[Bitcoin-development] Proof-of-Stake branch?
mike at plan99.net
Sat Apr 26 18:18:36 UTC 2014
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On Fri, Apr 25, 2014 at 12:35 PM, Stephen Reed <stephenreed at yahoo.com>wrote:
> 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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