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Bitbasket p1: Multi-Peg
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Jacob Payne
May 22, 2014
Technology
0
58
Bitbasket p1: Multi-Peg
Part 1 of Bitbasket Concept: Overview on Multi-Pegging and Validation Schemas.
Jacob Payne
May 22, 2014
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Transcript
Bitbasket Part 1: Multi-Peg Multiple Sidechain Implementation
Jacob Payne Web Developer + Crypto Contact me @latrasis
So what’s Multi-Peg?
A Quick review: Sidechains/2-Peg
None
One coin comes in different coin comes out. & vise
versa
Fixed Rate + 2-Way Pegging Mechanism = 2-Peg
[ ¢ ] [ 0 ] Coin Sidechain
[ 0 ] [ ¢ ] Coin Sidechain
[ 0 ] [ ¢ ] Coin Sidechain [ ¢
] [ 0 ]
[ X ] [ X ] Coin Sidechain
[ X ] [ X ] Coin Sidechain [ X
] [ X ] Coin Sidechain
Multi-Pegging
[ X ] [ X , X ] Coin [
X ] Coin Multi-Peg
Multi-Peg Validation Schemas
Merge Mining Schema
Chain Chain β α αx βx Multiple Hash Algorithm Validation
Pros: • Secure from Cheap Attacks • No Central Miner
Client (Only Plugin) • No Cost of Entry • Promotes More Miner Types
Cons: • Requires Pool Admin Consensus • Accelerates Miner Centralization
• User Client Fragmentation
Coin Mining Schema
Chain Chain β α αx βx basketcoin
Pros: • Added Coin Minting Incentive • Modular • Universal
Multi-Client for Users
Cons: • Client Bloat • Central Client • Cost of
Entry for Switching Clients • Miner Fragmentation
Proposition Hybrid p2p Pool Schema
Chain Chain β αx βx basketpool α
Possible Pros • Decentralized Mining • No Cost of Entry
(only Plugin) • Client Node is a Pool Node • Secure from Cheap Attacks?
Cons: • Client Bloat? • Central Client • Requires Miner
Consensus • Hard Fork Susceptible
Questions?