Proofs are designed to prevent the congestion of block entries in the
blockchain by simply making it slower to confirm blocks. First to find the
golden nonce wins! The lowest nonce that makes a block hash from the last
block that ends with 0000 or 4 zeros is the golden nonce. This favors
the best computer specs that process nonce numbers faster.
Inspired by the movie In Time,
MIN is a currency that automatically burns tokens by the minute. You can earn
MIN for mining.
- Consumer Wallet - A regular wallet used for consumption.
- Mining Wallet - A wallet generated by the mining software.
- Time Bank - A mining wallet usually with high amounts of time used to
prevent their
MINfrom being burned. - Cooling Period - The time between a wallet being generated and ready for mining.
- Burned - Tokens are purposely and permanently removed from circulation.
- Burning Token Protocol - Tokens that are automatically burned over time.
The mining software will generate a new mining wallet. There is a cooling period of 1 week before the mining wallet can start mining and receive funds. During this period, the software will download the blockchain and can verify newly entered blocks. The cooling period is necessary to determine the stability of the mining hardware.
NOTE: If the mining software goes offline for any reason, the cooling period restarts
A mining wallet is compensated while online (1 minute is 1 MIN). Since MIN
is also burned every minute, this acts like a time bank (like in the movie)
rewarding people that serve the network with token stability. Additionally,
for every block that is successfully mined, 10 years, calculated by
~(60 * 24 * 365 * 10) MIN is awarded to the miner that first finds the golden
nonce.
NOTE: The Ethereum Network processes > ~6k blocks a day. In MIN, that's good for 219K years per year or 2.19k lifetimes
Miners are encouraged to distribute their wealth to consumers in order to
increase their potential in winning blocks. In order to encourage that, mining
difficulty is relative to how much MIN a mining wallet has in that, the more a
mining wallet has, the longer it will take to mine a block. An example
difficulty table can be thought as the following outline.
- If miner owns 0-9 years -> 2 zeros of difficulty
- If miner owns 10-99 years -> 3 zeros of difficulty
- If miner owns 100-499 years -> 4 zeros of difficulty
- If miner owns 500-999 years -> 5 zeros of difficulty
- If miner owns 1000-1499 years -> 6 zeros of difficulty
- If miner owns 1500-1999 years -> 7 zeros of difficulty
NOTE: Still need to vary the amounts
Miners can set a maximum difficulty attempt in order to save energy. When a mining wallet funds exceeds this threshold, it will merely act as a time bank that holds funds and verifies new blocks.
A consumer wallet can transfer time to a mining wallet in order to keep it safe from being burned however, a mining wallet cannot transfer funds to any kind of wallet while it's mining. When a mining wallet does it's first transfer out, it is automatically unlinked from the software and treated as a consumer wallet. A consumer wallet can never change into a mining wallet. The mining software will need to generate a new wallet and wait for the cooling period in order to start mining again.
Since there is no gas fees, smart contracts can be freely deployed and executed and tokens can be freely minted. Smart contracts can optionally add rewards to miners in code using their own token. Tokens can be stable or adopt the burning token protocol.
NOTE: This spec does not describe what language the smart contracts would be written in.
While verifying transactions are free for consumers, it is a first received first processed basis. Consumers can pay miners to prioritize their transactions next. Prioritized transactions are grouped in a different queue from normal transactions and is checked before the normal queue.
The burning token protocol is not ideal in scenarios that are built on stability and shifts the paradigm from value by having more to value by keeping what you already have. The following were considered when writing this specification.
- Time is meant to be lost and can only be stable by serving the network.
- Miners can also serve the environment by saving energy at their discretion.
- Preference to poor miners over rich ones to encourage circulation.
- Transactions are faster with less energy by controlling the amount of zeros in the proof.
- Miners cannot purposely be poor all the time in order to win more blocks.
- Sending funds to competitors in order win blocks is not practical at scale.
- Mining wallet rules exist to discourage stability, bad miners and bad actors.
- Only miners can hold, consumers consume.
- Time can be infinitely created but more will be burned with more active consumer wallets in existence.
The following describes use cases for this kind of proof.
This is the regular scenario.
- I earn 10 years from mining
- I convert my mining into a consumer wallet
- I register a new mining wallet (I wait a week)
- I start trading with my consumer wallet
- I send funds to my mining wallet
- I'm out of funds, so I convert my mining into a consumer wallet...
It serves the network ideally if everyone was a miner. Having a time bank is useful for most people but requires to serve the network too.
- I setup a time bank
- I bought a year
- I sent it to my time bank
- I bought a year ...
Most exchanges won't be able to support tokens that burned over time, but the following is possible.
- I created a consumer wallet
- I bought a year
- I list 6 months for sale
- A month later I sold 5 months and I have zero balance
Note: You can also list your time bank for sale and configure a smart contract to unlink and transfer funds
- I bought a year
- I spent 10 months of
MINin 2 months - 2 months later I have zero balance
- I bought a year...