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Author Topic: [ANN] Bitcoin PoW Upgrade Initiative  (Read 26992 times)
Andre_Goldman
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March 31, 2017, 01:14:40 PM
 #221

Here's a schematic of my proposed PoWA (proof-of-work additions) soft-fork blockchain.




New PoW chain is shown in pink, legacy blockchain in blue.

Brief description:

  • New PoW miners and legacy miners mine in parallel. Proofs for the new PoW blockchain's mini-blocks are embedded into legacy chain in a special transaction.
  • All assembling of TXs into blocks and reorgs happen on the new PoW chain. Legacy miners' role is restricted to finding SHA256 hashes, final block assembly (calculating payouts, creating the coinbase TX) and broadcasting the block.
  • Mini-blocks are 100 Kb in size; new PoW blockchain has one-minute block discovery rate (i.e. confirmation time).
  • Mini-block headers are like ordinary block headers but with an added payout address.
  • New PoW miners mine with no downtime. Legacy miners experience an avg. of 10% downtime while waiting for new PoW miners to mine the next proto-block.
  • Initially, 95% of block reward will go to legacy miners and 5% to new PoW miners. Legacy miners' share will be gradually reduced (over a period of years?) until it reaches zero.
  • After legacy miner broadcasts a valid block, new PoW miners assemble all TXs from mini-blocks mined so far into a single Bitcoin block with no Coinbase TX (a "proto-block"), solve the block and broadcast it along with mini-block headers to legacy miners.
  • Legacy miner adds mini-block proofs, TX counts and payout addresses to the special transaction, calculates payouts (initially distributing 95% of reward to himself and 5% equally among new PoW miners), adds payout outputs to Coinbase TX and then solves and broadcasts the block as usual.
  • If new PoW miners solve nine mini-blocks faster than legacy miners solve one block, then they continue mining empty mini-blocks until legacy miners finally solve the block. Thus a block may contain more than 10 mini-blocks.
  • In the reverse case, fewer than 10 mini-blocks will be assembled into a block, and the new PoW miner who assembles the block will add as many TXs to the final mini-block as required in order to reach the blocksize limit (currently 1MB).

All of the above is preliminary and subject to change.


Sounds interesting idea. I'm thinking here about 'Parallelism' and 'Message Passing Interface' ( I will review some academics papers and lectures 101 about 'Parallel Computing Theory'  such as https://www.youtube.com/watch?v=j1H2UbzeNrY ) after these technical (perhaps some GPU/CUDA?)  ..

then, I will think about

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95% reward for legacy miners and the 5% to new POW


... is that roll out would follows the yield curve ?

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April 03, 2017, 06:47:59 AM
 #222

My soft-fork PoWA proposal has been somewhat revised and expanded:

https://bitcointalk.org/index.php?topic=1833391.msg18344077#msg18344077

Discussion of the proposal on Reddit:

https://www.reddit.com/r/Bitcoin/comments/62taef/can_powa_proofofwork_additions_provide_a_way_out/
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April 03, 2017, 11:34:09 AM
 #223

Lets pretend Bitcoin really did upgrade to a new POW algorithm and left all the asics and mining farms, mining equipment and whatnot useless. Is this really what Bitcoin needs? I dont think this will have a good image to the general public. It could be viewed much worse than Ethereum's hard fork.

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April 04, 2017, 07:39:04 AM
 #224

Lets pretend Bitcoin really did upgrade to a new POW algorithm and left all the asics and mining farms, mining equipment and whatnot useless. Is this really what Bitcoin needs? I dont think this will have a good image to the general public. It could be viewed much worse than Ethereum's hard fork.

In every job, if you do not do your work, you get fired.
If Miners stop to work on the protocol that the majority of users want, it's only natural to fire the miners and hire new ones.
Can't see anything wrong with that, it will be seen as a strength of bitcoin.
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April 04, 2017, 08:13:03 AM
 #225

PoWA allows us to just downgrade the miners a bit without firing them. It could be a politically acceptable solution for the entire ecosystem.

My soft-fork PoWA proposal has been additionally revised, with an improved schematic:

https://bitcointalk.org/index.php?topic=1833391.msg18344077#msg18344077

Discussion of the proposal on Reddit:

https://www.reddit.com/r/Bitcoin/comments/62taef/can_powa_proofofwork_additions_provide_a_way_out/
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April 10, 2017, 09:51:21 PM
 #226

Lets pretend Bitcoin really did upgrade to a new POW algorithm and left all the asics and mining farms, mining equipment and whatnot useless. Is this really what Bitcoin needs? I dont think this will have a good image to the general public. It could be viewed much worse than Ethereum's hard fork.

In every job, if you do not do your work, you get fired.
If Miners stop to work on the protocol that the majority of users want, it's only natural to fire the miners and hire new ones.
Can't see anything wrong with that, it will be seen as a strength of bitcoin.

...?

PoW change without virtual unanimity just means you're launching another shitcoin.

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CascadiaCC
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April 27, 2017, 02:36:24 PM
 #227

Lets pretend Bitcoin really did upgrade to a new POW algorithm and left all the asics and mining farms, mining equipment and whatnot useless. Is this really what Bitcoin needs? I dont think this will have a good image to the general public. It could be viewed much worse than Ethereum's hard fork.

Ethereum's hard fork is not viewed poorly by industry. It's price has gone up nearly 6x what it was after the ETH/ETC split. To industry it's hardfork was viewed as the Ethereum Community moving fast to stop a theft. Emphasis on moving fast...unlike Bitcoin.

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