Quote from: patmast3r on September 28, 2014, 05:53:30 AM

Quote from: SomethingElse on September 28, 2014, 03:32:43 AM

Quote from: Thingamajig on September 28, 2014, 02:08:29 AM

Quote from: SomethingElse on September 27, 2014, 06:49:35 PM

Quote from: BloodyRookie on September 27, 2014, 11:43:10 AM

Quote from: asdlolciterquit on September 26, 2014, 11:00:04 AM

Proof Of Importance? based on what?

POI is based on serveral things: How much NEM you have, how much NEM you are transferring to others, how much NEM other are transferring to you. The exact formula is not set in stone so far. That's we are a little vage how it works in details.

I would really like to see a third aspect which is how long the NEM client/node has been running put in the mix too. This could help to encourage more people with smaller amounts of NEM to also turn their client on and leave it on in the background. Hopefully someday the network will be supported by lots and lots of regular people.

Node Coin https://bitcointalk.org/index.php?topic=590421.0 has gone with client time (one point per second) and spending score (one point per coin spent) and then which ever Node has the highest score is more likely to harvest. I think this is good, but they are missing the "coins received" and traditional Proof of Stake found in NEM.

Crypti has also added proof of merchant, which means that special merchants that register can get a discount on transaction fees. By doing this, they can also be rated and won't be anonymous. A trait that we actually want when buying something from another. Basically as buyers we want to be anonymous and have our privacy protected, but at the same time we want the exact opposite for merchants. We want merchants out in the open and their history and reputation easily known. Basically, we want to know who we are sending our money too and what kind of person they are. This power in reputation has been a huge part of the success of Amazon and Ebay and really should also be incorporated into crypto too.

I would call this PoS^4

Proof of Stake - Money held in account
Proof of Spend - Money going in and out
Proof of Service - How long a node has been supporting the network
Proof of Status - Registering with the network and allowing a reputation status

I really like the sound of this. Would be interesting to see what anyone official makes of it.

I have this bad feeling though perhaps something like this would be difficult to implement so late into NEM's development, but i may be wrong.

I am sure it would be hard to implement. I know the devs have been working hard. I have tested the alpha and it looks pretty nice. I have also spent a little time seeing how stake and spend affects the PoI and I am impressed by the algo so far. While what I mentioned would be a lot, and complex math and tests would be needed before making it live, I do think there is a small possibility that a place holder could be stuck in the code, something that might later be edited and finalized after much more thought and consideration. Though honestly I am not certain of that.

I don't think adding a new factor would be a problem. The whole code but POI especially is developed with extensibility in the back of the devs head. POI is something that will need to be adapted over time because only time will tell how well the algo works and if adaptation is needed. The network will of course be secure either way but for it to be a fair as possible and reward the right people adapations might be needed. At least that's how i understood it Wink

As for that specific factor...that might be a little more complicated but I can't say much without discrediting others.

Thanks for the feedback and I get what you are saying. I have tried to figure out what some weaknesses are and how they might be beat so that a hacker might take advantage. I definitely have my concerns about how some aspects are incorporated.