Proof of Luck
What is the minimum investment amount of ICO?
Topic: [TUM][PoH] Tumin, ASIC immune introducing Proof of Hash (PoH) (Read 1671 times)
Ok idea sound very good and promising, i`m watching this.
I was noted that my idea has some problems:
So I'm thinking about how to fix these issues!
- "Use all the transactions in memory that has enough fee, ..." <-- other nodes cannot know what he has in memory
- "Transactions must have 1 minute or more since they were broadcasted" <-- only the originating node knows when it was broadcast
- "Generate a hash of the block" <-- miners will just repeat this until they get the result that gives them the most benefit
- "If before sending the block other transactions is accepted as valid to include in the block then all the process must be redone." <-- nobody can know if the miner obeyed this or not
- "If a block is broadcasted at the same time of another different block, and both are valid, the block that has more transactions wins. " <-- broadcast time is not known
- "If for some reason like split brain issues the chain forks, the largest chain in means of transactions wins." <-- so what happens when I intentionally fork, after padding my fork with 2094305923054 spam txns?
So I'm thinking about how to fix these issues!
Hi,
You say the idea is just conceptual right now, do you have any plans to start development, or an ETA for a launch?
It looks very interesting.
You say the idea is just conceptual right now, do you have any plans to start development, or an ETA for a launch?
It looks very interesting.
Yes, I'm analyzing how to fork the bitcoin software to add support for Proof of Hash. Don't have an ETA yet.
Hi,
You say the idea is just conceptual right now, do you have any plans to start development, or an ETA for a launch?
It looks very interesting.
You say the idea is just conceptual right now, do you have any plans to start development, or an ETA for a launch?
It looks very interesting.
- Look for the binary version of the addresses with coins that have at least 40,830 confirmations (365.25/12 days, about 1 month), and get the arithmetic difference between the number represented by that address and with the block hash.
It is "Environmentally friendly, almost not power consumption." so it consumes power, but it is low enough to be run on a raspberry, or a smartphone or other portable, battery gadget that can do enough calculations for a hash of a small number of addresses. Something that can do 1000 hashes per minute is enough.
- Look for the binary version of the addresses with coins that have at least 40,830 confirmations (365.25/12 days, about 1 month), and get the arithmetic difference between the number represented by that address and with the block hash.
Why only 10 trillion ? Make it 10 quadrillion.
It is a proposed amount. It can be changed once the definition of parameters are ready. I think that 10 trillion is wrong term, is billion. And I think that it is good to have at least one coin per inhabitant of the world.
beaner coin?
Why only 10 trillion ? Make it 10 quadrillion.
Calm Down Owl.
Tumin, from native Mexican language Totonaca, means Money.
Tumin is a crypto currency with a new paradigm and introducing Proof of Hash mechanism.
Benefits of Proof of Hash
What is Poor of Hash?
For one to be able to sign a block, he needs to:
If before sending the block other transactions is accepted as valid to include in the block then all the process must be redone.
If more than one address has the same Best Ratio, then first block is accepted.
If a block is broadcasted at the same time of another different block, and both are valid, the block that has more transactions wins.
If for some reason like split brain issues the chain forks, the largest chain in means of transactions wins. But if merging can be done without double spending, then the possible blocks are added the the winner chain.
Tumin is a crypto currency with a new paradigm and introducing Proof of Hash mechanism.
Benefits of Proof of Hash
- Avoids 51% attacks.
- Rewards everyone, not only most powerful or rich participants.
- Encourages minting.
- Environmentally friendly, almost not power consumption.
- Keeps away double spending.
- Permits 1 minute blocks without chain forks.
- Allow fast consensus because every other miner can know who can mint the block in a deterministic way.
- ASIC resistant.
- Fixed coins amount. It is proposed to set the limit to 10 billion coins (10,000,000,000)
- Fixed reward, not changing over time, rewarding equally one that starts in the economy at the beginning and one that starts years later. A reward of 100 coins per block is proposed. It is about 1915.7 years to mint all the coins.
- Fast block minting. A 1 minute target is proposed.
- Fees are paid to block minter.
- Starts with up to 8 decimals.
- Optional auto fee discovery, using the average cost of bandwidth and the purchase power of the coin
- Optional minimum fee required to add a transaction in the client
- No charge backs. Because all the network participants can know deterministically who are the best to sign a block, it is impossible to create another branch in the block chain once a block is signed by the best of the best
- Uses 512 bit keys that gives a lot more security and possible addresses
What is Poor of Hash?
For one to be able to sign a block, he needs to:
- Use all the transactions in memory that has enough fee, are valid, does not contains previously spent transactions to form a block.
- Transactions must have 1 minute or more since they were broadcasted
- Generate a hash of the block
- Look for the binary version of the addresses with coins that have at least max(40830,number of blocks since genesis block) confirmations (365.25/12 days, about 1 month), and get the arithmetic difference between the number represented by that address and with the block hash.
- Divide by the coin age (number of coins in that address multiplied by the number of confirmations).
- Coin age could not be zero nor negative.
- The smallest result is the best one. That is, one that has great coin age in an address that is the most similar to the block hash is who can sign the block. Every miner in the network can know this in a deterministic way. This is the Best Ratio.
If before sending the block other transactions is accepted as valid to include in the block then all the process must be redone.
If more than one address has the same Best Ratio, then first block is accepted.
If a block is broadcasted at the same time of another different block, and both are valid, the block that has more transactions wins.
If for some reason like split brain issues the chain forks, the largest chain in means of transactions wins. But if merging can be done without double spending, then the possible blocks are added the the winner chain.
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