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Author Topic: proof of stake - algorithm to decide who forge the next block  (Read 1076 times)

namecoin

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I am curious about how nxt consensus' proof of stake work?  Any detail is appreciated. 

In particular, I am interested to know how nxt algorithm decide who forge the next block. 

Riker

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Take a look at the NXT White paper https://wiki.nxtcrypto.org/wiki/Whitepaper:Nxt#Nxt.E2.80.99s_Proof_of_Stake_Model
If you are technical, you can simply look at the code.
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If you prefer JavaScript, you can check out the block predictor plugin here: https://nxtforum.org/nxt-plugins/(plg)-next-block-predictor-plugin/
Check out the NxtLib, the .NET Framework API for the Nxt platform.

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NxtLoader for Windows | VPS 178.33.203.157 | NXT-7LUC-22LJ-5WJ4-22222

MrCluster87

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Actually, what's the name of this algorithm? In order to differentiate it from peercoin, vericoin, blackcoin ones?

PoW has many: SHA, scrypt, x11, kekkack...

abctc

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Welcome to the Nxt generation of crypto!   Magis quam Moneta (More than a Coin)
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MrCluster87

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so instead of the creator, could this be named after the tech? like PoS SHA256?

TheCoinWizard

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so instead of the creator, could this be named after the tech? like PoS SHA256?
the SHA256 aspect is not as defining in POS as it is in POW...

as POS has no need for a wastefull SHA256 (or scrypt, etc) pissing contest...

In it's current nxt implementation the more important characteristics are:
1. random block times.
2. non inflationary.
3. completely decentralized. (as opposed to DPOS i believe)

So I would argue having the name more accentuate these characteristics than just the SHA256 aspect of it.
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namecoin

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Actually, what's the name of this algorithm?
- it is BCNext's PoS algorithm".

Thanks, I think that link answered my question.

copied here for convenience.

BCNext's PoS algorithm:
<quote>
Each block has "generationSignature" parameter.  An active account signs "generationSignature" of the previous block with its private key.  This gives 64 bytes which are hashed with SHA256.  The first 8 bytes of the hash gives a number (I call it a "hit").  The hit is compared to the current "target" (64bit number).  If the hit is lower than the target then next block can be generated.

The target for each account is proportional to the balance.  Someone holding 1000 coins gets a 50 times bigger target than someone with 20 coins. Thus the owner of 1000 coins will generate 50 times more blocks than the owner of 20 coins (in the long run).

The target is not constant, it grows each second passed since the timestamp of the previous block.  If noone generated a block on the first second then the target becomes 2 times bigger and so on.  The base target is the target on the 60 second mark.  If there is only a few active accounts then after a long time someone will generate a block because the target will become very big.  If you open the client and log with any funded account you can see a ticking timer in BLOCKS widget.  It shows when the target will become greater than your hit.

</quote>
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