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Author Topic: 2nd Gen. CryptoCurrency, Polycoin  (Read 3376 times)

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Offline polycoinTopic starter

2nd Gen. CryptoCurrency, Polycoin
« on: February 21, 2014, 07:38:38 PM »

Github: newbielink: [nonactive]
Polycoin is a second generation crypto coin.

Polycoin is being developed in collaboration between , Myth and Syndicate under Darknet Plan and OP Tornstaf.

Polycoin is designed to be a simpler, easier to use, more secure Bitcoin. Polycoin emphasizes simplicity, security and usability over doing everything.

Polycoin is designed to survive the looming internal and external threats Bitcoin is facing. Polycoin is setting a new standard for security and crytocoin protocol design.


Besides building a better, more robust, most secure, more usable Bitcoin, the Polycoin project is working towards several long term goals we believe are necessary.

- The long term goal of the Polycoin Project is to bridge the "last mile" between homes and fiber with a distributed wireless mesh and community ISPs.
- Polycoin is working on several applications using Polycoin as a credit unit.
- Storage, networking (cjdns inspired), messaging and routing protocols.
- SOPA, PIPA, ACTA and the Comcast/Time Warner merger have made it clear that political solutions are no longer viable.

Technical Specs:
- open access
- multi-home routing / link-aggregation
- end-to-end encryption
- link level encryption
- new post PKI cryptographic primitives
- Designed to run on Raspberry pi and Ubiquity Hardware
- "zeroconf", no configuration network deployment
- financial incentive for relaying traffic and node deployment
- routing protocol agnostic, allows choice of routing proticols (OSPF, DHT, ant-routing)


Polycoin uses a protocol called Obelisk instead of PoW. Obelisk is a provably secure PoW alternative for creating fair total orderings in decentralized systems with adversarial nodes.  Obelisk was chosen over other proposals because it is provably secure and can be layered over Bitcoin's existing security model to eliminate the possibility of 51% attacks.

Polycoin transactions are free. Users receive coin-hours for each hour they hold a coin. Coin-hours are spent on transaction fees. Transactions bid to enter a fixed sized block.

Polycoin transactions are fast. Most transactions are executed within fifteen seconds. Off blockchain transactions are instant.


Bitmessage Contact:
Private Messages: 16D1Np59BZr4r6SvLTDT2FZqUQSKvCvRjL
Announcements (subscribe to address): 16D1Np59BZr4r6SvLTDT2FZqUQSKvCvRjL
Channel: name: Polycoin, key: 16D1Np59BZr4r6SvLTDT2FZqUQSKvCvRjL


Development Process:

All Polycoin components are in Golang and C. There are different teams working on Polycoin and multiple independent software components required to achieve the long term vision of the project. This is an open source project. There is a huge list of bug fixes and things that need to be implemented.

Allocation of coins are reserved for developers and contributors.



Polycoin tries to offer more security, greater privacy and better usability than Bitcoin.

Polycoin Philosophy:
- too complex systems cannot be secure
- We strive for simplicity over complexity
- decentralized but pragmatic
- Huge emphasis on usability


Partial feature list:

- higher level of security for non-technical users with improved ease of use
- deterministic ESDSA, enforced signature mutability
- hardening against SHA256 pre-image attacks, hardening against side channel attacks
- hardening against "offline" attacks on secp256k1
- optional quantum computer resistant TwoStep protocol transactions
- standardized remote signature HMAC API for hardware wallet devices

- Polycoin transactions have higher privacy than Bitcoin transactions ("wallet mixing", "money pot")
- Polycoin protects its users from identification for increased safety in hostile countries (ex. HTTPS/TLS tunneling)
- stenographic wallets
- We're also hoping to release a proxy protocol similar to Tor within Polyocoin, aka if you wish to be absolutely anonymous, the proxy will be available to you.

- Wallet supports Bitcoin and Polycoin
- 15 second transactions (point-of-sale)
- simple 256-bit deterministic wallets
- clients only need unspent output set instead of whole block chain ("Snapshot")
- coins divisible to 8 places

Distributed Exchange:
- Off blockchain Transactions (through standardized API, "gateway")
- powerful scripting language for contracts (non-turing complete statically typed LISP variant)
- Open Transactions type crypto-equities, bonds, options and other securities
- OTC gateway API (based upon FIX, SWIFT, FIXatdl)

The blockchain is for settlement between counterparties. Price data and bid/ask orderbook data is not in the blockchain, but supported through the gateway API. Fractional Polycoin transactions and micropayment are handled as off block chain transactions.


Coin Distribution:

- There will be an average of 500,000 coins released annually, more or less depending on the demand for them, similar to how the United States Treasury and Federal Reserve works like.
- There is no mining.
- All coins are created in genesis block.
- The coins will be distributed in a fair, open process, through automatic release of coins relative to the demand for them, we are also open to your suggestions.
- There will be a coin giveaway for alpha testing when the Open-Beta comes out, most likely in April, and absolutely before May.
- No matter what distribution strategy is chosen, we expect that some people will whine.


Software Release Schedule:

The first Polycoin client will be released in April. White papers will be released as they are finished.


No Mining:

Satoshi has stated that mining is Bitcoin's only flaw. Miners are the greatest non-crpytographic threat to Bitcoin retaining value on geographic time scales. Mining introduce human factors and greed into the survivability of Bitcoin as a currency

- Dishonest miners may destroy Bitcoin
- We are close to a 51% attack
- has abused its hashing power to steal Bitcoin from gambling sites
- services such as allow people to rent a 51% attack by the minute
- mining pools will form cartels to orphan blocks mined by non-cartel members, to enhance their block rewards
- mining cartels will rent capacity to orphan blocks from other pools, if the reward is greater than the cost
- pools have begun capping block size to drive up transaction fees. Bitcoin transaction processing rate may be unable to keep up with growth in transactions from new users. Bitcoin is becoming unusable for micro-transactions.
- Every month more mining power is concentrated in the hands of a smaller number of people
- Mining ensures majority of new crypto-coins go to people with botnets, GPU farms and ASICs not available to the public.
- No one benefits from mining except miners and electricity companies
- electricity used by mining is wasted. Money spent on mining is being thrown into a hole, burnt and the costs are passed on to every Bitcoin holder
- Mining will substantially increase transaction fees to unsustainable levels when block rewards decrease. Bitcoin transaction fees may reach a level higher than the banking system Bitcoin was created to replace.
- Miners selling newly created Bitcoins to pay equipment and electricity costs, drives down the price of Bitcoin.
- If Bitcoin reaches viability as the next global reserve currency, the incentives for nation states to monopolize and control mining will be too great to contain.

Polycoin was designed to eliminate mining completely and eliminate the problems it creates. Polycoin replaces reliance on honest miners with reliance on mathematics.

- Polycoin is more secure because it does not rely upon the good will of miners
- Polycoin transactions will be cheaper because there are no mining costs being passed on to users
- Polycoin transactions are not subject to 51% attacks by mining cartels
- Polycoin is environmentally friendly and sustainable. Polycoin does not require twelve coal power plants to power mining

Eliminating mining creates new problems for coin distribution.
- We will not do a Nxt or Mastercoin style IPO because we believe they are unfair and discourages new users.
- We will not create 100,000,000,000,000 coins and give 10k coins to each user and hoard the other 99,999,996,000,000 coins like Ripple did.
- There will be no Ripple style secret back door deals at below market price.
- People who contribute to the success of Polycoin will receive whole bags of coins

Distribution will be as fair as possible.


These are some things we are working on.

TwoStep: Quantum Computer Secure Transactions

This is a draft protocol for securing crypto-coin transactions against future advances in mathematics or computing which render discrete logarithm based public key cryptography insecure.

TwoStep is part of QuantumEclipse, a suite of next-gen cryptocoin protocols developed under OP Darknet Plan for the Polycoin Project.

This protocol is:
- secure if addresses are not reused
- lower overhead than Lamport Signatures
- works with SHA256 preimages equally as well as Secp256k1 signatures
- is not dependent on the security of discrete logarithm based public key cryptography

1> A user creates a transaction and publishes the SHA256 hash of the transaction onto the block chain (effectively a timestamp)
2> The user waits several blocks and publishes the transaction. Miners enter the transaction onto the block chain.

A transaction with a prepublished hash is "timestamped" by the publication of the hash. A transactions without a prepublished hash is a "non-timestamped" transaction.

Transaction Precedence Rules:
- if an unconfirmed non-timestamped transaction spends outputs used by a non-confirmed timestamped transaction, the non-timestamped transaction is invalid (time-stamped transactions have priority over non-timestamped transactions).
- if two unconfirmed timestamped transactions spend non-disjoint sets of unspent outputs, the transaction with the earliest timestamp is the valid one.

Address pub keys are not being published until they are first used in a transaction. The TwoStep protocol delays the publication of the public key for an address until transaction publication and then renders any transactions an attacker creates from the recovered private key invalid using the precedence rules.

Strict transaction precedence rule enforcement is not possible in Bitcoin, but is possible in Polycoin using new blockchain primitives introduced by Obelisk.

CoinJoin RFC:

- Polycoin naively supports a simplified CoinJoin protocol
- CoinJoin mixes transactions from multiple wallets to increase transaction privacy
- CoinJoin is optional.
- Polycoin is designed so that it is impossible to determine which transactions are CoinJoin transactions

Polycoin Coin Join Protocol:
- three people send their inputs and outputs to a remote server
- server creates a transaction containing the inputs/outputs from all three people
- the server sends each person the transaction.
- Each person verifies the transactions and sends the signatures for their inputs
- The server publishes the transactions.

This protocol is much simpler than zero coin or NXTcoin while dramatically improving transaction privacy.
  • Bitmessage Address: 17JDRCWhyHt1wMHMcX3VNXfuBcm3GdczYE


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