There already is a crypto currency based on time rather than hashing power. It uses next to no PC resources, minimal electricity and it's by one of the people involved with Bitcoin at the start.
It doesn't matter how powerful your PC is at the only factor for currency generation is time ie how long your PC/server has been running.
Check out
www.TimeKoin.orgI've had my TimeKoin server running for about 2 weeks and in that time the total number of servers has gone from 20 to about 70!
I run it on my mining PC which is running 24x7 so I can 'mine' 2 different currencies simultaneously.
Actually this is really cool, and very close to what I had envisioned. Although from what I can see they are still somewhat vulnerable to sibyl attacks. Their solution to that problem kind of deters me from it. Essentially it seems they make it difficult enough to setup the server that it would be hard for a coordinated generation of a bunch them. They also seem to have some kind of regulation on the number of new peers. The problem with this is that it makes it too harder to get into mining them to the extent that the average lay-person wouldn't invest their time.
It would be really cool if there was a way to act as a delegate for an already existing peer without having to install anything and just make the necessary network requests without opening yourself to sibyl attacks. I know this is a pretty difficult problem to solve, but imagine that I'm creating a new online multiplayer game (think League of Legends or even World of Warcraft). I could make my servers a peer on the TimeKoin network and have the clients playing the game also act as delegates on my behalf earning me TimeKoins. I take 30% and distribute the 70% amongst the players with whatever system I want (say the LoL match winners get 50% and losers get 20%). And that is just one example of the applications this could have.
