Topic: Would a hypotethical proof of transaction fees work? (Read 206 times)

They don't indulge themselves in transactions because they don't need to here he would need.

There even an already existing case, called proof of burn, where people send coins to a wallet X and the total amount of coins they ever sent there are their stake. From the point of view of "I wont spend my coins because I  am a  miner" this is even worse, because at least, at proof of transaction fees, the transaction fee has a dual purpose (work as a normal transaction fee too).



I think I see what you are talking about, at least with POS, to mine POS the user need to not spend his money during the period he want to mine, but to then be able to mine when proof of transaction fees era start, he would need to have money spend with transaction fees. Some would not want to mine with stake because if they do, their wont be able to spend their money at transaction fees and have less "Mining power" at start of proof of transaction fees part.
Well, one thing those guys could do is just spend all those not spent money with transactions fees while doing an transaction fees to an alternative wallet they have, they would by doing that, "get their mining power back".

Thanks for the explanation. Seems to be an interesting idea to hear. But going by your idea, I don't think this could work in real world. Not all miners use the coins for transactions, there may be a lot of them who hold the coins for long term. Holding for a long term is equivalent to not indulging themselves in any transactions which makes them according to the network the least possibility of becoming a miner.

For instance, a miner named A is one of the biggest miners in the PoW period of the coin. He didn't spend the coins and would like to hold the coins for longer term. Once the coin shifts from PoW to PoTF algorithm, the network searches for the miner with highest transaction fees, sadly he won't be chosen by the network but he wishes to mine the coin and be a helpful member of the community.

But coins like Eth are moving to PoS in order to save the energy which are being consumed vastly by the ASIC during mining. On the contrary, an idea like this would work, if all the coins were pre-mined and sold in the ICO and then the coins shifts to PoTF style. Such a case will make the miners to use the coins in transactions and the network would choose the highest fees payer or the right miner.

Various ideas may be evolved from various members of the community if this topic is in a right place to discuss. Could you please move this topic to Serious Discussion Board?

A better explanation, of my hypothetical idea.

The coin would have transactions fees like almost every coin out there.

The first coins would be distributed by some method that is is not proof of transactions fees, maybe by proof of work mining during the first X days, or IPO followed by X days of proof of stake.

After the proof of work (or IPO with stake) inital stage, everytime during the mining, the network will look for the amount of money each miner wallet spent with transactions fees since the start of the coin, and pick an random miner wallet weighted by the amount of money they spent to pay transactions fees since the coin started.
This is different from the more common proof of stake, where the random miner wallet is weighted not by the TOTAL amount of money they spend to pay transactions fees since start of the coin, BUT by the amount of coins they have at their wallet at the moment.



Its just some idea I had, I wont create any coin based at it, and I was curious and decided to ask if it would work.

Have I understood this right?

For instance, a coin named X is based on so called proof of transaction fees. Suppose Y transactions takes place in the network and a group of miners adds the transactions to the block and it is mined using POW algorithm. Once the block is valid, some X coins are credited to their wallet using the coinbase transaction along with the transaction fees. Based on their balance, the miner is chosen similar to the POS algorithm (The one who owns more coins has more chances of mining the block).

If what I have understood is right, then this would work partially. The coin would be called more of a POS rather than POW due to the POW algorithm being used only in the first month of the coin. Proof of Stake was introduced to save the enormous amount of power which is being lost in PoW. But if such a thing is implemented, there is a possibility of Double Spending to take place.

Could you please shed more light on your so called POTF! Can you explain a bit more clearly?

proof of transactions fees would be literally proof of stake but with all the trancations fees you paid being the stake instead of your current amount of money.

I think that that´s not the concept at all. A proof of transaction would be offering the cheapest price to process the transaccion and provide proof of having done so. Right?

Would a hypotethical proof of transaction fees work as a mining method?

Imagine at the first month coins are mined by proof of work and then after it the miner is selected based at the amount of money they used as transactions fees, would this hypotethical proof-of-X work?