Topic: $100k prize public test: SoV0, a fixed-supply zero fee cryptocurrency (Read 30 times)

[Apologies if this isn't the right board, happy to move it, thank you!]

See here to get involved: https://sov0.org/

We (a team with past experience at the Facebook Libra project and MIT) are running a public test for SoV0 currently.  There's a 100k USD prize, entry involves tweeting a specifically formatted JSON file.  The purpose of this is to help us test our new approach to maintaining consensus.  We're not trying to sell you anything (either now or later: the SoV0 assets won't be available for general purchase when we launch), we just want your input.

SoV0's main innovation is operating a blockchain with 0 supply growth and 0 fees (which existing blockchains need e.g. to maintain consensus).  We're running this public test in order to evaluate our approach of having users directly enforce consensus by just transacting on the network, rather than having a dedicated class of miners or validators that need to compensated for running consensus.

Our aim for SoV0 is to build a cryptocurrency purely optimized for being a store of value.  As in, the underlying value prop of gold pushed to its logical limit.  This means:

[1] scarcity, as in fixed supply.
[2] persistence, as in what you own is what you own, rather than going to fees.
[3] beauty, in being the simplest possible implementation of a fixed supply zero fee thing possible.  
SoV0 is the first asset in existence to satisfy[1] fixed supply and [2] zero fees, which already makes it unique (e.g. gold has supply growth, Bitcoin necessarily has fees for security reasons). [3] just aims to make SoV0 a natural coordination point, as beauty is a very natural coordination device, and coordination is important since and all value is basically just a coordination game (i.e. something is valuable if other people think it's valuable).

Achieving 0 supply growth and 0 fees requires a different approach to maintaining consensus, since we can't create assets or charge fees to give to miners/validators.  Instead, we just rely on users: in order to submit a transaction, you have to include the hash of the current state (which serves to identify exactly how many assets each account has).  This incentivizes widespread social coordination on the current state & community monitoring of the block producers' behavior, which then allows the community to detect misbehavior and remove offending block producers.

Feel free to check out the whitepaper here: https://github.com/sov0/sov0

We're also quite happy to answer any questions in this thread as well.  Thank you!