Transactions as Proof-of-Stake & The End of Mining

[bytemaster]

I am really looking for attacks on my pos system


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can we develop a system to avoid the 51% attack totally , I have some thinking , in democratic society, one person have  larger  power and he only have one vote,  a node have larger power of hash ,it is only mean  he have the larger capacity for mining,  not the larger power of main chain,
we can think as following
1. one node cannot find two continuous bolck
2. the difficulty of every node is different,  for example if the node not find the bolck in 10min , the difficulty is same as the normal  difficulty, but if the node can one bolck in 10 min the difficulty become the 2*normal difficulty ,  if find 3 bolck in 10min ,the difficulty become the 4*normal difficulty , and so on ,   if we need to 6 bolck confirm , though a man have 51% power of hash , he also cannot carry out 51% attack.

There is no way to identify nodes, all we have is 'information'.   Difficulty is irrelevant because proof-of-stake determines longest block and nodes cannot cheat this.   Just like any company where a shareholder who owns 51% of the stock can do anything they want (more or less), the same applies to DACs.   There is no way around the 51% ownership attack in a world subject to sybil attacks.

[WaPTS]

I am really looking for attacks on my pos system


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can we develop a system to avoid the 51% attack totally , I have some thinking , in democratic society, one person have  larger  power and he only have one vote,  a node have larger power of hash ,it is only mean  he have the larger capacity for mining,  not the larger power of main chain,
we can think as following
1. one node cannot find two continuous bolck
2. the difficulty of every node is different,  for example if the node not find the bolck in 10min , the difficulty is same as the normal  difficulty, but if the node can one bolck in 10 min the difficulty become the 2*normal difficulty ,  if find 3 bolck in 10min ,the difficulty become the 4*normal difficulty , and so on ,   if we need to 6 bolck confirm , though a man have 51% power of hash , he also cannot carry out 51% attack.

[bytemaster]

So the basic idea is that the more coin-days destroyed in a given block, the lower the difficulty. But even if someone had enough computing power to find blocks that only destroyed a few coin-days, their chain would still be rejected, because proof of stake is used as the primary judge of chain size, not proof of work. Therefore, the fastest growing chain will be the one that includes the most transactions, which keeps the network healthy. The only flaw I can find is the possibility of somebody finding a way to factor public keys to derive the private keys, but I think we can all agree that if this happens, we have much bigger problems to deal with.

Exactly


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[phoenix]

So the basic idea is that the more coin-days destroyed in a given block, the lower the difficulty. But even if someone had enough computing power to find blocks that only destroyed a few coin-days, their chain would still be rejected, because proof of stake is used as the primary judge of chain size, not proof of work. Therefore, the fastest growing chain will be the one that includes the most transactions, which keeps the network healthy. The only flaw I can find is the possibility of somebody finding a way to factor public keys to derive the private keys, but I think we can all agree that if this happens, we have much bigger problems to deal with.

[bytemaster]

I am really looking for attacks on my pos system


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[phoenix]

Phoenix: If you're interested read up on current Proof-of-Stake methods work to see how they distribute their coins, Peercoin is the largest by far right now.

Thanks, I think I have a general idea of how Peercoin does it, but it looks like Bytemaster will be doing it differently, with all the Bitshares released at the start, based on Protoshares.

[bytemaster]

Dividends come from trx fees and would still exist. 


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[Pocket Sand]

In that case do you still think you would offer dividends on Bitshares?

Phoenix: If you're interested read up on current Proof-of-Stake methods work to see how they distribute their coins, Peercoin is the largest by far right now.

[bytemaster]

If proof of stake can work on its own then why would we need new coins.  I want to maximize bts value. 


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[phoenix]

How will new BTS come into existence after the initial release? Or will they all just be based from PTS?

[bytemaster]

If theory in the OP holds it will be proof of stake where initial stake is determined by pts


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[Pocket Sand]

All of that said a premine coin sold into existence like mastercoin secured by mining may be the best of all. 

No that is not our plan for bitshares because we do not need to raise capital for bts.


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So is bitshares at the moment still planned to be traditional mining for generation of new coins? I apologize I might have been thrown off by the thread's earlier discussion.

[bytemaster]

No that is not our plan for bitshares because we do not need to raise capital for bts.


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[Pocket Sand]

Bitcoins was in the least sense of the word: Centralized.
Satoshi developed the software over a year and a half and allowed other developers to aid him completely open source.

On the other hand you're talking about controlling the money supply.

So is the plan at the moment to begin like Mastercoins and have a sell off of coins from Invictus? If so will you be selling the coins relative to the market price of Protoshares?

[bytemaster]

All systems start out centralized including bitcoin and proto shares.   

Decentralized is all about control and is something that is achieved as a system matures. 

Without our vc funding which is centralized protoshares would not have raised enough money for us to deliver. 

Most major undertakings require centralization of capital.   I know no open source projects that did not start life centralized. 




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