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Hi there,
I am looking for a review of my coin design idea. BItcoin and other crypto-coins that have a fixed coin cap and therefore are seen as deflationary do not have very stable exchange rates. I am thinking about a kind a coin design that has high amount of self-regulation built into its scheme. Basically, one wants a lesser volatility for a coin that should be used for payments on a daily basis because people are not willing to spend a coin which they think will have significantly greater value in the (near) future.
My proposal has 3 main features:
1. Variable block reward
The block reward (amount of coins mined in regular time intervals) is dynamically chosen for each new block based on the consensus of all network peers. This brings stability to the exchange rate, because should the exchange rate grow without a good reason, the peers will allow higher block reward to prevent the rate growth. They want to do this because they also make money by transaction fees - if the exchange rate goes up, people will make less transactions and miners will earn less on fees.
2. Random miner selection
Miners would be chosen randomly from the whole network (or its subset based on reputation - see point 3.). This brings the same chance of mining to all network participants and means network growth. The bigger the network, the greater decentralization, which is good. The random miner has to follow the consensual block reward or other network peers will not add his block to the chain pushing the miner out of game.
3. Trusted P2P network
In order to make the random miner selection (point 2.) work certain level of trust would be needed among network peers. Basically this means preventing someone setting up large number of peers. This is probably the most critical part of the design, but hopefully can be solved too. Possible solutions I could be either invites or reputation system. Hopefully would be doable. This point would need some serious elaboration still.
Looking forward to critical comments.
Thanks,
Kozuch
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