Coins: A trustless sidechain protocol

Hi all,

I've been working on a sidechain protocol with no trusted third party. You can find the whitepaper here.

Abstract. Coins is a Bitcoin extension designed for payments at scale. We propose 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. Every user can become a validator by locking bitcoins. One-time signatures guarantee that validators loose 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 sidechain’s footprint within bitcoin’s blockchain is minimal. The protocol is a generic consensus mechanism allowing for arbitrary sidechain assets. Spawning multiple, independent instances scales horizontally.

Feedback is highly appreciated!

Thank you

PS: Here on Github you can find further research on scalability and usability



Submitted January 12, 2020 at 04:16AM by RobinLinus https://ift.tt/35JRdrN

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