A new system of commerce base in cryptographic economy involving regular people and anyone that wishes to participate in the project. Cryptocurrency was brought to you by Satoshi Takemoto with his creation of Bitcoin. Since 2009 the system has been working and acutally going up in price in terms of dollars, but Bitcoin has had some growing pains issues that could be solve but just forking the project or by upgrading the software to new parameter but the Bitcoin community is divided on how to go about those changes.
The issues that Bitcoin has will be troubles for the future some of you may know what those issues are but I will tell you in this essay as well and present possible solution, this solution won’t be solve in the Bitcoin protocol but a new protocol has to be develop one that fixes the issues that bitcoin has.
The distribution of the coin is a bid issue even right now because whales can manipulate prices and in the future that could create a even more unfair divided in society if 1% of the population hold 50% of the whole planet wealth in your current system that could only mean that those that have zero bitoicn today will be practically slaves in the future. For that a new coin has to be created that gives less coins in a yearly basic but keeps the total supply at 21 million in total. The 21 million total supply is a well calculated supply but the distribution of if in the first 8 years was and is unfair for our world.
I would propose a reward that would start giving 6.5 coins every 10 minutes and after 4 years be cut in half just like Bitcoin halving. At first the difficulty was really easy and you could mine with a regular computer now you need ASIC to mine that should stop. The mining algo should be set to cpu and gpu only with mining difficulties apply but those calculation should be put into a better use than just mining it should be put into virtual A.I. for any other calculation so that power is not wasted.
I am pretty sure putting together a lot of computer to work just for tx is a waste of energy but if that power could be put into a soft of like super computer to calculate things like research and virtual research and emulation like NASA does for calculating trips to the moon or any other calculation that could be implemented into the algo. That is no easy but I thing there has been attempt to accomplish just that.
The reward of the coins starting at 6.5, a total supply of 21 million, will ensure everyone has a chance to participate, now human grid dictates that they like just do what current miners do, centralize mining in mining farms all around the world, to avoid that the protocol should implement ASIC resistance so that only computer can run the mining software. That power will help validate tx but also since the protocol will allow for other calculation those calculation could be put inot use somewhere else were mayor calculations are need it To invest in solar mining you need to buy the solar panels you need at least 10 solar panels to run one asic miner s9 meaning that Bitcoin is not eco friendly and that Bitcoin today waste a lot of energy just to validate some tx. At least with this new currency some power will be put into used to solve some humanity issues.
At first 100% of the reward should be given to miner only but after the first 4 years a reward should be given to holders in increments of 10% every 4 years until the reward is 50/50, that will incentive holders to hold, and even if the protocol doesn’t calcite any other thing beside tx than the protocol should just to into waste all of the power just like magi coin does, after a certain hash power you are just mining nothing, and in this new coin the implementation of pools should not be adapted. Every person should have to run their own node and miners. What has help in the centralization of bitcoin mining is the creation of pools. Pools should be prohibited in this new project but should also be protocol prohibited and economically too, for that I don’t have any ideas how to accomplish just that.
And if a project like this were to exits the developers should announce it with plenty of time so that people know what news are coming so that everybody has plenty of time to prepare and be part of it.
THIS IS JUST A MENTAL EXERCISE NOT A PROJECT IN MIND, BUT IF YOU ARE A DEVELOPER AND CAN CREATE SOMETHING LIKE THIS, PLEASE GO AHEAD I WON'T SUE YOU FOR INTELLECTUAL PROPERTY JUST TELL ME IN ADVANCE SO THAT i CAN PARTICIPATE IN IT.