//Not an Official Topic//
Satoshi PoW - forked from Bitcoin PoW:
Date and time (GMT): Saturday, April 27, 2024 4:57:53 PM
Epoch timestamp: 1714237073
Satoshi PoW (BSP) - White paper
https://www.satoshi-pow.orgOriginal Coin:
https://www.bitcoin-pow.org/https://explorer2.bitcoin-pow.org/https://twitter.com/bitcoin_pow?s=21&t=W11rDKE7D3YvZgvKsIKzyghttps://bitcointalk.org/index.php?topic=5477364.0https://t.me/BitcoinPoWPoThttps://dex-trade.com/spot/trading/BTCWUSDT?interface=classichttps://xeggex.com/asset/BTCWWhat is Satoshi PoW?
Satoshi PoW is Bitcoin using proof of work(PoW) and proof of transactions (PoT) to verify blocks.
Combining PoW and PoT results in a highly mining distributed system where every wallet is forced to solo mine.
Satoshi PoW to the rescue - BTCW's lack of scalable proof of resource was the beginning of its problems.
Satoshi's original Bitcoin has become very mining centralized. Combining PoW and PoT is an innovative approach which was first attempted by Bitcoin PoW. Three months after launch, it was apparent that several key issues had to be fixed in BitcoinPoW; Satoshi PoW fixes these issues.
Key issues with BitcoinPoW:
#1 - The growth of hardware resources was too slow and allowed for too much hashrate per computing device.
#2 - Miners were only mining their own transactions.
#3 - User transactions had to wait for community blocks.
#4 - Is it really PoW?
Issue #1.
It is hard to be a decentralized system when only 10 computers can mine the entire network after
4 months of mining. To have a decentralized network, many physical computers should be spread around the world. Satoshi PoW fixes this
issue by adding a small amount of sha256 work to the PoT algorithm to force each computer to work about 256 times harder than BTCW.
- Each utxo has an additional 256 unique attempts (using sha256) at solving the PoT equation.
- Instead of having 5 Million utxos fill a single cpu core to 100% loading, it will now take about 256 times less utxos. There is a
better balance between PoW/PoT.
- One computer with 20 wallets running 5 million utxos each will have an equivalence of 20 wallets running about 20k utxos each.
This translates to one cpu core handling a full block worth of utxos (about 20k utxos).
- Each block full of utxos will now take 256 times the computing power to mine with them.
- Miners who have been excited to fill their ONE computer with 3 million utxos, will now have to go buy 256 computers to keep their
hashrate if all users do the same.
Issue #2
(Miners were only mining their own transactions) is naturally fixed by fixing issue #1. In BTCW, one single computer can take
a month to acheive max loading, this means that as a miner keeps mining more of their utxos every block, they can easly keep adding
to their hashrate with little resource expense. With Satoshi PoW, there is a large expense in their way now. The selfish miners must now
buy a new computer 256 times more often than before. If they choose to stop buying more computers after they filled their house or cloud
with computers, they can no longer keep up with a growing network and as they continue to try to mine their own utxos, they will get less and
less mined blocks every day eventually dwindling down to near zero mined blocks over time.
Miners will also have less incentive to mine their own transactions because txs are less valuable with Satoshi PoW. It takes 256 times less transactions for
the same hashrate. Actual computer hardware will play a large role in mining and are as valuable as transactions now.
Issue #3
Since users will fill their computers to max loading 256 times faster now, they will not be able to keep up with a growing network. Selfish
miners will quickly fade as the network grows and a majority of blocks will be normal community blocks. This will allow normal user transactions
to take place since there is much less competition for utxos now.
Issue #4
BTCW is close to a PoS system, where users just let their ONE computer fill up with their own txs. It takes at least 10 million utxos
before you can consider enough work being done to qualify as PoW. Satoshi PoW pushes into PoW territory by making it 256 times
quicker to maximize loading on a computer.
Note: In order to keep in line with the PoT consensus, it was necessary to limit the amount of sha256 work that can be used. If a larger number like 1024 was used, it would start to be possible to offload these computations to a GPU or ASIC. Keeping the number at 256 allows for resource growth that is 256 times greater than BTCW as well as keeping in line with CPU mining.
Satoshi PoW is a hard fork of BitcoinPoW at block time April 27, 2024 4:57:53 PM. This means that all holders of BTCW at around block time April 27, 2024 4:57:53 PM are also holders of Satoshi PoW (BSP) and are encouraged to start supporting Satoshi PoW since it fixes the issues with BTCW.
