Ecoin intex cryptocurrency white paper Ecoin intex cryptocurrency white paperEcoin cryptocurrency solves the scaling problem of proof work by using interactive proof of work. Interactive proof of work enables the completion of an interactive experience for example the level of a computer game to produce an interactive proof of work. The totality of interactive proof of work establishes consensus on the state of the block chain and secures the chain from so-called double spends.
Traditional hashing proof of work is wasteful of energy. There is much information on Internet about the energy costs of proof of work. Almost all hashes produced using hashing proof of work are discarded. This is the "value" of hashing proof of work: the more work that is wasted (that is discarded), the more valuable is the hash that is retained. It is not clear that hashing proof of work is sustainable. If it is sustainable, it is not clear that hashing proof of work is moral or even the best way forward. But proof of work itself has broad acceptance by the community for a consensus system.
Interactive proof of work does not waste energy because all valid proofs are used. It is that simple. Interactive proofs are neither discarded nor wasted.
It is now possible to reduce the energy burden of proof of work by combining with other human endeavours. Some few additional steps allow these other endeavours to also produce proof of work: interactive proof of work.
As stated, Ecoin cryptocurrency uses interactive proof of work to determine the canonical block chain. Interactive proof of work is produced by completing an interactive experience. An interactive experience can be for example a computer game, or even microwork like solving CAPTCHA. Almost any experience that can be replayed or certified by a trusted oracle can be adapted to produce interactive proof of work.
To start, Alex modified a simple game to demonstrate an interactive experience: match-three tile-matching game. The game records my moves as I play. If I complete the game, the moves form a witness of an interactive proof of work. The block chain validates the witness by replaying my moves. If my witness completes the game, the block chain incorporates my work (playing the game) to establish consensus on the blocks in the chain and to secure the blocks. As this process repeats, more work can be added to a block before it is produced, and with each new block the additional work better secures the preceding blocks.
There are three benefits to interactive proof of work.
Interactive proof of work is less wasteful of energy. People already play computer games. They do not need to run additional computers to produce "hashes." The block chain uses all valid interactive proofs in the consensus system.
Interactive proof of work better establishes a community of diverse, competing interests. Computer games are popular. There are computer games suitable for different interests in many languages. A contemporary smartphone can easily run a casual game that can produce an interactive proof of work. This is no need for "mining rigs" or expensive high-performance gaming computers. There is no destablizing concentration of "hash power" because hash power is not necessary in the Ecoin intex system.
The Ecoin intex system has a broader reach. They want to include as many participants as possible in the block chain. A community of diverse, competing interests will provide the security that naive appeal to honesty cannot. In addition to the experience of playing a game, a player can also earn. If many games produce interactive proofs, many players will earn Ecoin for their proofs and will become participants in the block chain. If there are 100 million computer game players playing games while simultaneously earning Ecoins ...
Many people will be introduced to the concept of cryptocurrency with a meaningful stake in the future.
There is much technical information about the problem of bots and how bots might threaten a block chain using interactive proof of work. Bots may also produce proofs, and too many such "bot" proofs may harm a community by driving away human participants representing diverse competing interests. However, the block chain reward distribution system accounts for this simply and with great flexibility. The result is that for any given period of time a human participant is likely to receive a fair reward for their contribution; a bot risks little return relative to effort. All the while, all valid proofs, even bots proofs, establish consensus and secure the block chain.
| Date | Block index | Items | Status |
|---|---|---|---|
| 2018 |
|
completed | |
| 2019.01.01 |
|
completed | |
| 2019.01.19 |
|
completed | |
| 2.000.000 |
|
||
| 3.000.000 |
|
||
| 4.000.000 |
|
||
| 5.000.000 |
|
||
| 6.000.000 |
|
||
| on or about 2019.09.19 | 21.000.000 |
|
These items can change based on requirements of the community.
I can best help this project by telling others about what they are trying to accomplish.
I can try the first interactive experience, match-three tile-matching game and earn some Ecoin for only some few seconds of work. (I might even enjoy the game.)