The thread below is the thread for a coin called "Brocoin" commissioned by "Breakout Coin", a coin company. Brocoin was never implemented, due to lack of funds. The original developer , Jay Berg, was a hired consultant, and we were not able to keep him full-time. Jay moved on to a new exciting project, Protoblock.com.
The Breakout Coin project hired a new developer, James Stroud, who completed a ground breaking coin, called "Breakout Chain", with help from, and features inspired by Jay's "Bergstake". Breakout Chain not only has a innovative staking mechanism, but is also a Proof-of-Work chain with many novel existing and planned features. Breakout Chain's features are designed to complement Breakout Coin's business model of seeding mass adoption by providing promotional funds to promising businesses.
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****EDIT*** Thread Closed as of UPDATE
Breakout Initial Coin Offering begins in
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Please Visit Our Website For More Information
http://www.breakoutcoin.com/
Please continue conversation on Announcement thread.
https://bitcointalk.org/index.php?topic=808648.msg9061286#msg9061286
Break out of the endless cycle of cryptocurrencies that promise one
thing then deliver another. Breakout Coin will be the only accepted token for use on the upcoming,
industry-leading Breakout Gaming Platform, which will also feature a built-in Breakout Coin
exchange where players will be able to trade Breakout Coin for bitcoin at their leisure.
Every player on the Breakout Gaming platform is a liquidity provider for the Breakout Coin
network. The ~$40 billion USD online gaming industry is ripe for a cryptocurrency breakthrough
and we are leading the charge.For information regarding our Initial Offering,
please subscribe to our website.Website: http://www.breakoutgaming.comFacebook: http://www.facebook.com/breakoutandwinTwitter: http://www.twitter.com/breakoutgaming
What Makes Breakout Coin Unique?As a company, Breakout Gaming has focused its energy on creating a real, live, and useful gaming platform that brings a “killer-app” to Breakout Coin. As a cryptocurrency, Breakout Coin features Bergstake, fulfilling the promise of Proof-of-Stake efficiency.
When Can I Get Breakout Coin?
There will be an announcement thread around Sept 20th to detail the Breakout Coin initial offering. The purchase window is tentatively scheduled for Oct 4- Oct 18.
Where Can I Purchase Breakout Coin?
Breakout Coin is a decentralized digital currency. For its launch, Breakout Gaming will be hosting a Breakout Coin Initial Offering Sale at the Breakout Coin fundraising website: [url protected]. Once the Breakout Gaming Platform is fully functioning, Breakout Gaming will also feature a Breakout Exchange where players can instantly move into and out of Breakout Coin.
Where Should I Use Breakout Coin?
Breakout Gaming uses Breakout Coin exclusively. Gamers worldwide will be playing on the Breakout Gaming platform. This will create a continuous source of liquidity for Breakout Coin, a never-before-seen feature in previous altcoins.
How Does it work?
Breakout Coin’s unique hybrid block-chain will have a PoW phase followed by a “Proof-of-Bergstake” phase, a new kind of PoS. Making BRO the most advanced PoW /PoS hybrid in existence. The reason for our emulation of CryptoNight’s PoW mechanism is to live up to Satoshi Nakamoto’s original vision of CPU mining. In order for our Bergstake based consensus to work, its initial distribution must be as fair as possible. It needs to be easy and worthwhile for the average user to mine on her home computer and generate her own Bergstake.
NEXT GENERATION PRIVACY FEATURESAnonymous TransactionsBreakout Coin offers the option to use CryptoNote’s ring signatures and one-time addresses for untraceable and unlinkable transactions.
Anonymous Stealth AddressesThrough Breakout Coin's wallet, users can choose to make their transactions untraceable. Stealth is achieved when one-time addresses create a symmetrical key between the sending and receiving parties that verifies the transfer but cannot be tied to other transactions.
ABOUT BERGSTAKE
Breakoutcoin with BergstakeBitcoin’s main innovation was the use of a block-chain ledger to reach distributed consensus. Before Bitcoin, the idea of a public ledger of transactions without a central authority seemed impossible. One bad actor can “double-spend” by sending the same coin to multiple parties at the same time. This will cause the ledger to fork into two separate versions. This is solved by putting all recent transactions into a block, and attaching a “proof-of-work”. Once a block is produced and broadcasted to the network, all parties now have the time-order of the transactions, so only one of the “double-spend” transactions will be valid.
Proof-of-WorkThe Bitcoin proof-of-work is a solution to a “one-way-function”, SHA256. It's a computation that is difficult to solve, yet once you have the solution it is easily verifiable. Bitcoin miners use a brut-force method of trying trillions of possible solutions until one is found. Once found, the miners will create a block containing all public transactions, the proof-of-work solution, and a special generation ”coinbase” transaction. The coinbase transaction allows miners to assign a certain number of coins to themselves. This “block-reward” acts as an incentive for miners, and helps secure the network.
Proof-of-Work problemsBitcoin dynamically adjusts the mining difficulty to target 10 minutes between blocks. As more miners add more processing power, the difficulty increases. Currently, the processing power of the Bitcoin network is 210 million GH/s. The total energy usage is at least 1400 GWh/yr, enough to run a small country, and growing. The proof-of-work computations have no scientific or practical purpose, and are deliberately made hard to prevent attackers from overpowering the network. This waste of energy and the staggering costs involved is one of the major flaws in Bitcoin. An alternative way to secure the network and reach distributed consensus is needed.
Proof-of-Stake solutionProof-of-stake is an energy efficient alternative to proof-of-work mining. The mechanism that determines who gets to sign the next block is based on the amount of stake, or coins, you hold. So someone who own 1% of all coins has a 1% chance of signing the next block, and receiving the block reward. An obvious problem is, if new coins are generated for each block, then the first coin holders will receive all future coins. This is in fact the case, and is why “pure” proof-of-stake coins, such as NXT, are 100% pre-mined. In NXT, all coins are created from the beginning with the intent of distributing the coins to as many different people as possible. Another solution, first seen in Peercoin, is to use a proof-of-work / proof-of-stake hybrid approach. There, initial coin distribution is accomplished with normal proof-of-work, and a switch to proof-of-stake is made after a pre-determined number of blocks.
Proof-of-Stake problemsNothing at stakeA fork in the block-chain is when there are multiple valid signers of the same block. In Bitcoin, when two miners simultaneously solve the same proof-of-work, a fork occurs. When presented with an alternative fork, a bitcoin miner must chose which chain to mine against. Due to the cost of mining and the risk of a missed opportunity, miners will always chose the “correct” chain, and ignore the rest. However with proof-of-stake, miners can easily mine multiple chains without any costs or risks. At the time of a fork there is a good chance that either chain can win, so even an honest miner will process and sign block from both chains.
Stake grindingProof-of-stake block-chains use algorithms that are meant to randomly select the next valid block-signers. Holders of coins with specific public-keys win the right to sign the next block. However, this “random” algorithm can be gamed, because it is still based only on data contained in the block-chain. The technique, known as “costless simulation” or “stake-grinding”, entails “mining” of the block data until it produces a hash that gives your key the right to sign the next block.
Breakoutcoin with Bergstake solutionBreakoutcoin uses the Bergstake hybrid approach. A proof-of-work block-chain is used for the first two years. After two years there is a switch to a proof-of-stake block-chain. In the proof-of-work phase, miners receive special Bergstake in addition to breakout coins as a reward for signing a block. Bergstake represents the right to sign future blocks during the proof-of-stake phase. Bergstake differs from typical coins in that Bergstake is non-transferable and lasts forever .
Bergstake can be thought of as a “virtual perpetual mining rig”. The virtual rig gets built by miners during the proof-of-work phase, as they sign blocks. Those same miners can then “turn on” their Bergstake virtual mining rigs to continue signing blocks in the proof-of-stake phase.
The breakout block-chain has knowledge of alternative forks. This enables any user to provide a “proof-of-double-mining” transaction on the block-chain. This proof that a dishonest miner was mining on multiple chains, will destroy her bergstake. The risk of losing bergstake and potential future block rewards is incentive to mine on only the “real” chain. This core feature fixes the “nothing-at-stake” flaw in proof-of-stake block-chains.
The Breakoutcoin block signer selection algorithm uses only the hash of the previous two signers as input. Stake grinding exploits are mitigated by the fact that all Bergstake ids are known in advance and new Bergstake cannot be generated from existing Bergstake.
