Decentralized PoS/PoW Algorithm Using Ticket and Nonce Calculation
New Pos/PoW Algorithm
Generally, Pos(Proof of Stake) is algorithm using staked coin, and it does not use nonce calculation. Therefore it has following problems.
- Rich people becomes richer
- Nothing-at-Stake Problem
But by using least nonce calculation and mining ticket algorithm, it can solve them.
Ticket PoS Mining Algorithm
Ticket PoS Algorithm has mechanism to decide miner node by registered ticket order.
- A node post ticket to the memory pool.
- Mining node randomly select ticket to put in the block.
- Oldest ticket which is not consume is to mine a new block. Other older ones are backups.
Register ticket in consensus blockchain
In order to mine a block and get reword, full nodes have to register a ticket, and wait for their turn.
The full node which has oldest ticket can mine a block without nonce calculation. When the block is mined, the ticket is consumed, and next ticket's turn comes.
On consuming the ticket, the full node can post a new ticket.
Backup mining nodes
Sometimes, a full node whose ticket comes neglect generating a new block. Then, backup full node start to calculate nonce of the block.
The difficulty for the full nodes is different. Older node's difficulty is easier.
If the current node, which is oldest ticket does not mine before other nodes calculate nonce, it was assumed to be neglect that.
Rich people becomes more rich
A node which posted a ticket can't post new ones before it was consumed. Therefore rich person can't put a lot of ticket in the blockchain.
In this algorithm, all of full nodes has same opportunity to mine a new block and get reword.
Nothing-at-Stake Problem
In order to generate a new block without getting turn, a full node have to calculate nonce.
Therefore the Nothing-at-Stake Problem in PoS does not occur.
are you gonna implement this someday in a social media platform?
Currently I'm not planning to make social media platform. I'll concentrate on CodableCash itself.
But CodableCash is opensource, os I think everyone can use it as basic framework, on making new blockchain products.
is it going to be ICO once it's ready?
Now thinking about it, so I have no idea about it.
But it is sure that I will distribute CodableCash when the main-net has enough functionality.
Are you the real Satoshi Nakamoto? lol I'm joking.
I still have a plenty questions about this project that what makes me most curious is the future of your concept, where will be heading to.
Best of luck with your project, and I will follow every update from you
Thank you. There are a lot of problem to solve, but I'll report them on this blog.