Seconded - IMO a key future use of the chain will be securing other
chains. I'm interested in pursuing the merged-mining angle.
Getting chain hashes to a miner, and getting that miner payment from
the chain, is key to this. Consider a future where there are 10,000
chains secured by one block...
On Wed, Oct 29, 2014 at 10:34 AM, Sergio Lerner
sergioler...@certimix.com wrote:
Instead of discussing what will happen when the subsidy is halved (which
nobody really knows) maybe we can think about of what we can do to
mitigate any damage in case something unwanted happens. Let's be proactive.
For instance, any form of merged-mining (like higher frequency
side-chains) will end-up increasing miners profit, even by a small
margin. Then that margin can compensate miners not to turn off their
equipment. Then we can encourage merge-mining on SHA-256, instead of
discouraging SHA-256 alt-coins.
Also we can encourage mining during the trouble period by creating a
donation pool: suppose we manage to convince miners to donate 1% of
their revenue in order to pay back to the miners for the first month
after the reward halving. If every block pays 1% for 10 months, then
every block during the first month of halving will earn 20% more. Of
course, convincing miners of this may be difficult, but not impossible.
It could be done automatically with nLockTime freeze of transactions
with high fees, so no TTP is necessary.
So here are two proposals, any other idea?
Best regards,
Sergio.
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BitPay, Inc. https://bitpay.com/
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