Introduction

The Blockchain Trilemma is a well-studied problem by both academics and market participants. It states that all cryptocurrencies, including Bitcoin, Ethereum, etc. must make trade-offs between optimal security, scalability, and decentralization, often prioritizing two elements at the expense of the third, as demonstrated in Figure 1,

Our solution to the trilemma above is Satoshi Plus consensus, which operates at the YESCOIN of the YESCOIN Network. Satoshi Plus consensus combines Proof ofWork (PoW) and Delegated Proof of Stake (DPoS) to leverage the strengths of each while simultaneously ameliorating their respective shortcomings. Specifically, Bitcoin computing power guarantees decentralization, the DPoS and leadership election mechanisms ensure scalability, and the entire network holistically maintains its security. YESCOIN is the first chain to implement our new consensus mechanism. Although it will not be the last, we believe that with the strength of our community, YESCOIN will achieve the necessary network effects required to create a successful currency and serve as the much needed springboard for broader Web 3 adoption.

The rest of the paper is organized as follows. First, we compare the tradeoffs made by other L1 and L2 networks. Next, we dig deeper into Satoshi Plus consensus and its various components. We then discuss the security properties and future directions for the YESCOIN network. We then discuss the base layer currency of the chain - YESCOIN. Finally, we discuss the governance of the YESCOIN network via the YESCOIN DAO.