VeriCoin's PoST White Paper

Discussion in 'VeriTalk' started by VCFAdmin, May 10, 2015.

  1. VCFAdmin

    VCFAdmin Forum Staff



    A purely distributed consensus in an efficient digital currency would enable a nearly instant and nearly free transaction system across the globe; independent of border, nation, government or bank.

    We herein propose a time-accepted nonlinear consensus that maintains the efficiencies of Proof-of-Stake, while increasing the distribution and security of the consensus system with a diminishing probability to find a proof and receive reward over time. This is achieved via a periodic time-acceptance function that is proportional to the coins held and relative to network strength. This time-acceptance model ensures that relatively active staking maximizes reward and probability to form consensus via proof. This incentivizes direct and active protection of the network. Furthermore, voluntary participation in the network is driven by an inflation targeted interest rate that is inversely proportional to network strength. This increasingly rewards nodes which consistently reinforce network security. This is in addition to a time-diminishing inflation rate that is proportional to network strength and active participation in reaching consensus, and relative to the Proof-of-Work distributed initial supply. A combination of costs and rewards favors direct participation in the protection of the consensus, providing enhanced security, equability, and distribution of both consensus and currency over time.
    PoST Now Available!.png
    For full White Paper download please click here.

    Alben, Vishera, Ernie_C and 7 others like this.
  2. Nine10toes

    Nine10toes Veri Dedicated

    I've noticed from times when my wallet is not staking I get a fast larger payouts when I start staking. Also when network stake weight goes up the intrest payout noticably slows down for me. From what I understand after this read is that when PoST is implimented the fast bigger intrest from reconnecting to the network won't be happening anymore.
    Vishera and Jeff.Masse like this.
  3. vtec2liter

    vtec2liter VeriAwesome

    I read the White Paper and it's really good you guys. Very impressed. Im going to really check out the nuts and bolts of it. It really fascinates me. POST changes for optimal security and increases the incentives to stake continuously. It protects its self under possible vulnerable network conditions open to attack. POS has vulnerabilities that most of us know and POST closes up these vulnerabilities while increasing staking incentives to protect the network accordingly. All I can say is its a home run people. WOW :thumbsup::coffee:
  4. onsightit

    onsightit Developer

    Hey Nine! The "fast large payouts" is sort of an illusion. You are just making up for lost time staking. But it should be the same amount as if you had been staking consistently. (Someone correct me if I'm wrong, but that's my understanding.)
    Nine10toes, Vishera and Jeff.Masse like this.
  5. Ernie_C

    Ernie_C ☆ Verified ☆ Forum Staff

    I've noticed what he was talking about and I thought it had something to do with the coin age.
    Nine10toes, Vishera and veryveriviral like this.
  6. onsightit

    onsightit Developer

    Coin age is definitely a factor in staking, but it's the same age whether the wallet is online or not. Bringing it online and seeing large fast payments is just a game of "catch-up" or some folks like to say, "ketch-up". :p
    Janek, Nine10toes, Vishera and 3 others like this.
  7. veryveriviral

    veryveriviral VeriCoin Marketing/PR/Media Forum Staff

    Though it DOES "catch up" you don't receive the FULL amount you normally would. That's NSDI. But that changes dramatically with PoST.

    You actively stake... which secures the network... you get rewarded for being a part.

    PoST is more about the individual now rather than the Network as a whole.

    Nothing is more important to a person than "self interests" and this is why PoST is pretty damn genius.

    That said... there is still a little leeway. (If you go on vacation for 2 weeks etc.)
    onsightit, Nine10toes and Vishera like this.
  8. Nine10toes

    Nine10toes Veri Dedicated

    Thank you for all the feed back, I am just trying to wrap my head around it. more active staking equals better sercurity. PoST is a bigger incentive for everone to actively stake. Since I barely take my wallet offline, Im just internalizing it. I will be re reading this paper a couple times. Ps Will there be a hangout soon?
    Last edited: May 11, 2015
    Vishera likes this.
  9. pnosker

    pnosker Administrator

    NSDI doesn't affect the full amount. Stakers get the full amount. They could potentially get more than if they continually staked if NSDI was high when they started staking.

    But yes, exactly, PoST incentivizes individual staking rather than the whole network creating the opportunity to make much more interest now compared to before if you continually stake.
    Vishera, Ernie_C, Nine10toes and 5 others like this.
  10. Erkan

    Erkan Member

    in case there'll be an update of/for the paper, I suggest:

    page 4:
    "in it’s own right" -> "in its own right"

    page 5:
    "Proof-of-Stake in it’s current form" -> "Proof-of-Stake in its current form"
    Ernie_C, BitCoinDragon and pi933 like this.
  11. veryveriviral

    veryveriviral VeriCoin Marketing/PR/Media Forum Staff

    Thanks @Erkan

    We are adding an addendum and we'll be sure to correct those grammatical mistakes before we submit for peer review.

    Ernie_C and Erkan like this.
  12. mirrax

    mirrax Member

    Interesting read. Can somebody elaborate on how you want to remove synchronization checkpointing?
  13. Ernie_C

    Ernie_C ☆ Verified ☆ Forum Staff

    I'm not really sure how they want to remove it but I have a suspicion that that info will be divulged sometime in the near future, seeing as how it's pretty much already been accomplished.
  14. veryveriviral

    veryveriviral VeriCoin Marketing/PR/Media Forum Staff

    The entire VeriCoin network has been running without Sync Checkpointing since December 1st.

    However we had put in a "fail safe" in case the removal of Sync Checkpointing didn't work as intended.

    When we release 1.6.4 - we'll technically be removing the "fail safe" as the entire network has been running incredible.

    The removal of Sync Checkpointing has been made possible by Proof of Stake-Time because the time aspect forces orphans to slow down and eventually die.

    Steve added a few more things to help make that happen.

    Pretty amazing actually.
    Janek, pi933, souljah1h and 2 others like this.
  15. Ernie_C

    Ernie_C ☆ Verified ☆ Forum Staff

    ^^ :thumbsup:

    Heck yeah!
    veryveriviral likes this.
  16. vtec2liter

    vtec2liter VeriAwesome

  17. vtec2liter

    vtec2liter VeriAwesome

    The elimination of sync checkpointing (a server is used for this thus centralization of the block chain) This is one of the biggest tech advancements sense POS came out actually a totally decentralization of blockchain is insane. Vericoin the most secure coin on the planet hands down:thumbsup::cool:
  18. veryveriviral

    veryveriviral VeriCoin Marketing/PR/Media Forum Staff

    Yeah there's an argument to be made for being more decentralized than even Bitcoin due to large pool collusion. But we definitely don't want to go rattling the Bitcoin Communities feathers.

    Honestly it's like a cult with them. Rather have PoST published in a respected journal and peer reviewed before we make any claims. If there are any mistakes we can adjust etc.

    That's just how Science works. :)
    Janek, Nine10toes, souljah1h and 3 others like this.
  19. Ernie_C

    Ernie_C ☆ Verified ☆ Forum Staff


    Or at least that's how the scientific method is supposed to work. ;) :D
    veryveriviral likes this.
  20. veryveriviral

    veryveriviral VeriCoin Marketing/PR/Media Forum Staff

    I rattle feathers and ruffle cages. lol
    Ernie_C likes this.

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