Author: Nick Simpson 2014-05-20 16:42:40
Published on: 2014-05-20T16:42:40+00:00
A whitepaper for Bitcoin was completed by Stephen Reed on May 20, 2014. The paper proposes a proof-of-stake version with a single nomadic verifiable mint agent and distributed replication of a single blockchain by compensated full nodes to achieve 6-hop, sub-second transaction acknowledgement times. The proposed system would pay dividends to holders instead of miners, resulting in lower subsidized transaction fees. The idea is still half-baked as the code has not yet been written, and comments are appreciated on the project thread, which will serve as a development diary. A hard fork of the Bitcoin blockchain is planned in early 2016, after a year of public system testing, and conditioned on wide approval. The subsidy for miners is referred to as "wasting it on miners," and such language is unlikely to garner much favor. The email includes a link to the whitepaper and project thread for reference.
Updated on: 2023-06-08T23:11:13.218636+00:00