User:Toni Dumancic/sandbox

Redstone Project(cryptocurrency)
= Cryptonote = (Cryptonight based Network) = Idea = How Redstone can solve sharding. Hi, I’m Toni Dumančić, lead developer of Redstone. For my implementation of sharding, the transaction will be sent from the main wallet chain, and it will be transferred to the chain with the least amount of transactions present. The miner will be able to choose what chain to mine, and most will choose the chain with most transactions, since they get paid for it. But people who choose the chain with the least transactions will get paid better (eg. if is 30% less load, 30% better paid). We want three chains because transactions will go through quicker and smoother, therefore we reduce transaction times. This just a theory for sharding. Redstone is for the time being a normal coin, but I will try to implement this. Also network can decide if there is overload to open new chain with same concept with formula:.i = [(t/(nkc))/c]^. Redstone main focus it to fix major blockchain issues and to make better privacy = Introduction =
 * Name: RedStone,
 * Ticker rs,
 * Block Time: 20 ces,
 * Block reward: 0.5 rs,
 * Mining Algo: CN TRTL/PICO,
 * Decimal Places: 6,
 * Minimum Fee:0.000025 rs
 * Target Value:1 GBP

1. Introduction
Commerce on the Internet has come to rely almost exclusively on financial institutions serving as trusted third parties to process electronic payments. While the system works well enough for most transactions, it still suffers from the inherent weaknesses of the trust based model. Completely non-reversible transactions are not really possible, since financial institutions cannot avoid mediating disputes. The cost of mediation increases transaction costs, limiting the minimum practical transaction size and cutting off the possibility for small casual transactions, and there is a broader cost in the loss of ability to make non-reversible payments for nonreversible services. With the possibility of reversal, the need for trust spreads. Merchants must be wary of their customers, hassling them for more information than they would otherwise need. A certain percentage of fraud is accepted as unavoidable. These costs and payment uncertainties can be avoided in person by using physical currency, but no mechanism exists to make payments over a communications channel without a trusted party. What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party. Transactions that are computationally impractical to reverse would protect sellers from fraud, and routine escrow mechanisms could easily be implemented to protect buyers. In this paper, we propose a solution to the double-spending problem using a peer-to-peer distributed timestamp server to generate computational proof of the chronological order of transactions. And MultiBlockchain concept The system is secure as long as honest nodes collectively control more CPU power than any cooperating group of attacker nodes. How Redstone achieves scalability via a sharded setup. For our implementation of sharding, a transaction will be sent by a user,to the chain with the least amount of pending transactions. As miners can choose what chain to mine and so would neglect the smaller chains (less txns = less reward) we will require merge mining, meaning the miners use the same resources. but mine on all the chains at once. There will be three chains because transactions will go through smoother and faster than with one, therefore reducing transaction times.i = [(t/(nkc))/c]^ where i is the amount of new chains, t is the current network tps, n is the number of nodes, k is the tps increase of each node and c is the current nodes.

2.Transactions
We define redstone coin as multiple chains of digital signatures. Each owner transfers the coin to the next by digitally signing a hash of the previous transaction of blockchain block and block from another blockchain and the public key of the next owner and adding these to the end of the coin. A payee can verify the signatures to verify the chain of ownership.

3. Proof-of-Work
To implement a distributed timestamp server on a —peer-to-peer basis, we will need to use a proof of-work system similar to Adam Back's Hashcash [6], rather than newspaper or Usenet posts. The proof-of-work involves scanning for a value that when hashed, such as with SHA-256, the hash begins with a number of zero bits. The average work required is exponential in the number of zero bits required and can be verified by executing a single hash. For our timestamp network, we implement the proof-of-work by incrementing a nonce in the block until a value is found that gives the block's hash the required zero bits. Once the CPU effort has been expended to make it satisfy the proof-of-work, the block cannot be changed without redoing the work. As later blocks are chained after it, the work to change the block would include redoing all the blocks after it. The proof-of-work also solves the problem of determining representation in majority decision making. If the majority were based on one-IP-address-one-vote, it could be subverted by anyone able to allocate many IPs. Proof-of-work is essentially one-CPU-one-vote. The majority decision is represented by the longest chain, which has the greatest proof-of-work effort invested in it. If a majority of CPU power is controlled by honest nodes, the honest chain will grow the fastest and outpace any competing chains. To modify a past block, an attacker would have to redo the proof-of-work of the block and all blocks after it and then catch up with and surpass the work of the honest nodes. We will show later that the probability of a slower attacker catching up diminishes exponentially as subsequent blocks are added. To compensate for increasing hardware speed and varying interest in running nodes over time, the proof-of-work difficulty is determined by a moving average targeting an average number of blocks per hour. If they're generated too fast, the difficulty increases.

= Developers = Toni Dumancic Leo Cornelius Nini

= Mission = To fix major issues with blockcahin! = Community =

https://discord.gg/xbUMRUuh4D = Website and White Paper = = Twitter = https://twitter.com/RedStoneCrypto1
 * Website: http://redstone.crypto.ba/
 * Whitepaper:http://redstone.crypto.ba/W.pdf
 * MultiBlockchain Whitepaper: https://docs.google.com/document/d/1Lw0xZAfFFx6nv8ep60ct65uhdLd4oBX-h3lUtTF6OlY/