Does Proof-of-Transaction have any potential for real useful application?
I mean, is the purpose of this algorithm just to be some kind of game where people send FLT to each other back and forth ?
whats stopping one individual from setting up several wallets and adresses and just send his own coins between them?
The way PoT is designed now seems to encourage this type of foul play
This is usually the first thing everyone asks and is discussed in the faqs. The short answer is that this type of activity is supposed to disqualify you from proof of transaction rewards, but cost you a transaction fee. I am not sure how substantially tested this is though.
I am starting to become increasingly sure that PoW is a major fuck up, maybe not in conception, but in actuality leads toward centralisation of mining, centralised points of failure, coins eating each other for hash rate and transaction fees becoming unsustainably high as block rewards halve and miners struggle to make a profit. PoS is not much better with the added disadvantage that there are very few incentives for new entrants
I am trying to find out more about proof of transaction because it may be the one thing that can keep this crypto bubble afloat.