Didn't the OP basically describe Ethereum?
Nope. Eth runs his own PoW something along the lines of 'dagger-hashimoto', at a certain point it'll become PoS. 
Topic: My cryptocurrency idea about processing power based coin. (Read 661 times)
So it's not cryptocurrency get even, but simply a project using blockchain technology.
But the idea interesting enough.
I read today in the news about the start-up, in which the coins are generated not by power, but by exercise.
But the idea interesting enough.
I read today in the news about the start-up, in which the coins are generated not by power, but by exercise.
Gridcoin already does something like this - https://www.gridcoin.us/
Quote from: https://www.gridcoin.us/
Gridcoin was the first block chain protocol that delivered a working algorithm that equally rewards and cryptographically proves solving BOINC (Berkeley Open Infrastructure for Network Computing) hosted work, which can be virtually any kind of distributed computing process (ASIC/GPU/CPU/Sensor/Etc).
BOINC is an open-source volunteer oriented computing grid that combines the processing power of all individual users for the purposes of scientific research. It's free, and harnesses the unused clock cycles from processors and graphics cards to aid in curing disease, exploring the mysteries of the universe, and more.
Gridcoin rewards BOINC computation using the Distributed Proof of Research (DPOR) reward mechanism, which is a combination of Proof of BOINC (POB) and Proof of Stake (POSv2).
Proof of Work (POW) consensus mechanisms are not utilised by the Gridcoin network, making the Gridcoin cryptocurrency network far more energy efficient than any existing POW cryptocurrencies.
BOINC is an open-source volunteer oriented computing grid that combines the processing power of all individual users for the purposes of scientific research. It's free, and harnesses the unused clock cycles from processors and graphics cards to aid in curing disease, exploring the mysteries of the universe, and more.
Gridcoin rewards BOINC computation using the Distributed Proof of Research (DPOR) reward mechanism, which is a combination of Proof of BOINC (POB) and Proof of Stake (POSv2).
Proof of Work (POW) consensus mechanisms are not utilised by the Gridcoin network, making the Gridcoin cryptocurrency network far more energy efficient than any existing POW cryptocurrencies.
Didn't the OP basically describe Ethereum?
Bitcoin and many other cryptocurrencies have the "problem" that they are not linked to a "real value". Some people have tried to introduce crypto currencies linked to assets like gold. Which in turn has the problem that gold is a physical asset that has to be stored and secured in a vault or similar, which could be expensive and unsafe in the long perspective.
I suggest the creation of a cryptocurrency linked to processing power. Coins would be "mined" by solving real world computer-power-intensive problems. The problems would be defined by the buyer, of processing power, who would define the problem and pay amount X of this novel crypto to get access to peoples computer power.
"Cure coin" works in a way like this but the "mining" is limited to folding proteins. I would like a more general "Cure coin" in which is turning complete(?) and which has a associated software in which any computer intensive problem can be defined.
Good idea or bad idea? Has someone done this already? What are your suggestions?
I suggest the creation of a cryptocurrency linked to processing power. Coins would be "mined" by solving real world computer-power-intensive problems. The problems would be defined by the buyer, of processing power, who would define the problem and pay amount X of this novel crypto to get access to peoples computer power.
"Cure coin" works in a way like this but the "mining" is limited to folding proteins. I would like a more general "Cure coin" in which is turning complete(?) and which has a associated software in which any computer intensive problem can be defined.
Good idea or bad idea? Has someone done this already? What are your suggestions?
This is a good idea actually this way no power will indeed be wasted all the coins that I am investing do not offer such features but if there new coins that has this feature i would readily invest and promote it,we must offer valuer to our energy..
In general, maintaining a data structure isn't 'wasting power' albeit this is indeed taken to extremes with blockchains.
The idea of running non-cryptographic PoW has been around for a while. There are a lot of technical issues to deal with and a few mindset shifts as well. I am positive GridCoin sorta deals with it in the viable way.
Main problem is GridCoin isn't running the computation itself but running on another system (BOINC). In the real world, we could discuss this is mostly the same thing... but no, that's not the 'non cryptographic PoW' at work. Does that make any difference? I cannot tell.
The idea of running non-cryptographic PoW has been around for a while. There are a lot of technical issues to deal with and a few mindset shifts as well. I am positive GridCoin sorta deals with it in the viable way.
Main problem is GridCoin isn't running the computation itself but running on another system (BOINC). In the real world, we could discuss this is mostly the same thing... but no, that's not the 'non cryptographic PoW' at work. Does that make any difference? I cannot tell.
real alue it's done by the poeple who use it, there is no more real value than that, everything else, liek a fixed value would be a fake value imho, folding is not rewarding enough, and it's funny because folding is actually useful for curing cancer and other stuff, but they don't reward us enough, instead when we waste electricity we have a better profit, this is a shitty world i think
I suggest the creation of a cryptocurrency linked to processing power. Coins would be "mined" by solving real world computer-power-intensive problems. The problems would be defined by the buyer, of processing power, who would define the problem and pay amount X of this novel crypto to get access to peoples computer power.
"Cure coin" works in a way like this but the "mining" is limited to folding proteins. I would like a more general "Cure coin" in which is turning complete(?) and which has a associated software in which any computer intensive problem can be defined.
Good idea or bad idea? Has someone done this already? What are your suggestions?
"Cure coin" works in a way like this but the "mining" is limited to folding proteins. I would like a more general "Cure coin" in which is turning complete(?) and which has a associated software in which any computer intensive problem can be defined.
Good idea or bad idea? Has someone done this already? What are your suggestions?
I like the idea. It's better than wasting energy for hashes.
You should create a way to avoid a cheating, when someone sends incorrect data to the network. You should check a result of work. I see this as a major problem.
A possible way is to periodically check the resultat of work by sending the same task to the other nodes. If the calculations do not match, you need to lower the rating of checked node (or ban it), the same - to increase. For new nodes (without rating) you can send the same job.
Maybe somewhere such a system has already been implemented. I have not heard about it.
I think the Elastic project is applying the same concept.
i think maidsafe and burst (soon) are trying for this...
Bitcoin and many other cryptocurrencies have the "problem" that they are not linked to a "real value". Some people have tried to introduce crypto currencies linked to assets like gold. Which in turn has the problem that gold is a physical asset that has to be stored and secured in a vault or similar, which could be expensive and unsafe in the long perspective.
I suggest the creation of a cryptocurrency linked to processing power. Coins would be "mined" by solving real world computer-power-intensive problems. The problems would be defined by the buyer, of processing power, who would define the problem and pay amount X of this novel crypto to get access to peoples computer power.
"Cure coin" works in a way like this but the "mining" is limited to folding proteins. I would like a more general "Cure coin" in which is turning complete(?) and which has a associated software in which any computer intensive problem can be defined.
Good idea or bad idea? Has someone done this already? What are your suggestions?
I suggest the creation of a cryptocurrency linked to processing power. Coins would be "mined" by solving real world computer-power-intensive problems. The problems would be defined by the buyer, of processing power, who would define the problem and pay amount X of this novel crypto to get access to peoples computer power.
"Cure coin" works in a way like this but the "mining" is limited to folding proteins. I would like a more general "Cure coin" in which is turning complete(?) and which has a associated software in which any computer intensive problem can be defined.
Good idea or bad idea? Has someone done this already? What are your suggestions?
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