what about a coin that does one hash every second. so it's the same on each computer
A main concern in p2p software is that you cannot rely on the assumption that no one will change your code. You may easily add a sleep in the code to control the generating speed, but you cannot avoid others to remove this 'sleep' from his code. Remember being a decentralized application, there's no central point to control anything in the global level. That's why PoW is introduced because they can avoid such kind of cheating. Everyone has to finish some kind of computing before they can generate a block and the interval of generating blocks can be adjusted by changing the difficulty. Before we come out some innovative ideas, we'd better understand the rationale of current system first.
