Why I had to create a new crypto-value and how it finished?
What are the existed cryptocurrencies drawbacks?
First of all they are not decentralized! Even Bitcoin, governed by an small set of developers! How can we have a more democratic crypto-value? That is, In a democratic crypto space we must reach the slogan “one community member one vote”, So community can effect on the “Protocol” either explicitly or implicitly.
In my opinion, the community members are Developers, coin Users and Backers.
The backers are people who dedicate their computer to maintain blockgraph(will be explain later) and forming the network. They are not miners, since I am not the fan of mining! and I seriously believe the blockchain concept is misunderstood too much! particularly there are exaggerated emphasize on speed & PoW & hash-rate and most coins implementation didn’t get the point and just copied the Bitcoin.
Lets go back to Mining. One of the genius solution of distributing coins in a fairly equilibrium was PoW. It is (almost) random and (almost) equilibrium. Because Satoshi needed to solve this problem.
How the contributors get their wage? Still easy & straightforward. You helped the project by dedicating lets say 5 hours of your time to tweak some css files. You send a proposal about what you did and run a polling on blockgraph. The community members vote for your proposal. They can accept your effort or reject it. If you get approved, the new total shares of project will be 1000000 + 5 shares for you. In next coinbase the coins will be divided between 1000005 shares. 5 shares for you and 1000000 for me. Once your proposal be approved you have voting rights too. That is you have 5 shares and can vote for new proposals (including your proposals). As long as you (and others) contribute in project development you get more shares and relatively my share’s power decline.
To making it more interesting for contributors, every shares last 7 years, means you will earn coins for each approved proposals for next 7 years and you have voting power for next 7 years too.
I started with a “Benevolent dictator for life” BDFL and hopefully very soon became a real community driven crypto-value. This image may explain it better for a single contributer:
to bi continued…