BitcoinRPOW introduces a novel Reusable Proof of Work that reduces the cost of mining and increases transaction throughput. Proof of Work normally requires large amounts of energy and computing. Reusable POW allows them to to be reused sequentially, increasing speed and decreasing the resources needed. BitcoinRPOW brings the benefits of RPOW to life, ushering in a bigger, faster and greener Bitcoin.
RPOW combines the best advantages from POW and POS and ushers in a new era.
RPOW combines the security of POW with the increased decentralization of POS.
BitcoinRPOW offers you a chance to join a new era in cryptocurrency. Adoption of BitcoinRPOW will decrease mining costs while helping promote decentralization, all while decreasing energy use.
Using a novel consensus algorithm consisting of both POW and POS, BitcoinRPOW vastly reduces energy usage compared to Bitcoin.
Decreased mining costs and energy use will allow more people to participate in mining and the security of the network.
Transactions are public and transparent.
No one alone can change or reverse any transaction.
New blocks are mined adding to a permanent blockchain.
Anyone is able to transact and mine BitcoinRPOW.
A new transaction is signed and transmitted.
The transaction is then checked and relayed throughout the network.
POS validators will validate the RPOW token.
Once confirmed, the RPOW token is exchanged for a new one by a POS validator.
POS validators will permanently record the transaction in a new block on the POW blockchain.
BitcoinRPOW is a project created for and by the community
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RPOW is a Proof of Work system that makes it possible to reuse POW tokens. POW tokens involve a significant amount of computing work and resources. RPOW proposes limited sequential reuse of POW tokens through an exchange using miners that do not have to mine a completely new block.
The RPOW blockchain accepts specially signed RPOW transactions referencing a previous RPOW transaction. Once a user submits a new RPOW transaction, the RPOW miners issue a new, sequential RPOW token (referencing the previous RPOW transactions and a new POW) stored in an RPOW block.
This new RPOW token can be used like the previous RPOW transaction. The same process can be repeated with this RPOW token in the future and the seqeuential value increases each time. The first POW based RPOW transaction acts as a building block for a chain of RPOW tokens.
Key rollover is a mechanism using which the RPOW decentralized network switches to a new set of keys. Since the RPOW network must keep a record of all the parent RPOW transactions it has seen, updating the records ensures that no single RPOW transaction is reusable or fork-able to two tokens. Additionally, key rollover also boosts the network's security by replacing existing records (keys) with new ones.
RPOW uses blockchain technology as a validation mechanism. Using chained RPOW transactions, a third party can verify the consistency of the chain and proper consensus of the RPOW tokens.
POW (Proof of Work) consensus algorithm requires a miner to solve a mathematical puzzle in order to add a block to the blockchain network. RPOW, on the other hand, uses this POW as its building block and issues a series of reusable tokens sequentially. It uses POW sparingly, thereby limiting the computation and energy requirements of the process while maintaing security.
RPOW system reuses a POW token to issue a new RPOW token. The Proof of Stake or POS mechanism, on the other hand, adds new blocks to its underlying blockchain. A validator or baker in a POS blockchain has to stake his tokens before being chosen as a validator. If the added block receives maximum good votes (attestations), the block is added to the network, and the validator receives a reward.
Hashcash was the world's first digital cash currency built using the POW consensus algorithm. Hal Finney, the scientist behind RPOW, used Hashcash as the original POW token for issuing RPOW tokens using his system.
The BitcoinRPOW blockchain maintains a record of all seen RPOW transactions and will not allow double-spending. Whenever a client broadcasts a transaction to use/exchange an RPOW token(referencing a previous transaction), the decentralized peers validate it.
If the transaction matches an existing entry and the signature matches, the requests are aggregated, creating a new balance of existing RPOW tokens and a new sequential token is created. All RPOW is unique and sequential, the coins are moved within the blockchain and new sequential RPOW tokens are issued.
