[Cryptography] Presentation of onzecurrency crowd: a 51% Sybil attacks type of blockchain for identities, including a new consensus algorithm
nicoverrijdt at gmail.com
Fri Oct 22 07:06:08 EDT 2021
To explain briefly, a Sybil attack may happen when one physical user has
51% of the users of the onzecurrency blockchain in possession. This project
is in fact an alternative to existing blockchains and consensus algorithms
like proof of work or proof of stake, and the new consensus algorithm is
named poco or proof of chosen ones (there are hundred of them and they
divide all the users in the network, effectively enabling a probability of
success rate in creating a final block). Please, feel free to read the
whitepaper I wrote to reach deeper understanding of poco at <
I also coded the reference implementation at <
https://github.com/nvrrdt/onzecurrency>, which is functional but remains
work in progress.
The advantages of this blockchain are a modest to low energy consumption
compared to proof of work, a fairer distribution of (future) rewards for
all its users compared to proof of stake and regulation could be done more
easily for entities who control identities through a unique physical
recognition, although this type of control could be an optional requirement.
There is a probability that this algorithm is nonsense, but I continue
until I'm sure of its feasibility or until I know the reason why it's
nonsense, it's just a curious algorithm which seems to address the problems
related to most of the existing consensus algorithms.
A blockchain for simple financial transactions is also in the near
ps I've read an article about Len Sassaman via the Hacker News rss feed and
it mentioned this mailing list in a section about Satoshi's whereabouts.
As you can see I'm working on an attempt at yet another consensus
algorithm, but I don't see myself as the next Satoshi, more as one of its
many disciples. That said, I don't know if this is the right platform for
such an announcement. In case this isn't the right platform, would you be
so kind as to communicate a pointer into the right direction? Thanks!
-------------- next part --------------
An HTML attachment was scrubbed...
More information about the cryptography