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February 22, 2019, 02:58:52 PM |
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Hello,
I've been thinking about the problems with PoW algorithms and it seems to me that at the end big nodes owned by miner companies and mining pools will own most of the hashrate. I don't know if there's a trivial solution to this but here's my take :
Everything is same as BTC except : outgoing transactions from an address will burn %1 of the address balance. This would prevent miner addresses to send balances to many accounts. Also it will increase the store of value as people would prefer to hold coins.
One other idea might be (I do not now if it's possible or not) to create a log PoW algorithm in which every miner gets a reward not based on the number of hashes calculated but instead log(number of hashes calculated). One can argue that these companies can create many addresses to get coins to all of them, this is true for companies and I believe it is hard to prevent. However mining pools would be useless since all miners get a similar chance to create blocks. (Correct me if I'm deeply wrong)
Does anyone know an altcoin which has an algorithm similar to this ideas?
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