Coins: A trustless sidechain protocol (Reddit Bitcoin)

Hi all,

I've been working on a sidechain protocol with no trusted third party. You can find the whitepaper here.

Abstract. Coins is a Bitcoin extension designed for payments at scale. We propose an efficient solution to the double-spending problem using a bitcoin-backed proof-of-stake. Validators vote on sidechain blocks with one-time signatures, forming a record that cannot be changed without destroying their collateral. Every user can become a validator by locking bitcoins. One-time signatures guarantee that validators loose their stake for publishing conflicting histories. Checkpoints can be additionally secured with a bitcoin-backed proof-of-burn. Assuming a rational majority of validators, the sidechain provides safety and liveness. The sidechain’s footprint within bitcoin’s blockchain is minimal. Spawning multiple, independent instances scales horizontally.

Feedback is highly appreciated!

Thank you

PS: Here on Github you can find further research on scalability and usability

submitted by /u/RobinLinus
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