Another idea...
So we have proof of work and proof of stake.
Why not a proof of donate??
And what if the coin could be programmed for all 3.
So take for example your official pool - ultracoinpool.info
Even though thiago wants transparency and would rather us donate extra to the official donate address...
...what if there were a way utilize either option in the future to gain interest?
What if people had a choice to choose from either proof of work, proof of stake, or possibly proof of donate?
I've been reading up on proof of stake. Looks mostly over my head but yet I've trying to grasp both sides of the story - and at one point I will start to utilize it.
However, from an imaginary so-called proof of donate standard, you have an easy trackable way to reward long term miners/investors with interest - that had previously provided donations via mining or via official dev address that would turn into a locked fund - so to speak. Imagine, it builds its interest upon a locked 100% guarantee proof of stake address fund. No one has to worry anymore about their personal wallet closing down and hurting their interest. Shareholders would only have wished they invested more, sooner.
Thoughts?
Interesting. I've been thinking of whether we could allow stake payouts to be directed to a different address, sort of to accomplish the same thing. So the coin itself would not probably need to be modified, instead the proof of stake payout address is modified, and perhaps the wallet could contain a "percentage designation" that would go to future development or something like that. Certainly worth some thought and discussion.
Agreed. I'm sure it's a pain to modify the coin, so just have some way to tweak out the proof of stake system with multiple options to choose from. Let's say the coin's official website could have a tab for investing coins (whether from mining or outright purchased) in an official proof of stake Ultracoin address. And you could have multiple levels of interest earned obviously at multiple levels of risk. So in a sense you have created a company stock or bond.
So let's say I have 25k coins; I want to keep 5k in my wallet for "ultrafast" business transactions and daytrading, I put 15k of coin in my own personal wallet proof of stake system , and then I put 5k in an official website address proof of stake stock or bond that guarantee's a return from day one proportional to how long you let it mature in the address. You wouldn't exactly have to wait 1 year to see payout from the stake. All the while your organization is taking a slice of the pie to help fund development of the coin. People can get in and out when ever they want to, but if they get out early they lose maximum benefit. So let's say you have a stock or proof of stake "bond" address that pays out 3% - 5% in a 3 month time frame. Or one that's 7% - 10% after 6 month time frame. Or one that's 12% to 15% for a 9 month time frame. If one keeps a stake in a 3 month that matures and they don't move it, they have a choice of letting it reset at that new interest paid amount in the same stake bond time frame or it can be moved over to a higher time frame (6 months) at a higher interest rate reward as compared to someone who's just entered in fresh.
Possible step towards diversifying the coin even more where (not that I'm worried about UTC) the fear of a 51% attack would become that much harder to infiltrate the system.
If you are worried about someone buying up too much at once, have a set limit amount of purchase power based off something like: how long you have owned a wallet, or investing limits on how much personal wallet proof of stake do you have, etc... if any of this would even matter.
And of course it would require some rules as some people would think that they have a right to say what's what for the coins future. But that can be a good thing as well.
I could go on and on...
Any thoughts?
Cheer's!
Craig Claussen
besides this might scare people off and go to other pools.