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May 30, 2014, 05:08:57 PM
Last edit: May 30, 2014, 05:28:26 PM by FoxShibe |
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Essentially, I heard this idea off of a friend and looked into it a bit. I believe it has the capacity to create a coin unlike most others in that it's fair and favorable for everyone and not just those with the most money they can sink into an investment.
I was wondering if there was ever any interest in creating a proof of concept based off of a web of trust model. Such a model might make it possible to create a fairly distributed coin along with protecting against forks. Essentially, it would function as a sort of Proof of Trust. The initial base of "miners" would be issued a set amount of IDs which are trusted within the network. Trust is then passed onto others via key handshakes with incoming miners and vetting capability is then earned by the new users by that point. Through clever parameterization to measure trust, the web of trust would reward users connected to the network, preferably in proportion to both the likelihood of claimed identity and the amount of other users vying for coins. If a disconnect from the network is created then the branch with the most trust of users would be the correct chain when the network reconnects.
I was wondering what would be thought of this sort of proof of concept, what are the holes in it, if people would be interested in such a concept, etc. I was not the one to think this up firsthand but I believed it interesting enough to bring it before some people on here and ask their thoughts on it.
So, thoughts?
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