Bitcoin Forum

I am presenting my new Concept:

XEM - X(CountryLess PreChar) Economic Money

Algorithm: Proof of Uptime (PoU)
it will be tracked the uptime of the client. The longer it's online, the higher the chance of being chosen for solving the next block.
This makes of course only sence, for one ip-address, so the system will check, that all uptimes for the current round are coming from different ip addresses. Otherwise someone can fake multiple uptime accounts.

For preventing bot nets and multiple vps:
Every miner has to be registered on some institution, where they Check for the passport.
The miner Gets a Mining Key.
This is only for "Mining". Normal wallets doesn't need that registration.

Advantage:
- no wasting engery as with PoW
- no unfair advantage with a big amount of coins as with PoS
- high availability of systems
- 51% attack nearly impossible

Coin Maximum: about 1 Billion
5 minute transaction time (288 blocks per day)

Coin Distribution
Beginning: 58000 XEMs every Block
halfing the amount every 8.640 Blocks (about 1 month)
Total Coin Distribution Time: 12 Months
After that 12 Months only transaction fees.

"Premine" for development and marketing:
12 hours => about 0,83%

Interested? Programmers?

sounds a little similar to timekoin http://timekoin.org/

interesting

How will you deal with the use of proxys or the use of Tor?

that's it ? that's what you call POU????
why I can not saw any newstuff

@refer_2_me: why should you use tor for mining?

@zwjin45n: what are you expecting? i am afraid, that there is nothing much newer any more to discover

I will just make 1000 single core server just for this ? Doesn't works man.

so botnet will control PoU, right?

you will have always the same ip

no, because they have to be up for a long time in order to win

Interesting, but it seems this is just a theory you, no practice! :)

i didn't see it yet, you are right. But as I look on it, these things are unacceptable:
No hard limit on currency creation. There is no cap of the maximum amount of currency that will ever be created.
All Timekoins are whole numbers. No Decimal point currency is used to avoid rounding and accuracy errors.

yes this is a proof of concept

Not if they spin up multiple VPS machines.  Can easily & quickly be done...


How is a botnet or a VPS in any way prevented from remaining active / up?

vps and especially ips cost a lot of money, and do you really think 1000 miners are much?
how is a cpu mining like quark prevented from botnet?

Why?
IP6 addresses You can get usually for close to nothing.

Time to buy some VPSs. :D

The problem is unlike quark, where a botnet or cloud miner user is limited by the speed of the infected computers; In your scenario the botnet user is on the same level as the legitimate user (i.e. same hashing power).

Botnets are huge. Some are in the millions of computers. This proof of concept is fatally flawed. There has to be a dilligence factor to weed out malicious users or no one will support this. Memorycoin and vertcoin do this by increasing the memory requirements to mine. Infected computers are usually older with lower resources so they are inefficient if not useless for mining.

Why would anyone support something that only favors a select few?
This can work, you just need to think about it some more.

thats right, the concept is not yet ipv6 resistent.
not sure, but i think it should be possible, to locate them, if they are too near together

ok i will think about it and maybe add some improvements ;-)

here my new sugestion:
Every miner has to be registered on some institution, where they Check for the passport.
The miner Gets a Mining Key.
This is only for "Mining". Normal wallets doesn't need that registration.

new botnet prevention added