elective-stereophonic
elective-stereophonic
Mintable MS currencies and nothing-at-stake
Please login or register.

Login with username, password and session length
Advanced search  

News:

Latest Stable Nxt Client: Nxt 1.12.2

Author Topic: Mintable MS currencies and nothing-at-stake  (Read 1064 times)

coretechs

  • Sr. Member
  • ****
  • Karma: +161/-1
  • Offline Offline
  • Posts: 436
    • View Profile
Mintable MS currencies and nothing-at-stake
« on: November 13, 2014, 03:37:20 pm »

The MS documentation states that mintable MS currencies will be secured by NXT forging, not by the proof-of-work.  But why not utilize the proof-of-work for an additional consensus rule to check when accepting a competing NXT blockchain?  Since the PoW of mintable MS currencies is recorded in the blockchain, we could add a rule for NXT to accept the blockchain with the longest-chains for all mintable MS currencies active at the time.  A nothing-at-stake attack would then require a number of proof-of-work sub-chains to build a valid competing NXT blockchain.


edit: grammar
« Last Edit: November 14, 2014, 01:53:41 am by coretechs »
Logged
https://ardorportal.org - Ardor blockchain explorer | https://nxtportal.org - Nxt blockchain explorer | http://bitcoindoc.com - The Rise and Rise of Bitcoin
ARDOR-T43P-R2K9-8W79-9W2AL | NXT-WY9K-ZMTT-QQTT-3NBL7

Riker

  • Core Dev
  • Hero Member
  • *****
  • Karma: +440/-42
  • Offline Offline
  • Posts: 1796
    • View Profile
Re: Mintable MS currencies and nothing-at-stake
« Reply #1 on: November 14, 2014, 11:43:51 am »

To start with I must say this is a very innovative idea, I think there is nothing inherent in the protocol which prevents implementing something like this. However, in practice I see several challenges with the current implementation:
1. Different mintable MS currencies can use different hashing algorithms and different difficulty parameters so it would be impossible to compare the hashing power invested in each mintable currency when deciding on a fork. To mitigate this we can issue one official POW MS currency, or even one official set of hashing algorithm and difficulty parameters for currencies to participate in POW decisions, which are the only ones considered for POW calculation when deciding on a fork.

2. Unlike with Bitcoin the hashing power invested into mintable currency does not help solving a block, it just provides more currency units. I'm not sure how this impacts network security and if this type of POW should be considered important to the network security.

Need to think more about it.
Logged
NXT Core Dev
Account: NXT-HBFW-X8TE-WXPW-DZFAG
Public Key: D8311651 Key fingerprint: 0560 443B 035C EE08 0EC0  D2DD 275E 94A7 D831 1651

ChuckOne

  • Hero Member
  • *****
  • Karma: +293/-17
  • Offline Offline
  • Posts: 3450
  • ☕ NXT-4BTE-8Y4K-CDS2-6TB82
    • View Profile
Re: Mintable MS currencies and nothing-at-stake
« Reply #2 on: November 14, 2014, 10:32:14 pm »

Is the proof of work not submitted via a transaction? So, these transactions should pop up on all forks.
Logged
 

elective-stereophonic
elective-stereophonic
assembly
assembly