TL;DR Detailed description of unfinished Nano desktop wallet that was submitted to Nano JAM (48h programming competition focused on creating applications to Nano ecossystem). Watch the video and enjoy the P2P dPoW feature!
Hello, everyone! I would like to present the result from our submission to Nano JAM: the Nanolectrum desktop wallet with a new P2P Delegated Proof of Work.
Here is my story:
I am very new to programming (basically learning by my own on the last two years from tutorials and large library documentations on internet) . Even though most of my time I spend studying machine learning, last months I felt the need to improve my skills on creating GUIs and I started to learn Tkinter.
I heard about Nano JAM and thought this was the perfect opportunity to test my skills. First I tried to mount a team by asking people on Discord and Facebook groups if they were willing to join forces. With two days to go until the competition, I was able to find two interested people. Kaique and Bruno from Nano Brasil.
We discussed what we would implement. After rounds of discussion, we decided to take on the boat of P2P dPoW. I was in charge of developing a desktop wallet, Kaique was in charge of developing the website and an article explaining the details of dPoW system, and Bruno was in charge of developing the worker API.
We were in a hurry, after all 48h is very little time to develop something very robust. I searched existing wallets and I really liked the Electrum interface and decided to make the Nanolectrum version. It would have exactly the same interface but with Nano functionalities and I started coding it from scratch.
I and Kaique didn't sleep even 6h during the competition and we are happy with our results. On the end, I had a working wallet that could load the account's balance (after creating or loading your seed), the quantities (send or received), their dates and even send transactions.
On the other hand, Kaique had a beautiful website and a detailed article explaining how the P2P dPoW would work on the wallet.Article: https://medium.com/@kaiquenunes/delegated-proof-of-work-d566870924d9
Bruno had personal problems during the competition, didn't participate and haven't delivered the API as intended, therefore we couldn't integrate P2P dPoW on the wallet until submission. Unf
... keep reading on reddit β‘
Here, we provide a quick overview of the consensus approach adopted by NEUTRO. NEUTRO comprises of a main-chain and shard-chains. In the main-chain, the nodes perform Proof-of-Work in order to create blocks. The voting system is used by nodes to express their support for a particular previous block in the main-chain. Block producers in the main-chain must therefore take the votes into account while deciding on the suitable previous block in order to increase their relative Proof-of-Work. Moreover, these block producers perform a pseudo-random cryptographic lottery to identify a few of the votes as the βwinning votesβ. The validation token addresses that broadcast the winning votes are eligible to create blocks in the shard- chain. Before a new block is created in the main-chain via Proof-of-Work, nodes will have to wait till at least 2/3+1 of the blocks in the shard-chains is created. This design results in nodes having to perform Proof-of-Work intermittently, thereby contributing to an increase in the energy-efficiency of the system.
The Wolfcoin blockchain and network are both designed and engineered to ensure store of value, transactional speed and security, and fungibility. The main goal of the Wolfcoin blockchain is to facilitate fast and secure transactions with a governance that helps sustain the network for the benefit of all users. The Wolfcoin blockchain is a two-tier network comprised of a Proof of Work (PoW) consensus mechanism powered by miners and a Proof of Service (PoSe) system powered by masternodes. Miners receive rewards for ensuring the security of the blockchain and masternodes are rewarded for facilitating the features of the network including Private Send and Instant Send. Wolfcoin uses the X11 hashing algorithm and is based on the Bitcoin Core codebase version 0.12.
The Wolfcoin blockchain is secured through Proof of Work (PoW) in which miners attempt to solve difficult problems with specialized computers. When a problem is solved, the miner receives the right to add a new block to the blockchain. If the problem was solved correctly, the miner is rewarded once the block is added. The second tier, which is powered by masternodes, enables Wolfcoin to facilitate private and instant transactions with Private Send and Instant Send. Masternodes are also rewarded when miners discover new blocks.
The block reward is distributed with 80% going to the masternodes and 20% going to miners. The masternode system is referred to as Proof of Service (PoSe), since the masternodes provide crucial services that support the features of the network. Masternodes also oversee the network and have the power to reject improperly formed blocks from miners. If a miner tried to take the entire block reward for themselves, the masternode network would orphan the block ensuring that it would not be added to the blockchain.
In short, miners power the first tier, which is the basic sending and receiving of funds and prevention of double spending. Masternodes power the second tier, which provide the added features that make Wolfcoin different from other cryptocurrencies. Masternodes do not mine, and mining computers cannot serve as masternodes. Additionally, each masternode is βsecuredβ by 10,000 WOLF. Those WOLF remain under the sole control of their owner at all times. The funds are not locked in any way; however, if enough of the funds are moved or spent to cause the userβs holdings to drop below 10,000 Wolfcoin, the associated masternode will go offline and stop receiving rewards.
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... keep reading on reddit β‘God the hypocrisy of it all.
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