Topic: [IDEA] A coin that would promote trade and merchant reliability (Read 596 times)
OP edited and unnecessary replies deleted. Also, just thought of something: What if the 5% that goes to miners is the ONLY thing that goes into the coinbase?
December 31, 2013, 02:32:18 AM
What if mining a block gave you a "Votepoint" or something, some record of who found how many blocks, and each "votepoint" entitles you to one vote on whether or not a store is legitimate? Obviously not everyone would vote, but that's not that big of a problem. Also you never lose votepoints, you can only accumulate them. So say I've mined 10000 blocks, I get 10000 votes for every store.
That could be implemented with Bitcoin, just sign the vote with the key belonging to the recipient of the coinbase transaction.
December 31, 2013, 02:19:06 AM
How does the network verify that a store is valid? Seems like something requiring human interaction and that isn't easily done within 10 minutes. The network would probably just come to a consensus that every store is valid, or no store is valid because it is easier to just leave a computer on.
What if individual miners or block finders (obvious problems here) were to vote on trustworthy people to check if stores are valid? The whole idea seems to hang on that determination and I don't really have an answer to it.
If they voted on a trustworthy person to verify it, it would be centralized. You might as well just make a web of trust and have users decide whether the store is valid or not, rather than make a new coin.
December 31, 2013, 02:13:54 AM
How does the network verify that a store is valid? Seems like something requiring human interaction and that isn't easily done within 10 minutes. The network would probably just come to a consensus that every store is valid, or no store is valid because it is easier to just leave a computer on.
December 31, 2013, 02:09:59 AM
I just had this idea and posted it to the alt coin section but I don't see why this isn't a good place as well.
If this was added to a coin, every time someone mines a block they would get one "Votepoint". These votepoints would be used to vote, once a month, on reliable databases(individual groups who compile lists of trustworthy businesses). Databases that receive enough votes compile lists of trustworthy businesses, provide the business information to the network, and mark down the price range of said businesses' goods. Then whenever someone goes to purchase an item from a business that is on one of the databases, the database signs the transaction: they tell the network "This is a legitimate exchange of goods/services."; and the business signs the transaction. This is necessary because once the network has verified that the transaction is an exchange of goods rather than someone simply sending coins to their other address, 10% of the transaction will be added to the coin base of the block that it goes into. 5% of this reward goes to the miners, 2% to the seller, 2% to the buyer, 1% to the database. This, I think, would provide a great incentive to spend your coins and would also remove the need to trust the buyer, because databases would be eager to accumulate as many businesses as possible while simultaneously ensuring that said businesses are trustworthy, because otherwise miners would simply stop voting for them. If the database signed off on a scam then customers would demand their money back and the databases would be obliged to do so (not necessarily, but that's the idea) to keep their reputation.
This could use some work, please provide feedback.
If this was added to a coin, every time someone mines a block they would get one "Votepoint". These votepoints would be used to vote, once a month, on reliable databases(individual groups who compile lists of trustworthy businesses). Databases that receive enough votes compile lists of trustworthy businesses, provide the business information to the network, and mark down the price range of said businesses' goods. Then whenever someone goes to purchase an item from a business that is on one of the databases, the database signs the transaction: they tell the network "This is a legitimate exchange of goods/services."; and the business signs the transaction. This is necessary because once the network has verified that the transaction is an exchange of goods rather than someone simply sending coins to their other address, 10% of the transaction will be added to the coin base of the block that it goes into. 5% of this reward goes to the miners, 2% to the seller, 2% to the buyer, 1% to the database. This, I think, would provide a great incentive to spend your coins and would also remove the need to trust the buyer, because databases would be eager to accumulate as many businesses as possible while simultaneously ensuring that said businesses are trustworthy, because otherwise miners would simply stop voting for them. If the database signed off on a scam then customers would demand their money back and the databases would be obliged to do so (not necessarily, but that's the idea) to keep their reputation.
This could use some work, please provide feedback.
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