Paper 2014/330

PoS Cryptocurrency wtih No Blockchain

qianxiaochao

Abstract

There are some alternative Cryptocurrency systems which claim that they are based on PoS are actually based on PoSTW which denotes the Proof of Stake(coin), Time(day) and Work(hashing), while the other pure PoS Cryptocurrency systems are actually centralized. In this paper we propose a new framework of Cryptocurrency system. The major parts what we have changed include, a fast transparent distribution solution which can avoid deceptions between the sponsor and the audience, removing the bloated history transactions from data synchronization, no mining, no blockchain, it's environmentally friendly, no checkpoint, no exchange hub needed, it's truly decentralized and purely based on proof of stake. The logic is very simple and intuitive, 51% of stakes talk. The highlight of this paper is a proposal of a new concise data synchronization mechanism named "Converged Consensus" which ensures the system reaches a consistent distributed consensus. We think the famous blockchain mechanism based on PoW is no longer an essential element of a Cryptocurrency system. In aspect of security, we propose TILP & SSS strategies to secure our system. At the end, we try to give an explicit definition of decentralization.

Note: Add some details about the client load, an explicit definition of decentralization, APPENDIX B.