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October 30, 2013, 03:30:24 AM |
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As many of you know BitShares is based upon the concept of paying dividends from 50% of the transaction fees. I would like to take the concept of BitShares Dividends and see what it would take to implement them on top of Bitcoin's code base. This post is intended to request proposals for adding this feature on top of ProtoShares.
FreeTrade has made great progress integrating the Momentum proof-of-work into ProtoShares and now I am ready for the next step. So I will define how BitShares pays dividends below:
1) The total money supply is tracked as MONEY_SUPPLY
2) 50% of mining rewards + transaction fees from each block are paid as DIVIDENDS
3) A dividend accumulation table is maintained that includes the total dividends per Satoshi paid for every block for the past year. Each block adds DIVIDENDS/MONEY_SUPPLY to every entry in the accumulation table. This table will require 128 bit 64.64 fixed-point precision so that dust can accumulate properly.
4) The dividends due a particular output can be calculated by looking up the coin-age in this dividend accumulation table and these dividends are part of the input value of the transaction when the output is spent. All dividends except the past 100 blocks are included. Dividends for the past 100 blocks are paid as part of the transaction fee because these dividends could be lost if there is a chain reorganization.
In addition to updating the block chain, the bitcoin wallet would have to be updated to reflect the current balance along with all dividends.
I have already implemented a proof-of-concept block chain based upon this dividend system, but am looking for a developer who can integrate such a system on top of the Bitcoin code base.
If you would like to take this on please share your skills, estimated time to develop, and cost. I will pick the best value proposal as a combination of skills and price and schedule. If you think it will require more than $5000 that is ok, but I will have to consider it more carefully.
If you have any questions please let me know and I will try to answer here.
My own estimates are that this could take less than 1 man month to develop and thus I am budgeting $5000 for this effort. This will be paid out as BTC using the BitStamp Price upon delivery of completed code.
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