I am considering a method to derive digital scarcity from bitcoin
transactions. Coins are created from transactions if their hash is among
the closest n to the non zero portion of the block hash. Only a single coin
can be created per transaction irrespective of the size of the transaction.
Therefore n coins are created per block.

The initial coin supply and addresses can be fully determined by the
existing blockchain. Additionally coins are scarce as coins can only be
produced by transactions.

There are a number of variants such as creating computation puzzles from
the previous block.

Has anyone seen anything similar.

PJ Fitzpatrick
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