Topic: [CLOSED] StakeCoin Bounty - page 3. (Read 5660 times)

Look at it this way: If you want to generate StakeCoin, you can do one of several things:

1. You can buy some, and invest them (e.g. lend them for X% weekly interest).
2. You can buy and run mining rigs, and pay for electricity, cooling and operation.
3. You can buy some coins, and "lock them into the blockchain". This helps the network security, and as a reward, you get to generate new coins.

Why is option 3 so bad, compared to 1 and 2?
This option enabled people to participate in "the mining game" directly, while in other coins you have to either

A) Dedicate large quantities of your time to understand how mining works, download miners, optimize hardware, etc... this is for specialists, normal people won't do it.
B) Mine-by-proxy - you can buy mining bonds ... but then you're trusting a 3rd party, who might be corrupt/corruptible.

StakeCoin is about allowing every "common Joe" to mine-by-proxy ... without a proxy.

Some principal questions:
If the amount of the coins I hoard increases my income, why would I ever spend them?
If I need to acquire coins in order to get income why would I bother with the currency in the first place?

While there may or may not be valid reason to do this for security it is absolutely senseless from an economical perspective.

Threads can wait for a long time, and addresses can collect coins.
Even if it takes a year to get there...

Technically the bounty conditions mean that if not claimed in a year, the coins will be donated to another bitcoin project ... but if I see more interest in a year I'll consider postponing the deadline.

I appreciate the initiative but I think it's a bit premature for this.

P.S.

If PoS is implemented in an existing cryptocoin, that counts.

Are you sure about that?

Why a new coin? PoS requires no block chain or network protocol changes. Or rather, it is a proper superset of the current protocol rules that includes new rules for choosing checkpoint blocks.

Why not implement PoS directly on top of Bitcoin (or Litecoin) with a modified client?

Update - after 1 year, nobody sent any bounties at all except my initial 1 BTC.
I have decided to sent this 1 BTC to SunnyKing for his innovation in creating PPCoin, and close this bounty pool.


This is a bounty-collecting thread for the first alt-coin to support some "good" form of Proof of Stake.

Rules:

1. The coin should either be based on Bitcoin or Litecoin (scrypt), with an addition of Proof Of Stake. No other fancy changes, just PoS.
2. The coin must combine Proof of Work with Proof of Stake.
3. Different PoS methods from the wiki (or others) should be evaluated, and the "best" one chosen. I currently favor Meni's version simply because I trust him, but I haven't done the technical evaluation myself ... if convincing arguments can be made for another implementation, that's acceptable.
4. The coin should be fair. The definition of "Fair" is subjective, so I will just use my definition of "Fair" (I'm leaving the exact definition unspecified a.t.m).
5. The coin must abide by the Alt-Chain Release RFC. TL;DR - don't premine, make it open source, announce it in advance. Read the RFC.
6. I am nominating myself as the bounty collector. (the gist of) these terms apply. If you disagree, you may nominate another bounty collector.
7. This is the bounty address: 19k9uxrye1kj2UdS5xH3eMBV5RjDxLiRig
8. Donated 1 BTC.

Edit 1
9. This can be implemented as a fork or not. Added a requirement that 0.01% of Bitcoin hash power starts using this modified client, regardless of whether if it's a fork or not. For Litecoin, 1% is required.