TrustCoin - follow blocks in blockchain that are approved by known signatures

[timeofmind]

How do you validate new users/miners? Consensus is what occurs after you decide on validation parameters...what stops Corporation X from hiring 25,000 stooges?

Realize that the original idea posted here already achieves that to a great extent because how does corporation X build enough trust by the network to actually get any of its blocks approved? Remember, unless corporation X has its signature in the list of the majority of "miners" it will not be able to get any blocks into the chain.

[timeofmind]

How do you validate new users/miners? Consensus is what occurs after you decide on validation parameters...what stops Corporation X from hiring 25,000 stooges?

Realize that the original idea posted here already achieves that to a great extent because how does corporation X build enough trust by the network to actually get any of its blocks approved? Remember, unless corporation X has its signature in the list of the majority of "miners" it will not be able to get any blocks into the chain.

You have to develop a substantial amount of trust among a large network of paranoids before you can even get your first block approved...

[Fuserleer]

Heh, I chuckled when I saw this, as I just posted about our currency that takes a similar approach to this.

From what we have tested so far with our algos, is that this kinda collaborative approach to peer verification is pretty solid indeed!

Pleas give me a link to your post! I am very interested!

Here you go

https://bitcointalk.org/index.php?topic=220530.0

[timeofmind]

How do you validate new users/miners? Consensus is what occurs after you decide on validation parameters...what stops Corporation X from hiring 25,000 stooges?

Realize that the original idea posted here already achieves that to a great extent because how does corporation X build enough trust by the network to actually get any of its blocks approved? Remember, unless corporation X has its signature in the list of the majority of "miners" it will not be able to get any blocks into the chain.

You have to develop a substantial amount of trust among a large network of paranoids before you can even get your first block approved...

Corporation X would have enough difficulty getting itself approved, very well a whole network of 25,000 individuals! I think the biggest issue to overcome is how to actually build the network of "miners" up to a large volume.

[fenican]

Why would I trust a network run by some private/elite group of miners who only allow their buddies to join the system?

Bitcoin is great because it is fair and democratic.  Anyone with adequate hash power can jump in and start mining

No approval required

[timeofmind]

Why would I trust a network run by some private/elite group of miners who only allow their buddies to join the system?

Bitcoin is great because it is fair and democratic.  Anyone with adequate hash power can jump in and start mining

No approval required

Well, idea is to build this "elitist" group to a large enough volume that it represents a large diversity of individuals and leads to a reliable system of transactions. Why does it matter who is verifying the transactions as long as you have guarantees that this group will do it in a fair manner? That is what this system would try to achieve.

[timeofmind]

Why would I trust a network run by some private/elite group of miners who only allow their buddies to join the system?

Bitcoin is great because it is fair and democratic.  Anyone with adequate hash power can jump in and start mining

No approval required

Well, idea is to build this "elitist" group to a large enough volume that it represents a large diversity of individuals and leads to a reliable system of transactions. Why does it matter who is verifying the transactions as long as you have guarantees that this group will do it in a fair manner? That is what this system would try to achieve.

Like I stated before, the primary goal of this concept is to create a network of "individuals". All that really matters is that every participant is a genuine individual... of course, I suppose this is sort of like "proof-of-stake", where the people who are most heavily invested in the system are equal members of this group.

[timeofmind]

Why would I trust a network run by some private/elite group of miners who only allow their buddies to join the system?

Bitcoin is great because it is fair and democratic.  Anyone with adequate hash power can jump in and start mining

No approval required

Well, idea is to build this "elitist" group to a large enough volume that it represents a large diversity of individuals and leads to a reliable system of transactions. Why does it matter who is verifying the transactions as long as you have guarantees that this group will do it in a fair manner? That is what this system would try to achieve.

Like I stated before, the primary goal of this concept is to create a network of "individuals". All that really matters is that every participant is a genuine individual... of course, I suppose this is sort of like "proof-of-stake", where the people who are most heavily invested in the system are equal members of this group.

The problem with proof-of-work, is that it is difficult to ensure that work is spread out evenly over the widest number of individuals possible, rather than concentrated. That is what this model attempts to solve.

[Etlase2]

timeofmind, I have a system that is much further along in the ideating process linked in my signature. You might find it interesting.

[timeofmind]

timeofmind, I have a system that is much further along in the ideating process linked in my signature. You might find it interesting.

Brilliant! You've solved the problem of being able to mint coins in a "proof-of-stake" only system. That is great news.

[digitalindustry]

timeofmind, I have a system that is much further along in the ideating process linked in my signature. You might find it interesting.

can you link to it ?

[bg002h]

How do you validate new users/miners? Consensus is what occurs after you decide on validation parameters...what stops Corporation X from hiring 25,000 stooges?

Ya. I started this thread at the same time the idea came to me, so I have not yet had much time to think about how to overcome such obstacles. I'm sure there must be a way..

I suppose you could do it socially...ie, only known friends can join the club. But that kind of like centralization in and of itself.

[herzmeister]

Instead of proof-of-work, we use proof-of-origin. Basically, all miners have to prove that they got into the system through the approved channels (ie. by meeting and gaining approval of other miners)

afaik, the Ripple implementation at ripple.com works like that with their Validator concept.

[xorxor]

there are guys having tens of VPS's with  8 cores and VM capability, raping every new coin, or simply mining YAC.
imagine all of those installing 50VM's with a client on every one of them. its easy and fast.

voting is beautiful , low-power idea. sadly, can't be done safetely opensource and decentralised.

to be secure, it has to be ripple-like closed and centralised, and thats no crypto currency, thats company issued credit.