Consensus

[andrewvy]

While, proof-of-work is an easy to implement design, I feel like it's been done over and over with educational cryptocurrencies.

Proof-of-stake is interesting to implement as it does not require an extremely high-cost to become a peer. (all that's required is just leaving a node online).

Delegated proof-of-stake is also interesting and worth investigating as well. For a hobby cryptocurrency, small centralization is fine.

• https://github.com/mcobzarenco/ironcoin
• https://bravenewcoin.com/assets/Whitepapers/NxtWhitepaper-v122-rev4.pdf
• https://peercoin.net/assets/paper/peercoin-paper.pdf
• https://github.com/bitshares/bitshares1-core
• https://blog.ark.io/dpos-and-ark-voting-explained-68596a171ca1
• ALGORAND

[andrewvy]

• voting system to delegate witness nodes (weighted based on how many coins assigned).

• Should coin age also be a factor? (Buying large amounts is slightly mitigated in quick take-over of the network, older coin is valued more than newly traded?)

• How do the number of witnesses get calculated? (based on number delegate votes? if there are votes for 50 candidates and current witness count is 40, increase by a certain amount?)

• Witnesses are re-evaluated every 24 hours (promoted/demoted based on voting system)

• production-slot-based, in the 24 hours that witnesses exist, they can product a block within 15 second timeslots, distributed over all current witnesses in 24 hours.

• production slot order is determined via vote weights (or a deterministic way? need to research how bitshares does it)

Coin ancillary usage:

• distributed microblogs? store user registrations, favorites on chain. front-end provides follow/update support off-chain. We can provide the coin that is spent for these internal requests as reward for the witnesses.