I briefly looked at Timekoin last year because I found it interesting that you could run it on low power devices. The network did not seem to need the kind of processing power other coins need thrown at them. I don't have the technical knowledge to contribute but I will be sorry if it disappears.
For me, the advantage of Timekoin is that it honours stable full nodes. Even if Timekoin would die, I would like to see this principle applied to another coin. But I think it's too early to give up Timekoin, there seems to be a group of "believers" still that run a full node.
What I don't know if it's security model is fully sound. It has no proof of work, no proof of stake or proof of burn, and I don't know if the "transaction history checks" and the IP restriction are sufficient to prevent flood attacks. But one of these mechanisms surely could be added to the system.
Also, perhaps it would be good to make the coin more scarce. I have two ideas:
- limit the coins given out by generation event: e.g. 50.000 / event
- flexibilize the election events: if the queue is short, make the system decide to allow less elections, from a minimum of 1 per cycle if the last number of servers in the queue was 0, until a maximum defined by the actual algorithm.
