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