
Democoin: A Publicly Verifiable and Jointly Serviced Cryptocurrency [pdf] - kushti
http://eprint.iacr.org/2015/521.pdf
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exo762
Proof of work is replaced with lottery which determines a set of verifiers.

Choosing verifiers is based on external oracle (e.g. average temperature for
group of cities).

Prevention of sybil attacks is proposed in three forms:

* annual fee enforced by the system

* proof of stake

* external authority

Paper itself is full of weasel words. "Very", "efficient" etc are repeated
over and over. Also, 3 patent applications.

At first glance it does not look like an improvement over Bitcoin, because it
does not work.

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kushti
It's not improvement, but the replacement. Could be useful for some use cases
at least. Also, there are different implementations possible, so it's pretty
reckless to say it "does not work".

It's the most innovative proposal in the blockchain tech for last months, but
more investigation is needed definitely.

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tacojuan
Anyone care to tl;dr this or give a comparison with bitcoin?

Most of this stuff is way over my head.

I'm about to go to bed, but I'll definitely give it a read in the morning.

~~~
stevejones
No multi GB blockchain and capable of supporting more than a pitiful 650
transactions a minute. Basically works by randomly electing verifiers and
assuming that the majority elected are going to be honest enough.

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imglorp
So how is that supposed to work?

If some percent of the nodes are malicious, that means sometimes an election
will include a majority of them and they will create a false transaction.

This means only some transactions are trustworthy, not all.

