While the work product is not created, we are not looking for financing. Now we seek developers who are interested in this idea and who are ready to implement it.
Features of this cryptocurrency:
1) New POA consensus algorithm (Proof of the Auction).
2) Modified block, which can significantly reduce the size.
3) An honest model of issuing money, which will allow investors to significantly reduce risks.
All of us who are at this largest forum dedicated to crypto-currencies. In any case, we come into contact with the ideas of freedom and equal opportunities that the creators of this money invested.
So why do not we repeat in the best traditions, for example, Satoshi Nakamoto, and then like-minded supporters created bitkoyn, and also united to create their own crypto currency. With clear rules and ideas, without greedy devotions and dubious ICO.
If this text and ideas are interesting to you, then do not pass by, join. If you are an interpreter, I would be very grateful if you translated this text and placed it in an English-speaking audience, it will be more numerous and the more we will have the opportunity to collect our team of like-minded people.
New algorithm of consensus POA (Proof of auction).
We will move from bottom to top or from simple to complex.
The user is an ordinary person who does not understand and does not understand what crypto-currencies are, and everything connected with it. Most of them just need to transfer money without any difficulties, quickly and, most importantly, reliably. Therefore, any requirement, including technical, to such a person is minimal.
He just logs in to his account or app on the phone. First he dials the account number to which he wants to transfer money. As soon as he dialed the account number, he will press the CHECK button. The button disappears and the name of another account is displayed (this information is voluntary, it serves only to make sure that the person is not mistaken if he has an account number). It does not show anything, or anything like the iMarket online store. Then he picks up the sum and looks through the section of the commission, which he needs to enter. It has a range of LIQ-LIQ10 or vice versa LIQ10-LIQ. Selects a commission from this range, enters its key manually or selects a file to authenticate the transaction and sends its payment. If he enters the commission from this range, then he has insurance that if within 4 hours the transaction does not pass, then all his money will be returned, and compensation will be paid equal to the commission.
Although LIQ will not be particularly clear, but, nevertheless, I will explain here.
LIQ is the arithmetic average for the user in the current block.
LIQ10 - the arithmetic average for the user in the last 10 blocks.
After sending the payment. The user is reminded:
1) If within 4 hours his transaction does not pass, then his amount is returned to him together with the commission, and the amount equal to his commission is paid in addition to compensation. This insurance, if the commission was not less than the recommended one.
2) In case of detection of double waste, the commission will not be returned.
3) If Blockmaker launches only one of your transactions on its own initiative or immediately cleans the entire transactional drive, it also returns the payment amount, the commission, as well as the amount equal to its commission, is paid as compensation.
In this case, you can also create an interface for advanced users who could see how busy the transaction store is with different Blocks and their restrictions on commissions.
The Blockmaker is a professional participant in the decentralized network. On its server or a powerful computer, locks are completely blocked. To become a blockmaker, you need:
1) have hardware and software.
2) To make a deposit in the equivalent of $ 100 (permanent, it can be returned only after closing, in the absence of claims from the network side).
3) Make a deposit in all commissions for which you create a blog (variable), and you can double at once, so as not to masturbate each time. And then pick it up if necessary.
After the transaction was sent by the user, in accordance with the conditions of the entry level to the commission, it gets to one or another blockmaker in the transaction store. An agreement with your broker for the possibility of making a transaction is made, if everything is in order, then the transaction remains on the disk, if not. This is deleted by a message about the impossibility of the transaction. If the commission is not lower than the recommended one, an insurance contract is concluded.
The storage of transactions has a capacity equal to the number of professional participants (Blockmakers), ie, it is a block of blockade.
As soon as the transaction accumulator becomes full or profitable for the amount of commission, the Blocker enters the stock, creating the block.
Before Blockmaker can begin to disclose its price, it is tested by all the Blocks that are currently participating in the auction. Once the check of Blockmaker and its disk is completed, it can take part.
The mechanism of pricing.Each Blockmaker has a transactional drive. All the commissions that are in this disk belong to him. Suppose that the price of each transaction is 1 satoshi, and our entire network consists of 1000 Blockmakers, which means that every transaction store must contain 1000 transactions. Thus, the amount that this blockmaker will receive is 1 * 1000 = 1000 Satoshi, to create a block from his transactions. 1000 satosh is an income, not a profit. Since 60% of its revenues account for 60% of Blockmakers. In this particular case. From its 1000satoshi, when creating the block, 600Satos will be matched, and 600 boxes will be randomly distributed, but this time no one will receive revenue twice.
Thus, the bidding mechanism becomes simple. Within one minute (approximate time) Blockmakers put prices that are ready to raise the price more, once the highest price is reached and the minute ends, a block is created that enters the blocking block. In our case, Blockmaker assigns a price of 600, and if he first assigned it, then the next person who wants to already assign 1200ats.
In addition, its maximum price should be limited to economic value, work in loss and without profit can not. Therefore, the maximum that can be done is to increase the maximum to deprive itself of 99% of the profit. In our case this Boxer will no longer be able to deliver.
After synchronizing with the new block, all blockers begin to check their own transactional disks. If somewhere the transaction is deleted, Blockmaker leaves the auction until the entire transaction store is full. Then the auction resumes with the rest and the new arrivals.
And now attention, the benefits that are obtained with this algorithm:
1) The capacity of the transaction drive is rigidly tied to the number of Blockmakers. This means that when the network expands, it automatically scales by increasing the number of transactions in each block.
2) There will be no strong commission growth, as the number of Blockers and the number of transactions in the block can increase with the growth of transactions. Those. Theoretically, with the same commission from the user, the profit of Blockmaker may increase due to the cost of the unit from the increase in the number of transactions.
3) The most important and key decision, namely the protection from spam transactions and the artificial increase in the cost of commissions. Even if all your transactions are done. You will still be forced to share the cost of commissions from around the block with 60% of the entire network, but you can not avoid financial losses here. In addition, users who see that their transactions will not pass will increase their commissions. And here you have to fight with the whole network, because the method of building a block auction, ie. Who is willing to pay the maximum price for creating a block in 60% of the network.
Advantages of our cryptocurrency.
This crypto currency will be based on the POA consensus algorithm (Proof of Auction). This algorithm offers the following advantages:
- Easy customers have users who can install them on simple phones. And that there were no problems with the loss of keys, then we need to apply the NXT chip, namely the user can optionally give a file with the keys or restore them by entering a phrase or a piece of text. Thus, it is enough just to remember where the text and your keys are never lost (for example, the text for creating the key can be a passage from the Bible).
- lack of forks. The algorithm gives an unambiguous answer to whom to build your block with transactions in the blockroom.
- Automatic scalability. The number of transactions in the block is equal to the number of Blockmakers in the network. When transactions grow larger and the number of Blockmakers increases, the commission can maintain the former low value for the user, but due to the increase in transactions in the block, Blockmaker's profit of this unit and the network as a whole grow.
- compensation for an unplayed transaction for a certain time. Even if the user's transaction has not passed, then he receives compensation for this. This allows you to reduce the negative experience of using the network and show your responsible attitude to this person.
- Spam attacks by transactions. Strangely enough, but from spam attacks, transactions are good for everyone except this spammer. Blockmakers receive a part of the commission from each block, moreover, thanks to the auction, this amount is maximum, users whose transactions do not pass receive compensation, and our spammer pays maximum for all this pleasure.
- passive and active income of Blockmakers. If you just become a Blockmaker and maintain the network, then you will receive a passive income from the distribution of the amount from the auction by 60% Blockmakers. The distribution is random, one is not paid twice at a time. Active income is obtained when you collect user transactions and winning an auction form the unit.
Now let's move on to the blockade itself. Usually speaking of the blockbuster, many people have a problem of its size. This creates problems, both when you connect, when you need to download a lot of time, and content, the block is constantly growing in size.
Constantly increasing in the sizes of blocking in the POW consensus algorithms is vitally important, because The appearance of forks is built into the algorithm itself. And to come to a consensus, you have to constantly look for a longer chain of blocks.
Our crypto currency is built on another consensus algorithm and the appearance of forks is not there, and there is no requirement to go to the long chain either.
So we can go to the modified block.
In short, our block is a fast database consisting of one table. To us comes a block with transactions approved by the entire network. We go through the database and make changes. After that we hash our table, get a hash, connect the previous hash with the current hash and again hash. We do a check with the network of the resulting hash, if everything is fine, then we leave only this hash and our modified database.
Thus, our block system allows us to save a significant amount of disk space.
However, I believe that if our network will be used in the future by online stores, then it is necessary to leave a chain of blocks with trasactions somewhere in a week. That these organizations are not confused with payments.
Mechanism of issue and cash financing.
We need to strive for full decentralization, not only at the level of protocols and software, but also at the level of community building. It is these principles and methods of implementation that I would like to discuss with you.
The very idea of gradual emission is good, but the question is who decides when this question will be released and who will become the beneficiary in this case. It is here that there is a danger of strong centralization.
This issue will be divided into two: this is the mechanism of money issue and the process of making a decision about creating a problem.
The emission mechanism itself should be automated and look something like this.
After making a decision on the issue on one of the new accounts, the amount of our crypt currency in the equivalent of $ 100 is formed. After this auction is appointed among those who want to buy this amount immediately, the auction should last for 1-3 days (by the time it is necessary to find out what is better). The sale will only be for another crypt currency (most likely it is bitcoin or light green), and therefore Fiat does not exist.
After the winner was determined, and the number of bitcoins was credited to our account, and its currency for it, the number of bitcoins starts to be distributed in equal parts, but randomly 80% (and possibly more) of Blockmakers on their bit-addresses. Let me remind you that in our network Blockmakers are professional network members who check transactions and build blocks where a certain amount from a commission unit is distributed to 60% of the network, including himself, and what is left above, then they take themselves,
Now we need to discuss the second issue of decision-making. Usually all such decisions come to the voting mechanism. The idea is not bad, but the question is how to count the votes.
If users vote, then we will have many problems in how to identify these users from double voting and quality voting. In the end, as I said to the average user, this is a poorly understood person, so the quality of his solution will be low.
Another thing is that Blockmakers, who block their money, which will be more active on the network, spend money on updating equipment and are almost always present on the network, and therefore are more informed and professional in terms of decision-making.
Thus, the choice naturally depends on the Blockmakers, however, in order not to get the situation with the miners, as in bitcoin, we must leave the blocking rule equivalent to $ 100 to become a Blocker. Then we get a low entry threshold for many people, and almost everyone can become blocking, thereby strengthening the decentralization of the network.
So, we have blockmakers, but how to understand how to count their voices. In the end, one person dividing the sum into several parts can get 5 votes if you are counting on blocking the account.
In this regard, in bitcoine, a very good solution was proposed to vote on the creation of blocks, and then get the result of voting on the constructed block map.
Here I suggest to think whether it makes sense to apply this solution. I believe that for the following reasons:
1) the one who creates the blocks, is the most active participant in the network.
2) do not forget that when you create a block, an auction takes place and someone who is willing to pay 60% of the maximum price network for the right to build a unit, so this member is also the most useful for the network, Wins.
Thus, we can assume that this voting method is the best and the easiest.
Now, having decided on the method of voting, I must talk about the mechanism for raising the issue or voting.
As I said in this case, we need to strive for automation and decentralization, and therefore, at the very beginning of the network, we must create a catalog of issues that should be put to the vote, that is, we first select the issue by voting and then we vote on this issue .
At the very beginning of our crypto currency in the catalog of questions there should be only one problem with number 1 about this problem, which is ready and interested in carrying it out, it should put 1 on the creation of its unit. And, say, within a week we are watching how the voting went, if this issue received a certain percentage, then we put a vote on this issue.
Summarizing that, applying these mechanisms, we will get a community with a decentralized decision-making mechanism and benefit from which the maximum number of network participants will receive.
Thank you for the translation of the termion
