Topic: Innovative new mining idea - for a new crypto (Read 387 times)
That's actually pretty interesting!
INTRO:
I have an idea for an innovation for crypto currency mining - would require a new currency.
DEFINITION: Lets call the new currency platform DynaPay
DEFINITION: Lets call the new currency UniCredits
I thought I would just post the framework of the idea here, and possibly post it in a few other places to get the idea out there - not something I could do myself, just an idea for techies who might be looking for a good ALT crypto that might work well.
EXEC SUMMARY:
You would earn currency by renting your computational power into a pool - whoever rents it will have to pay you directly for each unit of computaional power (an 'asset' - an arbitrary unit of computational power). They pay using a method that you have agreed to when you set up your client - UniCredits, BTC, USD etc, this payment would be assigned through DynaPay. Additionally while your computer assets are being rented - your mining program will assign you UniCredits at a fixed hourly rate depending on how much computational power you rent out.
DISCUSSION:
The basic functionality of the currency would be based loosely on the model of Ripple, allowing IOU's (credits), having its own currency, having a trust or credit rating system, and allowing complete anonymity for users who do not use credit (create IOU's). It would also use the Ripple consensus system for transaction verification's.
One of the major issues I have with Ripple is that they simply created the entire XRP currency, and now sit on it - releasing a small amount which has distorted the supply/demand characteristics causing it to be quickly over valued. They also hoarded the bulk of the currency which has enriched a small group, and there is unlikely to be equalization.
The main innovation would be that the system would use a kind of INVERSE mining system to create the currency. The mining would run on a completely different client, and would be essentially separate from the main client.
The mining platform would work like this;
You log in and the system assesses your computer 'power' - how much computational capacity your computer has. It then divides this computational power into a number of 'assets' - it would do this in a predefined way; for example every 1MHz of processing speed for example might give you an asset (I am not even sure if that is a good description, but I am sure the technical people understand what my intention is).
Each asset then would have some arbitrary computational size/speed (pre-determined when the currency system is created, perhaps adjustable by consent for the future), it would also contain the DynaPay address of the owner.
So you now have a certain number of assets, and are logged into the mining client - you now release your assets into the 'asset pool' - this pool would be very much like a trading platform of bids and offers. You set an ask price for use of your assets and rent them out, you could set a price in UniCredits, or in any other currency acceptable to your DynaPay account. As soon as your assets are accepted by someone for rent, then you will receive a fixed number of UniCredits per hour from the mining platform, in addition you will receive whatever payment per hour the renter has agreed to pay you.
After an hour, your assets are released back into the pool (the person renting would have assets moving in and out of their asset base all the time, this would need a system that saw what their requirements were and added new assets as old ones expired to give them continuous access to the computer power they had requested, at the price requested).
For those who wish to rent 'assets' from the pool (they want to rent your computational power) - they log in and set the number of assets they want to rent, and put in a max price per hour. The trading platform then assigns them assets, and deducts the cost from their existing DynaPay account (which might be in a variety of different currencies, eg. UniCredits, BTC and USD). Each asset they rent will have an owner, and the renters DynaPay account will pay the owner of each asset, in addition the 'mining' program will also issue the asset owner a fixed amount of new currency every hour.
CONCLUSION:
Mining using this method would create a huge pool of computer power that could be used for BTC mining for example, or rented by universities, SETI, research labs or whoever - and at the same time it would generate currency for whoever was allowing the pool access to their computer.
Obviously this is a fairly technical idea, and I have no idea if it is even possible - or if you could allow this kind of access to your computer and retain security. Still, this seems to be a nice way to distribute a crypto currency that actually creates a supply of computer power that can be leased cheaply by anyone who might have a use for it - instead of 'wasting' energy and computer power as BTC does at the moment.
As far as the currency is concerned, I think that it should have no finite limit, but rather that every year the rate of UniCredits created per asset/hr should be reduced by some function - but it should never drop to zero. This ensures that there will always be an incentive to lease out your spare computational power - but the small increase in flow, compared to existing stock of the UniCredit currency should provide a stable currency which would become deflationary over time.
I have an idea for an innovation for crypto currency mining - would require a new currency.
DEFINITION: Lets call the new currency platform DynaPay
DEFINITION: Lets call the new currency UniCredits
I thought I would just post the framework of the idea here, and possibly post it in a few other places to get the idea out there - not something I could do myself, just an idea for techies who might be looking for a good ALT crypto that might work well.
EXEC SUMMARY:
You would earn currency by renting your computational power into a pool - whoever rents it will have to pay you directly for each unit of computaional power (an 'asset' - an arbitrary unit of computational power). They pay using a method that you have agreed to when you set up your client - UniCredits, BTC, USD etc, this payment would be assigned through DynaPay. Additionally while your computer assets are being rented - your mining program will assign you UniCredits at a fixed hourly rate depending on how much computational power you rent out.
DISCUSSION:
The basic functionality of the currency would be based loosely on the model of Ripple, allowing IOU's (credits), having its own currency, having a trust or credit rating system, and allowing complete anonymity for users who do not use credit (create IOU's). It would also use the Ripple consensus system for transaction verification's.
One of the major issues I have with Ripple is that they simply created the entire XRP currency, and now sit on it - releasing a small amount which has distorted the supply/demand characteristics causing it to be quickly over valued. They also hoarded the bulk of the currency which has enriched a small group, and there is unlikely to be equalization.
The main innovation would be that the system would use a kind of INVERSE mining system to create the currency. The mining would run on a completely different client, and would be essentially separate from the main client.
The mining platform would work like this;
You log in and the system assesses your computer 'power' - how much computational capacity your computer has. It then divides this computational power into a number of 'assets' - it would do this in a predefined way; for example every 1MHz of processing speed for example might give you an asset (I am not even sure if that is a good description, but I am sure the technical people understand what my intention is).
Each asset then would have some arbitrary computational size/speed (pre-determined when the currency system is created, perhaps adjustable by consent for the future), it would also contain the DynaPay address of the owner.
So you now have a certain number of assets, and are logged into the mining client - you now release your assets into the 'asset pool' - this pool would be very much like a trading platform of bids and offers. You set an ask price for use of your assets and rent them out, you could set a price in UniCredits, or in any other currency acceptable to your DynaPay account. As soon as your assets are accepted by someone for rent, then you will receive a fixed number of UniCredits per hour from the mining platform, in addition you will receive whatever payment per hour the renter has agreed to pay you.
After an hour, your assets are released back into the pool (the person renting would have assets moving in and out of their asset base all the time, this would need a system that saw what their requirements were and added new assets as old ones expired to give them continuous access to the computer power they had requested, at the price requested).
For those who wish to rent 'assets' from the pool (they want to rent your computational power) - they log in and set the number of assets they want to rent, and put in a max price per hour. The trading platform then assigns them assets, and deducts the cost from their existing DynaPay account (which might be in a variety of different currencies, eg. UniCredits, BTC and USD). Each asset they rent will have an owner, and the renters DynaPay account will pay the owner of each asset, in addition the 'mining' program will also issue the asset owner a fixed amount of new currency every hour.
CONCLUSION:
Mining using this method would create a huge pool of computer power that could be used for BTC mining for example, or rented by universities, SETI, research labs or whoever - and at the same time it would generate currency for whoever was allowing the pool access to their computer.
Obviously this is a fairly technical idea, and I have no idea if it is even possible - or if you could allow this kind of access to your computer and retain security. Still, this seems to be a nice way to distribute a crypto currency that actually creates a supply of computer power that can be leased cheaply by anyone who might have a use for it - instead of 'wasting' energy and computer power as BTC does at the moment.
As far as the currency is concerned, I think that it should have no finite limit, but rather that every year the rate of UniCredits created per asset/hr should be reduced by some function - but it should never drop to zero. This ensures that there will always be an incentive to lease out your spare computational power - but the small increase in flow, compared to existing stock of the UniCredit currency should provide a stable currency which would become deflationary over time.
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