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PPCoin: Peer-to-Peer Crypto-Currency with Proof-of-Stake
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论文:PPCoin: Peer-to-Peer Crypto-Currency with Proof-of-Stake 论文结构: Introduction Coin Age Proof-of-Stake Minting based on Proof-of-Stake Main Chain Protocol Checkpoint: Protection of History Block Signatures and Duplicate Stake Protocol Energy Efficiency Other Considerations Conclusion
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PPCoin: Peer-to-Peer Crypto-Currency with Proof-of-Stake
Sunny King, Scott Nadal
(sunnyking9999@gmail.com, scott.nadal@gmail.com)
August 19
th
, 2012
Abstract
A peer-to-peer crypto-currency design derived from Satoshi Nakamoto’s Bitcoin.
Proof-of-stake replaces proof-of-work to provide most of the network security.
Under this hybrid design proof-of-work mainly provides initial minting and is
largely non-essential in the long run. Security level of the network is not
dependent on energy consumption in the long term thus providing an energy-
efficient and more cost-competitive peer-to-peer crypto-currency. Proof-of-stake
is based on coin age and generated by each node via a hashing scheme bearing
similarity to Bitcoin’s but over limited search space. Block chain history and
transaction settlement are further protected by a centrally broadcasted checkpoint
mechanism.
Introduction
Since the creation of Bitcoin (Nakamoto 2008), proof-of-work has been the predominant
design of peer-to-peer crypto currency. The concept of proof-of-work has been the
backbone of minting and security model of Nakamoto’s design.
In October 2011, we have realized that, the concept of coin age can facilitate an
alternative design known as proof-of-stake, to Bitcoin’s proof-of-work system. We have
since formalized a design where proof-of-stake is used to build the security model of a
peer-to-peer crypto currency and part of its minting process, whereas proof-of-work
mainly facilitates the initial part of the minting process and gradually reduces its
significance. This design attempts to demonstrate the viability of future peer-to-peer
crypto-currencies with no dependency on energy consumption. We have named the
project ppcoin.
Coin Age
The concept of coin age was known to Nakamoto at least as early as 2010 and used in
Bitcoin to help prioritize transactions, for example, although it didn’t play much of an
critical role in Bitcoin’s security model. Coin age is simply defined as currency amount
times holding period. In a simple to understand example, if Bob received 10 coins from
Alice and held it for 90 days, we say that Bob has accumulated 900 coin-days of coin
age.
Additionally, when Bob spent the 10 coins he received from Alice, we say the coin age
Bob accumulated with these 10 coins had been consumed (or destroyed).
Qcer
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