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General Discussion / Re: Proposal for liquidation of short sales
« on: February 28, 2014, 08:19:59 am »(reserved)
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Why is this necessary at all? What's wrong with just having every node do its own proof-of-stake on the set of transactions it knows about?
All nodes must AGREE on the next block to make sure the block chain doesn't diverge. Bitcoin uses the lowest hash to decide what to agree on.
As a result bitcoin is centralized one block at a time.
Bitcoin is also centralized by 10 mining pools which approve 90% of the blocks and just 2 or 3 are required for 51% or more of the blocks.
The UNL list is a set of keys, not IPs.
A hard fork is the market solution to a misbehaving UNL set. Bitcoin would have to perform a hardfork if the government ever got enough control over miners to enforce tainted coins. The difference is that any bitcoin fork would also have to adopt a new POW that the government does not control and thus mean a massive coding change to something along the lines of a UNL.
Your peers cannot find a block
1) Every node publishes their initial transaction set to all other nodes in the UNL
2) A node will then tally the votes each transaction got as a percentage of the maximum (a vote from every node)
3) A node will then calculate the average "consensus" of each proposal by every other node (the average of the values calculated in step 2 for each proposal. This average will then be used as the weight given to that transactions in that nodes proposal. The result is that proposals with higher average consensus get a higher weight than proposals with lower average consensus. If nodes want their opinion to carry weight they need to increase their average consensus in their next proposal.
4) I then recalculate the proposal for the current node by tallying the weighted votes each transaction got based upon the proposals it was included in.
5) I then take all transactions in the top 25% by weighted vote and publish them as my new proposal to all other nodes.
6) Once all transactions in my published proposal have at least 70% of the weighted vote convergence is guaranteed and a block can be produced and the process starts over.