I have an idea on how to get an update on Sentinel progress. If you read this post I suggest a way to do that.
If we want an update on Sentinels, maybe we should have an opinion on how to incentivize them. Let’s come to a consensus, and present an opinion to Mr. Kaine. Maybe then he will give us his thoughts.
If the community engages I will write another post to Mr. Kaine with our consolidated feedback asking for his thoughts. But only if the community engages in this question.
The main issue with a free for all PoW might be a centralisation of computational power as seen in the Bitcoin mining. I’m unsure if the PoW algo that’s used can be CUDA’d but even if not it’s not that hard to envision big farm behind a few Sentinels getting all the txs. This would undermine the purpose of this second validation layer.
I see no cons on a pseudo-random selection though.
Thinking about Sentinels and reading your articles after browsing the TG makes me wonder how fast the network can be with so many steps to validate a single tx. On a side note I’m curious about this being sequencial or if the txs can occurs and be validated in parallel.
If we assign PoW link creation to Sentinels, what incentive do they have to make them quickly? I wonder what happens if a bunch of low budget sentinels that can barely do PoW are randomly assigned link creation. I also dislike the idea of concentrated PoW creation in a few centralized BTC miners.
what if we have a mix of free for all and competition?
Idea: Break the total number of Sentinels in 2 groups and then create an incentive pendulum (Like Thorchain).
Group 1 = smaller % of total sentinels that competes for the right to create links based on hash rate. This group would receive a higher reward than group 2 making the competition and additional compute power worth it.
Group 2 = larger % of the total sentinels that are chosen randomly. They earn less rewards for creating PoW links
We can create an incentive pendulum between the two groups so that the rewards change so that the two groups are in “harmony” based on some TBD ratio of earnings between the two. We want to encourage people to own and operate lots of individual Sentinels while also rewarding large farms for their effort.
Just thinking out loud.
Incentive is getting paid