Re: [bitcoin-dev] Proof-of-Stake Bitcoin Sidechains

[ZmnSCPxj <ZmnSCPxj@protonmail.com>]

Good morning Matt,

It seems to me much more interesting if the stakes used to weigh voting power are UTXOs on the Bitcoin blockchain.
This idea is what I call "mainstake"; rather than a blockchain having its own token that is self-attesting (which is insecure).
It seems to me, naively, that the same script you propose here can be used for mainstake.

For instance, the sidechain network might accept potential stakers on the mainchain, if the staker proves the existence of a mainchain transaction whose output is for example:

<sidechain identifier> OP_DROP
"1 year" OP_CHECKSEQUENCEVERIFY OP_DROP
<pubkey> OP_CHECKSIG

The sidechain network could accept this and use the value of the output as the weight of the vote of that stake.

Regards,
ZmnSCPxj

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‐‐‐‐‐‐‐ Original Message ‐‐‐‐‐‐‐
On Saturday, January 19, 2019 6:59 AM, Matt Bell via bitcoin-dev <bitcoin-dev@lists.linuxfoundation.org> wrote:

> I have been working on a design for Bitcoin sidechains using the Tendermint BFT consensus protocol, which is commonly used to build proof-of-stake networks (Cosmos is the notable one).
>
> The design ends up being very similar to Blockstream's Liquid sidechain, since Tendermint consensus is not far off from Liquid's "strong federation" consensus.
>
> Any feedback about improvements or critical flaws would be greatly appreciated. The design document is here: https://github.com/mappum/bitcoin-peg/blob/master/bitcoinPeg.md (that repo also contains a simplified implementation of this sidechain design).
>
> Thanks for your feedback,
> Matt Bell