Nomination Period (N): It is a period when all nodes in the network vote for the next valid block
Wait Time (W): The time between each nomination period, this value should be auto adjusted depend on the size of transaction volume.

Features:
SHA-256
No difficulty
Super Fast verification time under light/moderate transaction volume (the dynamic adjustment of 'W' is vital to have super fast verification time)

In order to negate the power of ASIC over CPU/GPU, choosing the next valid block no longer rely on first solved block first pick strategy as most existing coins do. Instead, all participate nodes would start randomly vote for the next valid block from the largest collection of published blocks during the nomination period. All published blocks in the same collection have identical set of transactions. The rewards (500 new coins) would be evenly distributed to n number of eligible participants (randomly chosen) from the largest collection.

This concept would effectively negate the advantage of FPGA/ASIC over CPU/GPU. Every mining node would have equal opportunity to solve the next block.

What do you think?