FYI here is the link of press
how do you guys think about Permacoin? I think Maidsafe is much going forward beyond this program, which was claimed still in prototype module.
Be good to see some detail. If it is to work it has to be community owned I believe (as you would imagine). Nice to know we are not the only ones with ideas like this. I will dig deeper to see if we can learn anything or help out perhaps.
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Corporate coin? No thanks!
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Oi bollocks…no time for moonlighting…lol
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we need to go fast!
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Recently, Permacoin has been mentioned couple of times in the mailing list and the forum.
It is thought that the protocol is aimed to compose a network similar to SAFE, as it also targeting decentralized data storage and crypt currency.
However, the difference is huge.
The original purpose of Permacoin is to enhance bitcoin protocol to :
1, Avoid mining with pure GPU/ASIC
2, Avoid out-sourcing mining
3, Avoid wasting energy consumed during computation
The solution proposed by Permacoin is : enhance POW with POS (power of storage) :
the bitcoin mining nodes need to store some fragments to prove they kept them in storage to participate in coin mining.
However, such storage has following limitations :
1, The File can be stored shall be a super large (PB) archive file
2, The archived file shall be published (sliced and signed) by a trusted dealer or via a 50% vote system
3, The duplication of fragments will be quite a lot
4, Although update of File is supported, it will incur some computation power and a quite degree of range fragments update.
5, A side log chain (regarding the fragments of the File) need to be co-exist with bitcoin block chain (estimated to be 10% of the bitcoin block chain size)
From tech stack view, for SAFE network, File storage and Safecoin are same “applications” supported directly by decentralized network.
Meanwhile, Permacoin is sit over Bitcoin and need a further layer to support File Storage (handling distribution, update and Get)
In a word, Permacoin is not aimed for data storage, but for enhance Bitcoin.
Permacoin is an improvement of bitcoin by enhance its POW part by using POS,
just as other modifications, such as Zerocoin which is an enhancement on the procedure of transaction validation.
It needs to mention that in the Permacoin paper, some benefits of using POS have been proved :
1, mining by pure GPU/ASIC is not possible (has to invest in storage, which makes the cost no big difference or even higher than mining with normal PC)
2, mining by outsource storage is not economically feasible
The above understanding of Permacoin is based on the paper available from : http://cs.umd.edu/~amiller/permacoin_full.pdf
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