On May 17, 2021, the co-founder of Ethereum and founder of Cardano, Charles Hoskinson, uploaded a video on Youtube listing down 11 suggestions if Elon Musk is serious in rebuilding Dogecoin:
- Use Prism as the Engine: Doge operates on Nakamoto Consensus style. Hoskinson suggested to tear the Consensus style and change it to Prism, the best and fastest Proof of Work https://dl.acm.org/doi/pdf/10.1145/3319535.3363213 With this, Doge can get about 10,000 transactions per second. It is a phenomenal and highly-recommended engine.
- Use HashCore ASIC-resistant algorithm: HashCore. The whole point of Litecoin being based on Ascript https://arxiv-export-lb.library.cornell.edu/pdf/1902.00112 “.. The past five years, the rewards associated with mining Proof-of-Work blockchains have increased substantially. As a result, miners are heavily incentivized to design and utilize Application Specific Integrated Circuits (ASICs) that can compute hashes far more efficiently than existing general purpose hardware. Currently, it is difficult for most users to purchase and operate ASICs… e. In order to achieve this, we present HashCore, a Proof-of-Work function composed of “widgets” generated pseudo-randomly at runtime that each execute a sequence of general purpose processor instructions designed to stress the computational resources” It is really hard to build an ASIC against this. It is made by electrical engineers.
- Balloon hashing: A Memory-Hard Function Providing Provable Protection Against Sequential Attacks https://eprint.iacr.org/2016/027.pdf – Primitive to use while discussion the notion of ASIC resistance
- Revisiting Difficulty Control for Blockchain Systems https://eprint.iacr.org/2017/731.pdf – How to have a much better way of doing difficulty re-targeting because of you are going to a new type of PoW with a completely new system and shards things and runs at 10,000 tsp.
- Change Block structure: In header, put coded Merkle trees https://eprint.iacr.org/2019/1139.pdf . Helps a lot, especially when paired with NIP of PoWs
- Non-Interactive Proofs of Proof-of-work (NIP of PoWs) https://eprint.iacr.org/2017/963.pdf Together with coded Merkle trees, the 2 give a beautiful path for extremely efficient clients and primitive for side chains. No data availability issues in light clients
- Mining in Algorithmic Space – You don’t need a blockchain to mine a blockchain
- Ergoscript – For programmability (to be able to create smart contracts) Ergoscript, a good scripting language, to make Doge programmable. UTXO model https://docs.ergoplatform.com/ErgoScript.pdf
- Network stack: SOK https://www.univie.ac.at/ct/stefan/ares20.pdf One of the writers is Aviv Zohar, creator of Spectre, Ghost, Phantom Blockchain protocol used to accelerate Proof of Work. How to handle the network side.
- Stateful Hash-Based Signature Schemes – To be Quantum-resistant, there is an NIST Recommendation for Stateful Hash-Based Signature Schemes https://csrc.nist.gov/publications/detail/sp/800-208/final
- BLAKE3 Hash algorithm: MD5, SHA-1, SHA-2, SHA-3 https://github.com/BLAKE3-team/BLAKE3
As a bonus, I added a link to the Github repository of Dogecoin source codes https://github.com/dogecoin/dogecoin
