[quote=“Jordan Lee, post:18, topic:382”]I wanted to thank everyone who has participated in refining and questioning the design of Peershare so far, particularly Sunny. Based on the feedback received, I have concluded that Peershare is worth spending my time developing and I will begin doing so in earnest in two weeks, after attending to some prior commitments.
In preparation for diving into development I have broken the project up into eight different phases, each of which will produce a finished product that can be tested and meets the specifications defined below. Deliverables for the first two phases will not contain a feature set that will allow Peershare to be used by a company to issue shares receiving dividends. This real world use will become practical with the release of the third phase. Phases four through eight will provide valuable enhancements to a working set of core functionality.
Phase One:
• Create a fork of Peercoin 0.3 on GitHub
• Alter it to completely remove proof of work.
• The new blockchain should create 100,000 shares more or less immediately, although this may not be in the genesis block as I have read that genesis block outputs cannot be spent.
• After the creation of the initial 100,000 shares, additional shares will be created as proof of stake block rewards such that the supply of shares will increase by 1% annually.
• The initial target interval for blocks will be 60 minutes to keep the blockchain small.
Phase Two:
• Require that each Peershare address in the blockchain contain a Peercoin public address as a property.
• Peercoin must be running in daemon mode in order to create a new Peershare address.
• When Peershare creates a new address, a new Peercoin address is also created and the address is added to the Peercoin wallet using the importprivkey.
Phase Three:
• Create a popup form accessible from the menu to distribute dividends. A user simply enters the total amount of Peercoins they want distributed as dividends, their Peercoin wallet password and then confirms the action.
• Behind the user interface a list of all Peercoin addresses contained in the Peershare blockchain is constructed along with the amount of dividend each should receive based on the proportion of shares held at each Peershare address. The Peercoin transaction fee is deducted from the amount to be sent to each Peercoin address. Peercoins are then distributed from the wallet as dividends through the Peercoin blockchain.
• Peercoin must be running in daemon mode in order to distribute dividends.
Phase Four:
• Merge Peercoin 0.4 changes into Peershare. This can be done any time after the Peercoin 0.4 release is stabilized. It may occur before the third phase is complete.
Phase Five:
• Permit a single Peershare client to support multiple types of Peershares.
• The user interface will have a drop down list to allow users to select a particular type of Peershare (for example, it might list Crypto-Trade, Peta-Mine, Asic Miner, etc).
• The Overview, Send coins, Receive coins, Transactions and Address Book which currently exist in the client will relate to the user drop down selection, which will be a specific type of Peershare.
• The client will manage a separate wallet.dat file, separate .conf, etc. for each type of Peershare.
• Master configuration settings would specify which types of Peershare will be included
Phase Six:
• Integrate the Peershare and Peercoin clients.
• Peercoin can be handled within the Peershare client much as any specific type of Peershare would be – having its own blockchain, .conf, wallet.dat file, etc.
Phase Seven:
• The block target interval should be halved approximately every two and a half years. The change should occur gradually and not be stepped.
• As blocks are created more frequently, the share supply must continue to rise at a rate of 1% annually, meaning the reward for each block will fall. The cost of computing resources is expected to halve in a smaller time interval, such that the cost of maintaining the blockchain will go down over time while also delivering better performance in the form of more frequent blocks. Another effect will be to allow a larger volume of transactions. While additional transactions may not be needed in most Peershare implementations, additional transaction capacity will be needed in Peercoin (as well as Bitcoin and Litecoin). There has been discussion of increasing block size to accomplish this, but I believe that producing more frequent blocks is a better way to increase transaction capacity. In this way Peershare will implement a blockchain that allows for increased transaction volume over time, which could be adopted by Peercoin, Bitcoin and Litecoin to increase their transaction capacity at a later date.
Phase Eight:
• Allow for motions to be advanced for a special (relatively high) transaction fee. Motions are technically simply a block of text stored in the blockchain.
• Motions can be voted up or down by each shareholder and each vote will be stored in the blockchain as a special type of transaction.
• A user interface must be added to the Peershare client to display motions and allow the shareholder to vote yes or no.
Phases one and two could be developed in parallel by two different developers. If you are interested in developing one of the first two phases yourself in the next month, let me know. I would love to have your help. Similarly, phase four can be completed separately at any time after the Peercoin 0.4 release is stabilised. If you are interested in merging Peercoin 0.4 changes into Peershare, please let me know, even though that phase cannot be started yet.
Finally, I’d like to invite comment on the development plan and clarify that the plan is flexible and will almost certainly undergo significant alteration as additional information comes to light.[/quote]
It seems to me that nearly all phases of Jordan Lee plans from a year ago have been accomplished. Terrific work Jordan Lee! I am wondering if the fifth stage has been completed and not made publicly available yet?
Are their plans to make the fifth phase a reality?
I am drafting a proposal for a Peershares implementation and it would be of a great benefit if the fifth phase were to be completed.
