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October 12, 2013, 07:22:33 PM Last edit: November 14, 2013, 08:32:59 AM by ozboom |
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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.
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