[Bitcoin-development] Proof-of-Stake branch?
stephenreed at yahoo.com
Fri Apr 25 10:35:00 UTC 2014
My understanding is that sidechains require merged mining support and that sidechains create no coinbase transactions themselves. When Bitcoin Core supports the two-way peg then I would update my source code branch to incorporate that or any other change that is released. Ideally, when sidechains can work with PoW Bitcoin, then those same sidechains should work without any changes with PoS Bitcoin running in my testnet.
I will be examining PPC, NXT and whitepapers for ideas that I can implement in such a way as the result can be called Bitcoin. The only difference would be the absence of wasteful Proof-of-Work, and the presence of mining rewards distributed to full nodes in proportion to the amount of bitcoin each is willing to expose to the network. Coin age is a good starting point. A reference peer-to-peer pool developed by me would be responsible for fairly distributing the mining rewards as daily dividend payments to PoS full node pool members.
In a few days, I plan to establish a Proof-of-Stake Bitcoin project thread in the Project Development sub-forum of Bitcointalk. We can continue the technical discussion there, starting with a list of principles.
Stephen L. Reed
Austin, Texas, USA
On Friday, April 25, 2014 4:42 AM, Jeffrey Paul <sneak at acidhou.se> wrote:
Are proof of stake blockchains compatible with the sidechain/two-way peg system invented by Greg (and maybe others - reports unclear)?
>It's my limited understanding that any sidechains in such a model are somewhat cryptographically tied to the PoW system that bitcoin's chain uses. I am seriously curious if alternate decentralized consensus algorithms (proof of execution, proof of stake, et c) are compatible with the sidechain universe as envisioned.
>Perhaps someone with a deeper technical understanding could explain how, if so, or if my incomplete hunch (that alternate consensus algorithms cannot retain compatibility with Bitcoin in a two way peg model) is correct.
>These sorts of "alternate universe" altcoin experiments with different proof models take on a different cost/benefit ratio if they can't ever interoperate as sidechains, which is why I'm curious.
>Jeffrey Paul +1 (312) 361-0355
>5539 AD00 DE4C 42F3 AFE1 1575 0524 43F4 DF2A 55C2
>> On 25.04.2014, at 00:33, Troy Benjegerdes <hozer at hozed.org> wrote:
>> This also might be an interesting application of the side
>> chains concept Peter Todd has discussed.
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