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Subject: [Bitcoin-development] Merged mining a side chain with proof of burn
on parent chain
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We spend scarce resources external to the digital realm to create =
Bitcoin. Real world sacrifice is needed to avoid =93nothing at stake=94 =
and sybil attacks. With Bitcoin we now have a scarce resource within the =
digital realm, so it appeals my intuition to re-use it for sacrifice =
instead of linking again an external, real world resource.=20
In following I outline a new mining algorithm for side chains, that burn =
Bitcoins to secure them.
The side chain block validity rules would require that a transaction on =
the Bitcoin block chain provably destroys Bitcoins with an OP_RET =
output, that contains the hash of the block header of the side chain. To =
also introduce a lottery, the burn transaction=92s hash is required to =
satisfy some function of the block hash it was included in on the =
Bitcoin block chain. For example modulo m of the burn transaction hash =
must match modulo m of the block hash, that is not known in advance.
Those who want to mine the side chain will assemble side chain block =
candidates that comply the rules of the side chain, then a Bitcoin =
transaction burning to the hash of the block candidate and submit it to =
the Bitcoin network. Should he burn transaction be included into the =
Bitcoin block chain and the Bitcoin block=92s hash satisfy the lottery =
criteria, then the block candidate can be submitted to extend the side =
chain.
A side chain block header sequence would be accepted as side chain trunk =
if a sequence of Bitcoin SPV proofs for burn transactions prove, that =
linked blocks have the highest cumulative burn, if compared to =
alternative sequences.=20
The Bitcoin miner will include burn transactions because they offer =
Bitcoin fees. Bitcoin miner can not selectively block side chains since =
the hashes associated with the burn do not disclose which side chain or =
other project they are for. Here you have a =93merged mining=94 that =
does not need Bitcoin miner support or even consent.
Mining difficulty of the side chain could be adjusted by stepping up the =
required burn and/or hardening the criteria that links a burn proof =
transaction with the bitcoin block hash it is included in.
The difficulty to mine with burn would be dynamic and would also imply a =
floating exchange rate between Bitcoin and the side coin.
Tamas Blummer
Bits of Proof
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