Blockchain : New consensus algorithm called proof-of-dedicated-stake
Hi,
I made a proof of concept for the proof-of-dedicated-stake algorithm, you can find it here https://colab.research.google.com/drive/1Mo1ZGGaVkTjK_UaWSMlONGzYZw0igUUe. This algorithm results in a much longer blockchain than bitcoin, but the storage needed to store the blockchain will stay almost the same as bitcoin.
Technically, I use the same block as bitcoin and add a nonce, then calculate a hash, if the leading character isn’t a zero I add a nonce tot the block with the first nonce, calculate a hash, and it repeats by adding a nonce to the block and other nonces if no leading zero is found. If a leading zero is found then you have found the principal hash as previous hash in the next block.
The stakeholders in this algorithm are the ones mentioned in the current block and these person’s will mine the hashes. The one with the shortest chain of hashes without leading zero wins. It is possible to calculate a hash with 1 or 2 leading zero’s, so it shouldn’t be computationally intensive.
A block might be a MB, but could also be of time based size. If one person doesn’t approve the proposed winning hash, the transaction won’t succeed. And so, there is no such thing as a 51% rule, there’s no need for faster computation.
I understand there might be problems with this concept and I’m curious to learn those.
Furthermore, my understanding of blockchain technology isn’t quite perfect, but I’m eager to improve my knowledge about it.
Thanks.
What is the Blockchain?
A block chain is a transaction database shared by all nodes participating in a system based on the Bitcoin protocol. A full copy of a currency’s block chain contains every transaction ever executed in the currency. With this information, one can find out how much value belonged to each address at any point in history.
Author: tentackle
Score: 2
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