Perhaps this is the technology behind https://chia.net ?
It's not.
Snowflake to Avalanche: A Novel Metastable Consensus Protocol Family for Crypto
11–20 of 53 posts
Re: Snowflake to Avalanche: A Novel Metastable Consensus Protocol Family for Crypto
#12Initial reactions:
1. Sybil-resistance (faking strong consensus by deploying cheap replica nodes you control) in a protocol like this is crucial. All I could find is this:
To prevent Sybil attacks, it uses a mechanism like proof-of-stake that assigns weights to participants in committee selection based on the money in their accounts.
2. Every non-proof-of-work protocol I've seen, including Ripple Consensus Process and proof-of-stake creates a problem of initial coin distribution. PoW systems have a clean distribution mechanism based on external resource consumption. Non-PoW systems produce an airdrop situation. Players start with no funds, and so can't stake. The creator of the network manually assigns ownership, with important long-term political consequences (e.g., Ripple).
3. The lack of an incentive structure around fees in protocols like Ripple creates bizarre economic consequences. For example, Ripple is guaranteed to lose money stock because fees are simply burned, rather than given to the consensus leader as in Bitcoin.
4. So far, I haven't seen anything in the paper regarding denial of service attacks on nodes. In other words, I see no negative incentives levied on those who can sign transactions from flooding the network with useless spam, bogging everything down.
Re: Snowflake to Avalanche: A Novel Metastable Consensus Protocol Family for Crypto
#13Re: Snowflake to Avalanche: A Novel Metastable Consensus Protocol Family for Crypto
#14It would be good if the authors would have extended figures 20, 21, and 22 out to networks of size 20,000 or more nodes. Or at least described what they expect to happen. I.e. if you have many more nodes, does the throughput remain above 1k tps?
I also always like authors who are willing to acknowledge the limitations of their work. If this work described the limitations I didn't see it; maybe they think there are none :-)
Re: Snowflake to Avalanche: A Novel Metastable Consensus Protocol Family for Crypto
#15Initial reactions: 1. Sybil-resistance (faking strong consensus by deploying cheap replica nodes you control) in a protocol like this is crucial. All I could find is this: To prevent Sybil attacks, it uses a mechanism like proof-of-stake that assigns weights to participants in committee selection based on the money in their accounts. 2. Every non-proof-of-work protocol I've seen, including Ripple Consensus Process an…
> PoW systems have a clean distribution mechanism based on external resource consumption.
Unless the creators are the only ones mining for a time.
Re: Snowflake to Avalanche: A Novel Metastable Consensus Protocol Family for Crypto
#16Perhaps this is the technology behind https://chia.net ?
Chia is bitcoin but with farming (storage) instead of mining (compute), plus a whole host of cleanups to do it right. So no DAG or any such thing. One could read "Beyond Hellman's Time-Memory Trade-Offs with Applications to Proofs of Space" https://eprint.iacr.org/2017/893.pdf
Is proof of space actually "greener" than proof of work? Memory and hard drives consume power, and querying them consumes power. Seems like it could be just another kind of work. It would be more ASIC resistant though.
Re: Snowflake to Avalanche: A Novel Metastable Consensus Protocol Family for Crypto
#17Either "using crypto" or "for cryptocurrencies"
Re: Snowflake to Avalanche: A Novel Metastable Consensus Protocol Family for Crypto
#18Initial reactions: 1. Sybil-resistance (faking strong consensus by deploying cheap replica nodes you control) in a protocol like this is crucial. All I could find is this: To prevent Sybil attacks, it uses a mechanism like proof-of-stake that assigns weights to participants in committee selection based on the money in their accounts. 2. Every non-proof-of-work protocol I've seen, including Ripple Consensus Process an…
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Re: Snowflake to Avalanche: A Novel Metastable Consensus Protocol Family for Crypto
#19Initial reactions: 1. Sybil-resistance (faking strong consensus by deploying cheap replica nodes you control) in a protocol like this is crucial. All I could find is this: To prevent Sybil attacks, it uses a mechanism like proof-of-stake that assigns weights to participants in committee selection based on the money in their accounts. 2. Every non-proof-of-work protocol I've seen, including Ripple Consensus Process an…
> PoW systems have a clean distribution mechanism based on external resource consumption. Unless the creators are the only ones mining for a time.
True, this has been one of the consistent criticisms of Bitcoin - Satoshi solo mined coins and therefore distribution wasn't fair.
OTOH, consider the alternative. Satoshi gave himself all the money in the system, then divvied it up among his friends.
However, given the availability of multiple multi-billion dollar cryptocurrency economies, another option might be possible. Airdrop to the current holders of some other cryptocurrency. Or maybe a basket of cryptocurrencies. Key owners could then claim their money on the newly-created network. This idea really started to take off in 2018 with Bitcoin hard forks.
The problem is that the network creator will face intense pressure to withhold just a little currency to fund a war chest. Yielding to that pressure creates the very political problems I alluded to earlier (e.g., Ethereum).
Re: Snowflake to Avalanche: A Novel Metastable Consensus Protocol Family for Crypto
#20Initial reactions: 1. Sybil-resistance (faking strong consensus by deploying cheap replica nodes you control) in a protocol like this is crucial. All I could find is this: To prevent Sybil attacks, it uses a mechanism like proof-of-stake that assigns weights to participants in committee selection based on the money in their accounts. 2. Every non-proof-of-work protocol I've seen, including Ripple Consensus Process an…
These days you can just auction the coins in an ICO.