Mergecoin Technical Whitepaper 英文版.pdf
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1、Mergecoin Technical Whitepaper P2P cryto-currency with dash and blackcoin Hybird feature 1 Abstract . 2 Table of contents . 3 What is Mergecoin . 3 Specifications . 3 Masternodes . 3 Proof of work vs Static proof of stake . 5 Block reward schedule . 7 Distribution of coin . 7 Staking wallets . 7 Blo
2、ckexplorer . 8 Conclusions . 8 References . 8 2 AbstractAbstract Mergecoin is a blockchain based decentralized cryptocurrency that rewards network participation via static proof of stake. Mergecoin rewards connectivity age instead of “coin age,” thus eliminating abuse from exchanges and users that d
3、o not actively contribute to the network. By having a static reward system, the rewards for participation are proportional to the work every active node contributes. This discourages centralization and promotes network health. In addition to static rewards, Mergecoin implements a masternode network
4、to incentivize large holders, and perform advanced functions such as near instant and private transactions. This paper describes the basic coin specifications, features, and capabilities of the coin. The paper also describes coin distribution, funding purposes, future growth efforts. 3 Table of cont
5、entsTable of contents What is Mergecoin Mergecoin is a digital currency that enables instant payments to anyone, anywhere in the world. Mergecoin uses peer-to-peer technology over ClearNet to operate with no central authority (centralisation): managing transactions and issuing currency (MGC) are car
6、ried out collectively by the Mergecoin network. Mergecoin is the name of open source software which easy to use. Specifications Coin Suffix: MGC PoW Algorithm: SHA256d PoW Period: 1,000 Network Initiation Blocks PoW Median Target Spacing: 64 Seconds PoW Difficulty Retarget: 2 Blocks Full Confirmatio
7、n: 60 Blocks PoS Target Spacing: 64 Seconds PoS Difficulty Retarget: 2 Blocks PoS Reward: Varied PoS Min: 1 Day PoS Max: Unlimited Total Coins: 100,000,000 MGC Block Size: 2 Mega-bytes (MB) MainNet Parameters P2P Port = 17700 RPC Port = 17705 TestNet Parameters P2P Port = 27170 RPC Port = 27171 Mast
8、ernodes 50,000 MGCs transaction with 15 block confirmations Peer validated network uptime Private transactions (0.01MGC fee to masternodes) Active masternodes proportionally receive 50% of each block reward. Masternodes validate all public transactions within about 4 seconds by communicating each tr
9、ansaction across all nodes on the network to prevent double spending (Duffield, Schinzel, and Gutierrez, 2014). When private transactions are initiated, masternodes also perform the work necessary to make the transactions hard to trace. The masternode network will be able to perform additional funct
10、ions as new developments are commissioned and the bounties executed. 4 Masternode specifications Coins required: 50,000 (minimum and maximum) Reward: 50% of the block reward + all fees for transactions contained in the block Peer validated network uptime Private transactions Masternodes facilitate p
11、rivate transactions through a decentralized mixing service that takes advantage of the perfect fungibility of the currency. Any unit of Mergecoin has the equivalent value to any other unit of identical size, regardless of the transaction history of any particular unit. Masternodes use this property
12、to automatically break up private transactions into multiple identical and indistinguishable transactions, both adding complexity to the original transaction and obfuscating the provenance of any given unit. In a block of transactions, three users submit funds in various set denominations. Users pay
13、 themselves back in the form of new outputs, which are randomly ordered. Private Mergecoin transactions are initiated through a local wallet and received by the masternode subnetwork. Transactions are processed in groups of three. Inputs of common denominations are required for example 0.1 MGC, 1 MG
14、C, 10 MGC, or 100 MGC. Upon application to the mixing pool, a receiving masternode propagates the transaction set throughout the network. If only one or two private transactions are pending, they are held in queue until three are in the mixing pool. Fees are extracted from the individual transaction
15、s, then charged collectively to further obfuscate the transaction history. Private send is limited,thus requiring multiple sessions to thoroughly delink associated transaction history from significant amounts of money. Since each session is limited to three clients, an observer has a one in three ch
16、ance of being able to follow a transaction. Mixed transactions are chained together through multiple masternodes, making traceability exponentially more difficult with each additional chained transaction. Users have some control over the degree of mixing. More mixing takes more time, but more thorou
17、ghly obfuscates inputs. The fee for these transactions grows with each degree, as the process is more labor intensive for the masternodes (Duffield and Diaz, 2015). This method of mixing is a trustless, integrated, on-chain, on-network service that is efficient, effective, and safe. It is initiated
18、directly within a local wallet and completed without leaving the Mergecoin network. While some details of private transactions are obscured, the system nevertheless retains verifiable integrity of spent coins on the Mergecoin blockchain. What is the incentive to run a masternode? Average daily rewar
19、d (# of blocks per day * block reward * 50%) / (# of masternodes) Masternodes receive fixed rewards (50% of the block reward) which are probabilistically distributed among peer validated masternodes. Masternodes recursively scan peer node performance, and only high performance nodes with sustained,
20、stable, high-speed internet 5 connections are eligible for rewards. In addition to receiving 50% of the block reward, a masternode receives all fees for public transactions completed in a block and for all private transaction pools initiated in the block. These incentives promote continuous connecti
21、vity to maintain a high performance network. Masternode network performance maintenance In theory, malicious actors could also run Mergecoin masternodes, but not provide any of the quality service that is required of the rest of the network. To reduce this possibility and discourage people from usin
22、g the system to their advantage, all nodes must regularly ping the rest of the Mergecoin masternode network to ensure they remain active. This work is done through a selection of 2 quorums per block. At every new block hash, Quorum A checks the service of Quorum B. Quorum A are the closest nodes to
23、the current hash, while Quorum B are the furthest nodes from said hash. Masternode A (1) checks Masternode B (rank 2300) Masternode A (2) checks Masternode B (rank 2299) Masternode A (3) checks Masternode B (rank 2298) The masternode network is self-monitoring. Approximately 1% of the network will b
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