Create mining/node reward

christianskovly / pieChain

Basic blockchain for raspi

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Create mining/node reward #11

Open choir27 opened 3 months ago

choir27 commented 3 months ago

Create hosting reward scheme for mining/scheme (otherwise known as a loyalty rewards program/solutions)

https://www.linkedin.com/pulse/blockchain-loyalty-systems-new-era-transparency-efficiency/

Design a mock reward system through whiteboard and/or figma
Design to retain customers and drive business growth
Customers should be able to earn and redeem rewards across a network of participating companies, with all transactions recorded and secured using blockchain technology.
- Will have to plan out how to approach solving this problem for the companies (mock companies?)

christianskovly commented 3 months ago

Let's discuss this further. Typically mining rewards are given with the token itself. For instance, mining bitcoin rewards bitcoin.

choir27 commented 3 months ago

Definitely, I would love to hear your thoughts on this subject!!

christianskovly commented 3 months ago

From Duino Coin

Duino-Coin uses a reward system called "Kolka System" that benefits low-power devices. This system consists of several stages that test the device's performance, assign a difficulty tier, and distribute rewards based on these variables. The system also includes reward multipliers and other factors that make earnings profitable only for low-power devices. The goal of the coin is energy efficient mining.

choir27 commented 3 months ago

When you say assign a difficulty tier, what is that difficulty being determined based on?

I can see the benefits of this reward system though, as it allows a wide variety of participants and actually rewards those who use low-power devices, encouraging efficient energy usage as you put it.