  A hard-fork reconfiguration of the peer to peer Bitcoin network is described
that substitutes tamper-evident logs and proof-of-stake consensus for
proof-of-work consensus. The block creation rewards and transaction fees are
reallocated to establish and staff a secure financial data network capable of
handling the world's transactions with subsecond response time. The new system
pays dividends to stake-offering bitcoin holders. In contrast to Satoshi
Nakamoto's mesh network consisting of competing peers, this system uses an
enterprise class network that is efficient, robust, and scalable, consisting of
cooperating peers. The network backbone nodes host trustless nomadic agents.
Thousands of distributed full nodes are paid to replicate a singleton
blockchain built upon every 10 minutes by a nomadic mint agent whose actions
are verified by its peers. This arrangement enables immediate acknowledgment to
an issuing node that its transaction has been accepted. Less effort means that
subsidized transaction costs will be lower. Network reconfiguration enables the
processing of numerous microtransactions. Stake-weighted distributed consensus
is achieved when necessary with less than one-half arbitrarily faulty nodes.
Important invariants of the Satoshi Social Contract between core developers and
users are maintained: The reward schedule, the blockchain format, the fixed
number of bitcoins, and the decentralized, trustless protocol are untouched.
The system remains a global distributed database, with additions to the
database by consent of the majority, based on a set of transparent rules they
follow.
