Proof of Work

Proof of Work is a practical mechanism for implementing a decentralized network. PoW is non-discriminatory and allows anyone who owns compute power to participate in mining. Leveraging the existing BTC mining network, YESCOIN relayers transmit each Bitcoin block as a transaction to the YESCOIN chain. This relaying mechanism is how Satoshi Plus validates delegated hash power in a trustless fashion. With this PoW element, Satoshi Plus is able to leverage the security of the Bitcoin network to secure YESCOIN.

Relayers

Relayers in YESCOIN are responsible for relaying BTC block headers onto the network via the on-chain light client. Relayers must both register and pass verification in order to receive rewards.

BTC Miners

Using their public and private keys, BTC miners can delegate their hash power to a YESCOIN validator or delegate to themselves if they choose to run a validator by verifying and syncing their identity (addresses) on both the BTC and YESCOIN blockchains. When relayers submit transactions, they sync the blocks mined by the BTC miner with the YESCOIN Network. Every round, the YESCOIN network calculates the BTC hash power associated with each validator by counting the number of blocks produced by each miner in the BTC network during the same day of the prior week. The architecture of the mapping-chain communication is illustrated in the diagram below.