Re: TAUCoin “Proof of Transaction” - features debate and bounty for 12 months
I have some ideas about your coin, How about I start mining it with many mobile devices just to get to generate the next block every time for myself? 
Then someone else would come and beat me with a higher numbers of mobile devices to generate the next block, Then the next person would do the same and there we have yet another arms race of mining. This does not seem to work as you would like to say it would. It is nice on the paper though, But it is not gonna work.
Then someone else would come and beat me with a higher numbers of mobile devices to generate the next block, Then the next person would do the same and there we have yet another arms race of mining. This does not seem to work as you would like to say it would. It is nice on the paper though, But it is not gonna work.You don't understand how PoT works... You should read the whitepaper, or the website.
At least read OP first post :
Accumulated transaction fees within certain time in a mining club will determine the probability of the club leader to generate next block, and prevent spam.
You won't increase your chance to generate a block with many wallets of your own, mining on many devices.
This is not PoW consensus, neither PoS, this is a new paradigm.
It's all about transactions :
- The harvest power of a wallet depends on the Tx fees it has accumulated within a certain time (not yet determined, probably a year).
- A wallet can decide to be a Club Leader with the signal Tx (send 0 TAU to itself) and so it can start to generate blocks.
- A wallet can delegate it's power to an other, joining it's Club, with the signal Tx (send 0 TAU to the Club Leader address) and get a share of the block rewards.
- Therefore the harvest power of a Club Leader is the sum of Tx fees accumulated by him and all his members
And there's more (club wiring, automatic block size) and all is to discuss, confront, defeat or confirm here with a chance to be rewarded for this effort.
Let's try
