Fundamentally different coin?

[Auralea]

   I played with an idea a while back that I thought could be fundamentally different than what was on the market up until now: a currency based on Human Worktime instead of PoW of a CPU. How it could work is, I would create a task, this would trigger the blockchain to create an ''unmined'' block with that specific task in it. Once you complete the task, I sign the first transaction and you receive the newly created coins. This could work as an oil stain system, where we begin with webdevelopment or something that has a relatively equal price and can be done over the internet. The data from this system can be fed back into it to let it calculate the different demands/supplies for certain skills and labour. This would factor into the price, making more desirable tasks and services more expensive and less uncommon ones cheaper.
     This would ensure that every coin that is mined and spent in this system is some quantifiable increase in real world value. This system does not allow for either whales to invest in it, nor does it allow people to become rich through not adding value to the system. It only allows for people to start working to earn these coins. In a system with a limited amount of coins, it would still make the early adopters rich. In a system with no cap on the amount of coins the system would naturally gravitate towards one unit being the average of a low skilled job around the world / on internet.

Thanks for reading and any and all comments are welcome!

[1715255518]

1715255518

[1715255518]

1715255518

[1715255518]

1715255518

[1715255518]

1715255518

[1715255518]

1715255518

[1715255518]

1715255518

[overttherainbow]

Great concept man, well done. I hope someone with a more analytical opinion can weigh in for you too.

[Auralea]

Thanks for your reply, I have a lot more information on this project and would be totally willing to share it here and go into the thought experiment with people.

Would be cool ^^

[HappyNonce]

So basically a PoW that consists in solving captchas?

Alternatively, isn't the basic attention token based on using a special browser?

[Auralea]

I am sorry, where did you get the captcha idea from? I do not see a purpose for captcha solving in this system. Please excuse my limited understanding of your comment, but what does Brave have to do with this proposed system?

Thanks for your response!

[shandi albert]

Your opinion is very interesting, If the application and walk in accordance with your ideas can be a success. Additionally this suggestion needs to be applied in pow projects

[Auralea]

Thanks you for your response!

It sprung to mind that it could also be used to bring back a bit the old ''one-cpu-one-vote'' idea of Satoshi, in that you cannot simply buy up this currency. You would need to work for every penny^^

[Whiplash Wally]

Interesting concept. The issue I see is that the idea is basically a freelance market, with you submitting jobs and freelancers accepting them in exchange for (X)token. The problem I see is that most freelancers won't be jumping to complete tasks for a token who's initial value is near 0 when they need to eat, so adoption would be difficult. Also the method for creating tasks sounds too centralized. Just my initial thoughts, I would love to see the idea elaborated upon.

[Auralea]

Thank you for your response! :-)

My idea would be to make the market so that the person performing the task can be paid in any way they want. They could receive Bitcoin or Ether for their work. The amount in question would be decided on by the new blockchain.

It would work a little bit like this:

Person A wants task A1

Person B can perform task A1

Person A has to deposit amount X into a smartcontract/blockchain. Amount X is what Person A is willing to pay for task A1. The value of amount X is checked against amount Y and has to range within ~10%. Amount Y is a weighted average of the historical data of amount X for task A1.

Amount Y for task A1 is 1 BTC
Amount X for task A1 is 0.9 BTC

Amount X is found to be valid and so the transaction can occur. Amount X is deposted into the smart contract against CoinAmount Z. Person B now gets to choose: will he take the BTC or the CoinAmount Z? The obvious choice is the BTC, however if they choose the CoinAmount Z the BTC gets used automatically to buy up any coins from the chain. This results in the value of the native token being stable against the BTC and/or ETH.

edit: small spelling mistakes

[pendekar cinta]

   I played with an idea a while back that I thought could be fundamentally different than what was on the market up until now: a currency based on Human Worktime instead of PoW of a CPU. How it could work is, I would create a task, this would trigger the blockchain to create an ''unmined'' block with that specific task in it. Once you complete the task, I sign the first transaction and you receive the newly created coins. This could work as an oil stain system, where we begin with webdevelopment or something that has a relatively equal price and can be done over the internet. The data from this system can be fed back into it to let it calculate the different demands/supplies for certain skills and labour. This would factor into the price, making more desirable tasks and services more expensive and less uncommon ones cheaper.
     This would ensure that every coin that is mined and spent in this system is some quantifiable increase in real world value. This system does not allow for either whales to invest in it, nor does it allow people to become rich through not adding value to the system. It only allows for people to start working to earn these coins. In a system with a limited amount of coins, it would still make the early adopters rich. In a system with no cap on the amount of coins the system would naturally gravitate towards one unit being the average of a low skilled job around the world / on internet.

Thanks for reading and any and all comments are welcome!

I suggest that this application can be made as well as possible in order to attract more customers later and specifically for skilled people who can earn coins. I am still wondering how long it will take to get a profit when I participate in it.

[Auralea]

This would depend in part heaviliy on the actual architecture of the network. If the number of coins is limited from the start, early adopters might earn a huge return simply on the principle of supply and demand. If it is an unlimited number of coins, you will earn what is fair to be earning for your task in the specified timeframe.

Thanks for the comments

[Whiplash Wally]

Amount X is found to be valid and so the transaction can occur. Amount X is deposted into the smart contract against CoinAmount Z. Person B now gets to choose: will he take the BTC or the CoinAmount Z? The obvious choice is the BTC, however if they choose the CoinAmount Z the BTC gets used automatically to buy up any coins from the chain. This results in the value of the native token being stable against the BTC and/or ETH.

edit: small spelling mistakes

There would need to be some additional incentive to accept the native token, otherwise it's unlikely many would. This sounds like a similar concept to Blocklancer - Blocklancer.net. The native token is used for other things within the network such as voting. Full disclosure - I am invested in the Blocklancer project.

[Auralea]

Firstly let me thank you for your comment.

Secondly, I can see the similarities between the projects for sure, the difference being that the native token of this network would not be about voting or keeping the network safe. This proposed project (HWchain) also would not allow you to buy the native tokens, since they can only be earned. The incentives for choosing to be paid in these tokens could be:

1. Proving that you performed certain types of work without the need for a third party
2. Accumulating the native token to buy up more work if the token rises in price
3. The fact that in principle, there will always be a 100% reserve to exchange your native HWchain tokens 1/1 for the amount of BTC/ETH that you would have otherwise received through the buying function of the chain

[Auralea]

I made a telegram channel for people who are interested in discussing these ideas in chat format.

telegram.me/HWchain

I hope it is visible like this. There is a lot more information and explanation that I already made and I would like a couple of open minded people to help me figure out some of the remaining problems.

My ultimate idea for this coin is a cabal-proof coin. Since it cannot be bought, the old guard cannot simply buy a majority share and be done with it. They could switch to this system and accept the tokens as payment, but this would still force them to produce real world economic value for the tokens. In the long run, if the token base is deflationary, the network will reward early adoption and real world goods and services that are in high demand relative to the supply. In theory, this could create a more equal wealth distribution since it is kind of like a ''reboot'' for the system where value can only be created from the bottom up.

edit: I did not want to make another post because I would be spamming my own thread ^^

Thanks for all the comments up until now!

[Vatimins]

   I played with an idea a while back that I thought could be fundamentally different than what was on the market up until now: a currency based on Human Worktime instead of PoW of a CPU. How it could work is, I would create a task, this would trigger the blockchain to create an ''unmined'' block with that specific task in it. Once you complete the task, I sign the first transaction and you receive the newly created coins. This could work as an oil stain system, where we begin with webdevelopment or something that has a relatively equal price and can be done over the internet. The data from this system can be fed back into it to let it calculate the different demands/supplies for certain skills and labour. This would factor into the price, making more desirable tasks and services more expensive and less uncommon ones cheaper.
     This would ensure that every coin that is mined and spent in this system is some quantifiable increase in real world value. This system does not allow for either whales to invest in it, nor does it allow people to become rich through not adding value to the system. It only allows for people to start working to earn these coins. In a system with a limited amount of coins, it would still make the early adopters rich. In a system with no cap on the amount of coins the system would naturally gravitate towards one unit being the average of a low skilled job around the world / on internet.

Thanks for reading and any and all comments are welcome!

Hats off man. This really is a pretty interesting concept you got here. It is different from all that I’ve seen so far.

But let’s be honest here, knowing humans, I do not think a lot would be interested. The idea is awesome, i will give you that, but the thing is, people will always want the easiest ways in life. Specially in earning money and profits. Only a few would really want to go through the grind and hassle for earning the specific coin.

But hey, it’s just my opinion.
I for one love the concept, and suggest that you build a team for this. I would really love to see how this project will develop. If I were someone who had any capabilities that could make this happen, i would really volunteer to be part of the team. Not for the money but for the concept itself. And of course, to satisfy my curiosity. And if ever money comes, then it would be just a plus.

[Auralea]

Thanks a lot for your comment, it means a lot actually :-)

I can definetly see what you mean with people wanting the easy route and not wanting to work for a specific token. This is why I would propose to build something into the network (like a smartexchange) that provides a decentralised exchange service so that the native tokens becomes more of a mathematical ruler, in the background if you will. Regular users would be paid in anything the decentralised exchange can transfer to them. This would be cryptocurrencies in the earlier phases, but it could well evolve into people that are local to eachother either transferring fiat currencies or any other store of value asset.

[Auralea]

If anyone would like to discuss further, receive more information or is able to help develop this project in any way please feel free to contact me in PM or on the Telegram channel HWchain.

I am willing to keep on investing my time and resources into such a project if there would be a community that was enthused by the prospects put forward.