zawy12 / difficulty-algorithms

See the Issues for difficulty algorithms
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Coin Ideas: POW consensus distinct from POW coin generation, self-hashing txs without pools, fees determine difficulty #54

Open zawy12 opened 4 years ago

zawy12 commented 4 years ago

Here is a coin idea. Make consensus (using POW or POS-VDF) on txs distinct from coin generation. User fees are the only source of funding for consensus so it needs to be POS-VDF that does not need funding (see previous article for how VDF can turn POS into permissionless voting) and if it's POW it needs to be our advanced consensus mechanisms (upcoming article). It allows anyone to get coin from a selection of POWs without a pool by sending "self-hashing txs". The tx has the amount of coin the miner wants, his output address, and a nonce that solves the puzzle that justifies the amount of coin. Prescribed user fees support miners and are used in quadriatic voting to slowly adjust the reward per hash up or down for each supported POW in each block header. If user fees from it are being used as a currency in purchases someday out-vote the desire of hodlers wanting increased value (by sending txs to self and voting with the fees), it may enable a true constant-value coin. Hodlers via proof of UTXO (especially in POS-VDF system) could vote to change the fees slowly up or down (but not how the fees vote) and propose and select destination addresses (devs) for a portion (POW) or all (POS-VDF) of the fees, all through block headers. There would be a fee per byte that is a function of the fullness of blocks and a fee per value transferred. Miners might control the fee per value transferred while hodlers control fee per byte.