New way of mining, reduces risk of 51%

[RaptorJG]

Last days we came close to a 51% scenario. I think there is a way to fix it. If bitcoin won't altcoin will.

Let's fix the reward schedule so pooling is unnessecary. How? Mine transactions, output is something like reward_addr + HASH(transaction + reward_addr + nonce).

Mined transactions spread across the network, then a block needs to be mined, you'll have to have a minimum difficulty for transactions and blocks. The block miner puts the mined transactions inside the block. Then the block reward is split among the transactions and block reward_addresses.

It would be nice if the was a minimum cumulative difficulty too, such that there is an incentive to put as many transaction in the block as possible.

In this way the incentive to pool is minimized because there is a higher chance of reward. Also no single party, unless they have a lot of computing power, mines an entire block including transactions.

What do you guys think? Can it work?

[kennyone]

 

Last days we came close to a 51% scenario. I think there is a way to fix it. If bitcoin won't altcoin will.

Let's fix the reward schedule so pooling is unnessecary. How? Mine transactions, output is something like reward_addr + HASH(transaction + reward_addr + nonce).

Mined transactions spread across the network, then a block needs to be mined, you'll have to have a minimum difficulty for transactions and blocks. The block miner puts the mined transactions inside the block. Then the block reward is split among the transactions and block reward_addresses.

It would be nice if the was a minimum cumulative difficulty too, such that there is an incentive to put as many transaction in the block as possible.

In this way the incentive to pool is minimized because there is a higher chance of reward. Also no single party, unless they have a lot of computing power, mines an entire block including transactions.

What do you guys think? Can it work?

[Tritonio]

Last days we came close to a 51% scenario. I think there is a way to fix it. If bitcoin won't altcoin will.

Let's fix the reward schedule so pooling is unnessecary. How? Mine transactions, output is something like reward_addr + HASH(transaction + reward_addr + nonce).

Mined transactions spread across the network, then a block needs to be mined, you'll have to have a minimum difficulty for transactions and blocks. The block miner puts the mined transactions inside the block. Then the block reward is split among the transactions and block reward_addresses.

It would be nice if the was a minimum cumulative difficulty too, such that there is an incentive to put as many transaction in the block as possible.

In this way the incentive to pool is minimized because there is a higher chance of reward. Also no single party, unless they have a lot of computing power, mines an entire block including transactions.

What do you guys think? Can it work?

I read this 5 times and still don't know what it says. What's "+"? Is "mine" in "mine transactions" a verb or are they some new kind of transactions?

[Knocks]

Thanks OP I just sold all my Bitcoin for $20 each because I'm going to buy your new alt coin.

[RaptorJG]

I read this 5 times and still don't know what it says. What's "+"? Is "mine" in "mine transactions" a verb or are they some new kind of transactions?

Yes mine is a verb. + is concat, the mined transaction would consist of the transaction, reward address, nonce and hash. This whole thing is put into the block.