Proposal for Bitcoin Cooperative Proof-of-Stake - CPoS

Link: https://bitcointalk.org/index.php?topic=584719.0

Whitepaper: Bitcoin Cooperative Proof-of-Stake Stephen Reed https://docs.google.com/document/d/1C4m-MFnxw0JjDorzrKs_IRQRqD9ila79o0IDt6KsbcE

Specifications: Bitcoin Cooperating Agent Design https://docs.google.com/document/d/1Y-fZSZ7fL7LCKOvAW2niLtuFe7U5QrQ9XUVp3blOlu0

Should we be worried or we will be able to benefit?

I bet we will benefit.

I’ve predicted that Bitcoin will hardfork…
(“Bitcoin will commit suicide as designed by the protocol and hardfork.” Cryptoblog - notícias sobre bitcoin e criptomoedas!)

and there are several reason why it will be a suicide, one being…
(" The technical risks aside, there might not be an incentive for the network to adapt the changes", Cryptoblog - notícias sobre bitcoin e criptomoedas!)

and we will benefit, because the more adoption there if of PoS and the more issues there are with PoW and the more talk there is of PoS - the more the fundamental issues with PoW will sink into peoples mind which is needed for people to appreciate what Peercoin is all about.

We will see much more like this in the future:
(“Just wanted to compliment the Peercoin community for having the foresight about Proof of Work. I’m done with PoW coins”, Reddit - Dive into anything)

Even Bitcoin people says that small changes to Bitcoin is very hard to push through. My bet is that they will not do it, because I will not date. Those who dare to do it, will create a hardfork and we will have to chains and if both Bitcoin forks live on, we will have twice as many bitcoins. I can’t fathom how this won’t create havoc and my bet is that this could actually bring down the price also of Peercoin, if it happens to early. My bet is however that the price of peercoins will first appreciate to reflect the understanding creeping into peoples mind. Awareness will for sure increase.

Personally, I do not think that the bitcoin ecosystem would change to new CPoS system, which has never been tested before. Thus supporters will provide an altcoin in order to show the strengh of CPoS. And if CPoS is the solution to all the problems, then the new altcoin would skyrocket and new dynamics would allow the altcoin to replace bitcoin.

CPoS seems somewhat complicated. Is there a TL;DR version?

Stephen Reed’s communication with the BlackCoin Foundation and with Dan Larimer: https://bitcointalk.org/index.php?topic=584719.msg7092898#msg7092898

It seems to me we’re losing the initiative.

i took the time to read it trough and i have to say that it scares me. not as a holder of peercoin. having these various agents making up a very complex system, i cannot imagine that you can secure it to the extend that nothing can go wrong.

all these agents are meant to run on identical software. but the node that is running an agent knows what agent it is representing in every moment. why not change the behavior of your full node in case you have the role that you waited for to perform a certain kind of attack?

how is it possible to identify a full node that had been excluded before for violating the rules?

It sounds interesting, but it is an experiment and a complex one. Not something I would like to see Peercoin testing out. Let the guys from Blackcoin go with it and take the risks. I’m sure SK will come up with a similar idea (if it is that good) or better to get rid of the checkpointing some day. I don’t think we need to rush in this area.

A new idea isn’t necessarily a better idea just because someone says it is. Nowadays you kind of have to say that you fixed something, to be able to say that yo add value and bring something new to the table that can replace the old. There is an incentive to say the new idea is better, but it doesn’t mean that it is true.

From what I remember (and I could be wrong), the idea is to put the responsibility of verifying transactions on a few nodes. Now, I’ve got nothing against that when it comes to Open Transaction (which are doing something similar with their federated servers) which are handling contracts of tokens. But for a store of value (the tokens that I see OT contracts referencing/representing/controlling) I think its flawed in the sense that it doesn’t create more security. To gain speed, they sacrifice some of the security. If you are going to do that, then why not go with open transactions instead and increase the transaction time even more? I just don’t get it.

The idea that you somehow does not lessen the security, when you decrease the group performing the verification is just wrong. What you want to do, is to increase the number of full nodes in the network and increase the number of minting nodes in the network. Not decrease it.

What they say they want to do, is to make it possible for people to vote against agents not behaving properly. How can we be certain, that people will be doing that? To many people are mining at GHash.io even though it’s stupid - just because… they don’t care? Relying on people caring, being rational etc is flawed. What you want to do is to make it profitable for people to care and punish them which don’t care.

Then again, it could be me that’s ignorant.

I bet we will benefit.

I’ve predicted that Bitcoin will hardfork…
(“Bitcoin will commit suicide as designed by the protocol and hardfork.” Cryptoblog - notícias sobre bitcoin e criptomoedas!)

and there are several reason why it will be a suicide, one being…
(" The technical risks aside, there might not be an incentive for the network to adapt the changes", Cryptoblog - notícias sobre bitcoin e criptomoedas!)

and we will benefit, because the more adoption there if of PoS and the more issues there are with PoW and the more talk there is of PoS - the more the fundamental issues with PoW will sink into peoples mind which is needed for people to appreciate what Peercoin is all about.

We will see much more like this in the future:
(“Just wanted to compliment the Peercoin community for having the foresight about Proof of Work. I’m done with PoW coins”, Reddit - Dive into anything)

Even Bitcoin people says that small changes to Bitcoin is very hard to push through. My bet is that they will not do it, because I will not date. Those who dare to do it, will create a hardfork and we will have to chains and if both Bitcoin forks live on, we will have twice as many bitcoins. I can’t fathom how this won’t create havoc and my bet is that this could actually bring down the price also of Peercoin, if it happens to early. My bet is however that the price of peercoins will first appreciate to reflect the understanding creeping into peoples mind. Awareness will for sure increase.[/quote]

I hope you are right,pillow!