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charset="UTF-8" Content-Transfer-Encoding: quoted-printable X-Mailman-Approved-At: Tue, 18 May 2021 20:55:08 +0000 Cc: Bitcoin Protocol Discussion , SatoshiSingh Subject: Re: [bitcoin-dev] Opinion on proof of stake in future X-BeenThere: bitcoin-dev@lists.linuxfoundation.org X-Mailman-Version: 2.1.15 Precedence: list List-Id: Bitcoin Protocol Discussion List-Unsubscribe: , List-Archive: List-Post: List-Help: List-Subscribe: , X-List-Received-Date: Tue, 18 May 2021 18:53:05 -0000 1. i never suggested vdf's to replace pow. 2. my suggestion was specifically *in the context of* a working proof-of-burn protocol - vdfs used only for timing (not block height) - blind-burned coins of a specific age used to replace proof of work - the required "work" per block would simply be a competition to acquire rewards, and so miners would have to burn coins, well in advance, and hope that their burned coins got rewarded in some far future - the point of burned coins is to mimic, in every meaningful way, the value gained from proof of work... without some of the security drawbacks - the miner risks losing all of his burned coins (like all miners risk losing their work in each block) - new burns can't be used - old burns age out (like ASICs do) - other requirements on burns might be needed to properly mirror the properties of PoW and the incentives Bitcoin uses to mine honestly. 3. i do believe it is *possible* that a "burned coin + vdf system" might be more secure in the long run, and that if the entire space agreed that such an endeavor was worthwhile, a test net could be spun up, and a hard-fork could be initiated. 4. i would never suggest such a thing unless i believed it was possible that consensus was possible. so no, this is not an "alt coin" On Tue, May 18, 2021 at 10:02 AM Zac Greenwood wrote: > > Hi ZmnSCPxj, > > Please note that I am not suggesting VDFs as a means to save energy, but = solely as a means to make the time between blocks more constant. > > Zac > > > On Tue, 18 May 2021 at 12:42, ZmnSCPxj wrote: >> >> Good morning Zac, >> >> > VDFs might enable more constant block times, for instance by having a = two-step PoW: >> > >> > 1. Use a VDF that takes say 9 minutes to resolve (VDF being subject to= difficulty adjustments similar to the as-is). As per the property of VDFs,= miners are able show proof of work. >> > >> > 2. Use current PoW mechanism with lower difficulty so finding a block = takes 1 minute on average, again subject to as-is difficulty adjustments. >> > >> > As a result, variation in block times will be greatly reduced. >> >> As I understand it, another weakness of VDFs is that they are not inhere= ntly progress-free (their sequential nature prevents that; they are inheren= tly progress-requiring). >> >> Thus, a miner which focuses on improving the amount of energy that it ca= n pump into the VDF circuitry (by overclocking and freezing the circuitry),= could potentially get into a winner-takes-all situation, possibly leading = to even *worse* competition and even *more* energy consumption. >> After all, if you can start mining 0.1s faster than the competition, tha= t is a 0.1s advantage where *only you* can mine *in the entire world*. >> >> Regards, >> ZmnSCPxj