[Cryptography] Proposal for a PoS blockchain

Ángel angel at crypto.16bits.net
Sat May 23 23:59:13 EDT 2020

I find unlikely everyone would evaluate daily the work done by every

There is a perverse incentive for shareholders to undervalue the work by
other people (up to zero).

If the good shareholders can remove corrupt shareholders, so could
corrupt shareholders remove honest ones. In fact, they would probably be
more motivated for doing so.

You cannot "immediately record the transactions in the blockgraph",
since there is no one single blockgraph. Remember you are working with
several lines that are then merged. That's why you have that settlement
time of 12 hours (it could be any other amount as well, like 5 minutes).
That's an upper limit on which you expect any issue would be solved.
It's not clear how you would solve conflicts, either. Remember, it is
*distributed*. You mention a daily merge. Who handles that? Isn't that
making the system centralised?
Rather than waiting for 12 hours, you probably want instead to make it
work with confirmations from 51% of the shareholders. That could be
almost immediate or take several days (worst-case, more than 50%
shareholders no longer have active nodes, bringing the currency to a

No, scarcity doesn't give value to the coin. You would be unlikely to
get a pizza that way. You would need to get value through the software
being produced. For instance, if it's used to manage a Pizza company, a
restaurant could fund its development by committing to sell X pizzas per
Alternatively, its value could come from being fashionable to own
newcoins (such as a celebrity praising it). In that case it would be the
immaterial cool factor of owning X newcoins.

Although I see no future for a cryptocoin, it might work for a software
startup, where:
* You have multiple people working daily to make a product
* As part of that work they periodically (perhaps daily or weekly)
review each others work and evaluate needed tasks, assigning its worth.
This could easily fit into scrum ceremonies, for instance.
* The newcoins will become actual shares in the company once the product

Best regards

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