Topic: New type of blockchain (Read 120 times)
If anyone sees potential issues with anything I have said please do not hesitate to point them out
Other proofs than Proof of Work are worse than PoW.
People can innovate more proofs in future and try to advertise their new proofs are better than Proof of Work but they will fail like how many times altcoin developers have failed so far.
About Proof of Work, many altcoins use this algorithm too but there is an unique Bitcoin with its Proof of Work. Other PoW altcoins are not good enough, secure enough to compare with Bitcoin. Their networks are less healthy than Bitcoin network and are very centralized too.
https://howmanyconfs.com/
https://github.com/lukechilds/howmanyconfs.com/blob/master/README.md
People can innovate more proofs in future and try to advertise their new proofs are better than Proof of Work but they will fail like how many times altcoin developers have failed so far.
About Proof of Work, many altcoins use this algorithm too but there is an unique Bitcoin with its Proof of Work. Other PoW altcoins are not good enough, secure enough to compare with Bitcoin. Their networks are less healthy than Bitcoin network and are very centralized too.
https://howmanyconfs.com/
https://github.com/lukechilds/howmanyconfs.com/blob/master/README.md
I understand your concerns with all the fake promises in the crypto space lately. PoW has its own issues as well being the reason I want to try utilizing a different approach. Assuming all proofs to be worse than PoW will only hinder potential innovation. I understand it is hard to trust people in crypto I just ask you keep an open mind to the possibility there could be a better solution. I will try my best to earn that trust as based on the tests I have done I truly believe this approach has the potential to provide superior long term scaling and security.
Other proofs than Proof of Work are worse than PoW.
People can innovate more proofs in future and try to advertise their new proofs are better than Proof of Work but they will fail like how many times altcoin developers have failed so far.
About Proof of Work, many altcoins use this algorithm too but there is an unique Bitcoin with its Proof of Work. Other PoW altcoins are not good enough, secure enough to compare with Bitcoin. Their networks are less healthy than Bitcoin network and are very centralized too.
https://howmanyconfs.com/
https://github.com/lukechilds/howmanyconfs.com/blob/master/README.md
People can innovate more proofs in future and try to advertise their new proofs are better than Proof of Work but they will fail like how many times altcoin developers have failed so far.
About Proof of Work, many altcoins use this algorithm too but there is an unique Bitcoin with its Proof of Work. Other PoW altcoins are not good enough, secure enough to compare with Bitcoin. Their networks are less healthy than Bitcoin network and are very centralized too.
https://howmanyconfs.com/
https://github.com/lukechilds/howmanyconfs.com/blob/master/README.md
Does anyone have problems with using discord for organized community discussion? I have also heard matrix could be a potential option?
Here are some potential weaknesses of the "Proof of Presence" consensus protocol:
Complexity: The living systems-based model of the consensus mechanism may be difficult for some people to understand, potentially reducing the number of potential users or participants.
Scalability: If the network becomes more widely adopted and the number of transactions increase, the network may face scalability issues, leading to slow transaction times and potential security vulnerabilities.
Competition: The market for decentralized consensus protocols is highly competitive, with several well-established protocols such as Proof of Work (PoW) and Proof of Stake (PoS). It may be challenging to compete with these established protocols and gain widespread adoption.
Security: The security of a decentralized network is only as strong as its weakest link, and any vulnerability in the consensus mechanism could potentially be exploited.
Economic incentives: The reward structure for participants in the network is tied to network traffic, which may not necessarily align with the interests of all participants. This could potentially lead to conflicts or issues with incentives.
Regulation: Decentralized consensus protocols and digital currencies may be subject to government regulations, which can change rapidly and unpredictably. This can create uncertainty and potentially impact the adoption and growth of the network.
These are some of the potential weaknesses of the "Proof of Presence" consensus protocol, but it's important to keep in mind that the actual implementation and success of the protocol will depend on many factors.
I appreciate the feedback I will do my best to first address your complexity, scalability and Economic Incentives concerns Complexity: The living systems-based model of the consensus mechanism may be difficult for some people to understand, potentially reducing the number of potential users or participants.
Scalability: If the network becomes more widely adopted and the number of transactions increase, the network may face scalability issues, leading to slow transaction times and potential security vulnerabilities.
Competition: The market for decentralized consensus protocols is highly competitive, with several well-established protocols such as Proof of Work (PoW) and Proof of Stake (PoS). It may be challenging to compete with these established protocols and gain widespread adoption.
Security: The security of a decentralized network is only as strong as its weakest link, and any vulnerability in the consensus mechanism could potentially be exploited.
Economic incentives: The reward structure for participants in the network is tied to network traffic, which may not necessarily align with the interests of all participants. This could potentially lead to conflicts or issues with incentives.
Regulation: Decentralized consensus protocols and digital currencies may be subject to government regulations, which can change rapidly and unpredictably. This can create uncertainty and potentially impact the adoption and growth of the network.
These are some of the potential weaknesses of the "Proof of Presence" consensus protocol, but it's important to keep in mind that the actual implementation and success of the protocol will depend on many factors.
In terms of complexity I am working on finding better ways of explaining it but I feel that it will come through practice and repetition. My current understanding of the network is still from a developers point of view so I will make an effort to format things for a wider audience where possible.
the network is designed to adapt to network conditions so in the case of increasing network scale and transaction volume the network is designed to modify block size to account for slower block times. Additionally, no time servers are needed as the network is designed to create and approve blocks as fast as it settles on proposals and receives transactions. If these mechanisms are not enough to account for node traffic additional node sockets can be used to accelerate proposal and transaction propagation rate.
In terms of economic incentives currency from my understanding is only valuable if people use it. If you treat the network as a micro economy you are essentially rewarding the businesses who are participating in that economy. More participants utilizing the system means the system is providing more value as a transactional medium. This increases the value of the network which is beneficial for everyone involved.
More business use= more places to spend = higher network value
Here are some potential weaknesses of the "Proof of Presence" consensus protocol:
Complexity: The living systems-based model of the consensus mechanism may be difficult for some people to understand, potentially reducing the number of potential users or participants.
Scalability: If the network becomes more widely adopted and the number of transactions increase, the network may face scalability issues, leading to slow transaction times and potential security vulnerabilities.
Competition: The market for decentralized consensus protocols is highly competitive, with several well-established protocols such as Proof of Work (PoW) and Proof of Stake (PoS). It may be challenging to compete with these established protocols and gain widespread adoption.
Security: The security of a decentralized network is only as strong as its weakest link, and any vulnerability in the consensus mechanism could potentially be exploited.
Economic incentives: The reward structure for participants in the network is tied to network traffic, which may not necessarily align with the interests of all participants. This could potentially lead to conflicts or issues with incentives.
Regulation: Decentralized consensus protocols and digital currencies may be subject to government regulations, which can change rapidly and unpredictably. This can create uncertainty and potentially impact the adoption and growth of the network.
These are some of the potential weaknesses of the "Proof of Presence" consensus protocol, but it's important to keep in mind that the actual implementation and success of the protocol will depend on many factors.
Complexity: The living systems-based model of the consensus mechanism may be difficult for some people to understand, potentially reducing the number of potential users or participants.
Scalability: If the network becomes more widely adopted and the number of transactions increase, the network may face scalability issues, leading to slow transaction times and potential security vulnerabilities.
Competition: The market for decentralized consensus protocols is highly competitive, with several well-established protocols such as Proof of Work (PoW) and Proof of Stake (PoS). It may be challenging to compete with these established protocols and gain widespread adoption.
Security: The security of a decentralized network is only as strong as its weakest link, and any vulnerability in the consensus mechanism could potentially be exploited.
Economic incentives: The reward structure for participants in the network is tied to network traffic, which may not necessarily align with the interests of all participants. This could potentially lead to conflicts or issues with incentives.
Regulation: Decentralized consensus protocols and digital currencies may be subject to government regulations, which can change rapidly and unpredictably. This can create uncertainty and potentially impact the adoption and growth of the network.
These are some of the potential weaknesses of the "Proof of Presence" consensus protocol, but it's important to keep in mind that the actual implementation and success of the protocol will depend on many factors.
I also see no purpose of competing with CBDCs or how this your proposition could actually rival them. CBDCs are government backed and designed to serve as an alternative to the native fiat, creating a protocol does not compete with that.
It is not necessarily the goal to rival CBDC's in all aspects but to provide an alternative medium of decentralized high traffic value exchange(lower value higher volume). The aspect of CBDC's that is being competed with is the function as a daily spending currency in the digital space. In a virtual world unbounded by physical borders using a country backed token ensures little to no privacy. The goal is to provide a truly decentralized option for high transactional volume network demands. Both POW and POS have their own limitations and the only way to find out if a new approach could work is to try it. I understand it is difficult to predict how the network will function at scale being the reason I wish to distribute the majority of the initial supply at no cost to people who believe in the networks potential.
Bitcoin = long term storage
PoP network protocol = living network = daily digital transaction medium
Bitcoin + PoP = fully decentralized transaction ecosystem completely out of central control
Bitcoin is already a fully decentralized ecosystem which is out of the control of central authority. It doesn't need to be tweaked to improve how it works.PoP network protocol = living network = daily digital transaction medium
Bitcoin + PoP = fully decentralized transaction ecosystem completely out of central control
I also see no purpose of competing with CBDCs or how this your proposition could actually rival them. CBDCs are government backed and designed to serve as an alternative to the native fiat, creating a protocol does not compete with that.
Also feel free to ask any questions in this thread and I will try my best to reveal/discuss what I can
I have been working on a new type of decentralized consensus protocol capable of competing with CBDC incentives to spend as daily currency(currently calling proof of presence). The network works synergistically with bitcoin as a long term value store and fully decentralized daily digital transaction medium.
Utilizing a new type of consensus mechanism the network is modelled after living systems such as mycelium and the stock market. In terms of mycelium the main thing that was referenced is the way in which the system receives environmental input(nutrients) and adapts it’s next system state to optimize for nutrients access.(search Japanese fungus subway experiment)
Instead of distributing nutrients for growth (mycelium) this consensus(PoP) is defined by proportional contributions to network traffic. In other words the system is built around optimizing network traffic and communication . If people are encouraging and contributing to network traffic they are increasing network value. As a result they should be rewarded proportionally as to further increase network value into the future. This model allows the network to grow similar to a living organism with transactions acting as potential nutrients for system growth and adaptation. Additionally as computation and networking capabilities improve the network will become capable of higher transaction speeds as well as higher network loads. This means separate from software, the network will naturally get faster and more efficient as the technology that makes up the network becomes more advanced.
I am looking to build a founding community of members to ensure the initial ownership is distributed as widespread as possible right from the moment the network goes live. The goal is not to sell the currency but to distribute it. A more broadly spread initial distribution allows for higher network security and accessibility. For this reason the vast majority of initial network equity will be distributed for free to people interested in participating in the community. In this community I will be willing to discuss further details on protocol function. This is to protect protocol integrity and limit risk of potential dishonest imitations.
I am not usually the greatest at communicating things clearly so please feel free to message me with any questions
To summarize
Bitcoin = long term storage
PoP network protocol = traffic optimization network = daily digital transaction medium
Bitcoin + PoP = fully decentralized transaction ecosystem completely out of central control
Utilizing a new type of consensus mechanism the network is modelled after living systems such as mycelium and the stock market. In terms of mycelium the main thing that was referenced is the way in which the system receives environmental input(nutrients) and adapts it’s next system state to optimize for nutrients access.(search Japanese fungus subway experiment)
Instead of distributing nutrients for growth (mycelium) this consensus(PoP) is defined by proportional contributions to network traffic. In other words the system is built around optimizing network traffic and communication . If people are encouraging and contributing to network traffic they are increasing network value. As a result they should be rewarded proportionally as to further increase network value into the future. This model allows the network to grow similar to a living organism with transactions acting as potential nutrients for system growth and adaptation. Additionally as computation and networking capabilities improve the network will become capable of higher transaction speeds as well as higher network loads. This means separate from software, the network will naturally get faster and more efficient as the technology that makes up the network becomes more advanced.
I am looking to build a founding community of members to ensure the initial ownership is distributed as widespread as possible right from the moment the network goes live. The goal is not to sell the currency but to distribute it. A more broadly spread initial distribution allows for higher network security and accessibility. For this reason the vast majority of initial network equity will be distributed for free to people interested in participating in the community. In this community I will be willing to discuss further details on protocol function. This is to protect protocol integrity and limit risk of potential dishonest imitations.
I am not usually the greatest at communicating things clearly so please feel free to message me with any questions
To summarize
Bitcoin = long term storage
PoP network protocol = traffic optimization network = daily digital transaction medium
Bitcoin + PoP = fully decentralized transaction ecosystem completely out of central control
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