Babbitt column | Building a POS layer on top of POW

In advance, this article is purely imaginary.

The pros and cons of POW and POS are very controversial, and I don't know who is right. Some coins claim to combine the advantages of POW and POS, and can abandon their shortcomings. For example, dot coins, DCR coins, etc.

The current POW+POS is a hybrid consensus mechanism on the same layer. It is a mechanism for exporting blocks. The same currency is obtained.

Is it possible to design a layered mechanism, such as the bottom layer is POW, the second layer is POS, and the bottom layer and the second layer are economically linked.

For the convenience of description, we use BCH as the bottom layer. To say that BCH is just an example that can be considered for description, it is not intended to make any changes to the BCH protocol. You can change BCH to any other pure POW currency.

The bottom layer of BCH is POW, and POW is a consensus mechanism. Now design a Layer 2 network for BCH, first send a coin, we will call BCHPOS for a while, abbreviated as BPS. We use a similar SLP protocol to send this BPS currency.

The SLP protocol is a BCH token issuing agreement, similar to the ERC20 of Ethereum. However, the BPS currency is not directly issued as a token, but is issued by means of “POS lock bin mining”. Adopt "locking BCH mining".

The total amount of BPS issued is the same as that of BCH, with 21 million, using the same halving mechanism. The first block is 50BPS. After half of the production, the output is halved, and the total amount has been approaching 21 million BPS.

The design rule for lock mining is that anyone holding a BCH can construct a transaction "locking transaction tx1" and transfer it to any address that controls the private key. We first record the transfer amount as v1. The transfer transaction is accompanied by an OP_Return output, which remarks the lock bin mining information that can be identified in the BPS Layer 2 network protocol. Just fine. The tx1 transfer can also be transferred to a cold wallet.

Tx1 is absolutely safe, this is the user's own transfer, and there is no difference between the current BCH transaction. On the BCH bottom layer, tx1 is 100% in accordance with existing protocol rules and no changes have been made.

The Layer 2 network is designed to have a block node, such as a simple EOST DPOS or a vsys SPOS consensus mechanism. Of course, other POSs can be used. Assuming that 10 super nodes are set, the BPS outbound is done by the super node.

The "locked transaction tx" constructed by the user fills in the OP_Return output to which supernode to vote for.

After the super node is out of the block, the block reward can be distributed to the voting users, and the distribution ratio is determined by the super node.

For the super node's export, the entire block data needs to be stored in the BCH transaction, such as OP_Return information stored in a specific transaction. The PW miners at the bottom of the BCH do not verify these BPS blocks and are only responsible for saving and broadcasting this information, not involving computational verification. The verification of the BPS block is done by the super node.

The BPS transaction is essentially a BCH transaction, but with an additional OP_Return output. The miner fee consumed by the BPS transaction is BCH, and there is no need to consume BPS as a miner's fee. Therefore, the miner fee is taken away from the BCH bottom POW mine pool, and the super node of the BPS second-tier network is not subject to any miners' fees. However, it can also be designed to pay double miners for BPS transactions, a BCH miner fee to the bottom POW miner, and a BPS miner fee to the second-tier super node.

For the sake of security, the block time of the Layer 2 network is synchronized with the BCH block. When the underlying POW miner digs up a BCH block, the Layer 2 super node digs into a BPS block. Whether the BPS block interval can be shorter than the BCH block, I did not want to understand.

The function of the BPS Layer 2 network, you can do it casually, engage in smart contracts, and mess up if you want to mess up.

The value of BPS coins depends on ecological development. The value of BPS coins should be considered in three ways.

First, because the BPS currency is the currency obtained from the mining of the underlying BCH lock, it represents an interest in the BCH. Since it is the currency of BCH, you can get the value of BCH ecology.

Second, the function of the BPS Layer 2 network can design useful products, such as designing smart contracts. Attracting users to a Layer 2 network will bring economic value to BPS.

Third, the BPS Layer 2 network allows the BCH network to derive complex functionality, such as smart contracts. This will bring economic value to BCH.

This is an interesting idea, the bottom layer POW, the second layer POS, and the second layer uses the underlying currency to complete the POS design.

Author: Huang Shiliang

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