Blockchain explorer ethereum prison
Announcing World Trade Francs: The Official Ethereum Stablecoin 01st April, Ethereum scalability research and development subsidy programs 02nd January, Proof of stake continues to be one of the most controversial discussions in the cryptocurrency space. As it turns out, however, the problems are solvable, and one can make a rigorous argument that proof of stake, with all its benefits, can be made to be blockchain explorer ethereum prison — but at a moderate cost.
The purpose of this post will be to explain exactly what this cost is, and blockchain explorer ethereum prison its impact can be minimized. The purpose of a consensus algorithm, in general, is to allow for the secure updating of a state according to some specific state transition rules, where the right to perform the state transitions is distributed among some economic set. An economic set is a set of users which can be given the right to collectively perform transitions via some algorithm, and the important property that the economic set used for consensus needs to have is that it must be securely decentralized — meaning that no single actor, or colluding set of actors, can take up the majority of the blockchain explorer ethereum prison, even if the actor has a fairly large amount of capital and financial incentive.
So far, we know of three securely decentralized economic sets, and each economic set corresponds to blockchain explorer ethereum prison set of consensus algorithms:. Proof of work has a nice property that makes it much simpler to design effective algorithms for it: Double-voting, including double-voting where the second vote is made many years after the first, is unprofitablem since it requires you to split your mining power among the different votes; the dominant strategy is always to put your mining power exclusively on the fork that you think is most likely to win.
With proof of stake, however, the situation is different. Although inclusion into the economic set may be costly although as we will see it not always isvoting is free. Note that there is one argument for why it might not make sense for a user to vote on one fork in a proof-of-stake environment: Unfortunately, altruism-prime cannot be relied on exclusively, because the value of coins arising from protocol integrity is a public good and will thus be undersupplied eg. In the case of a distribution equivalent to the Ethereum genesis block, depending on how you estimate the probability of each user being pivotal, the required quantity of bribes would be equal to somewhere between 0.
However, altruism-prime is still an important concept that algorithm designers should keep in mind, so as to take maximal advantage of in case it blockchain explorer ethereum prison well. If we focus our blockchain explorer ethereum prison specifically on short-range forks — forks lasting less than some number of blocks, perhapsthen there actually is a solution to the nothing at stake problem: In order to be eligible to receive a reward for voting on a block, the user must put down a security deposit, and if the user is caught either blockchain explorer ethereum prison on multiple forks then a proof of that transaction can be put into the original chain, taking the reward away.
Hence, voting for only a single fork once again becomes the dominant strategy. This makes analysis substantially simpler, as it removes the need to pre-select voters many blocks in advance to prevent probabilistic double-voting strategies, although it does have the cost that users may be unwilling to sign anything if there are two alternatives of a block at a given height.
If we want to give users the option to sign in such circumstances, a variant of logarithmic scoring rules can be used see here for more detailed investigation. For blockchain explorer ethereum prison purposes of this discussion, Slasher 1.
The reason why this only works for short-range forks is simple: One class of strategies that attempt to deal with this is making the deposit permanent, but these approaches have a problem of their own: A nobility model may well be precisely the correct approach for special-purpose ephemeral blockchains that are meant to die quickly eg.
One class of approaches blockchain explorer ethereum prison solving the problem is to combine the Slasher mechanism described above for short-range forks with a backup, transactions-as-proof-of-stake, for long range forks.
However, this hybrid approach has a fundamental flaw: Does every user setting up their own node. Even without black markets, a proof of stake system would forever be under the threat of the individuals that blockchain explorer ethereum prison participated in the pre-sale and had a share of genesis block issuance eventually finding each other and coming together to blockchain explorer ethereum prison a fork.
However, we can get around this fundamental barrier with a slight, but nevertheless fundamental, change in the security model. Although there are many ways to categorize consensus algorithms, the division that we will focus on for the rest of blockchain explorer ethereum prison discussion is the following.
First, we will provide the two most common paradigms today:. Systems that use social networks as their consensus set eg.
Ripple are all necessarily subjective; a new node that knows nothing but the protocol and the data can be convinced by an attacker that their nodes are trustworthy, and without reputation there is no way to deal with that attack. Proof of work, on the other hand, is objective: Under this model, we can clearly see how proof of stake works perfectly fine: Long-range attacks are no longer a problem, for the trivial reason that we have simply said that long-range forks are invalid as part of the protocol definition.
Another weakly subjective scoring method is exponential subjective scoringdefined as follows:. Essentially, we explicitly penalize forks that come later. ESS has the property that, unlike more naive approaches at subjectivity, it mostly avoids permanent network splits; if the time between the first node on the network hearing about block B and the last node on the network hearing about block B is an interval of k blocks, then a fork is unsustainable unless the lengths of the two forks remain forever within roughly k percent blockchain explorer ethereum prison each other if that is the case, then the differing gravities of the forks will ensure that half of the network will forever see one fork as higher-scoring and the other half will support the other fork.
N being small in exchange for a rapid ascent to very high degrees of security ie. So what would a world powered by weakly subjective consensus look like? First of all, nodes that are always online would be fine; in those cases weak subjectivity is by definition equivalent to objectivity. Nodes that pop online once in blockchain explorer ethereum prison while, or at least once every N blocks, would also be fine, because they would be able to constantly get an updated state of the network.
However, new nodes joining the network, and nodes that appear online after a very long time, would not have the consensus algorithm reliably protecting them. Fortunately, for them, the solution is simple: They will then be able to securely update their view of the current state from there. However, this logic ignores why consensus algorithms exist in the blockchain explorer ethereum prison place. Consensus is a social process, and human beings are fairly blockchain explorer ethereum prison at engaging in consensus on our own without any help from algorithms; perhaps the best example is the Rai stoneswhere a tribe in Yap essentially maintained a blockchain recording changes to the ownership of stones used blockchain explorer ethereum prison a Bitcoin-like zero-intrinsic-value asset as part of its collective memory.
The reason why consensus algorithms are needed is, quite simply, because humans do not have infinite computational power blockchain explorer ethereum prison, and prefer to rely on software agents to maintain consensus for us. Software agents are very smart, in the sense that they can maintain consensus on extremely large states with extremely complex rulesets with perfect precision, but they are also very ignorant, in the sense that they have very little social information, and the challenge of blockchain explorer ethereum prison algorithms is that of creating an algorithm that requires as little input of social information as possible.
Weak subjectivity is exactly the correct solution. It solves the long-range problems with proof of stake by relying on human-driven social information, but leaves to a consensus algorithm the role of increasing the speed of consensus from many weeks to twelve seconds and of allowing the use of highly complex rulesets and blockchain explorer ethereum prison large state. The role of human-driven consensus is relegated to maintaining consensus on block hashes over long periods of blockchain explorer ethereum prison, something which people are perfectly good at.
A hypothetical oppressive government which is powerful enough to actually cause confusion over the true value of a block hash from one year ago would also be powerful enough to overpower any proof of work algorithm, or cause confusion about the rules of blockchain protocol.
Note that we do not need to fix N; theoretically, we can come up with an algorithm that allows users to keep their deposits locked down for longer than N blocks, and users can then take advantage of those deposits to get a much more fine-grained reading of their security level. An increasing interest rate curve can be used to incentivize longer-term deposits over shorter ones, or for simplicity we can just rely on altruism-prime. One objection to long-term deposits is that it incentivizes users to keep their capital locked up, which is inefficient, the exact same problem as proof of work.
However, there are four counterpoints to blockchain explorer ethereum prison. First, marginal cost is not total cost, and the ratio of total cost divided by marginal cost is much less for proof of stake blockchain explorer ethereum prison proof of work. Additionally, different users have very different preferences for how willing they are to lock up capital.
Because of these two factors put together, regardless of what the equilibrium interest rate ends up being, the vast majority of the capital will be locked up at far below marginal cost. Second, locking up capital is a private cost, but also a public good. The presence of locked up capital means that there is less money supply available for transactional purposes, and so the value of the currency will increase, redistributing the capital to everyone else, creating a social benefit.
Third, security deposits are a very safe store of value, so i they substitute the use of money as a personal crisis insurance tool, and ii many users will be able to take out loans in the same currency collateralized by the security deposit.
Finally, because proof of stake can actually take away deposits for misbehaving, and not just rewards, it is capable of achieving a level of security much higher than the level of rewards, whereas in the case of proof of work the level of security can only equal the level of rewards. Fortunately, there is a way to test those assumptions: Users will not act against their own interests, so we can simply use the quantity of funds spent on consensus as a proxy for how much inefficiency the consensus algorithm introduces; if proof of stake has a reasonable level of security at a much lower reward level than proof of work, then we know that proof of stake is a more efficient consensus mechanism, and we can use the levels of participation at different reward levels to get an accurate idea of the ratio between total cost and marginal cost.
Ultimately, it may take years to get an exact idea of just how large the capital lockup costs are. Altogether, we now know for certain that i proof of stake algorithms can be made secure, and weak subjectivity is both sufficient and necessary as a fundamental change in the security model to sidestep nothing-at-stake concerns to accomplish this goal, and ii there are substantial economic reasons to believe that proof of stake actually is much more economically efficient than proof of work.
Proof of stake is not an unknown; the past six months of formalization and research have determined exactly where the strengths and weaknesses lie, at least to as large extent as with proof of work, where mining centralization uncertainties may well forever abound. Does this is any away affect autonomous agents?
In the end human beings need to define the trust lines between them e. One part of the answer would be identifying classes of agents. The creator of the autonomous agent will provide a trusted hash at the start. From that point on, blockchain explorer ethereum prison autonomous agent will just need to take care to be online blockchain explorer ethereum prison least once every security deposit interval.
Security deposit intervals can probably be set as long as 12 months. This was a very helpful article indeed. By the way, there seem to be bugs in some of the figures.
It looks like 0. Do you blockchain explorer ethereum prison to respond to my comments concerning the decentralized exchange created by PoW? Or to my responses to zack in the comments section of http: What type of friend is that? A friend of 20 of my friends would still be a reliable source so long as that party had a solid reputation among my 20 friends.
Finally I want to repeat what Daniel said because to me this is the key to consensus. Blockchains are a social convention that go beyond software.
Consensus is a human construct not a technological one and the software is there blockchain explorer ethereum prison to aid humans not be fully automatic. Its the combination of the human factor of trusting a reliable party who can convey to me the state of the network with the software blockchain explorer ethereum prison of the algorithm doing what I cannot do which is index the state of the network and allow me to know blockchain explorer ethereum prison any one transaction is valid or not that creates consensus.
I am reading the tendermint whitepaper now and I hope to gain at least a superficial understanding of what you are sharing in this post with a bit more effort and consideration!
One would hope it would be obvious by now: Your second paragraph is nonsensical because the stated purpose behind Blockchain technology is to avoid trusting 3rd parties. Have you wrote the code of BitcoinQT? Ok, have you compiled it for yourself? Yes, ok, have you checked the code of the compiler? How can you trust your hardware? You always have to trust others to some degree. With the proposed PoS Version you just need to find a single valid hash from blockchain explorer ethereum prison last year.
Or to paraphrase your words:
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