Implementation details
- Store on each block an ordered list with the bitcoin addresses that generated blocks in the past with the cumulative number of blocks created plus the time the miner took to find the last hash(record the hashing power).
So, new miners do not have an incentive to start mining yet somehow this decentralizes mining?
The original reward for the existing POW is still there, only the amount of the reward is decreased (half for example) and the other half goes to the selected candidates that proved the work divided in equal parts. I'll update the description to make this more explicit.
Ok, you do that, but it basically says here that if you are a new miner or require a new identity you will receive a lower payout percentage compared to an older identity.
So, if older miners receive a higher percentage, they just expose themselves as a mining pool and split the reward with these new miners.
Oh wait, that's exactly what happens now...