The Protocol
A hybrid protocol that leverages Proof-of-Work, Proof-of-Stake and human work to achieve consensus and a secured network.
Hybrid Consensus
Similarly to Decred, our Proof-of-Work and Proof-of-Stake hybrid systems allow stakeholders to check and ensure validity of a block. Blocks are created by Proof-of-Work miners while Proof-of-Stake miners validate and approve blocks.
Stakeholders have a say in governance.- Keep Proof-of-work partipants in check.
- Attacks are expensive to execute and sustain.
- Participants are incentivized via inflation.
To put in context, an attacker needs 50% network hashrate and 50% voting tickets to perform a majority attack on the Decred network. This makes decred one of the most economically costly blockchain systems to attack.
Scalable
Inspired by BitcoinNG, we are interested in supporting a block creation scheme where miners assume the temporary role of creating blocks for the network for a given period. Leaders can create blocks faster without contention while maintaining Nakamoto consensus security guarantees.
- Higher block creation rate.
- High transaction throughput.
- Low latency.
- Same trust assumptions as bitcoin.
Fair, Symbiotic Mining
We propose a fair mining protocol that enables miners and non-miners to create new coins by scanning national banknotes.
- Banknotes act as fuel to create new coins.
- Proof-of-work miners need a resource (banknote) that is costly to acquire but accessible to everyone.
- Every banknote undergoes two validation stages before they are considered valid to generate Ellies.
For most proof-of-work blockchain systems, the primary mechanism for driving inflation is through the creation of new blocks and the rewarding of miners who create these blocks as incentives. We believe this is not a fair distribution mechanism as only a few large and wealthy corporations can compete and afford the cost of purchasing and managing specialised hardware.
High Probabilistic Finality
The incorporation of PeopleMint into fork choose rule increase the cost of revoking valid, committed blocks in the blockchain. For a branch to become the best chain, it must:
- It must be the longest chain
- It must have the most proof-of-work.
- It must have the most Proof-of-Stake tickets/votes.
- It must have the highest sum of validated banknotes.