Bitcoin Forum

Hello Everyone,

I'm working on a new, at the moment just for fun....it will be proof of stake and instant transactions.

It will be similar to PI crypto as you'll have to check regularly to transfer your funds to your wallet.
It won't have any miners, but it will have verifiers, who will check the fairness of the chain.

When registering, you will have to use your real data, that will get hashed in browser and saved on the server as a hash, along with your public key. This, I hope will make sure that users register only once.

I plan to have a low transaction fee that will be disbursed to all the verifiers, who will sign the block.

At the moment I'm thinking this could be used as an in-game currency or a token for proof of stake in the real world (for example making sure things happened in a particular order).

I don't yet have a name for it.

Any comments/suggestions?

If you're doing something like this for fun and experience, it's very good instead of all this greedy scammers that create tons fo shitcoins just to earn few bucks and spam all forum.
However, I am not sure if I understand correctly your concept of confirming transactions and paying for it in the form of a fee. Are you talking about manual verification and confirmation of transactions, or automatic, as in the case of classic PoS?

Hi longyenthanh,

Well, the way I see it, the biggest problems with BTC is that it waists energy, it's slow and despite the fact that there are a gazillion miners with hardware worth billions of dollars, it just can't scale.

So, I will be hosting the blockchain, probably on an Apache Cassandra cluster, which can scale to the moon and back easily and the verifiers will just have to verify that my service is not a scam. The DB will be public and someone could make a tool similar to blockchain.info to check the entire transaction history along with the signatures of the people who signed off on it.

The verifier will be an app that will take the DB, make a local copy...or a local copy of just the last X blocks, check if the hashes add up and then submit a signature which will be added to the block and will count towards a reward.

Everything will be automatic.

I just love to make proof of concepts, but then, I'm bored with the small stuff (that actually makes something useful :-) )

Go and watch videos about Fibonacci patterns and how Fibonacci works, on youtube. It will help you to bring a name and logo. And I want to suggest please add new features to your service/product that doesn't exist. It will attract investors.

Happy to see someone doing this with fun. You are throwing brilliant ideas. Replacing miners with verifiers is perfection. I am not a big fan of mining, I love the earth, even if mining seems interesting.
You have to be sure you can bring something useful for crypto universe, the price will follow.
Why don't you try collaborate with some dev with this idea to make it work faster?

Thank you everyone for the support.
I'm not looking for a logo or name, yet, but I will check out the youtube channel you suggested.
I would like to collaborate with people, but first I want to learn for myself.
If anyone will want to try it out when it's in alpha or beta, please reply with alfa or beta as message.