Topic: [ANN][No ico][No bs] etherless - a pow based barrierless EVM (Read 237 times)
Gas works in eth as the amount you pay for the work it takes to run your transaction. A transfer on eth is 21k. 1 tokn would be worth 100k letting u do 5 transfers without having to do the pow on the transaction. If you do the pow you do not need the token.
Interesting project but i didn't get the idea here: Assume 1 token will replace 100k gas. Can you please explain this line for me?
The purpose of this would be to make a decentralised p2p evm network where the barrier to entry will be 0. We do this through removing the need for ether in ethereum. By having the gas fee be a personal transaction hash the network will be able to allow for an open decentralised evm and the ability to perform non monetary operation on information without needing to worry about holding cryptocurrency. This will not affect ethereum but will be somewhat like a fork but remain dependent on the eth project for core functionality. Think of it more for offloading non financial projects like supply chain.
How it works
The underlying implementation of the evm will remain for interoperability and compatibility purposes. The underlying ether will be replaced by a new concensus and fee model. All transactions will have gas costs for operations just as they do now but will also include a pow field with the nonce needed to produce a hash of the transaction that will be more than the gas used if it is not the transaction will just fail. The pow needed will be roughly the network cost to perform the transaction and perhaps an overhead. Like if the transaction were to be a 21k gas transaction taking .01s and the node group would be 5000 then the pow should take more than 50s to perform the pow for. This may be adjusted. Gas will also have a price but will be based off the pow provided. If the pow is 0000 and only 000 was needed for the min pow then the transaction will have a higher priority based on the pow that it has and how much higher it is than was needed. This will allow for prioritization during high use and let the user put more pow behind it to get it confirmed.
Concensus
Concensus will involve validator nodes that will sign using a threshold signature on proposed blocks made from within the group. The group will be allocated a slot by putting up a pow token as collateral for their blocks. 5000 slots will make up this group.
The pow token
For users who are unable to perform the pow this will be able to be delegated to other nodes through a burned pow token. Nodes who have resources to spare might want to use these to produce tokens by special transactions where they create a mint transaction that will look like a transaction to transfer pow token from the coinbase to themselves and by submitting a pow that would match the requirement for the gas cost it will be replacing the resource cost can be moved. This will be the rough process.
Assume 1 token will replace 100k gas
Pow miner submits 10 pow hashs for a pow that meets 200k per for 10 tokens from the coinbase to themselves this will be valid if they meet the minimum threshold. The miner then will be able to transfer this to mobile user bob for .05 USD for 1 token. The transaction will cost 21k and they will get back .79 pow token. The sub group that makes the block whoever submits it will get .3x of the gas tokens in fees. Rest get destroyed. This is pretty open im kind of just playing with the concept none of its final. If you remove the need for paying for a transaction in a fee i feel it opens up the network to applications like on chain messaging or supply chain management. People are far more happy to pay indirectly and it would remove the need to buy eth to use an open network but remain resilient
Note
The mined tokens are not as efficient as doing the pow but they are reimbursed while pow is not.
This is just a late night thought i had none of it is final.
If youd be up to help hit me up.
How it works
The underlying implementation of the evm will remain for interoperability and compatibility purposes. The underlying ether will be replaced by a new concensus and fee model. All transactions will have gas costs for operations just as they do now but will also include a pow field with the nonce needed to produce a hash of the transaction that will be more than the gas used if it is not the transaction will just fail. The pow needed will be roughly the network cost to perform the transaction and perhaps an overhead. Like if the transaction were to be a 21k gas transaction taking .01s and the node group would be 5000 then the pow should take more than 50s to perform the pow for. This may be adjusted. Gas will also have a price but will be based off the pow provided. If the pow is 0000 and only 000 was needed for the min pow then the transaction will have a higher priority based on the pow that it has and how much higher it is than was needed. This will allow for prioritization during high use and let the user put more pow behind it to get it confirmed.
Concensus
Concensus will involve validator nodes that will sign using a threshold signature on proposed blocks made from within the group. The group will be allocated a slot by putting up a pow token as collateral for their blocks. 5000 slots will make up this group.
The pow token
For users who are unable to perform the pow this will be able to be delegated to other nodes through a burned pow token. Nodes who have resources to spare might want to use these to produce tokens by special transactions where they create a mint transaction that will look like a transaction to transfer pow token from the coinbase to themselves and by submitting a pow that would match the requirement for the gas cost it will be replacing the resource cost can be moved. This will be the rough process.
Assume 1 token will replace 100k gas
Pow miner submits 10 pow hashs for a pow that meets 200k per for 10 tokens from the coinbase to themselves this will be valid if they meet the minimum threshold. The miner then will be able to transfer this to mobile user bob for .05 USD for 1 token. The transaction will cost 21k and they will get back .79 pow token. The sub group that makes the block whoever submits it will get .3x of the gas tokens in fees. Rest get destroyed. This is pretty open im kind of just playing with the concept none of its final. If you remove the need for paying for a transaction in a fee i feel it opens up the network to applications like on chain messaging or supply chain management. People are far more happy to pay indirectly and it would remove the need to buy eth to use an open network but remain resilient
Note
The mined tokens are not as efficient as doing the pow but they are reimbursed while pow is not.
This is just a late night thought i had none of it is final.
If youd be up to help hit me up.
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