On Fri, Jul 13, 2018 at 1:27 AM Jakub Trnka <jakub.tr...@chainanalytics.net>

> I think building some overlay scarcity and value on top of bitcoin
> blockchain would incentivize people to transact a lot. An equilibrium would
> emerge between paying transaction fees and mining new coins. Which would
> effectively be equivalent to selling bitcoin and buying some mergemined
> altcoin, except this would congest the bitcoin network. You can easily
> borrow scarcity from bitcoin in some sidechain.

Yes  what you say is correct. Therefore n could be a function of the
transaction fees of the block. I think this should be on bitcointalk and I
am going to start a discussion there.
PJ Fitzpatrick

> Jakub Trnka
> Sent with ProtonMail <https://protonmail.com> Secure Email.
> ‐‐‐‐‐‐‐ Original Message ‐‐‐‐‐‐‐
> On 12 July 2018 10:05 AM, PJ Fitzpatrick via bitcoin-dev <
> bitcoin-dev@lists.linuxfoundation.org> wrote:
> 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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