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deepmind
6y

An decentralised crypto currency without using blockchain.

Project Type
Open source idea
Summary

An decentralised crypto currency without using blockchain.

Description
So basically I got an idea of something like iota's tangle.The data structure is a binary tree. The root of the binary tree is the pre-mined coins transaction. The node of the root will be the 2 other transactions, one is the transaction to someone as exchange to commodity and other node will be the transaction of balance amount back to the sender. Like this the tree grows with parent as input transaction and 2 nodes are output transactions. Each node when receive a transaction checks if the transaction is signed by the sender's private key and then validate if the input transaction is valid and he owns it. The unspent transactions will be leaves of the tree. How to avoid double spent? When a node receive a 2 transactions with same input transaction, the node will communicate with other 20 or so nodes and check for the priority of which transaction is accepted by those nodes. If all of them are confused oh which transaction to approve they choose one node choose randomly and send the transaction as approved to other confused node. (double spent really need to be improved).
Tech Stack
Idk
Current Team Size
2
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Comments
  • 0
    6y
    I need you guys to improve upon this idea.
  • 3
    6y
    Advantages
    1. There is no mining so no wastage of energy.
    2. No transaction fees.
    3. Fast TPS
  • 6
    6y
    Comply ignoring the the technical stuff, you need some sort of mining, that's where your initial value comes from.
    Without rewards, why should anyone run a node? There won't be enough that do that 'just for the giggles' if they could very well make some money mining shitcoins or btc
    I'm not trying to down you, but without value you're going nowhere
    You also need a way to independently, mathematically, prove the integrity of your chain
    I'd suggest that you read and try to understand a white paper or two of some coin and see if you can come up with something
  • 0
    6y
    Firstly these so chain.
    When I refer to node I mean people who use this coins. The people use the coin run the nodes. There are no miners in the network.
  • 0
    6y
    In bitcoin network miners are needed because the block need to be mined to form consensus. This introduces a mining fee so that miners will take time and add the transaction to blocks.
    In the proposed network there no need to do mining since there is no block to mine. The transactions form a binary tree so each transaction(a node) can be verified upto the root node.
  • 0
    6y
    @Kimmax This is not a blockchain..
  • 2
    6y
    @deepmind Again, how will you make people run a node? Seems kind of pointless to do that for free.
  • 0
    6y
    There is no concept like node in this network. The people who use the coin keep the binary tree.
    There are only wallets which have the binary tree with it.
  • 0
    6y
    Just like IOTA people can only keep a part of the binary tree with their transaction leaf.
  • 3
    6y
    That makes no sense.
    Wouldn't that make it not decentralized? You cannot download other trees.
  • 0
    6y
    There is only one tree through out the network. Everyone using the coin keeps the tree.
  • 0
    6y
    When you download the wallet on a pc you get the tree.. Only light devices you keep only the leaves.
  • 2
    6y
    And what if that one initial download tree is manipulated?
  • 0
    6y
    May be I am explaining it wrong or something. Read IOTA white paper you will get the concept.
  • 0
    6y
    @PrivateGER Thats is like what if the blockhain you downloaded is manipulated?
  • 2
    6y
    That is not possible because it's checked against.
  • 1
    6y
    Just like a blockchain you can verify the tree you got from a node. There will be a root like a genesis block and all the transaction are with verified signature of the sender. so someone downloading the tree can verify if it is tampered or not
  • 1
    6y
    Or maybe the node can download the same tree from a few nodes and check if they are same or else its tampered.
  • 0
    6y
    Oh, now I understand.
  • 0
    6y
    Awesome!
  • 1
    6y
    And if the new node receives a new transaction it will check if the input txos are valid by traversing through the whole tree upto the root so that he can add the new transaction to his tree. Then he can find out that he is having a manipulated copy of tree.
  • 2
    6y
    Interesting idea! Start laying the groundwork and people might come along.
  • 0
    6y
    but.. why?
  • 0
    6y
    @torvim Ever heard of Bitcoin??
  • 0
    6y
    @deepmind yes, but why do we need to remove the blockchain? It's secure and reliable
  • 0
    6y
    @torvim
    1. Its Total waste of energy
    2. Almost centralised to mining pools
    3. Storage use
    4. Low transaction speed
    5. transaction confirmation time is high
    6. Transaction cost
    7. Scalability
    etc
  • 1
    6y
    @deepmind
    1. True but there are other methods for proofs, for example Intel is working on "Proof of Elapsed Time"
    2. The fact that I and anyone can download and "mine" independently on the chain mean it's decentralized. You are completely wrong on this point.
    3. True the size is quite high at 178gb as of June, but even your idea would take up space and right now is unproven.
    4. Etherium and other chains have already solved this problem and there are applications built on chains that have near instant transaction times.
    5. Read 4
    6. If you honestly expect people to exchange money with no fee then you need to look at ATM's.
    7. Bitcoin scaled fine, anyone can mine and look at the chain. Etherium did better.

    The list you made really didn't help you.
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