Racing to a Faster, Safer Cryptocurrency Protocol
In Monday’s post we introduced you to Chartercoin and promised you more detail on some of our key innovations. Yesterday we provided an overview of our patent pending quantum safe digital signature technology. Today we’re going into detail on our consensus protocol. There are a number of challenges facing digital currencies, especially those seeking to be useful as high volume transactional currencies. Bitcoin is only 8 years old yet faces issues with scalability, stability and security. For a currency to stand the test of time, it must be designed to address all of these issues in a sustainable way. Chartercoin utilizes a novel new protocol which we call Racetrack Mining.
How it Works:
Transactional currencies need a chain that introduces coins in a manner that is steady, atomic, equal opportunity, and un-forkable, with a basis in a gradually increasing, never repeating, and contiguous stream of data. CharterCoin uses a hybrid Proof of Work and Proof of Stake system for mining blocks and verifying transactions. We release coins on fixed chronological schedule. Every minute a new block is mined. Within that minute, miners generate increasingly complex 8192 bit digital signatures, racing to achieve the highest complexity signature and report this to their super node. We call this Proof of Complexity which is a measure of the uniqueness of the digital signature. The node that achieves the highest complexity signature wins the reward in a winner take all fashion. If no node can find a sufficiently complex signature then the super node is awarded the bounty. This design enables for the mining, transaction and verification to be orders of magnitude faster and more secure than what is currently available.
At the beginning of the minute, a race begins, and runs as follows:
1. Super nodes distribute work to nodes on their network. DRM (Digital Rights Management), high-resolution timestamps, super node age, and node iteration number are distributed from super nodes to the nodes on their network.
2. Each node is given an ODS 8192 signature work segment based on the DRM, the time stamp, the super node age, and the node iteration number. The digital signature is so large that for all practical purposes no two nodes will have the same work segment.
3. When a node achieves a sufficiently complex signature, the signature is reported back to the super node. A new work segment is assigned the node, which then continues to mine for more complex signatures.
The 6 oldest super nodes in the network make decisions on discrepancies. This is governed by the super nodes aging list.
The total laps available per race(block) = 1,208,925,819,614,629,999,999,999
Conclusion:
This system design allows Chartercoin to be highly scalable. Our scaling node process enables any “standard” user to contribute their CPU resources to verify transactions on the chain. We eliminate the block and the hash and compress the chain 90 times enabling proof of stake verifications to be done by a mobile phone, watch or any other device. There are no technical capacity constraints on the transactions speeds which are only limited by the overall size of the network.
Chartercoin is highly stable and cannot be forked. The time-based nature of the chain, the system of work distribution and the super node aging list combine to make it impossible to fork the protocol. This ensures that a Chartercoin today is the same as a Chartercoin 100 years from now.
Finally, Chartercoin’s consensus protocol ensures a highly secure chain. By building super compressed spatial wallet network, decreasing the wallet footprint and opening the door to let the technology be deployed everywhere including multiple users on the same appliance.
Follow Us:
LinkedIn: https://www.linkedin.com/company/chartercoin/
Twitter: www.twitter.com/chartercoin
Slack: chartercoin.slack.com
Interview with Tim: “Blockchain & Chartercoin with Timothy Fletcher”, http://techlowdownshow.com/2017/12/03/blockchain-chartercoin-with-timothy-fletcher/
