Bitcoin peer-to-peer cryptocurrency with proof-of-stake

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A team of developers is working on bringing a new evolution in the Bitcoin Technology Bitcoin Proof-of-Stake. Bitcoin PoS aims to update the Bitcoin core blockchain network for the future by bringing new advances in addition to everything that the existing Bitcoin core network has to offer.

Unlike the PoW model, the Bitcoin PoS would require minimal hardware and fewer electricity costs compared to Bitcoin mining. To participate in the Bitcoin staking process, you just need to follow the four simple steps. Below are some of the benefits of Bitcoin PoS: Stability: The Bitcoin PoS offers a stable platform to control your money without any intermediaries Low Fees: Unlike the Bitcoin core, the Bitcoin PoS will prevent any sort of network congestion and will keep the transaction fee low.

Fast Payments: Send and receive payments instantly anywhere across the globe on a highly scalable network. This could also make Bitcoin PoS an ideal choice for instant retail payments thereby pushing for mass adoption. Trustworthy Network: Simple and powerfully secure network with a huge number of full nodes.

The current block reward is 6. Proof of Stake Version 3. Security level of the network is not dependent on energy consumption in the long term thus providing an energyefficient and more cost-competitive peer-to-peer crypto-currency. Block chain history and transaction settlement are further protected by a centrally broadcasted checkpoint mechanism. Introduction Since the creation of Bitcoin Nakamoto , proof-of-work has been the predominant design of peer-to-peer crypto currency.

We have since formalized a design where proof-of-stake is used to build the security model of a peer-to-peer crypto currency and part of its minting process, whereas proof-of-work mainly facilitates the initial part of the minting process and gradually reduces its significance. This design attempts to demonstrate the viability of future peer-to-peer crypto-currencies with no dependency on energy consumption.

We have named the project ppcoin. Coin age is simply defined as currency amount times holding period. In a simple to understand example, if Bob received 10 coins from Alice and held it for 90 days, we say that Bob has accumulated coin-days of coin age. Additionally, when Bob spent the 10 coins he received from Alice, we say the coin age Bob accumulated with these 10 coins had been consumed or destroyed. In order to facilitate the computation of coin age, we introduced a timestamp field into each transaction.

Block timestamp and transaction timestamp related protocols are strengthened to secure the computation of coin age. As the mint rate slows in Bitcoin network, eventually it could put pressure on raising transaction fees to sustain a preferred level of security. One naturally asks whether we must maintain energy consumption in order to have a decentralized crypto-currency? Thus it is an important milestone both theoretically and technologically, to demonstrate that the security of peer-to-peer crypto-currencies does not have to depend on energy consumption.

A concept termed proof-of-stake was discussed among Bitcoin circles as early as Roughly speaking, proof-of-stake means a form of proof of ownership of the currency. Coin age consumed by a transaction can be considered a form of proof-of-stake. This is mainly because, similar to proof-of-work, proof-of-stake cannot be easily forged. Of course, this is one of the critical requirements of monetary systems - difficulty to counterfeit. Block Generation under Proof-of-Stake In our hybrid design, blocks are separated into two different types, proof-of-work blocks and proof-of-stake blocks.

In the coinstake transaction block owner pays himself thereby consuming his coin age, while gaining the privilege of generating a block for the network and minting for proof-of-stake. The first input of coinstake is called kernel and is required to meet certain hash target protocol, thus making the generation of proof-of-stake blocks a stochastic process similar to proof-ofwork blocks. However an important difference is that the hashing operation is done over a limited search space more specifically one hash per unspent wallet-output per second instead of an unlimited search space as in proof-of-work, thus no significant consumption of energy is involved.

Thus the more coin age consumed in the kernel, the easier meeting the hash target protocol. For example, if Bob has a wallet-output which accumulated coin-years and expects it to generate a kernel in 2 days, then Alice can roughly expect her coin-year wallet-output to generate a kernel in 1 day. Proof-of-stake block mints coins based on the consumed coin age in the coinstake transaction. A mint rate of 1 cent per coin-year consumed is chosen to give rise to a low future inflation rate.

Even though we kept proof-of-work as part of the minting process to facilitate initial minting, it is conceivable that in a pure proof-of-stake system initial minting can be seeded completely in genesis block via a process similar to stock market initial public offer IPO.

Main Chain Protocol The protocol for determining which competing block chain wins as main chain has been switched over to use consumed coin age. Here every transaction in a block contributes its consumed coin age to the score of the block.

The block chain with highest total consumed coin age is chosen as main chain. First the cost of controlling significant stake might be higher than the cost of acquiring significant mining power, thus raising the cost of attack for such powerful entities. Checkpoint: Protection of History One of the disadvantages of using total consumed coin age to determine main chain is that it lowers the cost of attack on the entire block chain of history. Even though Bitcoin has relatively strong protection over the history Nakamoto still introduced checkpoints in as a mechanism to solidify the block chain history, preventing any possible changes to the part of block chain earlier than the checkpoint.

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Trustworthy Network: Simple and powerfully secure network with a huge number of full nodes. The current block reward is 6. Proof of Stake Version 3. Besides, the Bitcoin PoS also uses a difficulty adjustment algorithm that offers more predictable and less picky block times. This helps it to handle three times more transactions while making transaction confirmation faster. Coinstake Maturity: For every newly minted coin and the stake to mature, it takes around blocks.

Staking occurs only after the coins have matured. These addresses help to calculate the network weight and the expected time to reward. As said earlier, Bitcoin PoS aims to create a faster, efficient, and scalable output of the Bitcoin blockchain to meet future challenges.

It aims to become a world-class financial instrument in the crypto market. Coin age is simply defined as currency amount times holding period. In a simple to understand example, if Bob received 10 coins from Alice and held it for 90 days, we say that Bob has accumulated coin-days of coin age.

Additionally, when Bob spent the 10 coins he received from Alice, we say the coin age Bob accumulated with these 10 coins had been consumed or destroyed. In order to facilitate the computation of coin age, we introduced a timestamp field into each transaction. Block timestamp and transaction timestamp related protocols are strengthened to secure the computation of coin age.

As the mint rate slows in Bitcoin network, eventually it could put pressure on raising transaction fees to sustain a preferred level of security. One naturally asks whether we must maintain energy consumption in order to have a decentralized crypto-currency? Thus it is an important milestone both theoretically and technologically, to demonstrate that the security of peer-to-peer crypto-currencies does not have to depend on energy consumption.

A concept termed proof-of-stake was discussed among Bitcoin circles as early as Roughly speaking, proof-of-stake means a form of proof of ownership of the currency. Coin age consumed by a transaction can be considered a form of proof-of-stake. This is mainly because, similar to proof-of-work, proof-of-stake cannot be easily forged.

Of course, this is one of the critical requirements of monetary systems - difficulty to counterfeit. Block Generation under Proof-of-Stake In our hybrid design, blocks are separated into two different types, proof-of-work blocks and proof-of-stake blocks.

In the coinstake transaction block owner pays himself thereby consuming his coin age, while gaining the privilege of generating a block for the network and minting for proof-of-stake. The first input of coinstake is called kernel and is required to meet certain hash target protocol, thus making the generation of proof-of-stake blocks a stochastic process similar to proof-ofwork blocks. However an important difference is that the hashing operation is done over a limited search space more specifically one hash per unspent wallet-output per second instead of an unlimited search space as in proof-of-work, thus no significant consumption of energy is involved.

Thus the more coin age consumed in the kernel, the easier meeting the hash target protocol. For example, if Bob has a wallet-output which accumulated coin-years and expects it to generate a kernel in 2 days, then Alice can roughly expect her coin-year wallet-output to generate a kernel in 1 day. Proof-of-stake block mints coins based on the consumed coin age in the coinstake transaction.

A mint rate of 1 cent per coin-year consumed is chosen to give rise to a low future inflation rate. Even though we kept proof-of-work as part of the minting process to facilitate initial minting, it is conceivable that in a pure proof-of-stake system initial minting can be seeded completely in genesis block via a process similar to stock market initial public offer IPO.

Main Chain Protocol The protocol for determining which competing block chain wins as main chain has been switched over to use consumed coin age. Here every transaction in a block contributes its consumed coin age to the score of the block. The block chain with highest total consumed coin age is chosen as main chain. First the cost of controlling significant stake might be higher than the cost of acquiring significant mining power, thus raising the cost of attack for such powerful entities.

Checkpoint: Protection of History One of the disadvantages of using total consumed coin age to determine main chain is that it lowers the cost of attack on the entire block chain of history. Even though Bitcoin has relatively strong protection over the history Nakamoto still introduced checkpoints in as a mechanism to solidify the block chain history, preventing any possible changes to the part of block chain earlier than the checkpoint.

Another concern is that the cost of double-spending attack may have been lowered as well, as attacker may just need to accumulate certain amount of coin age and force reorganization of the block chain. To make commerce practical under such a system, we decided to introduce an additional form of checkpoints that are broadcasted centrally, at much shorter intervals such as a few times daily, to serve to freeze block chain and finalize transactions.

Laurie has argued that Bitcoin has not completely solved the distributed concensus problem as the mechanism for checkpointing is not distributed. We attempted to design a practical distributed checkpointing protocol but found it difficult to secure against network split attack. Although the broadcasted checkpointing mechanism is a form of centralization, we consider it acceptable before a distributed solution is available.

Another technical reason entails the use of centrally broadcasted checkpointing.