Author Topic: Proof of Commitment scheme for the distribution of Bitshares without PoW  (Read 2541 times)

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Offline luckybit

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So here is my idea, we create a system where KeyhoteeID, Reputation, and Credits are used to replace Proof of Work mining.

Anyone can earn Credits by proving their Commitment level to the DAC. To do this they will do tasks which can range from stuff similar to BitcoinGet to bounties that heavily committed Keyhotee IDs vote on.

So anyone who has no Commitment at all should be able to earn some Credits from doing some sort of BitcoinGet like tasks. These Credits should be like coupons which can be exchanged for Bitshares. 1 million Bitshares should be reserved specifically for this purpose. The system should be set up in such a way that even people who do BitcoinGet all day should earn some reasonable amount of Bitshares but the difficulty should adjust so that if too many people are doing that task then the amount of Bitshares they get for it should decrease appropriately.

Miners should be retrained to do different tasks now that Proof of Work is considered obsolete and we should build Keyhotee up in such a way so that it can be used to automate the process of rewarding Keyhotee IDs for completing specific tasks. It should be as simple as clicking a link, going to a website, claiming a task, associating it with your Keyhotee ID, and Keyhotee wallet address, do the task, win the credits, save the credits until you want to redeem them for the Bitshares or whatever future DACs decide to set aside some shares to use to reward those who show Commmitment through action.

This could be getting referrals, it could be seemingly pointless tasks like you find on Bitcoinget, it could be FAQs, documentations, Wikis, Tweets, putting Bitshares or Protoshares in your signature or anything else.

When I ran the giveaway thread the rule stated that you could put Mastercoin in your signature, Tweet, or do anything like that and I was assigned to check to make sure everyone followed through on their end of the deal. A script could do something similar and make sure everyone follows through or a human can simply check to make sure they keep the signatures for a month and credit them if there is a trusted Keyhotee ID with the reputation to do that kind of work.

And that Keyhotee ID should of course be given reward credits for his/her work as well. Having Bitshares in your signature would be marketing it and would be just about the same amount of Bitshares as you would get from mining it if the scheme were to work correctly. This could replace mining entirely with signature marketing and other kinds of marketing.

If you write on the Wiki then just like with Devtome it should be that there is a script which checks it and then credits everyone who added to the Wiki.

Please consider this idea and improve on it. I think it is necessary if we are going to move away from mining to replace it with something like this.
« Last Edit: December 16, 2013, 04:55:42 am by luckybit » | Bitcoin<->Altcoin exchange | Instant | Safe | Low spreads