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Bid Consensus (BC) is a complex proof of work that leverages everyone orchestrating simultaneous 51% attacks on their own coins in order to secure the network. The benefits of this proof of work is that it would be minable offline for any set amount of time (a week or more even), it would be minable without a pool and be pool resistant, it would resist network-wide slowdowns of transaction verification, it would resist network-wide 51% attacks, faster sending possibly, and it would be fun and competitive. Who wouldn't want to orchestrate their very own 51% attack in order to secure the network?
The basis for this idea was invented by Still_Looking on Bitcointalk.org. He was the scientist who thought up the barebones technology, and I'm the inventor to define it into context so that it can be developed.
The downsides are more complex than current protocols, coins may be possibly less fungible, there could be more uncertainty to who ultimately owns the coins since people can be mining behind the scenes and 51%ing your ownership.
It works something like this.
A coin is developed and a requirement is set as to what are valid coins. This requirement can be anything but lets say for example the rules are you have to start with a prime number and hash it with a certain algorithm to get the genesis block of your coin(s). You then have to find a nonce that solves the hash; the nonce when hashed with the previous hash gives a number (new hash) with a certain amount of leading zeroes or whatnot. And that would be the only starting rules needed. Now there will be a scramble to find as many prime numbers as possible, hash them with the given algorithm, and then find a nonce; then rehash the previous hash together with the new hash to get the next hash. Find the nonce for that hash and complete the process over and over again. Each time a nonce is found the chain grows by 1 block. Thus every "coin" on the network has it's very own blockchain. This blockchain is relatively simple though, it contains no transactions or signatures at all.
Now what? Well now there is another layer, a consensus layer which is anything or multiple things but preferably another blockchain or blockchians that should preferably be mined as well. The coin squatters (people 51%ing their claimed coins) would be incentivized to also mine the consensus layer for free (no fees or coins needed but they can be given as rewards if required) to ensure their investment is secure. Now if you want to trade your coin how would you do this? Well first you will have to claim ownership of your coin on the consensus layer. The way you do this is by making public your individual coins' blockchains. Now this is where the bidding starts. Anyone else who is mining that same coin you were will see that you are attempting to claim it. An arbitrary "auction" time limit is started. Others who want to claim that coin can then "bid" a higher amount of valid blocks. After the time limit (or any other limiting factor) is met then the person who posted the highest number of block "bid" wins ownership. This ownership can be permanent or any amount of time, but preferably something like a week or month or year or sabbatical or jubilee, but lets just refer to it as "jubilee". Now, after the ownership is awarded in order for this coin to be spent it has to be signed by the winning bidder over to the new owner on the consensus layer. Now the new owner can spend it in the same way, they now have to sign the transaction to spend it etc. This is all done on the consensus blockchain which is separate from the individual coin's blockchain which is now on pause. When the jubilee period is over, bidding opens up afresh and anyone can claim ownership of the coin, and may the holder of the longest blockchain for that coin prevail! So during the jubilee period it is a sort of hot potato game of sorts, don't be left with the coin when the music stops because then someone else can claim it! The good thing is everyone will know how much longer the current coin ownership is valid for.
So it is a little more complex than current methods but I feel it holds much promise for a more resilient and less centralizable system. All the bidding and notifications can be done automatically so you don't have to worry yourself. Ownership will be continuously refreshed in a fair and predictable way. There are definitely downsides like coins will be less valuable near the end of the jubilee cycle, but this can always be factored into the mentality, it is no different than inflation. You can have a single cell phone mining each coin you want to claim if you want and do it offline. It will be a leaner, meaner, and probably faster than the clunky traditional blockchain implementation that holds tons of data. So I feel that this protocol will have some real and valuable use cases.
The basis for this idea was invented by Still_Looking on Bitcointalk.org. He was the scientist who thought up the barebones technology, and I'm the inventor to define it into context so that it can be developed.
The downsides are more complex than current protocols, coins may be possibly less fungible, there could be more uncertainty to who ultimately owns the coins since people can be mining behind the scenes and 51%ing your ownership.
It works something like this.
A coin is developed and a requirement is set as to what are valid coins. This requirement can be anything but lets say for example the rules are you have to start with a prime number and hash it with a certain algorithm to get the genesis block of your coin(s). You then have to find a nonce that solves the hash; the nonce when hashed with the previous hash gives a number (new hash) with a certain amount of leading zeroes or whatnot. And that would be the only starting rules needed. Now there will be a scramble to find as many prime numbers as possible, hash them with the given algorithm, and then find a nonce; then rehash the previous hash together with the new hash to get the next hash. Find the nonce for that hash and complete the process over and over again. Each time a nonce is found the chain grows by 1 block. Thus every "coin" on the network has it's very own blockchain. This blockchain is relatively simple though, it contains no transactions or signatures at all.
Now what? Well now there is another layer, a consensus layer which is anything or multiple things but preferably another blockchain or blockchians that should preferably be mined as well. The coin squatters (people 51%ing their claimed coins) would be incentivized to also mine the consensus layer for free (no fees or coins needed but they can be given as rewards if required) to ensure their investment is secure. Now if you want to trade your coin how would you do this? Well first you will have to claim ownership of your coin on the consensus layer. The way you do this is by making public your individual coins' blockchains. Now this is where the bidding starts. Anyone else who is mining that same coin you were will see that you are attempting to claim it. An arbitrary "auction" time limit is started. Others who want to claim that coin can then "bid" a higher amount of valid blocks. After the time limit (or any other limiting factor) is met then the person who posted the highest number of block "bid" wins ownership. This ownership can be permanent or any amount of time, but preferably something like a week or month or year or sabbatical or jubilee, but lets just refer to it as "jubilee". Now, after the ownership is awarded in order for this coin to be spent it has to be signed by the winning bidder over to the new owner on the consensus layer. Now the new owner can spend it in the same way, they now have to sign the transaction to spend it etc. This is all done on the consensus blockchain which is separate from the individual coin's blockchain which is now on pause. When the jubilee period is over, bidding opens up afresh and anyone can claim ownership of the coin, and may the holder of the longest blockchain for that coin prevail! So during the jubilee period it is a sort of hot potato game of sorts, don't be left with the coin when the music stops because then someone else can claim it! The good thing is everyone will know how much longer the current coin ownership is valid for.
So it is a little more complex than current methods but I feel it holds much promise for a more resilient and less centralizable system. All the bidding and notifications can be done automatically so you don't have to worry yourself. Ownership will be continuously refreshed in a fair and predictable way. There are definitely downsides like coins will be less valuable near the end of the jubilee cycle, but this can always be factored into the mentality, it is no different than inflation. You can have a single cell phone mining each coin you want to claim if you want and do it offline. It will be a leaner, meaner, and probably faster than the clunky traditional blockchain implementation that holds tons of data. So I feel that this protocol will have some real and valuable use cases.
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