Topic: [white paper] Purely P2P Crypto-Currency With Finite Mini-Blockchain - page 10. (Read 24217 times)
May 04, 2013, 05:34:41 PM
[removed]
May 04, 2013, 05:29:16 PM
U should publish an address for donation. It's very unlikely someone will code the implementation for free.
This. Look at all the hard work Sunny has done for PPCoin for free and yet he gets constant trolling for it. It's a thankless task!
May 04, 2013, 05:26:19 PM
U should publish an address for donation. It's very unlikely someone will code the implementation for free.
May 04, 2013, 05:15:13 PM
but obviously a larger and more complex client, my head hurts at how much work would go into coding that
I don't see why the client would be larger or more complex. Nothing described in the paper should really be too difficult to implement, it's really just taking the bitcoin scheme and modifying certain aspects of it to remove the need for a full blockchain. Quote
having only two #'s does that provide a security flaw early in the life of the currency?
I don't believe so. If it did we could just use the block headers instead of a proof chain... I mean there's really no need to create a whole new proof chain system when we can use the block headers. But the proof chain mechanism probably would have certain advantages assuming it provided the same level of security as the block header system. 
May 04, 2013, 05:00:16 PM
reading right now, mostly becasue its such a great idea !
Well it's not that hard to come up with a great idea.The hard part is making the idea work.
Thanks for taking a look.
yeah agreed, I just read it , truly i'm also no coder, but i see the design of the proof chain as very ingenious, would this not also lead to much faster trans times?
but obviously a larger and more complex client, my head hurts at how much work would go into coding that , but its the first time i've seen this problem addressed in a way that makes sense, and seems to provide security.
I guess my question would be in relation to the Proof chain stamp (i see it like the stamp of a film sprocket, the film runs but the stamp records what happened) having only two #'s does that provide a security flaw early in the life of the currency?
awesome work, lets see what the hard core guys say.
May 04, 2013, 04:27:33 PM
reading right now, mostly becasue its such a great idea !
Well it's not that hard to come up with a great idea.The hard part is making the idea work.
Thanks for taking a look.
May 04, 2013, 04:13:11 PM
reading right now, mostly becasue its such a great idea !
May 04, 2013, 04:01:08 PM
I've been working on this idea for a few months now but I couldn't get past the problem of making the scheme satisfactorily secure. I finally solved that part of the puzzle about a week ago and immediately decided that I needed to write a white paper and formalize the concept some what.
I also want to give an acknowledgment to member aaaxn for helping me fine tune some of the concepts in the paper, his knowledge was very helpful. Until now no one else has read this white paper so I'm hoping for a lot more great feedback from other members.
NOTE: the white paper is now fairly out-dated. Check the project wiki for more up-to-date information concerning the mini-blockchain proposal.
Purely P2P Crypto-Currency With Finite Mini-Blockchain (PDF)
Project development thread: https://bitcointalksearch.org/topic/building-the-next-generation-of-crypto-currency-developers-required-215936
I also want to give an acknowledgment to member aaaxn for helping me fine tune some of the concepts in the paper, his knowledge was very helpful. Until now no one else has read this white paper so I'm hoping for a lot more great feedback from other members.
NOTE: the white paper is now fairly out-dated. Check the project wiki for more up-to-date information concerning the mini-blockchain proposal.
Purely P2P Crypto-Currency With Finite Mini-Blockchain (PDF)
Quote
ABSTRACT
Almost all P2P crypto-currencies prevent double spending and similar such attacks
with a bulky “blockchain” scheme, and the ones which do not typically use some sort
of pseudo-centralized solution to manage the transactions. Here I propose a purely
P2P crypto-currency scheme with a finite blockchain, dubbed the “mini-blockchain”.
Each time a new block is solved the oldest block is trimmed from the end of the mini-
blockchain so that it always has the same number of blocks. It is argued that the loss
of security this trimming process incurs can be solved with a small “proof chain” and
the loss of coin ownership data is solved with a database which holds the balance of
all non-empty addresses, dubbed the “account tree”. The proof chain secures the mini-
blockchain and the mini-blockchain secures the account tree. This paper will describe
the way in which these three mechanisms can work together to form a system which
provides a high level of integrity and security, yet is much slimmer than all other purely
P2P currencies. It also offers other potential benefits such as faster transactions and
lower fees, quicker network synchronization, support for high levels of traffic, more
block space for custom messages, and increased anonymity.
Almost all P2P crypto-currencies prevent double spending and similar such attacks
with a bulky “blockchain” scheme, and the ones which do not typically use some sort
of pseudo-centralized solution to manage the transactions. Here I propose a purely
P2P crypto-currency scheme with a finite blockchain, dubbed the “mini-blockchain”.
Each time a new block is solved the oldest block is trimmed from the end of the mini-
blockchain so that it always has the same number of blocks. It is argued that the loss
of security this trimming process incurs can be solved with a small “proof chain” and
the loss of coin ownership data is solved with a database which holds the balance of
all non-empty addresses, dubbed the “account tree”. The proof chain secures the mini-
blockchain and the mini-blockchain secures the account tree. This paper will describe
the way in which these three mechanisms can work together to form a system which
provides a high level of integrity and security, yet is much slimmer than all other purely
P2P currencies. It also offers other potential benefits such as faster transactions and
lower fees, quicker network synchronization, support for high levels of traffic, more
block space for custom messages, and increased anonymity.
Project development thread: https://bitcointalksearch.org/topic/building-the-next-generation-of-crypto-currency-developers-required-215936
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