Hi all,
I've been working on a sidechain protocol with no trusted third party. You can
find the [whitepaper here](http://coins.github.io/coins.pdf).
Abstract. Coins is a Bitcoin extension designed for payments at scale. We
propose an efficient solution to the double-spending problem using a
bitcoin-backed proof-of-stake. Validators vote on sidechain blocks with
one-time signatures, forming a record that cannot be changed without destroying
their collateral. Every user can become a validator by locking bitcoins.
One-time signatures guarantee that validators loose their stake for publishing
conflicting histories. Checkpoints can be additionally secured with a
bitcoin-backed proof-of-burn. Assuming a rational majority of validators, the
sidechain provides safety and liveness. The sidechain’s footprint within
bitcoin’s blockchain is minimal. The protocol is a generic consensus mechanism
allowing for arbitrary sidechain assets. Spawning multiple, independent
instances scales horizontally.
Feedback is highly appreciated!
Thank you
- Robin
PS: [Here on Github you can find further research on scalability and
usability](https://github.com/coins/coins.github.io).
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