This looks fantastic, I can't wait to read this all the way through. It seems to solve a supreme fundamental issue of removing competition from the proofing.
I want to use the money for effective altruism and existential-risk reduction.
Since the absolute most fundamental nature of any organization is risk reduction, I believe you mean the underpinnings of what the poli sci world is calling the 'network state' :)
However, with that said, to me the most promising goal of crypto will forever be the exchanging of computations for social mobility, ie PoW, PoS, PoST, etc. There needs to be some way to actually earn semi-passive income. Why work when a mining rig can do it for you? Banking the unbanked is cool or whatever, but unbossing the bossed is where the ultimate potential for humanity is at, imho. How does this consensus mechanism help with that, if there is no staking or mining?
In a sense, it's an alternate form of Proof-of-Stake. As Section 8.4 explains, the conventional wisdom is that Proof-of-Stake's flaw is that it's circular. We've proved that actually it's not circular enough, i.e., the stakes it assigns are different than the stakes in society's existing monetary game.
Proof-of-Balance allows "stakes" (what we call "weight") to be issued in proportion to monetary balances. Once those stakes are in users' hands, the protocol can run using the algorithms designed for PoS, including all of their reward and governance mechanisms.
It turns out that to fully unleash the power of those algorithms, you need a verifiably secure stake-distribution mechanism. That's what we've invented. (It's harder than it sounds, of course...)
Comments
This looks fantastic, I can't wait to read this all the way through. It seems to solve a supreme fundamental issue of removing competition from the proofing.
Since the absolute most fundamental nature of any organization is risk reduction, I believe you mean the underpinnings of what the poli sci world is calling the 'network state' :)
However, with that said, to me the most promising goal of crypto will forever be the exchanging of computations for social mobility, ie PoW, PoS, PoST, etc. There needs to be some way to actually earn semi-passive income. Why work when a mining rig can do it for you? Banking the unbanked is cool or whatever, but unbossing the bossed is where the ultimate potential for humanity is at, imho. How does this consensus mechanism help with that, if there is no staking or mining?
Thanks again, I can't wait to read it!
Thanks for the kind words.
In a sense, it's an alternate form of Proof-of-Stake. As Section 8.4 explains, the conventional wisdom is that Proof-of-Stake's flaw is that it's circular. We've proved that actually it's not circular enough, i.e., the stakes it assigns are different than the stakes in society's existing monetary game.
Proof-of-Balance allows "stakes" (what we call "weight") to be issued in proportion to monetary balances. Once those stakes are in users' hands, the protocol can run using the algorithms designed for PoS, including all of their reward and governance mechanisms.
It turns out that to fully unleash the power of those algorithms, you need a verifiably secure stake-distribution mechanism. That's what we've invented. (It's harder than it sounds, of course...)