Cryptocurrencies can solve a lot of the problems in this world, from international boundaries to central bank failures. That said, we need to keep out eyes on the important factors for determining the conclusive cryptocurrency.
- Decentralized
- Feeless
- Instant
- Secure
We need to take a break from adding on smart contract platforms and supporting "IOT" to finish solving the issue cryptocurrency was support to solve: pay for goods.
We already have many projects who attempt to meet these goals, but all have their faults.
- IOTA nodes are known to require 8 or even 16GB to function properly, and they have had issues connecting to the tangle. Not to mention the coordinator, a centralized entity marking when TXs can be trusted, that crashes the network when it's not online.
- Nano is heavily centralized, with the developers still acting as the representative for over 50% of the network's coins. It also has weak consensus, with double spends possible, even though they are eventually resolved.
We at the Prometheus Project believe cryptocurrency is at a point where these problems can be solved, and it's time to do so.
Using a lattice, a modified form of a DAG akin to what Nano uses, where each address has their own blockchain, with coins moving between blockchains, we can allow instant appending to a blockchain. Unlike IOTA's tangle, a lattice, is a more ordered database not requiring future transactions to provide proof.
This also means all a client ever has to do is store their own blockchain, making storage costs minimal for users.
Of course, this doesn't describe how consensus is achieved. A PoS system backed by PoW is used. Mining a PoW blockchain gives stake, which is then used to approve TXs, without needing to generate work for each TX. This allows the chain to be instant, yet gives us the security of PoW.
When a TX is created, it must get 50.1% of the stake to say they approve the TX. This means no double spends can happen as it could only get 49.9% of the needed confirms, unless a miner went rogue. In that case, it would be forced to a vote, and the miner who double-verified would lose all their stake.
To offset the cost of mining, miners, according to how many TXs they validate and their stake, would be rewarded with new coins, from the network, not an address. This makes the coin inflationary, something most cryptocurrencies aren't. That said, BTC is inflationary until 2140, everyone reading this will likely be dead by then, and we doubt you buy BTC because you believe your great great grandchildren will be able to hold it as a deflationary asset.
Of course, writing up a cryptocurrency's details don't make it real. Work does. A lot of it.
If you want to help create a part of the future, we would like to have you. We need developers in C and Nim. We need people who understand the mathematics behind elliptic curve cryptography and understand the importance of constant time operations. We need people who can write P2P clients and optimize network activity. We need people who understand the potential this project represents. We need people who are willing to work on this, becoming a legal part of our organization, who will be rewarded when the time comes in an amount directly proportional your contribution.
If you are ready to join Project Prometheus, contact us. Feel free to write a bit about yourself, where you’re from, past experience, and why you want to join.
apply@PrometheusProject.ioIf you have any questions, we will answer them in the comments below.
