Cooperative Mining by Stephen Reed (Bitcoin Proof-of-Stake Co-operative Project)
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Cooperative mining is a proposed alternative to proof-of-work mining where block rewards are shared among full nodes proportionally based on their contributions to the network infrastructure. A portion of rewards are allocated to developers. Super peer full nodes take turns creating new blocks with low effort every 10 minutes while other full nodes replicate and verify the single blockchain.
Cooperative Mining by Stephen Reed (Bitcoin Proof-of-Stake Co-operative Project)
- 1. Cooperative Mining - Stephen Reed, Texai.org How it works . . . Block rewards are shared among full nodes in proportion to their persistent contribution to the network infrastructure. A portion of the block rewards are allocated to developers, e.g. via contributions to the Bitcoin Foundation or to the local equivalent. Super peer full nodes take turns creating a new block with trivial effort every 10 minutes. Other full nodes replicate and verify the single append-only, non-forking blockchain.
- 2. Cooperative Mining Alice Blockchain replica Tamper-evident log Nomadic Mint Super Peer definitive blockchain Tamper-evident log Bob Blockchain replica Tamper-evident log
- 3. How it works . . . Each full node maintains a tamper-evident log of its context, inputs, actions and outputs that permit remote attestation by peers. Full nodes are identified with X.509 certificates and all traffic is TLS encrypted between them. DDoS protection and intrusion detection is provided for seed nodes and other network portals. The network is managed by trust-free software agents running transparent algorithms. Up to half the full nodes may be faulty and the system still works, with one node having one vote.
- 4. Cooperative Super-Peer Network Full node Super peer nodes receive transactions and create new blocks round robin. Network backbone Full node Wallet nodes originate transactions High capacity backbone High availability spoke Consumer grade connection Exchange Payment Processor
- 5. Benefits . . . Satoshi’s Bitcoin protocol is preserved with regard to existing wallets and payment processors. Clients, who receive acknowledgment of their accepted transaction, can be certain that it will be contained in the next block. Micro-transactions and 100x lower fees are enabled because super peers efficiently store and process the transactions. This is no industrial mining, no double spending, no Sybil attacks, no Finney attacks, no orphan blocks, etc. Concept-demonstrating altcoin under development: TexaiCoin