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It's probably possible but what's the point? Why does the world need such a crypto? ISPs are running short of IPv4 addresses for quite some time already. Creating crypto like that would lead to further shortage and even disruptions on the networks. Also, how to treat dynamic/pool IPs? Many caveats and little reason imho.
At least for shortage of IPv4 address, it's solved by IPv6 address.
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Computational work is an external scarce resource. There is also some crypto that uses hard disk space which is another external scarce resource though I guess that sort of mining quickly destroys hard drives so that idea failed.
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I wouldn't say the idea (Proof of Space) failed when Chia coin is failed. Although these days everyone use high-end/enterprise SSD rather than HDD due to various reasons.