UPDATE: Thread moved to
https://bitcointalk.org/index.php?topic=711305.0I just posted this article on LinkedIN
http://linkd.in/1oHsfg9I'm trying out a "concept" crowdfunding thing personally over on STARTjoin.com -- it's not a full blown project, just a place where people can express interest in an idea.
I've talked about this before -- a #bitcoin like currency that would act as a stand in for both Identity and Reputation. The idea is that you would get coins for producing a GPG/PGP key and adding it to the blockchain as well as signing others keys. You spend your coins on feedback in transactions on other blockchains. Those coins show how you vote with your dollars and go to the miners who are working to verify and secure the network.
A Coinbase for Identity and Reputation
IDcoin will be designed to be an 80/20 Proof of Stake / Proof of Work based blockchain that will establish both Identity as well as Reputation in a public ledger.
The generation and addition of a GPG/PGP key will suffice as the "proof of work" as well as the "key signing" of other members keys. The system will be designed to award coins based on addition of validated keys, the signing of additional keys and the spending of coins on feedback to build out the Web of Trust.
We are essentially creating a single system of record for GPG & PGP keys.
Reputation will be leveraged through transactions, whereby Transaction Fee's will be used to "vote with your coins." Those coins go to the network of miners working to keep the chain safe.
Feedback can easily be calibrated based on the identity of the individual leaving it -- we can work to make a "neutral" rating safe again as compared to the "grade inflation" we see in markets like Ebay where everyone is essentially shamed into providing only positive feedback.
With IDCOIN you could instantly determine if someone's +5 rating actually meant anything especially if they gave everyone +5. You could instantly baseline the feedback.
With a Web of Trust model you could choose to transact with people and business that are say only within 3 or 4 degree's of separation. In this way you could completely detect and ignore any astro-turfing.
IDcoin could essentially pose a threat to global credit reporting agencies stranglehold on "reputation."
Interested?
Max Keiser pledged $100 to the idea <3
https://www.startjoin.com/idcoin
