sipa changed the topic of #bitcoin-wizards to: This channel is for discussing theoretical ideas with regard to cryptocurrencies, not about short-term Bitcoin development | http://bitcoin.ninja/ | This channel is logged. | For logs and more information, visit http://bitcoin.ninja
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<ruby32>
I was thinking about an alternate proof-of-work mechanism that removes an altcoin's PoW entirely and relies on Bitcoin's proof-of-work instead.
<ruby32>
Each transaction would reference a bitcoin block and altcoin clients would wait for bitcoin blocks to be mined.
<ruby32>
Other clients on the network only consider transactions valid if they reference a bitcoin block with at least 2 confirms, and transactions confirm when bitcoin blocks reach 6 confirms.
<ruby32>
The only issue I can see with this system is transaction spam, but requiring burnt coins (maybe with some coin-age based scaling) to create a valid transaction would solve the spam problem.
<ruby32>
I can't find any other reason that this system would not work, but it seems too easy. Maybe I'm missing something
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<andytoshi>
ruby32: it's not hard to commit stuff to bitcoin with 0 cost .. in fact you can use the existing opentimestamps tool to do it. the hard part is dealing with conflicting/hidden commitments without having some blessed set of people who are allowed to commit
<andytoshi>
if you do it by requiring data be published in bitcoin, you'll basically be creating a "proof of bitcoin network fee" scheme ... which would be an attack on bitcoin
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<ruby32>
I want to do this without committing stuff to bitcoin
<ruby32>
A problem with the solution I came up with was brought up: anyone can reference a previous bitcoin block, instantly confirming their transaction
<ruby32>
Without a consensus mechanism to determine what the most recent block is, this is unavoidable
<ruby32>
I wonder if a solution exists that does not introduce centralization or trust into the system
<sipa>
merged mining
<ruby32>
If the altcoin becomes a sha256-merge-mined coin, wouldn't that mean that anyone could rent a trivial amount of sha256 hashpower and destroy the chain, because the difficulty of the lesser chain would be basically nothing
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<sipa>
ruby32: yes, that's inevitable if you don't want your own PoW
<sipa>
if it doesn't cost anything, it's not secure
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