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Author Topic: Alt-coin idea: blocks mined by user count, split evenly across install base  (Read 597 times)
cntrlsquare
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December 06, 2013, 03:25:14 AM
 #1

Major issue with alt-coins: early adopters obtain vast stakes discouraging new adopters from committing to an alt-coin. 

Idea:  Create an alt-coin where the mining algorithm is user count based.  Each time a certain number of new users participate in the coin, the next block is paid across the install base.  Difficulty (number of new users before the next block) can increase over time (more broad adoption).  This would reward those who participate for the long term and work to drive adoption.

Love feedback.
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GameKyuubi
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December 06, 2013, 03:42:46 AM
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Don't think this would work.  How would you detect individuals?  By wallet?  Even if you could, the way I'd play this system is by holding a single .000000001 of a coin and then sell back to that every time I got coins.

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December 06, 2013, 03:53:00 AM
 #3

You must remember that someone can pretend to be as many different people as he wants to. 

It's called a Sybil attack.  It's the most effective way to subvert decentralized or peer2peer networks. 

When someone wants to know what's going on in the Bitcoin network, they start up bots from a thousand different IP addresses at once, pretending to be a thousand different people, and listen to all the messages comparing the times at which different nodes get the messages, so they can detect what IP address transactions originate from. 

When someone wants to get more coins than one "user" is entitled to, they'll start up a thousand bots and pretend to be a thousand people... 

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December 06, 2013, 03:56:46 AM
 #4

Another way to look at it is the reason why Bitcoin uses a proof of work is because preventing a sybill attack is very difficult in a psuedo anonymous network.  So rather than trust that nodes are unique it doesn't attempt to prevent people from making multiple nodes and instead forces a consensus by work which can't be faked or easily duplicated.
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December 06, 2013, 04:50:48 AM
 #5

YaCoin has a base block reward of 25 coins that depends on the difficulty.

maxxoccupancy
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December 06, 2013, 04:58:55 AM
 #6

That's simple.  I proposed, for a fixed currency coin, or "Token," that there be a growing Reward Chain, rather than a Bitcoin style block chain.  For each coin held for a month, you get one share of the Reward Chain.  For each coin held for a year or more, you get two shares.  If you hold 15,000 coins for a year and buy another thousand, the first 15,000 would develop 30,000 shares in the Reward Chain.  When the next thousand had stayed in your wallet for a month, they, too, would give you 1,000 shares.  If the daily payout works out to be 1,000 new coins (with outstanding coins generating 100,000 shares), you would get 300 additional coins that day.

That attracts people who are in it for the long haul, keeping away speculators.

I would like to work on development of a polymorphic altcoin that maintains a stable value and is more resistant to fraud.
btc: 15diNSNVontYf5iUvQqnLSQJ9rCAHuwpyJ   betyourbits.com      LTC: LRqVTEPcS7uusMy7JDqYEUg6KqdhfRWC5B
DogECoin: DDHG719WNCCav5MWQQqyxLABFhZTG3jwX3     QRK:  QdKnP5SqoG9r4CNuFcY1oesaYUAsu1W5hF
DeathAndTaxes
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December 06, 2013, 05:03:08 AM
Last edit: December 06, 2013, 07:54:06 PM by DeathAndTaxes
 #7

How would the network know what a wallet is.  All coins are always owned by someone at all times.  Are you saying you would be unable to spend coins for up to 2 years to max out the reward?  Wow that is going to encourage commerce.
cntrlsquare
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December 06, 2013, 04:15:09 PM
 #8

OK - I get the issue now - how to prove each participant is a real separate user. POS is one way its being addressed.  I can't seem to come up with a reasonable alternative to prove uniqueness of each participant.
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December 06, 2013, 09:50:58 PM
 #9

Perhaps the Block Chain should be viewed as a large, benevolent, non-profit company.  Its purpose is to create a currency that either slowly increases its value, or preserves its value while the others are dropping.  For this, the Block Chain wisely pays out the minimum number of its own tokens to perform proof-of-stake, to make copies of itself, and to make decisions about the subsequent difficulty.  The Founding Preminers (us) are then just a benevolent group of wisemen who spend tokens (translating a few into dollars, BTC, etc) for marketing and other such things.

The Block Chain follows its open source Constitution and allows all of the wallet holders to print just enough tokens to prevent spikes in the daily price.  In that way, all of the people who do useful work to get these new tokens accepted benefit fairly for the amount of work that they do.  You never have a small number of CEO-types getting rich at the expense of other people's work.

In other words, the goal is to build the international team and to try to make sure that all team members are rewarded with some piece of the pie (one token/coin/share per hour) for their contribution to the effort, then everyone works to maximize the long term value of those shares.

"TrotskyToken"

I would like to work on development of a polymorphic altcoin that maintains a stable value and is more resistant to fraud.
btc: 15diNSNVontYf5iUvQqnLSQJ9rCAHuwpyJ   betyourbits.com      LTC: LRqVTEPcS7uusMy7JDqYEUg6KqdhfRWC5B
DogECoin: DDHG719WNCCav5MWQQqyxLABFhZTG3jwX3     QRK:  QdKnP5SqoG9r4CNuFcY1oesaYUAsu1W5hF
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