Quote from: coinft on April 22, 2014, 12:16:32 AM

Read up on Sybil attack.

It's explained in the bitcoin whitepaper. Posting raw ideas without checking the most obvious sources (and explaining why they don't apply) doesn't make you look smart.

Ideas are cheap. I keep seeing more and more alt-coins with different hash algorithms in the hope of defeating ASIC. I simply think they were going at it the wrong way. Instead of using a more complex/exotic hash algorithms, they should rethink how rewards are distributed. I think this is the key to negate the incentive of ASIC mining.

I am not sure it is possible to completely eliminate the Sybil attack, but I could think of many many approaches to reduce such risk in a decentralize voting system.