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Stakeholder Proposals / Witness competition
« on: August 16, 2015, 01:56:49 am »
Hello everyone
I would like to suggest a change that I think will get our project even more
attractive to move and improve security, reliability, decentralization
and response time from de witnesses, goes like this:
Competition:
Competition is what keep people motivated to do their best, If you have
better ideas or resources you may be happy to use and be compensated fairly, but how to
make competition between the witnesses when they need to be voted
and mine in a predictable manner for our amazing speed and precision like this in the beautifully BM idealized system? Changing the reward.
Every consensus round, the witnesses will be positioned in an escale where the best would receive much better reward during the next sequence of blocks (witness will be normally randomly selected)
The criteria:
The criteria for ordering the witnesses is divided into 2 parts:
1 - Reputation (60% weight suggestion) Reputation will be most important and point based, pointing up block mined and great response time, point down missing blocks and very hard down invalid block
2 - How much they are willing to invest in the system (40% weight suggestion) The measuring of how much BTS/year they lock or the value equivalent of PoW that they have done multiplied by the price per Ghs of the specific hashing algo (price choose by voting) please keep in mind that I'm not fan of mining myself, I was in love to PoS until I discovered DPoS but let me try to explain why this:
Burning energy is stupid, but the option is of the person who are burning, but we cannot deny that is a very effective way of distributing tokens to people that will immediately give value to, because have spent energy into, and have contributed to the network a bit. Also are a great entering point for those who want to try, but do not want to spend money or not has, may have access to a school computer and start making fan.
This also generate interest for those who already have some equipment or cheap energy. We just need to make sure that investing money will always be better than burning.
Since the PoW is not inherent part of the protocol, we can protocolize lots of problems in each range of 100 blocks lets say, in varios popular hashing algos and within a range of difficulties, the first who sign a block with the specific solution gain the proportional reward that will be valid to they order on the next witness change round.
Advantages:
Witness will get incentive to be more trustworthy, reliable and fast
More people will came in because of reduced entering barrier
We will be the first blockchain to be have the best of DPoS and PoW
Lots of witnesses
Demand for BTS because to invest locking
Stable energy price reference
I'm a software developer and I'm thinking in implementing this myself, please hit me suggestions
I would like to suggest a change that I think will get our project even more
attractive to move and improve security, reliability, decentralization
and response time from de witnesses, goes like this:
Competition:
Competition is what keep people motivated to do their best, If you have
better ideas or resources you may be happy to use and be compensated fairly, but how to
make competition between the witnesses when they need to be voted
and mine in a predictable manner for our amazing speed and precision like this in the beautifully BM idealized system? Changing the reward.
Every consensus round, the witnesses will be positioned in an escale where the best would receive much better reward during the next sequence of blocks (witness will be normally randomly selected)
The criteria:
The criteria for ordering the witnesses is divided into 2 parts:
1 - Reputation (60% weight suggestion) Reputation will be most important and point based, pointing up block mined and great response time, point down missing blocks and very hard down invalid block
2 - How much they are willing to invest in the system (40% weight suggestion) The measuring of how much BTS/year they lock or the value equivalent of PoW that they have done multiplied by the price per Ghs of the specific hashing algo (price choose by voting) please keep in mind that I'm not fan of mining myself, I was in love to PoS until I discovered DPoS but let me try to explain why this:
Burning energy is stupid, but the option is of the person who are burning, but we cannot deny that is a very effective way of distributing tokens to people that will immediately give value to, because have spent energy into, and have contributed to the network a bit. Also are a great entering point for those who want to try, but do not want to spend money or not has, may have access to a school computer and start making fan.
This also generate interest for those who already have some equipment or cheap energy. We just need to make sure that investing money will always be better than burning.
Since the PoW is not inherent part of the protocol, we can protocolize lots of problems in each range of 100 blocks lets say, in varios popular hashing algos and within a range of difficulties, the first who sign a block with the specific solution gain the proportional reward that will be valid to they order on the next witness change round.
Advantages:
Witness will get incentive to be more trustworthy, reliable and fast
More people will came in because of reduced entering barrier
We will be the first blockchain to be have the best of DPoS and PoW
Lots of witnesses
Demand for BTS because to invest locking
Stable energy price reference
I'm a software developer and I'm thinking in implementing this myself, please hit me suggestions
