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Title: Proof of Stake by confirming mined blocks Post by: GoldSparrow on July 15, 2013, 05:57:39 PM What do you think of my Proof of Stake idea?
Block 1: Miner A mines block #1 and attaches an address that proves they control 100 BTC. Miner B mines block #1 and attaches an address that proves they control 150 BTC. Transactions that are agreed on by Miner A and Miner B now have 1 confirmation. Transactions that Miner A and Miner B disagree on are now disputed. Block 2: Miner C mines block #2 (including the next round of transactions) and attaches an address that proves they control 125 BTC. Miner C also attaches a reference to two different versions of Block 1. The version with the higher POS becomes authoritative. In this case, the version of Block 1 mined by Miner B becomes authoritative. Disputed transactions resolve in Miner B's favor. Miner B collects the block reward for Block #1. The block mined by Miner A constitutes a dead fork. Miner D mines block #2 and attaches an address that proves they control 50 BTC. (Miner D also attaches a reference to two different versions of Block 1.) Block 3: Repeat the above process to compare the block mined by Miner C and the block mined by Miner D and give the block reward to Miner C. Title: Re: Proof of Stake by confirming mined blocks Post by: GoldSparrow on July 15, 2013, 07:47:17 PM Combine this with the ability for non-miners to delegate their bitcoins to an address of a miner that they like, and you have something like a system of voting. One bitcoin, one vote.
Also, you could lower the difficulty even further, so that more than two candidates solve each block and are evaluated with regards to Proof of Stake. There is a trade-off here with network propagation, I suppose. |