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March 31, 2014, 07:41:21 AM |
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For a long-term currency that will remain decentralized, it must have:
Proof of Work mining with a scalable cost/income ratio (true ASIC-proof mining)
This means the costs of running your hardware should be directly proportional to your profits, whether you're mining from a netbook or a supercomputer. This will keep the playing field even for everyone without giving an unfair advantage to folks with special hardware. Mining will always be profitable for everyone. Oh, and by the way, this is definitely possible.
Back to one-IP-address-one-vote
This, combined with a linear mining algorithm as described above, will provide enough cost-prohibitive measures to keep a 51% attack at bay.
This means NO MINING POOLS
Mining pools are an easy target for powerful entities to leverage large amounts of computing power. Besides, if we can make mining more profitable for everyone, we wouldn't need the pools anyway.
Complete and automatic anonymity in transactions
A serious discussion needs to be had on how this should be done. I'm imagining a built-in automatic service that mixes a certain amount of your coins, completes your transactions for you transparently, and deposits the remainder in a different address that you own. All of this would happen behind the scenes, of course, requiring nothing additional from the user. This is an important check and balance to keep the currency deregulated.
A 3-5% annual debasement or redistribution
This is another important precaution to keep the few super large coin holders from owning too much of the market. This is also how the miners will be paid, because there will be
No transaction fees, EVER
Otherwise, as transaction volume increases, people will pay higher and higher fees for priority processing, until it becomes more cost-effective to just swipe your credit card. Forget it.
Minimal block chain and sub 10 second confirmations
Yeah, yeah. That's hard to do. Figure it out.
Get all of the above features into a non-PoS alt and you win the market.
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