Fastcoin Forum

Hey guys,

Yesterday talking with Zesterer, he told to me that he with a friend talked about to make a some coin that rewards its use.  Thinking on this idea, the system Proof of Transactions (PoT) came to my mind...

It is a system where the blocks are discovered by who has more transactions.  It is simple:

Hashing would be fixed to one hash per second for everyone. 
The difficulty would not be equal for everyone, it would be variable and less for addresses with more accumulated transactions.  And when somebody discovers one block, his transactions count would be reset to 0, and the count would start again until the next discovery.  The reward would be the fees of transactions in the block.

It is very simple, but I think that system promotes the use of the coin, as Zesterer said.  And avoids 51% attack because in each discovery resets the discovery probability to 0 to the account did it.

I think it would be a good system to implement a future version of Fastcoin to promote the use and distribution more equity and faster of the coin of our day to day...    It does not reward the huge amount of money, neither who buy more technology and spend more energy... simply rewards to people that spend their money.

Perhaps, we can start the development of this coin and when finish it, distribute to the people proportionally to the number of fastcoins they are having at that moment in the future...  This coin would not have mining, all amonut would be generated at the begining, so it would be necessary a good distribution system (equity and fair)...

It is a today idea, I dont have details about it yet...  so I hope your opinions and pros and cons that you see it...

Thanks in advanced...!

It seems there is something similar, but not equal:  Aerocoin

https://bitcointalk.org/index.php?topic=392066.0

Studying the issue in more depth I see a possible problem: it would be a parallel blockchain hidden to the network with only two addresses that could generate a fake blockchain with more transactions than the real blockchain...

I will think if is possible solve this issue...

I think that if users who are not miners do not get any benefit from the change it will not be that beneficial for adoption. Although it does suggest to miners they should sell their coins...

A tried and tested method for rewarding use is to lower transaction fees based on transaction sum.

The alternative to give reward for transactions proposes misuse if the reward is ever made larger than the transaction fee. So if the rewards always should be smaller than the transaction fee, one might just use the lowered transaction fee principle.

However, lower transaction fees for larger sums is a bad idea for two reasons:

1) It does not actually encourage any transactions in the first place. It only "lessens the damage" imposed by the transaction.
2) It encourages those who have the most money to transact, but gives little reward to the smaller but regular partakers in the economy who many do multiple small trades. This isn't really what we want. We want an economy with smaller traders, but many more of them. Fastcoin isn't a money-making scheme, it's a genuine solution to horrendous abominations such as PayPal and corrupt central banking systems. It's supposed to be design for the "average" person.

Ideally, the economy would never have a transaction fee. However, I am aware that as mining becomes more difficulty, a transaction fee is required to step in to keep the system running at health levels of inflation. However, this can be adequately achieved with constant transaction fees, and maintaining a healthily low level of mining during the original inception of the coin, which Fastcoin (as of yet) seems to have done relatively successfully.

- Z