As I promised, I’m publishing the preliminary paper on how to apply MAVE-3 to P2P cryptocurrency. I spent some time re-thinking everything and meanwhile (at 2 a.m.) I designed a new one-time digital signature algorithm with 1600 byte signatures, and 80 bit public keys, that is faster than RSA. Better than Lamport’s but probably not better than Merkle-Winternitz. Every time I think I’ve finished something, I start a new thing…
Apart from the description of the new protocol, you’ll find interesting proposals for Bitcoin evolution such as:
- Combining Multiple Digital Signature Algorithms into a single P2P currency
- Protection from Miners selfishness
- Adding a Proof-of-work for every Bitcoin transaction, and how the network can deal with this.
- Free market and the principle of Least Required Security (LRS) to optimize network resource usage.
- How to achieve more advanced transaction fee rates.
- Hybrid systems
- The hidden costs of maintaining a Bitcoin client.
MAVEPAY: a new lightweight payment scheme for peer to peer currency networks