Author: Robin Linus 2020-01-12 18:54:57
Published on: 2020-01-12T18:54:57+00:00
The author of this message has been working on a sidechain protocol without a trusted third party. A whitepaper on the protocol can be found in the link provided. The Coins protocol is an extension of Bitcoin designed for payments at scale. It proposes an efficient solution to the double-spending problem using a bitcoin-backed proof-of-stake. Validators vote on sidechain blocks with one-time signatures, forming a record that cannot be changed without destroying their collateral. Users can become validators by locking bitcoins. One-time signatures guarantee that validators lose their stake for publishing conflicting histories. Checkpoints can be additionally secured with a bitcoin-backed proof-of-burn. Assuming a rational majority of validators, the sidechain provides safety and liveness. The protocol is a generic consensus mechanism allowing for arbitrary sidechain assets. Multiple, independent instances can be spawned, scaling horizontally. Further research on scalability and usability can be found on Github, as well as feedback being highly appreciated.
Updated on: 2023-05-20T21:34:37.789526+00:00