Author Topic: What would happen to the PTS POW after the transition?  (Read 896 times)

cube

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What would happen to the PTS POW after the transition?
« on: November 12, 2014, 04:59:33 am »
There was an interesting and relevant concern raised in the bts forum - https://bitsharestalk.org/index.php?topic=11151.msg148097#msg148097.  Our current intention is to have a snapshot.  What would happen to the old PTS POW?  How could it switch over to the new PTS DPOS completely? Let's share your thoughts.

Quote from: hadrian

Can't existing POW PTS be sent by users to a 'proof-of-burn' address in order to receive new DPOS PTS?

If a burn address were used it would be a way to increase the value of the new DPOS PTS:
  • It removes potential competition - what if someone else decided to 'revive' the old POW PTS in a slightly different way? It's harder for them if a load of it's been burned already.
  • DPOS PTS hodlers have demonstrated some kind of commitment to it by burning the old PTS.
  • DPOS PTS hodlers have also had to invest in it (in a way) by having to think about it and make a conscious decision.

The above points make it a bit more viable and therefore more valuable.

Other advantages of proof-of-burn:
  • Because action is required to claim DPOS PTS, it means that all hodlers are currently active. That is to say, it could clear out 'lost', inactive or exchange-owned PTS
  • Erm...

If it were to be done from a snapshot we would then have the old POW PTS remaining. This could go on ad infinitum. Dumping, keeping, buying, other devs reviving the old, old PTS with a different feature...101 different versions of PTS. I'm sure some people would say this is fine - let there be competition. I think it'd be too messy.

Wouldn't proof-of-burn bring more clarity and finality to the situation?

« Last Edit: November 12, 2014, 05:01:45 am by cube »
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freetrade

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Re: What would happen to the PTS POW after the transition?
« Reply #1 on: November 12, 2014, 07:32:53 am »
To be fair, and have a smooth transition, we need to

i) Use the most recently mined block for a snapshot
ii) Not confiscate any balances
iii) Not add any new balances
iv) Receive the blessing of I3 as the 'official' new chain
v) Keep exchanges on board

If we check all these tickboxes, the old chain will die out pretty quickly. Miss any of them, there may be a significant schism.

pc

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Re: What would happen to the PTS POW after the transition?
« Reply #2 on: November 12, 2014, 08:01:29 am »
To be fair, and have a smooth transition, we need to

i) Use the most recently mined block for a snapshot
ii) Not confiscate any balances
iii) Not add any new balances
iv) Receive the blessing of I3 as the 'official' new chain
v) Keep exchanges on board

If we check all these tickboxes, the old chain will die out pretty quickly. Miss any of them, there may be a significant schism.
+1

For i) I think we'll have to define a point of time in the future with sufficient pre-warning for everybody. The use the last block before that time. Which is kind of tricky, because even after the time has passed someone could mine another block with a timestamp before the deadline. I think we must immediately after that deadline quickly find broad consensus of the block hash to be used as the snapshot and announce it widely.

Edit:
vi) notify pool owners to shut down their pools after the deadline
« Last Edit: November 12, 2014, 08:25:58 am by pc »
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