Transaction Coins
3 messages, 12 to 13 Jul 2018. Started by PJ Fitzpatrick.
PJ Fitzpatrick (2), Jakub Trnka
I am considering a method to derive digital scarcity from bitcoin transactions. Coins are created from transactions if their hash is among the closest n to the non zero portion of the block hash. Only a single coin can be created per transaction irrespective of the size of the transaction. Therefore n coins are created per block.
The initial coin supply and addresses can be fully determined by the existing blockchain. Additionally coins are scarce as coins can only be produced by transactions.
There are a number of variants such as creating computation puzzles from the previous block.
Has anyone seen anything similar.
PJ Fitzpatrick
I think building some overlay scarcity and value on top of bitcoin blockchain would incentivize people to transact a lot. An equilibrium would emerge between paying transaction fees and mining new coins. Which would effectively be equivalent to selling bitcoin and buying some mergemined altcoin, except this would congest the bitcoin network. You can easily borrow scarcity from bitcoin in some sidechain.
Jakub Trnka
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‐‐‐‐‐‐‐ Original Message ‐‐‐‐‐‐‐ On 12 July 2018 10:05 AM, PJ Fitzpatrick via bitcoin-dev <bitcoin-dev@lists•linuxfoundation•org> wrote:
Quoted text (9 lines)
> I am considering a method to derive digital scarcity from bitcoin transactions. Coins are created from transactions if their hash is among the closest n to the non zero portion of the block hash. Only a single coin can be created per transaction irrespective of the size of the transaction. Therefore n coins are created per block. > > The initial coin supply and addresses can be fully determined by the existing blockchain. Additionally coins are scarce as coins can only be produced by transactions. > > There are a number of variants such as creating computation puzzles from the previous block. > > Has anyone seen anything similar. > > PJ Fitzpatrick
On Fri, Jul 13, 2018 at 1:27 AM Jakub Trnka <jakub.trnka@chainanalytics•net> wrote:
Quoted text (7 lines)
> I think building some overlay scarcity and value on top of bitcoin > blockchain would incentivize people to transact a lot. An equilibrium would > emerge between paying transaction fees and mining new coins. Which would > effectively be equivalent to selling bitcoin and buying some mergemined > altcoin, except this would congest the bitcoin network. You can easily > borrow scarcity from bitcoin in some sidechain. >
Yes what you say is correct. Therefore n could be a function of the transaction fees of the block. I think this should be on bitcointalk and I am going to start a discussion there. PJ Fitzpatrick
Quoted text (30 lines)
> Jakub Trnka > > > Sent with ProtonMail <https://protonmail.com> Secure Email. > > ‐‐‐‐‐‐‐ Original Message ‐‐‐‐‐‐‐ > On 12 July 2018 10:05 AM, PJ Fitzpatrick via bitcoin-dev < > bitcoin-dev@lists•linuxfoundation•org> wrote: > > I am considering a method to derive digital scarcity from bitcoin > transactions. Coins are created from transactions if their hash is among > the closest n to the non zero portion of the block hash. Only a single coin > can be created per transaction irrespective of the size of the transaction. > Therefore n coins are created per block. > > The initial coin supply and addresses can be fully determined by the > existing blockchain. Additionally coins are scarce as coins can only be > produced by transactions. > > There are a number of variants such as creating computation puzzles from > the previous block. > > Has anyone seen anything similar. > > > PJ Fitzpatrick > > > >