From: Mike Hearn <mike@plan99•net>
To: Stephen Reed <stephenreed@yahoo•com>
Cc: Jeffrey Paul <sneak@acidhou•se>,
"bitcoin-development@lists•sourceforge.net"
<bitcoin-development@lists•sourceforge.net>
Subject: Re: [Bitcoin-development] Proof-of-Stake branch?
Date: Sat, 26 Apr 2014 20:18:36 +0200 [thread overview]
Message-ID: <CANEZrP36FOqU_+QjjsGiWtbqHg4zQnwz=F+51CE4ngFXb=k+0Q@mail.gmail.com> (raw)
In-Reply-To: <1398422100.68438.YahooMailNeo@web160505.mail.bf1.yahoo.com>
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On Fri, Apr 25, 2014 at 12:35 PM, Stephen Reed <stephenreed@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
> 512.791.7860
>
> On Friday, April 25, 2014 4:42 AM, Jeffrey Paul <sneak@acidhou•se> wrote:
>
> Are proof of stake blockchains compatible with the sidechain/two-way peg
> system invented by Greg (and maybe others - reports unclear)?
> >
> >http://letstalkbitcoin.com/blockchain-2-0-let-a-thousand-chains-blossom/
> >
> >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.
> >
> >Best,
> >-jp
> >
> >--
> >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@hozed•org> wrote:
> >>
> >> This also might be an interesting application of the side
> >> chains concept Peter Todd has discussed.
> >
> >
>
>
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next prev parent reply other threads:[~2014-04-26 18:18 UTC|newest]
Thread overview: 9+ messages / expand[flat|nested] mbox.gz Atom feed top
2014-04-24 23:32 Stephen Reed
2014-04-25 7:33 ` Troy Benjegerdes
[not found] ` <D95AE4AB-DC67-4136-901A-D8F712EB7357@acidhou.se>
2014-04-25 10:35 ` Stephen Reed
2014-04-26 18:18 ` Mike Hearn [this message]
2014-04-26 20:39 ` Mark Friedenbach
2014-04-26 23:44 ` Gareth Williams
2014-04-27 1:22 ` Mark Friedenbach
2014-04-27 2:01 ` Gareth Williams
2014-04-28 12:03 ` Alex Mizrahi
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