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AI Coin Development Diary
by
SlipperySlope
on 25/04/2014, 21:11:37 UTC
[April  13, 2015]

On the advice of our diverse set of financial and regulatory attorneys, we are postponing the launch of AI Coin until such time as we have obtained the necessary money services business licenses in 48 States, and BitLicense or equivalent licenses in jurisdictions requiring them. To go forward without those in place would make our business plan a legal risk.

[October 22, 2014 - I changed the project name to AI Coin. Drew Hingorani is the co-founder and President, I am CTO]

The A.I. Coin project is a multi-year effort to achieve a no-proof-of-work mining implementation in an cryptocurrency that ...

Meets or beats the existing proof-of-work implementation with regard to securing the blockchain against attack.

Provides sub second response time when acknowledging transactions for certain incorporation into the blockchain, in contrast to Satoshi's Bitcoin which only promises best effort which takes more than a second to reach all nodes and takes minutes on average for the first confirmation.

Does not permit double-spending fraud attacks, whereas Satoshi's Bitcoin sometimes does, e.g. the BitUndo service.

Meets or beats the existing implementation with regard to no trusted third parties, as Satoshi's Bitcoin is evolving towards hashers' trust of a single, dominant industrial mining pool.

Preserves to the greatest possible extent, Satoshi's social contract between developers and users.

Specifies how a nomadic mint agent creates new blocks without effort, and allocates block creation rewards to secure the distributed network using conventional data security techniques.

Permits the issuance, relay and blockchain storage of microtransactions having 100x lower fees than Satoshi's Bitcoin.

Explicitly pays for for the creation, ongoing enhancement, and operation, of the enterprise-class, scalable, secure, and robust networking infrastructure that can accommodate all the world's financial transactions. In contrast, the Satoshi Bitcoin full node network consists of mostly unpaid volunteers.

Provides a multi-agent framework upon which human agents and intelligent software agents can be vetted, integrated and paid for skills delivered.

Note that the May 2013 whitepaper below describes a hard fork of bitcoin. That cannot possibly happen unless A.I. Coin is successful and subsequently convinces the Bitcoin community that a good alternative exists for the current industrial mining method. Furthermore, the current approach is not conventional proof-of-stake, rather the block rewards are used to pay for network infrastructure, developers and community support, e. g. through institutions such as the Bitcoin Foundation. It appears that there is no need to pay staking dividends to secure the network.

Whitepaper: Bitcoin Cooperative Proof-of-Stake Stephen Reed

A hard-fork reconfiguration of the peer to peer Bitcoin network is described that substitutes tamper-evident logs and proof-of-stake consensus for proof-of-work consensus. The block creation rewards and transaction fees are reallocated to establish and staff a secure financial data network capable of handling the world’s transactions with sub-second response time. The new system pays dividends to stake-offering bitcoin holders. In contrast to Satoshi Nakamoto’s mesh network consisting of competing peers, this system uses an enterprise class network that is efficient, robust, and scalable, consisting of cooperating peers. The network backbone nodes host trustless nomadic agents. Thousands of distributed full nodes are paid to replicate a singleton blockchain built upon every 10 minutes by a nomadic mint agent whose actions are verified by its peers. This arrangement enables immediate acknowledgment to an issuing node that its transaction has been accepted. Less effort means that subsidized transaction costs will be lower. Network reconfiguration enables the processing of numerous microtransactions. Stake-weighted distributed consensus is achieved when necessary with less than one-half arbitrarily faulty nodes. Important invariants of the Satoshi Social Contract between core developers and users are maintained: The reward schedule, the blockchain format, the fixed number of bitcoins, and the decentralized, trustless protocol  are untouched. The system remains a global distributed database, with additions to the database by consent of the majority, based on a set of transparent rules they follow.

GitHub: TexaiCognitiveArchitecture



stephenreed@yahoo.com
LinkedIn: stephenreed
mobile: 1-512-791-7860


Descriptive posts . . .


Project Development Approach . . .

  • Migrate the Texai cognitive architecture project to a public GitHub repository.
  • Write software agents to sandbox the Bitcoin Core program - bitcoind, demonstrating the smallest possible network.
  • Write additional software agents to complete the verification of peers, migration of responsibilities, and network operations.

Reading List, the current situation . . .


Reading List, suggested improvements to the Bitcoin network . . .


Reading List, the incumbent competition . . .


Reading List, proof-of-stake . . .


Reading List, misc altcoin ideas . . .


Reading List, global networking . . .

  • Global Networks: Engineering, Operations and Design, G. Keith Cambron

Reading List, super-peer network introduction . . .


Reading List, super-peer network service discovery . . .


Reading List, network security and fault tolerance . . .


Texai Cognitive Architecture


Developer bookmarks . . .


GitHub & SourceForge Developer bookmarks . . .