The major challenges in which the bitcoin real team are looking into are as followed or proposed by the developers of the other bitcoiners’ fork team. The challenges are
The Bitcoin Green developers proposed to reduce all the energy consumption needed as means of verifying and securing the network to a much lower value: I can only imagine that they were trying to cut down the amount of resources and power needed during the bitcoin mining and TPS it took. As we all know bitcoin mining consumed a whole lot of energy, the energy that can be used to power a whole country.
The Bitcoin Gold team proposed to create an ecosystem where miners can be able to use miners or hardware from different manufacturers: Since my interest in bitcoin and blockchain, the hardware known for mining was only ASIC related (I might be wrong).
The Bitcoin Cash (BCH) developers proposed to implement bigger blocks to gain a high throughput of TPS.
The Bitcoin Diamond Developers proposed to implement larger side chains for a higher TPS throughput.
Solutions
- Staking
Here we talk about Proof of Work (PoW) and Proof of Stake (PoS). For the PoS. The PoS v3.0 will be implemented coupled with its master node thus reducing the energy cost to a significant value. PoS 3.0 is said to be the latest and most secure iteration of the stake algorithm.
In Proof of Stake, each participant’s proof that they have access to a coin after they can then compete to win a blocks randomly. This proved effective because the more the number of people competing, the more secure the block will be. Timestamps are used in PoS in order to get a general idea about time.
PoS was started in order to incentive dormant holders of coins, such as the idea known as coin age that believes that the longer you hold a coin, the higher your chance of winning a block.
In Proof of Work, a difficulty increase or decrease is made depending on how quickly a block was produced.
PoS uses a centralized checkpoint in order to prevent a timing attack. PoS also allows for one to configure some parameters to suit one’s tastes. The parameters are:
Coin Age: this is the period in which an unspent coin has been lying around dormant. This is calculated as (proof hash<coins agetarget). With proof hash being the hash of obfuscation sum which depends on stake modification along with the unspent output and current time.
Blockchain pre-computation: The block timestamp is seen as the key to the proof of stake system. Changing a coin previous timestamps makes it possible to fork a coin.
Block Reward: The Block Reward in most PoS systems is just based on coin age. This is just to distribute interest so that nodes can receive latent payments due. The more nodes connected in a decentralized the system, the better the security since the trust shifts from a single entity to the network itself.
This is just a summary of the first solution to the challenges encountered, the other solutions are 1.) Mining and 2.) Scalability
I will be talking about the other two solutions in my next article about the Bitcoin Real fork.
Note that excerpts about this article were gotten from the whitepaper http://52.13.241.127/whitepaper.pdf
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