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Author Topic: Proof of Utxo  (Read 476 times)
Lucky Wang
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August 27, 2017, 02:26:31 AM
 #1

DPOS and POS all are more efficient  than POW, and the DAG is  different from others. But the DPOS and POS caused the wealth to be centralized. Now, I've been thinking about a new consensus mechanism lately. It is based on utxo.

the POW Algorithm of Bitcoin is that Calculate a hash problem with a target and  random. I want to replace random with the utxo.
Everyone chose a utxo and broadcast before mine the new block, it will be collect with transactions. Miners mine blocks with the utxos and select the the most qualified utxo(Qutxo). The  owner of Qutxo will be rewarded and the Qutxo status will be tarded .
 
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Lucky Wang
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August 27, 2017, 03:12:49 AM
 #2

We can discuss together!
The rules for selecting QUtxo are as follows:
First, Miner make the `genetic graphs‘ of the utxo in the new transcations. Then , chose the Qutxo with Genetic relationships .
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August 27, 2017, 03:27:40 AM
 #3

The POW in Bitcoin has two amazing qualities - (1) hard to produce and (2) easy to verify.
Indeed, to produce POW, a miner has to do an exponential number of trials (see http://enetium.com/resources/Bitcoin.pdf).
But to verify POW - it is basically a couple of SHA256 cycles.
So, any new POW algorithm has to have these two above qualities.
Lucky Wang
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August 27, 2017, 03:40:07 AM
 #4

yeah! you are right. But the pow cannot avoid  wealth Concentration question. So, the new algorithm maybe avoid the question.
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August 27, 2017, 03:44:24 AM
 #5

Me personally - I think the only viable solution is the like of IOTA coins,
where every transaction has to present a POW for the two pre-existing
transactions (not blocks!). This way, every transaction is guarded by small
POWs so, that the cumulative POW (that guards this specific transaction)
gets stronger over time.
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August 27, 2017, 03:49:44 AM
 #6

this requires that each node have a DAG function, but now ,some node is a wallet. So,  I think , we maybe design a new `pow` to save the bitcoin question.Of course, I agree with your opinion of DAG.
aleksej996
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August 27, 2017, 08:25:13 AM
 #7

So mining will jjust switch to one more operations before the usual mining process, that is creating a UTXO. Miners will be creating addresses and making transactions from their addresses to these new ones and not publish them. When they find the transactions with a UTXO that fits the difficulty, they would publish it. Really not any kind of improvement. There is no limit to amount of addresses and transactions you create, they are not representative of users at all. That is why the created PoS, so million of addresses with 1 cent are not million times more powerful then one address with millions on it, since you can just split them.

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Lucky Wang
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August 27, 2017, 02:55:21 PM
 #8

We set some restrictions,for example, the Qutxo must be more than 1 Btc and coin age of 3 years or more. The calculation pressure will be much smaller.
aleksej996
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August 27, 2017, 04:58:40 PM
 #9

It would really be just a PoS then. More coins you have, means that more bigger then 1 BTC UTXO you can have. You will just be investing on mining for 3 years waiting for payout. All the problems of PoS then come out, it is again that early adapters (and richest) have most of the network control, there isn't really a way for now to escape it.

IOTA coins have some really new and useful idea, but it has it's drawbacks. The consensus proposed in this topic doesn't really propose that much of a difference to a PoS consensus then.

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