > transaction acknowledgement times. Plus it pays dividends to holders > instead of wasting it on miners. Subsidized transaction fees are thus > lower.
I look at this and agree of course that the nodes are decreasing, see, https://getaddr.bitnodes.io/ But when I see stuff in the white paper like "misbehaving nodes" in the context of an "audit agent," a "single non-forking blockchain," the notion of "Misbehaving nodes" that would be "banned from the network" so as to "motivat(e) honest behavior," ~ really, all of this does sound as though a sort of morality is being formulated rather than a mathematical solution.
This is not to say that the white paper hasn't addressed a problem that needs to be addressed, namely... the problem of the nodes disappearing, and a few other things. But to take that and then layer onto that the issues associated with proof of stake... There does seem to be a simpler way to address this and I think first without suggesting the complex issue of some kind of thing that would involve dividends for those in a proof-of-stake system, consensus achieved by stake-weighted voting, and so forth, one would be better off removing all references to voting and stake, and determining ways simply to incentivize more substantively those who actually run a full node. Additionally I am hesitant to characterize behavior as has been described in the white paper, as it would seem that (in such a system) there would be an inclination or a tendency to exclude certain patterns or groups of participants rather than determine ways in which all participants or potential peers can serve the network.
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> > https://docs.google.com/document/d/1C4m-MFnxw0JjDorzrKs_IRQRqD9ila79o0IDt6KsbcE > > > Because the code is not yet written, this idea is half-baked so to speak. > Comments appreciated on my project thread, which will be a development > diary. I plan a hard fork of the Bitcoin blockchain in early 2016, after a > year of public system testing, and conditioned on wide approval. > > https://bitcointalk.org/index.php?topic=584719.msg6397403#msg6397403 > > -Steve > > Stephen L. Reed > Austin, Texas, USA > 512.791.7860------------------------------------------------------------------------------ > "Accelerate Dev Cycles with Automated Cross-Browser Testing - For FREE > Instantly run your Selenium tests across 300+ browser/OS combos. > Get unparalleled scalability from the best Selenium testing platform > available > Simple to use. Nothing to install. Get started now for free." > http://p.sf.net/sfu/SauceLabs_______________________________________________ > Bitcoin-development mailing list > Bitcoin-development@lists•sourceforge•net > https://lists.sourceforge.net/lists/listinfo/bitcoin-development >
I'm doing a hard fork, too. In my version 78% of the wealth will go to me, which I will redistribute on based on personal preferences. Come and join me into a new and obviously superior system.
More seriously though: the paper is not bad, but I can guarantee you that Bitcoin will *never* change that drastically. That's the whole point. It has an indestructible kernel (think DNA). Rather it will do a slow death, probably in 5-10 years. If you care for PoS than just launch your own.
On Tue, May 20, 2014 at 6:42 PM, Nick Simpson <nick@mynicknet•com> wrote:
Quoted text (58 lines)
> Referring to the subsidy for miners as "wasting it on miners" isn't going > to garner you much favor. > > > On May 20, 2014 11:12:53 AM CDT, Stephen Reed <stephenreed@yahoo•com> > wrote: > >> I completed a whitepaper for Bitcoin a proof-of-stake version which uses >> a single nomadic verifiable mint agent and distributed replication of a >> single blockchain by compensated full nodes to achieve 6-hop, sub-second >> transaction acknowledgement times. Plus it pays dividends to holders >> instead of wasting it on miners. Subsidized transaction fees are thus lower. >> >> >> https://docs.google.com/document/d/1C4m-MFnxw0JjDorzrKs_IRQRqD9ila79o0IDt6KsbcE >> >> Because the code is not yet written, this idea is half-baked so to speak. >> Comments appreciated on my project thread, which will be a development >> diary. I plan a hard fork of the Bitcoin blockchain in early 2016, after a >> year of public system testing, and conditioned on wide approval. >> >> https://bitcointalk.org/index.php?topic=584719.msg6397403#msg6397403 >> >> -Steve >> >> Stephen L. Reed >> Austin, Texas, USA >> 512.791.7860 >> >> ------------------------------ >> >> "Accelerate Dev Cycles with Automated Cross-Browser Testing - For FREE >> Instantly run your Selenium tests across 300+ browser/OS combos. >> Get unparalleled scalability from the best Selenium testing platform available >> Simple to use. Nothing to install. Get started now for free." >> http://p.sf.net/sfu/SauceLabs >> >> ------------------------------ >> >> Bitcoin-development mailing list >> Bitcoin-development@lists•sourceforge•net >> https://lists.sourceforge.net/lists/listinfo/bitcoin-development >> >> > > ------------------------------------------------------------------------------ > "Accelerate Dev Cycles with Automated Cross-Browser Testing - For FREE > Instantly run your Selenium tests across 300+ browser/OS combos. > Get unparalleled scalability from the best Selenium testing platform > available > Simple to use. Nothing to install. Get started now for free." > http://p.sf.net/sfu/SauceLabs > _______________________________________________ > Bitcoin-development mailing list > Bitcoin-development@lists•sourceforge•net > https://lists.sourceforge.net/lists/listinfo/bitcoin-development > >