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Topic: Why not..? - page 2. (Read 1284 times)

sr. member
Activity: 294
Merit: 250
January 24, 2015, 02:56:44 AM
#11
By basing a fixed reward on a proof of work Bitcoin prevents a Sybil attack. You have to think about how your protocol will overcome a Sybil attack in order to make it work. I don't see a decentralized way to know exactly how much hash power someone is providing.

You need a centralized entity to determine and enforce rules about splitting hash power.

The "Rules" of bitcoin are determined and enforced via code. With proper code-modification, these new "rules" would be implemented in every computer mining or running wallet software, therefore making it decentralized. Correct?

*EDIT: Plus, those rules could be variable just as difficulty is. Instead of a target block time, you have a target reward (per "user")? Maybe?*
legendary
Activity: 3668
Merit: 6382
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January 24, 2015, 02:52:50 AM
#10
If the hashing power would be on a more used algo (scrypt, x11, x13), then a pool that handles the power will do. Basically the pool (multipool) could use some power for coin1, some power for coin2, ... getting more income without rising the diff too much.

So what you need is a smarter multipool program, not really a new coin.
legendary
Activity: 3472
Merit: 4794
January 24, 2015, 02:52:10 AM
#9
By basing a fixed reward on a proof of work Bitcoin prevents a Sybil attack. You have to think about how your protocol will overcome a Sybil attack in order to make it work. I don't see a decentralized way to know exactly how much hash power someone is providing.

You need a centralized entity to determine and enforce rules about splitting hash power.
sr. member
Activity: 294
Merit: 250
January 24, 2015, 02:52:00 AM
#8
Im going to edit OP to ask mod to switch to proper section of the forum... but for now I'd like some input if anyone is willing.  I'm either beginning a manic episode or I am actually onto something (or both xD).
sr. member
Activity: 294
Merit: 250
January 24, 2015, 02:45:11 AM
#7
This is about "an altcoin", so shouldn't it be in the other section of the forum?

Altcoin can be used to describe BITCOIN forks Wink maybe this can be sensibly revised and applied to bitcoin itself in some way but still maintain bitcoin as its name... just like switching POW to POS or POS to POW
legendary
Activity: 2114
Merit: 1040
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January 24, 2015, 02:42:19 AM
#6
This is about "an altcoin", so shouldn't it be in the other section of the forum?
Edit: Good ideas in the OP...
sr. member
Activity: 294
Merit: 250
January 24, 2015, 02:41:17 AM
#5
This is easy to get around. I will simply run multiple miners. Anybody sane will break it up and run multiples.

WAIT A MINUTE! Then everyone could do that... More coins generated, difficulty increases as its common knowledge to run multiple instances... eventually it will reach equilibrium again?


**EDIT: Nevermind... argument flawed again... damnit. People with more fiat resources can purchase a way to run more instances than an average joe.**
sr. member
Activity: 294
Merit: 250
January 24, 2015, 02:39:56 AM
#4
This is easy to get around. I will simply run multiple miners. Anybody sane will break it up and run multiples.

How could one fix this? Limited wallets? Limited "mining spots"? Miner verification? There has to be something not too intrusive
legendary
Activity: 1008
Merit: 1000
January 24, 2015, 02:37:05 AM
#3
This is easy to get around. I will simply run multiple miners. Anybody sane will break it up and run multiples.
Q7
sr. member
Activity: 448
Merit: 250
January 24, 2015, 02:35:09 AM
#2
Although there is nothing wrong with your idea which i think is great that it allows everyone to participate in mining but  I remember there was an altcoin created before operating on the same concept but failed. Wish I could remember the name of the coin though
sr. member
Activity: 294
Merit: 250
January 24, 2015, 01:28:35 AM
#1
How about that title for an attention getting advice? Anyways, I have an important (to me) question...


Why not create an altcoin that has a reward based on an order of magnitude of hashing power of each miner such that reward(R) is equal to log base 10 of hashing power? For example:

1 MH/s = (log(1)=R); R=0 coins
2 MH/s = (log(2)=R); R=approx. 0.30103 coins
5 MH/s = (log(5)=R);R=approx. 0.69897 coins
10 MH/s = (log(10)=R); R=1 coin
1337 MH/s = (log(1337)=R);R=3.12613 coins
10 GH/s = (log(10000)=R);R=4 coins
10 TH/s = (log(10000000)=R);R=7 coins

This would create a vast wealth-gap reduction, so that 1% of addresses do not own 70% of coins. In doing so, there would be a great decrease in market-dumping and would be asic-proof in the code itself. If a miner with 10 TH/s mined 1 block with a reward of 7 coins, another miner could make the same profit with 10 MH/s of hashing power in 7 blocks. That discourages huge for-fiat-profit mining operations and encourages everyone to mine to make their coin, further supporting the network itself because everyone can generate coins even with an old CPU (every H/s counts!)


Thoughts, Concerns, "Fuck you, you socialist bastard"(s), etc. Huh

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