Gmaxwell bitcoin minerals
Here are a few of the ideas which I think would be most interesting to see in an altcoin. A few of these things may be possible as hardforking changes in Bitcoin too but some represent different security and economic tradeoffs and I don't think those could be ethically imposed on Bitcoin even if a simple majority of users wanted them as they'd be forced onto the people who gmaxwell bitcoin minerals want them.
The idea behind bytecoin is that there is a fixed supply of 21 trillion bytes. Mining bytecoin gives you access to these bytes through a geometrically delaying initial "cosmic inflation" subsidy: Every txout has a size value plus an excess bytecoins value.
A txout can not be bigger than its total bytecoin value. A bytecoin confers the right to store one byte in the system's utxo set for some maximum lifetime. The excess gmaxwell bitcoin minerals of a bytecoin txout is decreased over time at some multiple of the whole txout size and when it reaches zero the whole txout is pruned recovered bytecoins are added back to the slow geometric distribution pool.
The marginal redemption cost of a bytecoin output is prepaid see abovebut gmaxwell bitcoin minerals reclaimable prepayment starts at zero and matures at the same rate as the excess value decay to rate-limit transactions, prematurely reclaiming bytecoin sends the immature prepayment to the geometric distribution. Because the above stuff moves all the storage costs into the utxo set, the system has a fixed maximum storage operating cost, and is free of negative storage externality.
It would be not as good as a currency as Bitcoin is because the usefulness of the storage is economically distorting, but it would be much better as a broadcast storage medium.
A version where the byte supply isn't constant but is instead based on a miner proof of throughput gmaxwell bitcoin minerals increases the available storage based on some function of the miners POW query speed might also be interesting.
Some of these ideas are mine, some are from other people, some are old and obvious Replace transaction merkle tree with a Merkle-sum-tree e. This allows SPV nodes to stochastically validate the subsidy in blocks by fetching a random leaf and then fetching its txins.
When any rule violation is found, a proof or pointer to it gets flooded. Each transaction or signature? Gmaxwell bitcoin minerals transaction's fees are only valid or only their full value? This would let people making bitcoin transactions 'vote with their gmaxwell bitcoin minerals on the identity of the chain they consider important.
This isn't a viable POW replacement, but would greatly reduce the economic benefit of mining moderate depth forks, esp gmaxwell bitcoin minerals fees begin to dominate the block reward. Deep checkpoints could be automatically triggered by observing a critical mass of coins-day-destroyed confirming them— creating a PoS-ish system, though this is subject to the 'nothing at stake' problem of PoS, and is probably very gmaxwell bitcoin minerals.
This way if you have a stream of utxo queries coming in, you can make the work of them mine for you. Validation then, is mining. If you don't have enough gmaxwell bitcoin minerals coming in you just make some up at random. POW which turns the distributed computation into ticking for timelock gmaxwell bitcoin minerals An infinite sequence of nothing-up-my-sleeve numbers are taken as an infinte sequence of ECC public keys. Searching the pow involves finding distinguished points along a Pollard's rho DLP solution trying to crack the key.
When the key is cracked the problem is advanced to the next key. People can then encrypt messages with all of the keys between now and sometime in the future and network will crack them, achieving a timelock. Probably incompatible with merged mining and other POW schemes. Making the difficulty adaptive either makes far in the future messages impossible because the problem size wouldn't be known long in advanceor requires increasingly big headers as the difficulty would require gmaxwell bitcoin minerals on multiple problems concurrently.
Demurrage is one possible construction for this, but its economically and educationally complicated. Simpler would just be having a long but finite maximum. Represent the gmaxwell bitcoin minerals as a merklized abstract syntax tree. The P2SH address is the root. When spending the spender only may provide only the branch they are executing, and hashes for the unexecuted branches.
This increases privacy and can compress long scripts on spend. One problem is that it's possible to create UTXO that are unprofitable to redeem. Pruned history Structure transactions so that the parts needed for validation txins, scriptsigs are separate from the output data gmaxwell bitcoin minerals, output and fee values and put them in separate hash trees.
All nodes fully prune all data more gmaxwell bitcoin minerals a few thousand blocks back. Massive space savings and improvements in syncup speed. Massive security loss— an attacker that can construct a gmaxwell bitcoin minerals reorg can steal all the transacted coin beyond a certain depth.
Normative and committed merklized UTXO data structure allows full validation of current blocks by storageless nodes with SPV security Can be complimented by proof-of-misbehavior messages that show a block is invalid by packing up the tree fragments that provide the data needed to gmaxwell bitcoin minerals its invalidity ZKP Validated checkpoints— Is it possible to use computational integrity to create compact constant gmaxwell bitcoin minerals checkpoint proofs that show that a checkpoint was the result of a faithful validation of the blockchain?
This could be used to give pruned history the same security as full Bitcoin up to the limitations of the integrity proofs. Trusted computing reorg-doomsday preventers.
Allow people running trusted computing with remote attestation to sign burred blocks with a program that will never sign a conflicting fork the branches off more than N e. Further ensure their faithful operation with fidelity bonds on another cryptocurrency.
Chain folding If nodes don't actually need to validate gmaxwell bitcoin minerals chain data because of committed UTXO gmaxwell bitcoin minerals pruned historyit would be possible to 'fold up' the historic chain: Nodes which are validating just to gauge difficulty can skip the intermediate blocks.
This can be applied recursively. If the backpointers are randomized and every block is a candidate summary you end making the chain a merklized skiplist. Alternatively, do not store a UTXO set. Instead encode the transactions outputs in the blockchain in a merkle mountain range an insertion ordered fully populated binary tree, setup to make appends cheap over the whole chain. Transactions are required to provide the update proofs that show their inputs in the tree and thus also gmaxwell bitcoin minerals you to null them out.
This means that gmaxwell bitcoin minerals validating nodes and miners can be basically storageless, but wallets must take on the cost of remembering their own coins.
Adaptive block speed If nodes can merge in orphans for the prior few? This could be used to achieve closed loop control of the block target speed. Thought would need to be given on what the right incentives would be to make sure that all the merging is done the obvious thing to do would be to add the difficulty in for the best chain preference.
Merges are motivated by being counted in the sum-difficulty— your chain is longer if you merge. Merges wouldn't merge transactions, just difficulty. Merges would bloat blocks, and very fast blocks would result in a lot of header data but these are less significant with folding esp if summary blocks never included merges.
If blocks are fast that might incentivize not mining transactions. Aligning POW with the work of validation may help. I think the merging for difficulty stuff is more or less one of Amiller's ideas Support for ed signatures and lamport signatures Both are significantly faster than Bitcoin's ECDSA, lamport is QC hard but would result in enormous gmaxwell bitcoin minerals less of an issue with pruned history.
With libsecpk1 ed is only 2x not faster. Also it has a non-prime order— cofactor of 8. Alternatively, Guy Fawkes signatures Direct support for validating unblinded chaum tokens of some kind Makes off-chain chaum banks easier to integrate e. Because its blinded the bank can't tell they're signing a redemption cert and so can't prevent you from redeeming your coins against the chain without denying all service.
Switch to gmaxwell bitcoin minerals value encoding which is arbitrary precision Removes divisibility concerns forever Perhaps allow coinbase votes to increase the permitted precision. May also allow more compact transactions for typical transactions with a finite number of significant digits adam3us proposes preventing mining policy blockading by blinding inputs. Gmaxwell bitcoin minerals transaction is mined but it isn't clear which inputs its spending.
Fees are paid by unblinded inputs to prevent DOS attacks. Blinding is done in such a way that double spends are still obvious. See also Hardfork Wishlist. Retrieved from " https: Navigation menu Personal tools Create account Log in.
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The financial model of Covesting could then be revised. Few, if any of the available exchanges are able to handle the demand of continued user growth in their current state. Hedgefunding Is worlds most profit generating concept. For investors in traditional markets, such a litany of dangers is a familiar sight gmaxwell bitcoin minerals the documents list almost every conceivable thing that could go gmaxwell bitcoin minerals.