Bitcoin PoW alternatives?

[l4w]

Hello guys,

are there any efforts being made in order to fight against the ongoing centralization of bitcoin??? With bitmain controlling way more than 40% of mining power and most of mining being in china  Im asking myself if there are any thoughts to actually switch to a PoS or a sort of hybrid system for bitcoin, or have an asic resistant fork that is accepted by the community.

Thanks for any clarification

[butka]

PoS or hybrid (such as PoW & PoS) have security/decentralization concern

Exactly. There's no guarantee that PoS wouldn't introduce centralization. Small holders may have various economic incentives to group together, for example, to reduce expenses and increase profit. Capital investments may also favor larger stake holders that will bring higher profits. It will be interesting to see how things develop if/when Ethereum makes the announced transition to PoS, but my guess is a certain number of large players will soon appear. In any case, PoS is no magical solution to enforce decentralization.

 

[idoadler]

I believe there are a strong case to move away from mining all together, blockchain mining is now monopolized by mining farm and whilst I understand this PoV may not be populat, it is actually destroying the desire to launch work based coin due to the easy of harvesting initially and the speed miners who do not own farms can secure significant influence on the newly issued coin.

[rsacpp]

Introduce private mining (Senate) and public mining (House of Representative) into blockchain ecosystem

In my perception, Proof of work mining is in place to finalize the transaction. And it is the most important piece of the blockchain ecosystem. If there is a counterpart in the real word, probably it would be the US congress. Once president has an idea, need to be passed by the 51% of the congress man. Then it would be the legitimate law.

It is fairly wise that let the majority of the people decide the future of the whole system. The president can only behave well.

However the Father has predicted that the small states interest would be jeopardized as they have less population. Say let California and Alaska play a game according to their population. Alaska will never defeat California.

That is probably the situation in the bitcoin mining field. Those giant players holding big capacity of computing resource are taking advantage of the small capacity players

‘Proof of Stake’ is invented. Somehow it is not the perfect solution, what if it is hacked and yields something evil.

So ‘proof the work’ is the right path. And The Father of the United States has inspired us hundreds of years, split the congress with Senate and House

The same concept in the mining domain would be, introduce private mining and public mining

Private mining: is something needs to be done on specific nodes. (Senate)

Public mining: is something could be done only with computing resource solely (House of the representative)

The detailed steps would be:

The player initiates a transaction, it would produce a proposal, then proposal is reworked on , and produce verdict, (this is the private mining step), and verdict is sent to the public mining, form the blockchain.

Will demonstrate below:

Step1: with the raw statement:

^^jungu::821||70e94c78||1->0x2e001@@b49febb3ab920878$$

jungu is the player,

821||70e94c78||1 is the noteId; 821 is the symbol, 70e94c78 is the noteId, 1 is the quantity

0x2e001 is the recipient of the note,

b49febb3ab920878 is the checksum bit

Step 2: Write the proposal based on the statement

Will get the proposal:

950b75f77d77c9071b8c06f4768f02d2f975731e194bcf3bfaf2ed26ac7ddef568f2c4c51e1db57 ff03e6e75a7a3c509837ecb95ee93fa91ce3cc8105706261bc3d5c6d8afab5dad0fb58409dafb7f 4571cc372f56b31baec41a0f219d1421e91f6a610aa8b4cb8bd8c0b8c96e5b84dd2fbdfea303490 94803fb5e6c4c5d476166e73e7b51fb3043f7de51571946df1fc4010d42d56c8d9178061f69bc9d cd169bbbeed84b7323fe9d15dd05b8231fc813229f05e6c198d021262ea2cf7495d2cc37bb213fc 3909f6ae900f7de18e84ad4ed63990dcef29a90b884dd3d95edaa99932d3747f83e8b251e282a53 54f2bd2399ab29f78aa43c5191c0ff5cb3824b@@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

Step3: private mining (Senate confirm the transaction)

Take in the proposal in step2 and produce the verdict: (Senate confirm the transaction)

950b75f77d77c9071b8c06f4768f02d2f975731e194bcf3bfaf2ed26ac7ddef568f2c4c51e1db57 ff03e6e75a7a3c509837ecb95ee93fa91ce3cc8105706261bc3d5c6d8afab5dad0fb58409dafb7f 4571cc372f56b31baec41a0f219d1421e91f6a610aa8b4cb8bd8c0b8c96e5b84dd2fbdfea303490 94803fb5e6c4c5d476166e73e7b51fb3043f7de51571946df1fc4010d42d56c8d9178061f69bc9d cd169bbbeed84b7323fe9d15dd05b8231fc813229f05e6c198d021262ea2cf7495d2cc37bb213fc 3909f6ae900f7de18e84ad4ed63990dcef29a90b884dd3d95edaa99932d3747f83e8b251e282a53 54f2bd2399ab29f78aa43c5191c0ff5cb3824b@@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

Download the binary file ‘https://821.credit/verify3’

Verify the verdict with “./verify3 ‘verdict’”

Will get the raw statement ^^jungu::821||70e94c78||1->0x2e001@@b49febb3ab920878$$

Can Senate produce a verdict without a proposal?

No, it can’t

What if there is an invalid proposal sent to the Senate?

It will be discarded, produce no verdict

Step4: public mining (House of Representative confirms the transaction)

Take the raw statement, proposal, verdict, and get the sha512 signature

279155dc685121e837f54a0c906de721958980f63be6a9756986b0c93a8c14f61b262f5cef6d098 05ad5cf9d642ccb5935b19051227ec2513ff03b782596b26b

Append the above signature with a value that makes a sha512 signature starting with ‘3333333’

Yeah: found it.

After spending 11 minutes, I find a value ‘0.07708886703295392’, that will work together with 279155dc685121e837f54a0c906de721958980f63be6a9756986b0c93a8c14f61b262f5cef6d098 05ad5cf9d642ccb5935b19051227ec2513ff03b782596b26b and produce a sha512 signature 333333305a00afeeff9a09c8e56d65dc59c3e98cc99c050f3c6d3f287c4ce680fb31ff3fa369ecd 520b5f538b1af40f60a35d9fcb93f0946c5cd0796a4eb25c3

Some amendments:

Senate can’t be only 1 member. Senate will be divided into 3 cliques. They are ‘Clique3’, ‘Clique7’, and ‘Cliquef’. Each clique will have a bunch of members. Those cliques will have different algorithms to back the same transaction. Say Clique3 log the transaction via English, Clique7 log the transaction via Chinese, and Cliquef log the transaction via French.

On an approved valid transaction, the senate should speak unanimously; every member in every clique should all agree the transaction, otherwise the system would stop to analyze the issue, possible case would be one senator is compromised; the whole senate should stop and get rid of that node, and replace or introduce new ones.

For productivity sake, in public mining phase, usually a bunch of transactions is packed together, and do the mining job quite similar to the bitcoin mechanism. Somehow in the private mining phase, the single transaction is settled by itself.

[idoadler]

All mining is doing is providing ability to add security layer by making hacking effort much higher than it would be with centralized system, it does not truly provides load balancing or resource optimization, as a result, the cost of maintaining the environment is sky rocketing, I believe that control of the coin should be centralized and distribution of work should remain distributed, but not the way it is done with current blockchain implementation, I also believe that coins should be align to a commodity or a formal currency, the way it works today is distancing us from using cryptocurrency for daily transactions due to volatility.

we have gone too far, and we are paying the price, cryptocurrency can and should eliminate the needs for banks and cash issuing, how many smart decisions have been made by POW communities, if someone issue a coin, that someone should have control of the coin, if someone is doing work, that someone should be paid for the work, distributed ledger should allow for scalability, efficiency and security, not only security, etherium introduction of smart contracts as part of the distributed model makes no sense to me at all, not all peers should mimic each other, it makes no economic sense.

the future of blockchain in my humble option will have the following characteristics:

1. Centralized control
2. Time limited issue and amount of coins
3. Distributed processing (optimized and determined by centralized control)
4. Metadata is centralized and accessible for validation, compliance and tracking purposes (same applies to smart contract)
5. Enhanced security for distributed processing and centralized systems (e.g. allow admin access to centralized system based on peer majority agreement)
6. No liquid democracy, it is true democracy is the least worse form of government, but time limited monarchy is a better accelerator for technology adoption
7. Not spend time on interoperability, instead, accelerate retirement of legacy systems by increased adoption

I do not endorse Cardano, although there are few good ideas there, I believe it will create additional barriers to innovation.

I am sure additional elements are missed

Ido