Alternative to Mining

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Anonymous
Alternative to Mining 2017-06-02 10:22:31 Post No. 2262406
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Alternative to Mining Anonymous 2017-06-02 10:22:31 Post No. 2262406 [Report]

Mining is very wasteful of electricity and concentrates control in the hands of the few who can afford it. Jihan Wu basically controls Bitcoin now. Really, we just need a way of determining consensus across the network.

1. Suppose the last block added to the chain has a hash of 32A8F.
2. A node proposes a candidate block to add to the chain along with a wallet address that the award should go to.
3. hash(wallet + 32A8F) = X
4. The winner is the one with the highest value of X.

If you wanted to prevent someone from creating thousands of wallets to increase their odds, you could combine with proof-of-stake and require a minimum coin amount. With this method, almost any NEET could mine coins with a damn Raspberry Pi. It's no longer controlled by a few Chinese.

Any flaws here? Why isn't this done?

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Anonymous 2017-06-03 12:21:26 Post No.2263372
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Anonymous 2017-06-03 12:21:26 Post No.2263372 [Report]

i dunno. make it happen and get rich. or there are flaws

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Anonymous 2017-06-03 12:27:40 Post No.2263407
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Anonymous 2017-06-03 12:27:40 Post No.2263407 [Report]

>>2262406
Sounds like you would like what NEM is doing.
I believe they solved this problem.

I'm aware that Imgur.com will stop allowing adult images since 15th of May. I'm taking actions to backup as much data as possible. Read more on this topic here - https://archived.moe/talk/thread/1694/

I'm aware that Imgur.com will stop allowing adult images since 15th of May. I'm taking actions to backup as much data as possible.
Read more on this topic here - https://archived.moe/talk/thread/1694/