Something like this is now reflected in the project Karbo - KIP-001: ArgoNight — Non-Outsourceable Blockchain Based Proof-of-Work Hash
https://bitcointalksearch.org/topic/m.51012525
Very interesting implementation, I follow with interest.
Topic: Would you mine a theoretical ASIC Proof Coin? (Read 281 times)
One person, one vote will not be possible.
This is the same with PoW, the one with the most hashrate wins.
PoS, the one with the most coins get to generate more blocks.
Same is true in the real world like stocks (I consider the crypto universe an alternate reality haha
)
Whomever has the most stocks gets to control the company.
That is just the way the world works at the this time.
This is the same with PoW, the one with the most hashrate wins.
PoS, the one with the most coins get to generate more blocks.
Same is true in the real world like stocks (I consider the crypto universe an alternate reality haha
)Whomever has the most stocks gets to control the company.
That is just the way the world works at the this time.
So you want to have these two features embedded into one coin, to be ASIC resistant and to prevent hoarding of hashrate (or too much voting rights like in a POS system) into the hands of a few large entities. I don't think it can be done. Even ASIC resistance is hard to provide, because new ASICS keep up showing up despite many attemst to prevent them. And "one person, one vote" is practically impossible, unless you find a way to somehow use peoples IDs to ensure nobody is cheating.
Although it's for the sake of theorem as you have stated, I will give it a try at the very few days, but this type of system is not totally decentralized and will only enrich the rich, there won't be fair distribution of reward, just a miner been a witness is a shit and does not truely exist in the real sense.
I think most people would and most coin developers would use that algo, however its not possible.
Only way I could think would be maybe if mining required a unique human fingerprint or human retina to prove that its actually one unique person doing the mining; however I don't think its possible and even if it was most likely some hacker would find a way to generate fake fingerprints or retina scans and we would be back to square one.
Even that coin which was mineable by solving capcha's which actually required human intervention didn't work. Because someone hired some cheap Captcha solvers and it became centralized anyways. I think it was called Raiblocks and later it was rebranded to something else.
Only way I could think would be maybe if mining required a unique human fingerprint or human retina to prove that its actually one unique person doing the mining; however I don't think its possible and even if it was most likely some hacker would find a way to generate fake fingerprints or retina scans and we would be back to square one.
Even that coin which was mineable by solving capcha's which actually required human intervention didn't work. Because someone hired some cheap Captcha solvers and it became centralized anyways. I think it was called Raiblocks and later it was rebranded to something else.
What do you mean "with one person one vote"? The theoretical ASIC-proof coin or the discussion, sounds like the discussion, yes?
Theoretically speaking, for the first week or four, why not.
I may hoard a bit during the low-hashrate start since it's cheaper than buying/mining it after getting enlisted to an Exchange, you know what I mean.
After that, I wouldn't if I don't find it profitable (80% of miners do this), in fact I prefer full blown ASIC coins like Bitcoin because fighting the inevitable is a waste of the developers' time; and every fork to fight the newly developed ASICs is a hassle to both the network and the miners (look at monero).
Unless your in-development coin is an innovation that's beyond POW, offers equal or better security and not a POS coin, being ASIC proof is just a fantasy.
TL;DR: Yes~ish.
Theoretically speaking, for the first week or four, why not.
I may hoard a bit during the low-hashrate start since it's cheaper than buying/mining it after getting enlisted to an Exchange, you know what I mean.
After that, I wouldn't if I don't find it profitable (80% of miners do this), in fact I prefer full blown ASIC coins like Bitcoin because fighting the inevitable is a waste of the developers' time; and every fork to fight the newly developed ASICs is a hassle to both the network and the miners (look at monero).
Unless your in-development coin is an innovation that's beyond POW, offers equal or better security and not a POS coin, being ASIC proof is just a fantasy.
TL;DR: Yes~ish.
Instead of this, I would prefer ASIC resistant protocols like Vericoin. In ASIC resistant coins there is more decentralized hashing power and that means also fairer rediustribution of coins, small miners are attracted to mine this coin, instead of having big mining farms with ASIC miners.
There is no such thing as an Asic proof coin.
That's why I said thereotical.
Though actually.. there is
Just not an ASIC Proof POW coin (or POS)
There is no such thing as an Asic proof coin.
For the sake of argument, please assume it's possible to make an ASIC proof coin with "one person, one vote".
Would you mine such a coin? Would an increased number of miners be more security from a maximum decentralization point of view? Or would you be more unhappy about it cutting into the profitability of your previous investment into an ASIC?
Would you mine such a coin? Would an increased number of miners be more security from a maximum decentralization point of view? Or would you be more unhappy about it cutting into the profitability of your previous investment into an ASIC?
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