Hello,
I have become increasingly frustrated with the inability of cryptocurrencies to be used in the common transaction as a direct result of high transaction fees. To solve this, I’ve been working on conceptualizing a new consensus algorithm that eliminates all fees by moving the burden of verification away from third parties (i.e. miners in PoW and stakers in PoS) and towards each individual transaction. You can read more at the whitepaper
here.
Abstract. Transactions fees in cryptocurrencies serve the purpose of continuing incentives to create new blocks after all coins have been accounted for. These fees however make smaller and more common transactions sent with a cryptocurrency a financially poor decision, as they can often make up a significant percentage of the total value. In order to gain the benefits of security and control offered by cryptocurrencies in day-to-day use, a new consensus algorithm is needed that doesn’t necessitate funding verification from third parties. By requiring each transaction to stake into the creation of the next block with a stake fee and attest to the validity of the chain they are building on with a proof-of-work, a secure blockchain can be formed that allows for the full value of one’s currency to be moved at the senders discretion.
I would like some feedback as to the concepts as well as any general discussion about the idea before launching a full scale project based on it.
Michael Geddes
michael.geddes@protonmail.comresurgencecoin.org
