- Jun 8, 2014
Interesting.... This "reward", are you talking about the block reward or the MN payment percentage?I like Proof-of-work, I think it's important for keeping the ecosystem healthy. In balance with a proof-of-service system, I think we'll do well.
Benefits of proof-of-work:
- In a pure proof-of-stake system, the coins are distributed to only the ones that are invested. In a proof-of-work system, you have a wider base of people receiving compensation.
- Proof-of-work sets a price due to the electricity cost of producing the coins.
- Would require that all masternode operators have their money on a "hot" node. I think one of the best things about the current masternode system is the fact that you can run a masternode with no money in it.
- Also has a incompatibility with proof-of-service, in the existing system we can enforce that ports are open to get paid, or that masternodes are processing Darksend transactions successfully (it doesn't do this currently, but it can in the future).
Solution: Sync a common list across the whole network. Payee and payment amount can be enforced this way, and the reward will increase for 1 1/2 years. First adjustments are 5%, followed by 2.5%, then the last few adjustments are 2.5% every 2 months.
We can start updating testnet and testing this. This will be the last hard fork for months (the next one will be for later revision of InstantX, which is months away.)