Paper: Transaction Locking and Masternode Consensus

eduffield

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This paper introduces a new concept called transaction locking and masternode consensus. This technology will allow for crypto-currencies such as Darkcoin to compete with nearly instantaneous transaction systems such as credit cards for point-of-sale situations while not relying on a centralized authority. If successful, such an idea could revolutionize cryptocurrency, by shortening the delay in confirmation of transactions from as long as an hour (with Bitcoin) to as little as twenty seconds

Full paper can be read at the link below:
https://www.darkcoin.io/downloads/InstantTX.pdf
 

droptable

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...starting to read...

thx for your work




edit:
...and everyone involved in this. thx
 
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thelonecrouton

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Awesome stuff! It will be interesting to see what effect if any this has on MN min specs - first thoughts are that RAM and CPU are going to take more of a beating than currently, maybe bandwidth too, although I don't see it being a drastic increase.
 

Stealth923

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Can we please get this out to PR web or similar. Coindesk wired. Bbc cnn reuters. You name it lol
 
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stonehedge

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Congratulations Evan, Holger and Fernando. Mind blowingly simple and the potential is huge. I'm awestruck.
 
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stonehedge

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Awesome stuff! It will be interesting to see what effect if any this has on MN min specs - first thoughts are that RAM and CPU are going to take more of a beating than currently, maybe bandwidth too, although I don't see it being a drastic increase.
The potential for masternodes being used for additional services is the reason I tend to overspec.
 

TaoOfSatoshi

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This paper introduces a new concept called transaction locking and masternode consensus. This technology will allow for crypto-currencies such as Darkcoin to compete with nearly instantaneous transaction systems such as credit cards for point-of-sale situations while not relying on a centralized authority. If successful, such an idea could revolutionize cryptocurrency, by shortening the delay in confirmation of transactions from as long as an hour (with Bitcoin) to as little as twenty seconds

Full paper can be read at the link below:
https://www.darkcoin.io/downloads/InstantTX.pdf
All that should be said is "Brilliant".

Tao

#getintothedark
 
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tungfa

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Sounds Amazing !
Great work, thank you guys.

I might need a "translation" (into simple language)
please !

I understand 'instant transactions' ... and then ?
can somebody please pm me !?
tx
 
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Probe

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Why we need blockchain, when we can use Locking ?
 
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Minotaur

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This is great! It will put Darkcoin on a whole different level. I am so happy.
 
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kryptofoo

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Why we need blockchain, when we can use Locking ?
Looks like only last 24h of records of locked transactions will be stored by clients, so blockchain is still needed as a ledger. Also in rare case when masternodes fail to come to consensus on locking, instant tx will fall back to normal proof of work recording. Because we would have instant tx, the block target can be increased to 10 minutes to reduce bloat.

Edit: half talking out my arse though because I need to reread the paper twice more to grasp in its entirety.
 
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Light

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This new development has the potential to change the game.

I have a question about transaction limit. If I am not mistaken, currently bitcoin has 7 transactions per second limit. If Darkcoin is going to compete with credit cards, how will this new development affect Darkcoin's transaction limit per second?
 

moli

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Sounds Amazing !
Great work, thank you guys.

I might need a "translation" (into simple language)
please !

I understand 'instant transactions' ... and then ?
can somebody please pm me !?
tx
It just means your transactions go through very fast almost instantly and there's no chance for an attacker to accomplish any double spending. That's what I understand.
 
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fernando

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Sounds Amazing !
Great work, thank you guys.

I might need a "translation" (into simple language)
please !

I understand 'instant transactions' ... and then ?
can somebody please pm me !?
tx
TanteStefana wrote a very good explanation in bitcointalk:

Wow, I just finished reading.... um, let me try...

when a person wants to spend coins, they tell everyone (broadcast) and put a lock on the fund in their wallet. The current group of masternodes receives this information, and when they all verify the same information (validate it), they let all the other clients on the network know it is so. This takes only seconds and the coins are then considered "cleared"

If the person spending the money tries to send conflicting information (tries to spend the coin twice, by paying himself the same coins= double spending attack, which they could code into their wallet so it happens really fast) the conflicting information will cause the masternodes to reject the lock, and the coins spent will have to wait to go through the mining process to be validated. (one will be accepted, the other rejected as it is done currently) This will also happen if one of the masternodes that were elected to do the work ends up losing connection (or tries to pull something).

This makes 3 types of attacks virtually impossible to commit.

Wow
 
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fernando

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The potential for masternodes being used for additional services is the reason I tend to overspec.
If Darkcoin gets where we all want it to get, then the rewards paid to masternodes will pay for any spec we need.
 
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TanteStefana

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Are dropping the whole block-chan algorithm ?
No! The proof of work (mining) is still too strong to give up. However, it does allow us to lengthen the time between solutions (finding blocks) which in tern lowers the bloat of the block chain. I just have one worry. If a masternode loses connection, then the lock is void and the transaction must go through the POW (mining). If we make the solved blocks too far apart, it could really become a problem when a person wanted to spend their coins on something NOW and has to wait a half hour or an hour. Could the void simply kick things back, and make a person resend instead? Rather than wait to be sent for proof in the mining process? It would be more like getting an error message instead of confirmation, so that they can try again. I think that would be much more usable and doesn't leave anyone hanging.
 

jpr

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Even if you invent a holy grail of the crypto, them btc fanboys will call you a scam and a shitcoin. Once the markets abandon btc to have anonymity, the real demand of btc will drop. It's a matter of time.
 

fernando

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Even if you invent a holy grail of the crypto, them btc fanboys will call you a scam and a shitcoin. Once the markets abandon btc to have anonymity, the real demand of btc will drop. It's a matter of time.
Scam is the most overused word in crypto... you can't even ask what time is it without someone shouting scam.