http://i.imgur.com/iwhqrco.jpgI propose transitioning to Proof of Stake v3 with static block rewards. Rather than patching the current headache of a code base I suggest abandoning the old code, starting from a fresh code base, and manually importing balances into the new client. Of course this means starting over from block 0, so it's a bit more dramatic than just a hardfork, so community consensus is a must.
The issues with doing this in the past were the inability to transfer funds from old blockchain to new without the use of a middleman/exchange, people would often miss the transfer window and the possibility of tampering with the coin supply was there too. We can now however alleviate these issues by taking a snapshot of the current blockchain that can be parsed through to come up with a list of all addresses and their balances. A premine of the current coin supply calculated from the snapshot is made for the new client and then a mass sending of funds to the original addresses can be done. The new client will use the exact same key derivation methods, so users just need to move/copy their old wallet.dat file to the new clients directory and they'll have the same amount of coins as they held before. No middleman involved and the process is entirely transparent and verifiable, should someone wish to audit it.
To have this done the GLC community would only need to raise 1.5 BTC, shall we discuss further?
