 |
October 12, 2013, 07:22:33 PM
Last edit: November 14, 2013, 08:32:59 AM by ozboom |
|
I believe we need a phone-based virtual currency with low-power mining.
It could spread new coins & fees randomly among users/miners.
Miners would be identified by a hash of their phone number + IMEI code (one phone = one vote).
New miners would enter the "pool" by friending existing miners (phone-to-phone).
Basic phones with SMS capability could be used to divert mining towards a computer client.
Guaranteed, fair and easy mining profits would cause fast adoption.
The algorithm could actively fend off non-human users (see specs below).
Apart from mining, it could be used on any machine just like BitCoin.
PhoneCoin specs
- Proof-of-work: basic, low power transaction processing
- Proof-of-friend: friending by phone-2-phone interaction (mutual consent)
- Random/uniform allocation of new coins and transaction fees
- One percent (1%) flat transaction fee
> less transaction spamming
> long-term rewarding of miners
> as users are miners, they eventually get their fees back
- Countering strategy for "botnet" mining :
> 10 friends needed to connect as a miner
> friending focused on human interaction
> connections start to "die out" randomly after 10 weeks and need to be renewed by friending
> algorithm prunes off large, loosely attached network branches
> identification by hash of phone#+IMEI with first 5 digits clear (country+telco) & network stats
- Per country+telco code (5 digits), 10 ambassador miners can publish their full phone# on the network during 10 days each for network priming by friending, FIFO waiting list for ambassador candidates
- 1010 coins (10 billion) on the long run ~ one per human
- After 10 years, non-spending ("dead") wallets lose 10% of their value per year:
> recycling of lost or orphaned coins to maintain the monetary base on the long run
> dead wallets get fully reclaimed after 20 years
- Low-power/memory phone node (use SCIP - Secure Computational Integrity and Privacy)
- Off-phone mining for low-end phones and frugal users:
> mining on a computer client by diverting ID# & friending credits
> mining services can be offered by entrepreneurs or Telcos
- Multi-level identification/security:
> phone number (SIM card)
> IMEI number (phone hardware)
> phoneCoin client password (wallet encryption)
> existing phone protections (including biometrics)
- Ready for meshworking to cut dependence on the Internet
- Possibly crowd-tweaking of network parameters through the mining client
- Computer client with full node, network stats, P2P multi-coin exchange (Metalair), anonymizer (ZeroCoin/DarkWallet) and paper-wallet/brain-wallet manager
I am no coder, but if there is enough interest in such a concept, we can get it crowdfunded.
|
