[ANN][STEEM][POW] - An experimental Proof of Work blockchain

[Eclipse Crypto]

user names should be all lower case.

What is the algo? ? ? ?


I've been mining with 8 cores and have gotten nothing in 20 blocks. Either a bunch of others figured this out real fast or you are mining with asics.

While any mining algorithm could be used, we would like to introduce a new algorithm that has several beneficial properties. The mining algorithm requires proof that the miner possess the private key for the account that will ultimately produce the block and receive the reward. The algorithm also requires the user to do an elliptic curve signature verification, the optimization of which will benefit the validation of all transactions and lower the cost of operating the network in the long run.

The algorithm:

Let HASH = a secure cryptographic hash function (SHA256 or better)
Let H        = Head Block ID
Let H2      = HASH(H+NONCE)
Let PRI      = Producer Private Key
Let PUB    = Producer Public Key
Let S        = SIGN(PRI, HASH( H ) )
Let K        = RECOVER_PUBLIC_KEY( H2, S )
Let POW  = HASH( K )

To be valid the POW must be less than the target difficulty and RECOVER_PUBLIC_KEY(H2,S) must equal PUB. The miner introduces randomness in either the selection of the NONCE or via the randomness required for elliptic curve signature generation. This, combined with the private key selection should ensure that no two miners are searching the same work space.

By starting and ending the POW with a cryptographically secure hash function we can ensure that any vulnerabilities or computational shortcuts that may exist in the RECOVER_PUBLIC_KEY algorithm or SIGN algorithm will ultimately cause the POW algorithm to revert back to a simple HASH-based POW.

Great. But what is HASH() ? ? ?

HASH() is SHA256, but the algorithm is dominated by RECOVER_PUBLIC_KEY() and SIGN() for which there is no ASIC or GPU code that I am aware of.

I would respond faster, but bitcointalk is rate limiting me to once every 6 minutes.

Cool, thanks. Now, how many cores are you mining with? Because the diff is high.

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[thereverseflash]

Current difficulty:  000001ffffffffffffffffffffffffffffffffffffffffffffffffffffffffff

Most of what we are mining will be given away in the future, so what ever concerns there are about our early mining dominance will not matter in the long run.

Mining is very sensitive to latency due to having less than 3 seconds to receive a block, mine, and broadcast a solution.

[Eclipse Crypto]

Current difficulty:  000001ffffffffffffffffffffffffffffffffffffffffffffffffffffffffff

Most of what we are mining will be given away in the future, so what ever concerns there are about our early mining dominance will not matter in the long run.

Why not back off a little and let some miners find some blocks? I think you are getting them all.

[thereverseflash]

We would like to have the benefits of Proof of Work (aka mining) without the downsides such as unpredictable block production time, mining pool centralization, or the potential for recent blocks to be orphaned. The primary benefits of POW include:

1. An objective measure of quality that is expensive to forge
2. A financial incentive to optimize a useful/necessary computer algorithm
3. A distribution model that attracts tech-savvy users
4. Creation of a robust low-latency network

Unlike traditional mining, block production time is separated from the time when work is performed. When a solution is found that meets the target difficulty, a transaction is submitted the network and included by the current block producer. To be included, the POW must be derived from the current head block. The user is then added to a queue to be included in a future block production round. The target difficulty becomes a function of the queue length. A simple algorithm would require a number of leading 0 bits of a POW hash equal to the number of producers in the queue. We chose to make difficulty equal to queue length divided by 4.

With three-second block times, a POW miner needs to operate a node with minimal network latency so it can get the new head-block as quickly as possible and then submit its result to the network with enough time to propagate to the next block producer.

[Eclipse Crypto]

Current difficulty:  000001ffffffffffffffffffffffffffffffffffffffffffffffffffffffffff

Most of what we are mining will be given away in the future, so what ever concerns there are about our early mining dominance will not matter in the long run.

Why not back off a little and let some miners find some blocks? I think you are getting them all.

What is your hash rate?

3472172ms th_a       witness.cpp:341               on_applied_block     ] hash rate: 19417 hps

[BigCat45]

We spent months working on the code, our only advantage is our knowledge of the code. If you wish to know what Steem is all about then the least you can do is read the code we wrote.

And yet you have no compiled wallets???
FAIL?

[Eclipse Crypto]

Also for the wif format, is this dumpprivkey format ("L...") or bitcoin wif ("5...") ?

[thereverseflash]

Also for the wif format, is this dumpprivkey format ("L...") or bitcoin wif ("5...") ?

Bitcoin: "5...", what is your account name?

FYI: there is a wallet that gets built, cli_wallet.  

./cli_wallet and will connect to ./steemd *if* you launch ./steemd with --rpc-endpoint

[BigCat45]

FYI: there is a wallet that gets built, cli_wallet.  

First folder I checked. Can't compile where I'm at now. Executable (for win) would be very nice to have.
Anywaaaay.... good luck

[thereverseflash]

 "head_block_number": 3933,
 "current_supply": "16818.000 STEEM",

21 STEEM produced every time a POW is included in a block
1 STEEM produced every time a block is created

The POW queue is currently 77 deep this means it takes ~80 minutes from the time you solve a POW until the time you get scheduled to produce a block.

Once scheduled, you get to produce 21 blocks over 21 minutes and you get to earn 21 STEEM each time you include someone else POW in a block you produce.

On average 1 POW is found every minute.

First block produced:

{
  "previous": "0000000000000000000000000000000000000000",
  "timestamp": "2016-03-23T01:12:27",
  "witness": "initminer",
  "transaction_merkle_root": "0000000000000000000000000000000000000000",
  "extensions": [],
  "witness_signature": "1f7ab858d58134f555bd538b74534f17ad88d2bce6bee83fd99c160a5228be929054041cfa7b2e0 13cef39bde76a7e980b7011b1605b53c1721d6430e496f0ab5b",
  "transactions": [],
  "block_id": "00000001274f454c6b7320943c5a5b26e87a89a0",
  "signing_key": "STM8GC13uCZbP44HzMLV6zPZGwVQ8Nt4Kji8PapsPiNq1BK153XTX",
  "transaction_ids": []
}

1 block is produced every 3 seconds.  1 POW every minute.

[Eclipse Crypto]

"head_block_number": 3933,
 "current_supply": "16818.000 STEEM",

21 STEEM produced every time a POW is included in a block
1 STEEM produced every time a block is created

The POW queue is currently 77 deep this means it takes ~80 minutes from the time you solve a POW until the time you get scheduled to produce a block.

Once scheduled, you get to produce 21 blocks over 21 minutes and you get to earn 21 STEEM each time you include someone else POW in a block you produce.

On average 1 POW is found every minute.

3933 blocks is nearly 3 days of mining at 1 minute blocks.

[Eclipse Crypto]

The POW queue is currently 77 deep this means it takes ~80 minutes from the time you solve a POW until the time you get scheduled to produce a block.

What does it look like when you

1) Solve a block
2) Produce a block

[thereverseflash]

The POW queue is currently 77 deep this means it takes ~80 minutes from the time you solve a POW until the time you get scheduled to produce a block.

What does it look like when you

1) Solve a block
2) Produce a block

Blocks are produced on a fixed schedule and must be signed by the private key that did the POW.
POW is a TRANSACTION that gets included by the currently scheduled block producer, the transaction adds you to the queue *IF* the POW is sufficient.

End result: 3 second confirmations (same as BitShares) and 100% predictability in block schedule and no orphan blocks, but you can have orphan POW TRANSACTIONS if they don't get to the scheduled block producer in time.

Block producers have more to gain by including your transaction than by ignoring it, they get paid to include your POW.  You don't get paid for your POW.  You only get paid when you eventually produce a block and/or include someone else POW.

[thereverseflash]

If someone signs two blocks with the same timestamp and someone catches them in a timely manner, they can seize the balance of the "double signer". 

So no one can "produce" on two parallel chains without risking their balance.

[cryptohunter]

nobody can compile us a windows wallet?

[CryptoMaik]

This is a launchdevmine coin.
No gui no instructions...not even a linux compile or nice ANN so he can mine from the beginning without us or the big public and get a lot and easy to mine coins.

Good luck.

[Eclipse Crypto]

This is a launchdevmine coin.
No gui no instructions...not even a linux compile or nice ANN so he can mine from the beginning without us or the big public and get a lot and easy to mine coins.

Good luck.

And he's mining with a ton of hashes too.

[Bigmody]

how i could start mining ?

how to start with Mac?

[Eclipse Crypto]

how i could start mining ?

how to start with Mac?

Unless you have 15 years of experience building tools and troubleshooting software, forget about it.

[Bigmody]

how i could start mining ?

how to start with Mac?

Unless you have 15 years of experience building tools and troubleshooting software, forget about it.

15 years experience ?

how old are you !