Mining by walking outside to real locations to dig for tokens

[nims]

Hi,

Please let me know if this forum is the right place to post this topic. The reason why I create this topic is that I would like to discuss a different mining strategy I have implemented for my Scavenger Hunt Token (https://www.sht.watch). The strategy I use here, is that you need to walk around and "dig" for tokens. Much like digging for gold into the real world. I use a reward strategy, where chance is used to increase the payout amount, when you dig.

Initially, the SHT tokens can be bought for ETH during the crowdsale period without any limit, although the price gets higher, during this period. After the crowdsale, it is no longer possible to buy more,. This means that the total supply is fixed at the crowd-sale end. Where the coins are hidden, is based on an algorithm that uses a one way key based on the GPS location and a pre-configured contract key. This then uses a chance in percentage calculation to determine the payout. These chances are:
100.000 (0,000001%)*
1.000 (0,001%)
500 (0,01%)
200 (0,1%)
50 (1%)
3 (10%)

To calculate the amount of hidden tokens, we first need to determine the amount of possible dig locations. We have divided our earth into GPS based grids of about 100 by 100 meters. This is done by actually rounding the GPS coordinates to 3 decimals, and using that spot, to dig for tokens.

Based on this information, we can calculate the maximum amount of GPS values. This is: For Lat: -90,000 to +90,000 making it  180.000 possible Lat Values.
For Long this is: -180,000 to +180,000 making it 360.000 possible Long values.

This brings the total possible dig locations to: 180.000 * 360.000 = 64.800.000.000. However we assume that most people will dig on Land, so that means that around 30% is actually "diggable". This brings down the potential to 64.800.000.000 * 30% = 19.440.000.000 diggable spots. Let's cal this "constant" D.

If we then take the chance of finding tokens into the equasion, and change the % to the actual number, this results in:
D*0,00000001 * 100.000 = 19.440.000 SHT
D*0,000001 * 1.000 = 19.440.000 SHT
D*0,0001 * 500 = 972.000.000 SHT
D*0,001 * 200 = 3.888.000.000 SHT
D*0,01 * 50 = 9.720.000.000 SHT
D*0,1 * 3 = 5.832.000.000

Adding this all up, this brings us to kind of realistic total of: 20.450.880.000 SHT tokens. But we need to add the initial token sale amount here, too.
Note: Tokens cannot be splitted, or divided so we always find, transfer or sell 1 single token.

Also there is a catch. Digging for tokens, actually DESTROYS one token. Meaning that the supply will shrink, during digging. I of course cannot predict the final supply, but you can imagine that chance is playing a big role. However, we do always track the amount of tokens currently in supply on our token trackers, on the website (as part of the smart contract).

What do you think of this mining approach?
 

[KougarLOB]

Just what we need, more SHTcoins.   

GEOCoin has (had?) a similar function of adapting real-world objects and locations into currency tokens.

[nims]

Looks like geocoin is more based on the geocaching community where people can hide coins and rewards. Cool idea though, so thanks for sharing.

[d57heinz]

Who will place the tokens into the ground?   How will we verify that this is truly been done?  Fun concept but I don’t think it’s feasible.  Would kinda put us back at digging for gold anyway.

BR

[nims]

Who will place the tokens into the ground?   How will we verify that this is truly been done?  Fun concept but I don’t think it’s feasible.  Would kinda put us back at digging for gold anyway.

BR

Placing tokens in the ground is done by a mathemetical formula taking the GPS location and a private key as the seed. So nobody hides anything here .
Based on that, chance determines if you receive something, or not.

Instead of digging for gold, you could compare it to hunting for pokemon .

[cyberdeity]

You can't rely on GPS location, that is easily faked

https://play.google.com/store/apps/details?id=com.lexa.fakegps&hl=en
https://play.google.com/store/apps/details?id=com.gsmartstudio.fakegps&hl=en
https://play.google.com/store/apps/details?id=org.hola.gpslocation&hl=en

[nims]

You can't rely on GPS location, that is easily faked

https://play.google.com/store/apps/details?id=com.lexa.fakegps&hl=en
https://play.google.com/store/apps/details?id=com.gsmartstudio.fakegps&hl=en
https://play.google.com/store/apps/details?id=org.hola.gpslocation&hl=en

You are right, but, since we are on a public blockchain, it can also easily spotted by others. Fake GPS behaviour can quite easily be spotted, so we can take measures against those who are doing it. In our smart contract we already have made it configurable to limit the amount of payouts per day and even have the option to freeze someone's assets completely if they mis-use the system.

[dhouse]

i prefer to mine in a dimly lit basement behind my computer screen