then Flavatron wakes up one day. and someone stole his cat.
not for their own mining purrrrrrrrposes but because they think Flavatron is so scatty that his pet must be neglected, so they take it for the safety of the cat.
anyway i enjoyed the laughs. kinda early for april fools. but still 5 minutes of entertainment..
...im not even going to pretend its a viable idea and poke at the many flaws
moving on
Topic: I propose an alternative to the POW consensus mechanism (Read 53 times)
The new name for cat sanctuaries everywhere! 😁
There is an old lady that lives next door. She must have over 100 cats. Gold mine!
I volunteer at the animal shelter from time to time. A mining farm!
There is an old lady that lives next door. She must have over 100 cats. Gold mine!
I volunteer at the animal shelter from time to time. A mining farm!
There is an old lady that lives next door. She must have over 100 cats. Gold mine!
Then how is this consensus going to validate it all? in simple terms.
As long as the miner got too many cats? he can mine a lot from that coin that has this consensus algo. I guess I'll give it a try if something like this rolls, I've got 5 cats.
Seriously, will there be a coin that would do this? I don't think so.
As long as the miner got too many cats? he can mine a lot from that coin that has this consensus algo. I guess I'll give it a try if something like this rolls, I've got 5 cats.
Seriously, will there be a coin that would do this? I don't think so.
Subject :Proof of cat (POC)
Author: Flava
Updated 5th March 2021
Let me tell you a tail.
What is proof of cat (poc)?:
The 'Proof of cat' (PoC) concept states that a person(s) can mine or validate block transactions according to how many cats he or she holds(or can put up for validation). This means that the more cats owned by a miner, the more mining power he or she has.
KEY TAKEAWAYS:
With Proof of cat (PoC), meow miners can mine or validate block transactions based on the amount of cats a miner holds( aka their stake in cats).
Proof of cat (PoC) was created as an alternative to Proof of Work (POW), which is the original consensus algorithm in Blockchain technology, used to confirm transactions and add new blocks to the chain. Proof-Of-Cat can be considered the next evolution of that.
Proof of Work (POW) requires huge amounts of energy, with miners needing to sell their coins to ultimately foot the bill; Proof of cat (PoC) gives mining power based on the percentage of cats held by a miner.
Proof of cat (PoC) is less risky in terms of the potential for miners to attack the network, as it structures compensation in a way that makes an attack less advantageous(or even possible) for the miner( think crazy cat lady maintenance).
Understanding Proof of cat (PoC):
I created Proof-of-Cat(PoC) as an alternative to the proof of work (PoW) consensus mechanism, to tackle inherent issues in the latter. When a transaction is initiated(in POW model), the transaction data is fitted into a block with a maximum capacity of 1 megabyte, and then duplicated across multiple computers or nodes on the network. The nodes are the administrative body of the blockchain and verify the legitimacy of the transactions in each block. To carry out the verification step, the nodes or miners would need to solve a computational puzzle, known as the proof of work problem. The first miner to decrypt each block transaction problem gets rewarded with coin. Once a block of transactions has been verified, it is added to the blockchain, a public transparent ledger.
Mining requires a great deal of computing power to run different cryptographic calculations to unlock the computational challenges. The computing power translates into a high amount of electricity and power needed for the proof of work consenus system.
The proof of cat (PoC) seeks to address this issue by attributing mining power to the proportion of cats held by a miner. This way, instead of utilizing energy to answer PoW puzzles, a PoC miner is limited to mining a percentage of transactions that is reflective of his or her ownership of cats. For instance, a miner who owns 3% of the total number of cats available can theoretically mine only 3% of the blocks.
The first cryptocurrency to adopt(and develop) the PoC method is, MeowCoin. I expect it to spread like wildfire. I also expect(as a by product) many more cats to find loving homes(in the short-medium term) and (in the longer term) to be subjected to caged, datacentre based, accomodation. In any case I see this as the solution to the age old consensus issue, and would alleviate our rampant power consumption woes. It's also a useful way to generate passive income from an otherwise 'freeloading' animal. Puuurfect!
Proof-Of-Cat 51% attack protection:
With a PoC consensus model, the attacker would need to obtain 51% of the total number of cats in circulation!! The proof of cat avoids this ‘CATastrophie’ by making it disadvantageous for a miner (with an equivalent of 51% of all cats) to attack the network. Although it would be difficult and expensive to accumulate 51% of any reputable digital coin anyway , a miner attempting to achieve 51% of all cats to use as a POC, would be very busy..errr ...looking after cats..being meowed at....that type of thing. I've ran some (pretty advanced) calculations and predict that 51% of all cats would occupy ' a fuck tonne' of space.
Please look out for my whitepaper ' Proof-Of-Cat consensus mechanism', which will go into details of the technical specifics of Proof-of-Cat.
Have a great weekend folks!
Flava
Author: Flava
Updated 5th March 2021
Let me tell you a tail.
What is proof of cat (poc)?:
The 'Proof of cat' (PoC) concept states that a person(s) can mine or validate block transactions according to how many cats he or she holds(or can put up for validation). This means that the more cats owned by a miner, the more mining power he or she has.
KEY TAKEAWAYS:
With Proof of cat (PoC), meow miners can mine or validate block transactions based on the amount of cats a miner holds( aka their stake in cats).
Proof of cat (PoC) was created as an alternative to Proof of Work (POW), which is the original consensus algorithm in Blockchain technology, used to confirm transactions and add new blocks to the chain. Proof-Of-Cat can be considered the next evolution of that.
Proof of Work (POW) requires huge amounts of energy, with miners needing to sell their coins to ultimately foot the bill; Proof of cat (PoC) gives mining power based on the percentage of cats held by a miner.
Proof of cat (PoC) is less risky in terms of the potential for miners to attack the network, as it structures compensation in a way that makes an attack less advantageous(or even possible) for the miner( think crazy cat lady maintenance).
Understanding Proof of cat (PoC):
I created Proof-of-Cat(PoC) as an alternative to the proof of work (PoW) consensus mechanism, to tackle inherent issues in the latter. When a transaction is initiated(in POW model), the transaction data is fitted into a block with a maximum capacity of 1 megabyte, and then duplicated across multiple computers or nodes on the network. The nodes are the administrative body of the blockchain and verify the legitimacy of the transactions in each block. To carry out the verification step, the nodes or miners would need to solve a computational puzzle, known as the proof of work problem. The first miner to decrypt each block transaction problem gets rewarded with coin. Once a block of transactions has been verified, it is added to the blockchain, a public transparent ledger.
Mining requires a great deal of computing power to run different cryptographic calculations to unlock the computational challenges. The computing power translates into a high amount of electricity and power needed for the proof of work consenus system.
The proof of cat (PoC) seeks to address this issue by attributing mining power to the proportion of cats held by a miner. This way, instead of utilizing energy to answer PoW puzzles, a PoC miner is limited to mining a percentage of transactions that is reflective of his or her ownership of cats. For instance, a miner who owns 3% of the total number of cats available can theoretically mine only 3% of the blocks.
The first cryptocurrency to adopt(and develop) the PoC method is, MeowCoin. I expect it to spread like wildfire. I also expect(as a by product) many more cats to find loving homes(in the short-medium term) and (in the longer term) to be subjected to caged, datacentre based, accomodation. In any case I see this as the solution to the age old consensus issue, and would alleviate our rampant power consumption woes. It's also a useful way to generate passive income from an otherwise 'freeloading' animal. Puuurfect!
Proof-Of-Cat 51% attack protection:
With a PoC consensus model, the attacker would need to obtain 51% of the total number of cats in circulation!! The proof of cat avoids this ‘CATastrophie’ by making it disadvantageous for a miner (with an equivalent of 51% of all cats) to attack the network. Although it would be difficult and expensive to accumulate 51% of any reputable digital coin anyway , a miner attempting to achieve 51% of all cats to use as a POC, would be very busy..errr ...looking after cats..being meowed at....that type of thing. I've ran some (pretty advanced) calculations and predict that 51% of all cats would occupy ' a fuck tonne' of space.
Please look out for my whitepaper ' Proof-Of-Cat consensus mechanism', which will go into details of the technical specifics of Proof-of-Cat.
Have a great weekend folks!
Flava
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