Beyond Bitcoin – Part II: Blockchain-based systems without mining [pdf]

Re:Beyond Bitcoin – Part II: Blockchain-based systems withou... by 314 on Wednesday August 10, 2016 @02:02AM (#12259785)

There is another interesting idea buried in there: switch from a "lottery" to a "raffle" (their terminology). Or in more standard terms - change from a winner takes all distribution of rewards to a proportional distribution: everybody who mines the next block in the chain get some reward.

I did not see any ideas for how this could be implemented, but it could remove a drive towards centralisation from the current blockchain approach.

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Re:Beyond Bitcoin – Part II: Blockchain-based systems withou... by jerguismi on Wednesday August 10, 2016 @02:34AM (#12259881)

Don't mining pools do this already to some extent?

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Re:Beyond Bitcoin – Part II: Blockchain-based systems withou... by duozerk on Wednesday August 10, 2016 @04:33AM (#12260291)

They do; but the proposed system would do the same thing in an entirely non-centralized way.

This would be a good thing because as it is now, there are multi-coins pools that will switch their users' hashing power to other chains depending on how profitable coins are. The concern is that large mining pools have a lot of combined hashing power and some dishonest ones could consider switching that power to specific coins not based on the revenue potential but for other reasons (51% attacks and the like).

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