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Offline vikram

Slasher: A Punitive Proof-of-Stake Algorithm
« on: January 15, 2014, 05:40:50 PM »

From Vitalik Buterin/Ethereum: http://blog.ethereum.org/?p=39/slasher-a-punitive-proof-of-stake-algorithm

Thoughts on how this compares to the PoS+consensus of BitShares X?

Offline bytemaster

Re: Slasher: A Punitive Proof-of-Stake Algorithm
« Reply #1 on: January 15, 2014, 11:35:14 PM »
Slasher still has mining and is thus a hybrid-mining system that if operating on the bitcoin network would result in $100 million in mining expenses for the DAC each year.
 
Quote
But here we see the difference between proof of work and proof of stake: in proof of work, a miner can only mine on one fork at a time, so the legitimate network will support the legitimate blockchain and not an attacker’s blockchain. In proof of stake, however, as soon as a fork happens miners will have money in both forks at the same time, and so miners will be able to mine on both forks.

This process is solved by Transactions as Proof of Stake because the Coin Days Destroyed by a transaction can only be used on a single chain and cannot be used to confirm all chains.
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Suppose the total money supply is M. At block K, an address A with balance B gains a “signing privilege” if sha256(K.hash + A) < 2^256 * 64 * B / M. Essentially, an address has a chance of gaining a signing privilege proportional to the amount of money that it has, and on average 64 signing privileges will be assigned each block.

There exists a 1/65 chance that random addresses will not be available or online to sign a block. 

Only a small percentage of users will attempt to MINE under this hybrid system which means that the majority of the hashing power is actually allocated to a minority of the share holders.
Quote
At block K+2000, miners with signing privileges from block K have the opportunity to sign the block. The number of signatures is what determines the total length of one blockchain versus another. A signature awards the signer a reward that is substantially larger than the proof of work reward, and this reward will unlock by block K+3000.

More inflation and expenses for securing the network.

Other Comments: This paper shamefully ignores Momentum as a memory hard POW. 

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Offline onceuponatime

Re: Slasher: A Punitive Proof-of-Stake Algorithm
« Reply #2 on: January 15, 2014, 11:51:09 PM »

Other Comments: This paper shamefully ignores Momentum as a memory hard POW.

Maybe he thinks you still work at Let's Talk Bitcoin  ;D

"As Let’s Talk Bitcoin’s Daniel Larmier pointed out in his own exploration on this concept, in a sense Bitcoin itself can be thought of as a very early prototype of exactly such a thing." 
  http://blog.ethereum.org/?p=10/bootstrapping-a-decentralized-autonomous-corporation-part-i

Offline vikram

Re: Slasher: A Punitive Proof-of-Stake Algorithm
« Reply #3 on: January 16, 2014, 06:31:49 AM »

Other Comments: This paper shamefully ignores Momentum as a memory hard POW.

Maybe he thinks you still work at Let's Talk Bitcoin  ;D

"As Let’s Talk Bitcoin’s Daniel Larmier pointed out in his own exploration on this concept, in a sense Bitcoin itself can be thought of as a very early prototype of exactly such a thing." 
  http://blog.ethereum.org/?p=10/bootstrapping-a-decentralized-autonomous-corporation-part-i

To be fair, that's a repost from September: http://bitcoinmagazine.com/7050/bootstrapping-a-decentralized-autonomous-corporation-part-i/

Thanks for the comments Dan :)

 

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