sipa changed the topic of #bitcoin-wizards to: This channel is for discussing theoretical ideas with regard to cryptocurrencies, not about short-term Bitcoin development | http://bitcoin.ninja/ | This channel is logged. | For logs and more information, visit http://bitcoin.ninja
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<stevenroose>
I was thinking about a sidechain idea
<stevenroose>
How feasible would it be to have a sidechain that uses PoS but where the staking asset is Bitcoin.
<stevenroose>
And stakers buy mining tickets by providing SPV stale coin proves
<stevenroose>
s/mining/staking/
<stevenroose>
This allows bitcoin holders to stake on multiple of those sidechains
<stevenroose>
It does not allow support for the more complex staking incentivization like Casper is trying to do with punishing stakers that stake on multiple forks etc
<stevenroose>
(i.e. you cannot take a stakers money)
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<nsh>
what would the PoS achieve, stevenroose?
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<stevenroose>
nsh: result would me more or less similar to a merge mined sidechain
<stevenroose>
as a trade-off for the probably bigger pos proofs that will be included in blocks, you may have more regular block times and a consensus system that doesn't increase the earnings of existing pow miners
<nsh>
no i mean, what would be the value of having tokens in the sidechain
<nsh>
which are backed in whatever way by PoS in the mainchain
<stevenroose>
the tokens are still just pegged bitcoins
<stevenroose>
srry, I'm talking about a two-way pegged sidechain
<nsh>
why would i want 999 instead of 0 of these?
<stevenroose>
since the consensus is on stale bitcoin proofs, technically, they can be mainchain verified
<nsh>
(for instance i have 0 bitcoins and you can use them to buy drugs and small islands these days)
<stevenroose>
just like merge mine proofs
<stevenroose>
nsh: I don't get your question
<kanzure>
stevenroose: what were the drivechain criticisms?
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<stevenroose>
I have to go, I can be back in like an hour
<nsh>
ok, forget i asked :)
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<stevenroose>
kanzure: tell me :)
<kanzure>
i asked first
<stevenroose>
well, I don't know. I read the first sidechain paper from blockstream but never fully read into drivechains
<stevenroose>
what I understood from comments is that it requires miners to do cross-chain validation
<stevenroose>
what I got from the sidechain paper's two-way peg was that the whole idea should be that pegs should be verifiable without having knowledge of the sidechain
<stevenroose>
by using SPV proofs
<stevenroose>
that made it quite a requirement for sidechains to have a similar PoW than Bitcoin has, in order to quantify the amount of work the SPV proofs contained
<stevenroose>
but a standardized way to build stake proofs in the bitcoin protocol could work in that way as welll
<stevenroose>
a stale coin proof could be an SPV proof of a tx that creates an output and then another that spends that output X blocks later, in which X * the amount would be the cointime value of the stake
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