elambert (OP)
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October 01, 2013, 09:38:48 PM
Last edit: October 20, 2013, 10:11:51 AM by elambert |
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As the CGB community is aware, CGB PoW subsidy has been decreasing at a rapid rate as we approach the minting of 1 million CGB. The next subsidy halving to 1.25 CGB per block is scheduled to occur at block 145k - estimated to take place this coming Sunday. This PoW subsidy halving will continue, approximately every month, until the baseline subsidy of .01 is reached.
Phasing Out PoW
As initially planned, we are presently researching the possibility of changing this design and becoming the first PoS only crypto commodity and phasing out PoW completely, sorry miners. In such a scenario all transactions would be confirmed via PoS blocks making CGB the most energy efficient crypto commodity. One of the concerns is consistency and regularity of PoS block generation as this would be the apparatus for confirming transactions. In a quick analysis of the last 6 days of CGB's blockchain (blocks 129889 thru 137962) we have identified the following:
- 977 PoS blocks occurred during this time frame
- Average time between PoS blocks was 8 minutes ranging from less than 1 minute to 2h 36m
- Only 3 of the 977 blocks were spaced by > 1hr (69 min, 70 min and 156 min respectively)
- 25% occurred within 2 minutes of the previous PoS block
- 52% occurred within 5 minutes of the previous PoS block
- 72% occurred within 10 minutes of the previous PoS block
- 83% occurred within 15 minutes of the previous PoS block
- 89% occurred within 20 minutes of the previous PoS block
- 96% occurred within 30 minutes of the previous PoS block
Based off of this data sample set, we can assume that almost all transactions (96%) would be confirmed within 30 minutes with an 8 minute average confirmation time based on running off PoS alone. As time goes by of course, PoS blocks will continue to become more prevalent and confirmation time will thereby continue to accelerate.
Guaranteed PoS Blocks
We have 30 wallets that will be incrementally deposited with 1 CGB every 8-12 hours for a span of 90 days, which will remain untouched, forever. This ensures a lower bound in the frequency of PoS blocks found in the future. And as these wallets create stake rewards, this lower bound will increase over time.
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Hazard
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October 01, 2013, 09:40:31 PM |
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Interesting.
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baritus
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October 01, 2013, 09:58:10 PM |
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I support this experiment  . |
Digitalcoin - Sha256, Scrypt, x11 Mining - Multi-algorithm & One Click Masternodes - Founded in 2013
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BCNext
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Activity: 56
Merit: 60
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October 01, 2013, 10:09:51 PM |
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As initially planned, we are presently researching the possibility of changing this design and becoming the first PoS only crypto commodity and phasing out PoW completely, sorry miners. In such a scenario all transactions would be confirmed via PoS blocks making CGB the most energy efficient crypto commodity.
I like competition. You should do the phasing by the end of this year otherwise you won't be the first PoS only crypto. https://bitcointalk.org/index.php?topic=303898.0 |
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ronimacarroni
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October 01, 2013, 10:12:23 PM |
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I've just realized this might be the first currency in history that's 100% inflation free.  |
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zepadee
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October 01, 2013, 11:04:57 PM |
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I don't get it.
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mercSuey
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October 01, 2013, 11:17:13 PM |
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I support this experiment . If this is successful, then exchanges will be even more integral to the industry. So we support your experiment as well.  Cheers! -Merc |
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elambert (OP)
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October 02, 2013, 08:24:45 AM |
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As initially planned, we are presently researching the possibility of changing this design and becoming the first PoS only crypto commodity and phasing out PoW completely, sorry miners. In such a scenario all transactions would be confirmed via PoS blocks making CGB the most energy efficient crypto commodity.
I like competition. You should do the phasing by the end of this year otherwise you won't be the first PoS only crypto. https://bitcointalk.org/index.php?topic=303898.0Very interesting project you have going there. We will certainly be watching. Good luck! |
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elambert (OP)
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October 02, 2013, 08:26:29 AM |
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I've just realized this might be the first currency in history that's 100% inflation free. Close to, remember though, there will still be minimal inflation due to PoS generation. |
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Lauda
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Terminated.
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October 02, 2013, 04:44:45 PM |
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Very interesting. Soon I won't be able to mine as much.  |
"The Times 03/Jan/2009 Chancellor on brink of second bailout for banks" 😼 Bitcoin Core ( onion) |
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Balthazar
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October 02, 2013, 06:28:09 PM |
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mercSuey
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October 02, 2013, 06:45:08 PM |
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Yes, we're aware. We are researching possible solutions and overlay schemes. |
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mercSuey
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October 02, 2013, 07:08:40 PM
Last edit: October 02, 2013, 07:58:53 PM by mercSuey |
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Nevertheless, if PoW profitability continues to decrease at its current rate, network hashrates will likewise decrease. And PoW/PoS blockchains will be much more vulnerable--insecurity is increasing as profitability decreases. But we anticipated this scenario from launch, and we're aiming to avoid the PoW network hashrate crashes by taking it out of the equation by accelerated subsidy halving. At the very least, it is not economically viable to conduct a 51% stake attack. We are more concerned with DOS attacks. But integrating coinjoin with an additional overlay scheme might provide a solution. I hope to have something on testnet soon. -Merc |
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