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February 10, 2014, 08:31:41 AM |
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My idea is the following: (maybe it has been there before and maybe it's horribly stupid, I don't know, I just want to get some thoughts on this)
(I'm using bitcoin in this context, but you can use pretty much any other alt-coin as well here)
Current state: One big issue with bitcoin is volatility and the fact, that people who enter later will allways have a disadvantage.
-> It's not stable enough right now.
Possible solution: A new coin is created tied to the value of big fiats (probably €, $, CNY, ect...), [strong]but[/strong] this coin would not be mined in a traditional sense, but by confirming the distruction of some other alt-coins.
How are coins destroyed: By sending them to addresses generated by the network -> noone has the private key. The tx can also be verified by the network. The value has to be calculated from the data of all major exchanges (that's probably one downside)
Example (for simplicity here the new coin is only tied to $): The user requests a blackwhole-address from the network, sends in 1BTC and publishes the transaction -> now he is rewarded 700$-coin by the network.
Issues:
1) What if all bitcoins are gone/destroyed? (this might be a stopper)
A: I don't know, maybe there's a solution, but in theory in order to get coins one would have to prove that he burned a 10$-bill to get 10 $-coin. Another possible solution of this might be to trust in 3rd-party services(governments?) - but noone would want that!
2) What about lost $-coins?
A: There still has to be SOME regular mining, but on a steady bases, like xxMio coins/year steady in order to prevent deflation.
As I said, maybe it's a horribly stupid idea.
Cheers
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