No thanks.
... Those who wish to bet against the laws of Physics or the laws of Mathematics with their money are of course free to do so. I will pass and stick to POW coins.
To what do you object? There is still hashing. (That's how the Merkle roots are produced.)
So it is a POW coin after all?
It takes about six seconds for transactions to fully propagate across these networks, so some will have different transactions in their blocks. The miner or miners that happens to have the right combination of transactions produces an acceptable Merkle root first. That and the lack of block rewards helps to keeps the system heterarchical.
It seemed to me that this would, for starters, favour whoever has the best worldwide Internet peering. This would lead to centralized control.
To the exclusion of transactions? (Remember, new
coins are minted [i.e., generated via
out-of-block coinbase transactions], not mined.)