Re: [ANN][DRK] DarkCoin | First Anonymous Coin | First X11 | First DGW

But you can't tell us how PoSa works?

I can't answer that specific question because PoSA hasn't been released to the public yet. Feel free to browse the white paper though.

From the whitepaper:
"As part of the stake mining process, the elected node will process the special transaction package from
its memory pool. The anonymization system is a two-pass process flow. If the elected node is
processing Phase 1, it will solve the block and the output will be assigned to an internal address at the
node. The node will earn a fee for this service, and then redeem the input by recursing back to the
election process, to elect a node for Phase 2. The node then constructs an anonymizing transaction
package and broadcasts it to the elected Phase 2 node.
Again in the Phase 2 pass the originator and recipient are not recorded, instead the transaction occurs
between the Phase 1 and Phase 2 nodes."

This is my interpretation:
"As part of the stake mining process, the elected node will process all the transactions that have been sent to it, which are stored in memory (duh). The system uses two passes through two separate nodes. If the elected node is processing Phase 1, it will solve the block and something will be given to the node."

Here I get extremely confused. What is being returned to the node? Since coins are not being destroyed, it appears that it is just staking rewards. This is what it appears to say next:
"This money that is given to the node, on an address in only its control, this is more or less the user's funds. The node is then given a reward for it's service (from somewhere). The user's funds are then sent to another node which does the process again."

Sounds trusted to me.

I mean it's pretty much the same way DarkCoin uses MasterNodes right? Except Cloak uses staking wallets instead?

Not at all. Check my edit as well.

DRK sends information back to your computer when it's done combining the transactions, and you sign the giant transaction it makes with your private key.

It appears to be different in more ways than that, but since I can't fully grasp CLOAK I'm not going to bother typing it out.

Hmm ok I just thought it went from one MasterNode to another and then out. Looks like I have some reading to do. Thanks for the discussion guys!

Quote from: eduffield on June 01, 2014, 03:34:08 PM

Quote from: R160K on May 27, 2014, 05:39:17 PM

[...]

Thanks for the questions. It does seem like you're missing something. Although, it might not be your fault. The whitepaper is definitely out of date. We've done a lot of work at tweaking the trust model so that it can't be exploited. I'll try to explain how it works briefly, then hopefully if I get time I can revisit the whitepaper soon.

- Masternodes don't have any power over the transactions. They just coordinate the signing. All parties must sign in order for the transaction to be valid. So there's no way to cheat and take the money.
- Users submit collateral. At a later phase if a user doesn't provide the signature as agreed, the transaction will fail. Without colateral this could be done over and over bringing the system to a halt.
- Masternodes have the ability to take the collateral transaction if they wish, but it's paid to the bounty fund. So it doesn't benefit them, it just benefits the community. This removed the incentive to cheat and take the money.

There's no relying on pools at all anymore. Payments to masternodes are done with a voting system embedded into the blockchain. It would take 51% of the mining power to pay the wrong masternode, or another party (because the last few miners to solve blocks must agree on who should be paid)

Transaction currently require 3 parties to be created, so there's a short wait. There are no fake transactions to make that quicker, although this could be done. There's usually 5 or so transaction per 2.5 minutes, so the network should be able to function pretty efficiently under these requirements.

Hoping that helps . Thanks,

Evan