I started a similar thread the other day in the "Project Development" subforum, but was met with anti-PoS trolls and I subsequently locked it. This new thread is self moderated and any off topic trolling will be deleted. Please stay on topic. This was my original post:
One of the biggest grudges people have with purely PoS coins are that the coins are unfairly distributed. Side note: I don't agree with this line of thinking, as everyone has a chance to invest in IPOs if they'd like. This same argument could also be applied to early adopters of Bitcoin... but I am getting sidetracked. I think it is a shame something as silly as this could hold back purely PoS coins, as I feel they are a step up from purely PoW coins which consume much more energy to secure their block chains and waste processing power.
Now that "Oracles" can confirm real world data, would it be possible to do a recurring IPO for a purely PoS coin? I feel like this would solve the problems people have with "unfair" distribution. The way I envision it there would be an initial IPO, and then one every year after that as determined by the oracles. The amount of IPO coins should be slowly reduced like Bitcoin's block reward. Using something like Oracles, the current price of the coin could be determined to figure out how much the IPO coins should cost in the recurring IPOs, or they could be sold at the original price (this may affect the market negatively and I'm not sure of the best approach.)
So, it'd go something like this:
1st IPO = 5,000,000,000 coins @ .0001
2nd IPO 1 yr later = 2,500,000,000 @ current market price or original price
3rd IPO 1 yr later = 1,250,000,000 @ current market price or original price
4th IPO 1 yr later = 625,000,000 @ current market price or original price
... so on so forth ...
I have a few questions. I am not a developer, so would something like this be possible or is it just a pipe dream?
Would this idea even make sense to due to market variables? I'm thinking maybe it would be more fair to just keep the recurring IPOs at the original price of 0.0001, but it would affect the market.
Are recurring IPOs even possible?
Any other ways you guys can think of to improve distribution of IPO/purely PoS coins?
After thinking it over a bit more, I think instead of funding the IPOs with a crypto currency, it might be better to adopt a Vericoin-like PoW distribution for each of the IPOs (I suppose the initial IPO could be funded if you wanted to without any complications.) This solves the conundrum as to what the price of the recurring IPOs should be, and further decentralizes distribution. I suggest using an algorithm that does not have ASICs yet, as this will further increase the decentralization of the distribution (x11, keccak, dagger (ethereum), proof of primes, etc.) IF an ASIC is developed for the algorithm used before the recurring IPOs finish, I suggest hard forking it to use an algorithm that does not have ASICs for fair distribution.
The developer/inventor of Oracles (Kolinko) contacted me via PM sad that I had locked the old thread. Since he shared new information, I decided to start a new one (since I can't figure out how to unlock the old one & a self moderated thread is better to keep this on topic.) This is what he had to say:
Hi,
Too bad you locked the thread
You might want to check out our paper:
https://github.com/orisi/wiki/wiki/Orisi-White-PaperIt would be quite easy to do using oracles. The most straightforward way would be to essentially premine all the coins, and give M of N access to a set of oracles. Then program those oracles to release coins according to schedule and external inputs.
With little modification Orisi framework could be used for that. The biggest challenge is of course deciding who handles oracles, and what program the oracles run (e.g. who decides what datafeed is being used). There's also a challenge of modifying the list of oracles. I.e. one of the oracles belongs to a guy who revealed himself as a scammer, or someone lost keys to the oracles, and the rest of the nodes has to vote a new oracle in his place.
Visit our forums for more information or to ask questions: orisi.net
I'll point him to this new thread so that the conversation can continue. So, it seems that it is possible to use oracles for this purpose. IMO this is a better distribution model for purely PoS coins.
Do you guys have any opinions or ideas to improve upon this, or how it could be done on a technical level? There are still some things to work out obviously.
