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Quote from: zack on July 27, 2014, 06:40:46 PM$0.50 gets you the same amount of hashes. If you spend it in one second, or if you spend it over a period of 10 minutes, $0.50 of hashes is the same amount of hashes.
Quote from: prometheus on July 28, 2014, 10:02:25 PMWhat zack is saying, is that there isn't really a way to tell how long it took someone to compute a POW using the POW algos that we know of. 10 minutes of hashing on a cheap PC is a fraction of a second of hashing on a professional mining rig. A miner can still copy the contents of incoming transactions, perform his own POW, and then include his own transaction rather than the ones people send to him.
Quote from: psztorc on July 26, 2014, 09:02:27 PMNodes could require CPU-intensive >10 minute proof of work.
Quote from: psztorc on July 27, 2014, 04:27:50 PMLets say I build a tx "Buy 2 shares of cx687c.. for 5 TRU, send to 1M5duu.., nonce: 1", and I take this month's hashing algo, X11, and hash my tx with different nonces until it is below a target. This hashing activity cost me 10 minutes of time and $0.50 worth of power.Then I publish the transaction, and wait for it to be included in a block.Next month, the new tx-algo will be GOST, as deterministically calculated from something boring, like hash( sum( block hashes) ).How do you propose to front-run my transaction (getting yours into a block before mine) by only paying $0.50?
Quote from: zack on July 29, 2014, 03:35:21 AMWhen you switch algorithms around like this a lot, you can force everyone to do CPU type mining.This incentives the creation of botnets. Botnets would be the most effective way of mining CPU.Every CPU mining rig can be used to mine every other CPU algorithm just as well, and regular computers are CPU mining rigs. So CPU hashing power is even MORE liquid than SHA-256 hashing power. If you have lots of money, Amazon Cloud will supply you with a very large amount of CPU at short notice. Many alt-coins are mined almost completely in the amazon cloud.My father rents servers for people in the oil and gas industry. They have to do intense computations to find the oil.These huge rigs can cost thousands in electricity to run, per day.There are many industries that have huge computers lying idle for part of that day. CPU is even more liquid than SHA-256.It would be possible to spend $100 in under 20 seconds in our hyper-liquid market for CPU.And it would buy you precisely as many hashes as $100 over 10 minutes.I would rent the Amazon Cloud and use it to CPU mine every transaction and front-run all of them.
Quote from: zack on July 29, 2014, 12:55:00 PMUsing your home PC to mine would cost 10x as much in electricity using the amazon cloud. Big servers are a lot more cost effective for cycles per watt than desktops. Cell phones are incapable of POW, since the battery just dies.I wouldn't mind tx-front-running on the Amazon cloud, because it only costs me 1/10th of what it would cost me if I tried to do this at home.Assuming the attacker and defender are spending money as optimally as possible, it costs precisely the same for both of them. It doesn't matter if they spend the money over 10 minutes, or over 5 seconds, they get the same number of hashes.Front running is still possible, because I can tx-hash in 5 seconds and rebroadcast the tx quickly.CPU is MORE LIQUID than SHA-256. It suffers from the same problem, but worse. Since a miner finds blocks at random, there is no way for the miner or anyone else to predict which blocks will be front-ran, and which ones will not. If you wrote tx in the hopes that they get front-ran, you will probably end up buying shares that you didn't want.Charging everyone $5 per tx is prohibitively expensive, and there is no benefit to it. It is identical to requiring burning of $5 of truthcoin to send a tx.Bitcoin fee is $0.06 for comparison.
Quote from: zack on July 29, 2014, 02:07:17 PMStep 1, you publish a transaction containing only a hash of the actual order. Step 2, you publish the order. Orders are only valid if preceded by their hash 6 blocks ago. Assuming a fast block time (eg. 20s as in ethereum starting PoC6), and that the miners are not all colluding, this basically solves the problem."