[quote=“sigmike, post:6, topic:2011”][quote=“NewMoneyEra, post:5, topic:2011”]I really appreciate you reducing some of these processes in the code to English language logic.
This type of effort from you really helps me understand better.
Please do more like this on any aspect of PoS minting whenever you get the desire.[/quote]
I will try. I’m considering drawing schematics of some of the internal processes of peercoin (for example in Drakon). I think this kind of schematics are understandable by everyone if the steps are in plain english with the least possible technical terms. But I’m not sure I’ll have time for that. I may at least write a technical FAQ.
Thank you. I put an address in my signature.
[quote=“NewMoneyEra, post:5, topic:2011”]Because, unfortunately, I am not a coder here is something I am reduced to just wonder about:
Paper Wallet Proof-of-Stake minting?
Could software be designed to be a PoS-minting Watch-only wallet? That is could a wallet possibly have a PPC Public Address but not have the Private Key and still participate in PoS minting? Perhaps if the Private Key has signed to allow minting?[/quote]
I think Sunny King is already planning a solution but I don’t know if he mentioned how or when.
For the network to be secure, you need to prove you own aged coins to generate a PoS block (otherwise anyone could easily destroy the network by generating as many blocks as they want). Right now the only way to prove that you own them is by signing a transaction with the private key of your coins.
But the bitcoin system is very flexible so we can quite easily change the protocol to allow special transaction (that was done to allow multisig for example).
Most of the transactions are simple “pay to address”. That means they have a script attached that says “you can do whatever you want with these coins if you can sign with the private key of address X.”
On multisig transactions, the script says (for example) “you can do whatever you want if you can sign with 2 private keys of addresses X, Y and Z.”
In our case we could allow transactions with a script that says “you can generate a PoS block if you can sign with the private key of address X, and whatever you want if you can sign with the private key of address Y.”
This way you could have a private key that can only be used as PoS. You could keep it unlocked without too much risk.
We would have to force the output to be the same as the input in this PoS block (which is not the case right now: you can change your client to make it move your coin when it finds a PoS block).
I don’t know if there already are such transactions in bitcoin where a signature is only valid in a specific context. I think it should work. It’d probably require a new script “word” (something like “are we doing PoS?”).
It would also help on the issue mentioned above where you don’t know which coins are really used for minting.
Building a good user interface for that may take some time.
I think that’s one possible solution. There are certainly others.
Anyway I think we can’t implement a solution only on the client side because when you received your coin it was explicitly said that only your private key can use them and the protocol obeys that even during PoS. We need to change the protocol (i.e. all clients).[/quote]
Wow! SigMike - that was pretty much my dream answer.
I sent you a PPC donation.
The Drakon looks great! Having the algorithms laid out in Drakon would be excellent for me as I am much more a visual thinker than a logical linear word-based thinker. Seeing the Algorithms in Drakon would be fantastic!!! And, I suspect not just for me but for many others too. I know you said you don’t have much extra time - I understand - and I’m wondering if I could help somehow?
If you have a university near by, or even if you don’t, maybe you could find some intelligent young computer science student, or equivalent, who is needing a little temporary part-time work for some extra $ and he could help you with the Drakon charts. You know, you tell him what to do in short order, he takes the time and effort getting it laid out - then you briefly critique - he works long and hard trying to make it right. It would be a great deal for him as he would be learning about Peercoin and Drakon and making a few bucks. It might save you a lot of time and effort - while making something genuinely useful.
I don’t know what is fair for temporary intelligent-student wages these days? Fifteen dollars an hour? Twenty hours a week? That would be $1,200/month. If you would like to try it for two or three months and see how it goes? I could send PPC, BTC or US dollars if that could help you amplify your output with the same effort. What do you think? Could this be workable?
Anyway, if there is any way I can help you, please let me know. Ok?
That was a pretty great looking debate you were engaged in over in the “What stops me from POS minting several different chains at once?” thread, but again I need a better ‘picture’ of the algorithms in my mind to really even understand the debate. (Need Drakon Charts of Peercoin Processes!!!)
May I ask? What brought you to peercoin? Are there other coins you are investing yourself into? Are you involved with Peercoin fully now? You are much more knowledgeable than me about the robustness, ability-to-defend, scale-ability and general dynamics of the algorithms: Are you personally confident in the long-term prospects for Peercoin?
I haven’t said it but my favorite part of your answer was your intelligent reply to the Paper Wallet PoS minting question. Thank You.