Bitcoin Forum

Hi all,

I've been working on a sidechain protocol with no trusted third party. You can find the whitepaper here (http://coins.github.io/research/coins.pdf).

Abstract. Coins is a Bitcoin extension designed for payments at scale.  We propose an efficient solution to the double-spending problem using a bitcoin-backed proof-of-stake.  Validators vote on sidechain blocks with one-time  signatures,  forming  a record that cannot be changed without destroying their collateral.  Every user can become a validator by locking bitcoins.  One-time signatures guarantee that validators lose their  stake  for  publishing  conflicting  histories.   Checkpoints  can  be  additionally secured with a bitcoin-backed proof-of-burn.  Assuming a rational majority of validators, the sidechain provides safety and liveness.  The sidechain’s footprint within bitcoin’s blockchain is minimal.  Spawning multiple, independent instances scales horizontally.

Your Feedback is highly appreciated!

Thanks!

Although the technical details go way over my head, I'm very interested to see responses from people who onderstand the details beter than me.

LoyceV: merit this post!