Proposed "proof of Luck" FAIRLY Distributed Coin with no Mining!!

As explained on the Satoshi paper the BitCoin System generally was solving puzzle connection of several proposed method. B money from Wei Dei, Bit Gold from Nick Shabo, DigiCash from David Chaum, and HashCash from Hal Fanney.BitCoin generally has four step and four stakeholder involved on this virtual monetary system.

1.   Money creation and the generation of Network Protocol system (general ledger), the stake Holder - the Miner/ Supplier.
2.   Exchange of Network protocol to commodity /currency or the nature of supply and demand, the stake Holder is CriptoCurrency Exchange Market.
3.   Distribution Of the network protocol service, the stake Holder is Major Holder of BitCoin.
4.   Public transaction / consuming of network protocol system, the stake Holder is the public as costumer.

Hence another alt cryptocurrency was born with the same principle, but with slightly different method or Technic. These four stake holders interconnected as the market keep growing. The monetary system will grow strong as the stake holder involved increase. This will made the system sound almost unbreakable.

However with the current system, the early adopter will be having huge advantage compare with the last adopter. And the system will be more likely create the ‘Elite of each stake holder ‘, and this will create barrier as the last adapter will likely get less benefit on it and reluctant to involve to the system as the system has already too expensive to them.

The ‘Elite stake holder’ with bigger muscle (bigger hashing power computer, bigger capital to buy the product /network protocol system) will have huge chance to owning the money rather than the public who less access and little knowledge about it. It will make the public which less access to the system cannot catch up with the cost which they should spend either with mining the money or with buy the money from the market or reseller (Major Holder). The consequence, the last adopter will reluctant to participate to the ledger as they still have no choice to get the money unless to buy it from the current market.

Another disadvantage is the cost to maintenance the system will be huge, as the increasing of the hashing rate during money creation as result of increasing difficulty of puzzle. It will waste the computing power to just merely solve the puzzle rather than to keep maintenance the network protocol (ledger).

So we proposed some different approach to tackle this problem. We call it ‘BeamCash’. Instead have four step and four stake holder. BeamCash will offer shorter chain in respect of each stake holder.

How its work?

Money creation.
Instead proof of work as BitCoin proposed, or proof of stake as Prime coin proposed, BeamCash will use proof of luck.

Proof of luck.

The block will be created and will be distributed to the chain ledger with lottery system. The probability of the chain ledger get the block is 1/ N which N= number of alive chain ledger’s.
The chain ledger will have identification number which is unique in order to get the prize from the lottery.

The problem is how the networks creates the block and have consensus from the chain ledger’s that the block is legit? It is to prevent the chain ledger generate their own block and claim it.

- The block should be signed by each ledger chain prior to go to lottery system.
- Then the block generates random number which is as much as the number of alive chain ledger.
- The chain ledger that has the same number as the random number generated by the block will win the prize.

In the process there has no mining, instead the only chain ledger required, and should be alive in order to participate the lottery event.

The Supply of BLOCK

The prize will increase or decrease as the factor of the number of participant. If the number participant increase, the supply will increase, and if the number participant decrease the supply will decrease. The factor supply will be review after certain time.

For Example.

Block 1 the prize will 100 BC Participant just 1, its mean he will get all the prize ( 100 beam cash ).

Block 2, the participant will be reviewed, for example the participant become 20 . So the prize will be BC(i)=BC(i-1)+ int(log(Partc(i) / Partc(i-1) )*BC(0) , so the prize will be 100+100 = 200BC.

Block 3, the participant growing to 1000 , so the prize will be , 200+2*100 = 400BC

Block 4 the participant decrease become 100 , the prize will be 400 -100 = 300 BC

Etc.

Advantage :

1.   It will no need to mining, hence there will be no wasting computing power to solve the puzzle and instead the participant or chain ledger will increase gradually.

2.   There’s will be no pool, and no majority stake holder as the BeamCash will be distributed fairly.

3.   As the factor difficulty removed, the value will be less speculative. With less speculative the BeamCash will be more stable compare with proof of work or proof of stake Cryptocurrency.

4.   The last adopter will have same probability to get BC at the time, as the number supply BC increase as the number of participant, and there’s no need to have high tech computing power.

5.   The Supply of money will increased as long the participant of ledger chain exist. At least 1

If This is Make any Sense ??