Hicoin dev team
November 11th, 2015
Proof-of-stake replaces proof-of-work to provide most of the network security. Under this hybrid design proof-of-work mainly provides initial minting and is largely non-essential in the long run. Security level of the network is not dependent on energy consumption in the long term thus providing an energy efficient and more cost-competitive peer-to-peer crypto-currency. Proof-of-stake is based on coin age and generated by each node via a hashing scheme bearing similarity to Bitcoin’s but over limited search space. Block chain history and transaction settlement are further protected by a centrally broadcasted checkpoint mechanism.
Since the creation of Bitcoin (Nakamoto 2008), proof-of-work has been the predominant design of peer-to-peer crypto currency. The concept of proof-of-work has been the backbone of minting and security model of Nakamoto’s design.
In March 2015, we have known that, the concept of coin age can facilitate an alternative design known as proof-of-stake, to Bitcoin’s proof-of-work system just like Peer coin. We have since formalized a design where proof-of-stake is used to build the security model of a peer-to-peer crypto currency and part of its minting process, whereas proof-of-work mainly facilitates the initial part of the minting process and gradually reduces its significance. This design attempts to demonstrate the viability of future peer-to-peer crypto-currencies with no dependency on energy consumption. We have named the project hicoin.