There is a killer app though.
On 12/31/17, [email protected] <[email protected]> wrote: > On 12/31/2017 10:01 AM, Steven Schear wrote: >> I'm still hoping a new cryptocoin/fork implements a client-determined >> miner selection capability similar to what we suggested in that 2013 >> paper I've mentioned here. > > I cannot immediately find your link to your paper. > > Obviously, at full scale we are always going to have immensely more > clients than full peers, likely by a factor of hundreds of thousands, > but we need to have enough peers, which means we need to reward peers > for being peers, for providing the service of storing blockchain data, > propagating transactions, verifying the blockchain, and making the data > readily available, rather than for the current pointless bit crunching > and waste of electricity employed by current mining. > > The power over the blockchain, and the revenues coming from transaction > and storage fees, have to go to this large number of peers, rather than, > as at present, mostly to four miners located in China. > > Also, at scale, we are going to have to shard, so that a peer is > actually a pool of machines, each with a shard of the blockchain, > perhaps with all the machines run by one person, perhaps run by a group > of people who trust each other, each of whom runs one machine managing > one shard of the blockchain. > > Rewards, and the decision as to which chain is final, has to go to > weight of stake, but also to proof of service - to peers, who store and > check the blockchain and make it available. > > All durable keys should live in client wallets, because they can be > secured off the internet. So how do we implement weight of stake, since > only peers are actually sufficiently well connected to actually > participate in governance? > > To solve this problem, stakes are held by client wallets. Stakes that > are in the clear get registered with a peer, the registration gets > recorded in the blockchain, and the peer is gets influence, and to some > extent rewards, proportional to the stake registered with it, > conditional on the part it is doing to supply data storage, > verification, and bandwidth. >
