Solution for the bitcoin distribution problem.

[Skybuck Flying]

An oppertunity exists for you, were you can create a more fair cryptocoin system, however it will take 2 hours and 20 minutes of your time to view the video about it, or perhaps you can skip through some parts of it, or perhaps you can grasp the core concept of this new blockchain idea:

Youtube video link where I discuss one out of two of bitcoin's main problems:

Problem 1: Coin distribution problem

Problem 2: Scalability problem.

I discuss problem 1:

https://youtu.be/QNKMpxZ2um0

So far the basic idea is to use "signed hashes" instead of "most powerfull hashes".

And the new/additional consensus rules that I have come up with so far are:

Basically I term/call/coin this new system: "Skybuck's Signed Hash Blockchain system"

Going to paste this text as it was described in the video above, maybe later I will work on it some more,

right now I am looking for feedback and critique if you think this system will work, or if you spot flaws and weaknesses in it ?!

PEER CONSENSUS RULES:

PEER CONSENSUS RULE 1. THE IP THRESHOLD RULE WITHIN A 10 MINUTE TIME FRAME.

PEERS WILL ONLY ACCEPT NEW BLOCKS WITHIN A 10 MINUTE TIME FRAME/PERIOD, WHERE THE BLOCK
WITH THE LOWEST IP ABOVE THE IP THRESHOLD WINS.


PEER CONSENSUS RULE 2. THE LONGEST BLOCKCHAIN WINS.

THE LONGEST BLOCKCHAIN WINS/IS SELECTED AS THE MOST VALID BLOCKCHAIN.


PEER CONSENSUS RULE 3. IF MULTIPLE DIFFERENT BLOCKS ARE DETECTED FROM A SINGLE PEER
THEN THESE BLOCKS AND THE PEER IS DISQUALIFIED AND THE IP THRESHOLD IS INCREMENTED + 1.


PEER CONSENSUS RULE 4. DISQUALIFICATIONS SHOULD BE BROADCASTED THROUGHOUT THE NETWORK,

BASICALLY THESE WOULD BE THE MULTIPLE BLOCKS. PEERS (GROUP A) THAT IGNORED THESE

DISQUALIFICATIONS SHOULD INFORM THE PEERS (GROUP B) (<-THAT HAVE DISQUALIFIED THESE BLOCKS OR

THESE PEERS) THAT THEY (GROUP A)(THE PEERS THAT IGNORED THESE DISQUALIFICAGIONS) DISAGREE AND

WILL CONTINUE WORKING ON A SPECIFIC CHAIN AND IT WOULD BE VERY BENEFICIAL TO INFORM (GROUP B)

OF WHICH BLOCK OUT OF THESE MULTI BLOCKS THEY SELECTED, SO THAT AT LEAST (GROUP A) CAN KEEP

THAT CHAIN IN THEIR MEMORY OR MAYBE THIS CAN BE DONE LATER.


PEER CONSENSUS RULE 5. IN CASE OF THE DETECTION/DETERMINATION OF DISQUALIFIED BLOCKS, WAIT

UNTIL IP THRESHOLD+1 (BASICALLY EITHER DISQUALIFIED BLOCK IP THRESHOLD +1) OR MAIN IP

THRESHOLD WHICH EVER IS HIGHER. IF THE PEER DECIDES TO DISQUALIFY THESE BLOCKS THE PEER SHOULD

MARK ITSELF AS DISQUALIFCATION-RE-SYNC-NEEDED.


PEER CONSENSUS RULES 6. IF THE DISQUALIFICATION-RE-SYNC-NEEDED FLAG IS SET THEN ON

INCREMENTATION OF THE IP THRESHOLD THE PEER SHOULD RE-SYNC ITSELF WITH OTHER PEERS THAT MAY

HAVE ACCEPTED THESE MULTI BLOCKS AND ASK THESE PEERS WHAT THEY NOW BELIEVE IS THE LONGEST

CHAIN...

MAYBE +1 IS A LITTLE BIT EARLY... BECAUSE THERE COULD BE MANY SPLITS ACROSS THE PEERS, MAYBE

THIS RE-SYNC THRESHOLD NEEDS TO BE SET A LITTLE BIT HIGHER LIKE +5 OR +6 OR +10.

THIS COULD BE CUSTOM SET AND REALLY LONG TERM IS NOT THAT MUCH OF A PROBLEM.

SO THERE MAY HAVE TO BE A PROTOCOL WHICH ALLOWS PEERS TO ASK ANOTHER PEER:
WHICH BLOCK DID YOU ACCEPT AT A CERTAIN IP THRESHOLD, OR ANOTHER IDEA COULD BE:
WHICH BLOCK DID YOU ACCEPT FOR BLOCK NUMBER X, X BEING THE BLOCK NUMBER WHICH WAS DISPUTED AND
MARKED AS DISQUALIFIED. GOOOD.

[Skybuck Flying]

Attempt 2, at explaining it directly, but then it gets lengthy again and finally explains why bitcoin is failing:

Attempt 2 at trying to explain Skybuck's Signed Hash blockchain idea and an IP based coin distribution system:

https://youtu.be/yFngGdGDPAU

However after analyzing the original bitcoin time window I do come to the conclusion that the 10 minute time window in bitcoin is a major flaw and a major weakness.

Even though this IP address coin distribution would make it a little bit better, than main weakness remains and easily dwarfs:

Bitcoin's 10 minute time window weakness/problem.

Let's see how many blocks bitcoin could have distributed over the last years since it's inception:

2022 - 2009 = 13 years.

So that is roughly

13 years x 365.25 days per year x 24 hours per day x 60 minutes per day / 10

minutes per block = 683.748 lucky persons.

So less than 1 million people, closer to 500.000 people would have been the lucky

ones.... and the rest would be left without coins and would have to beg or buy

from the lucky ones.

There are roughly 7 billion people on this planet if you believe that number.

So let's compute the "coverage" of this planet wide population in percentages

(683.748 / 7.000.0000.000) * 100% = 0,00976782857142857142857142857143%

It's not even 1 procent.
It's not even 0.1 procent
It's slightly below 0.01 procent.

YIKES !

(What this means for bitcoin and other cryptocoin systems with this 10 minute window):

So the conclusion for now is that bitcoin is for the lucky few, the elite, the
upper class in an ideal bitcoin distribution scenerio, best case scenerio.
However we all know, this is not even close to the thruth....
The real distribution percentage is probably much much much much much lower.
Something like:
0.000000001% because of all the greedy bitcoin mining farms/factories...
So I stand with my initial statement that bitcoin has completely failed in it's
objective of fairly distributing the coins among this world/population.
Is it a pyramid scheme, based on these numbers ?! and percentages ?!
I will let you be the judge of that !
Will this system succeed and be economically prosperus as they say in Star Trek...
where 99.99999999% of the people on this planet have no bitcoins to purchase
anything ?! LOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOL.
I will let you think about that.
Perhaps now you understand why the bitcoin to dollar price is tanking/sacking...
going down to zzzzzzzzzerrrrrrrrooooooooooo.

I give up for now, trying to find a better coin distribution system.
Because even with Skybuck's ideas in an ideal/fair world. I think computation
above shows that the 10 minute time window is the real culprit... and is too slow
to distribute coins successfully across the world.

[Peter Cheung]

YOU QUIT THE GROUP

[Skybuck Flying]

Basically this modest "invention" of mine is simply "digital signatures" applied to a blockchain.

So I called it "Proof of Signature" and Skybuck's Signed Hash Blockchain System !

In this video I come to the conclusion, the 10 minute time window is to limitting for bitcoin:

https://youtu.be/QNKMpxZ2um0

In reality some of these issues are solved by pool mining, which is a bit dangerous if they were to unite.

Furthermore the side effect of "proof of signature" is that it's energy efficient.

(Also combined with "lowest IP address above IP threshold wins")

Bye for now,
Skybuck.

[Skybuck Flying]

Woops, old video link was posted (2 hour version)

Direct explanation video link is here (1 hour version, could have been shorter but wanted to explore some more):

https://youtu.be/yFngGdGDPAU

Bye,
Skybuck.