SwiftCash Preproposal - Telegram Mining
As some of you already know, swiftcash launched about 10 days ago. I still haven't submitted a proposal for everything I have been doing since September when I left smartcash and wrote a post about why and the move forward which you can read HERE. The only contributor so far who has been reimbursed is the core developer that I hired who still prefers to stay anonymous. I and others involved are still waiting for more inputs from community members about how much is fair for us to ask for. As some of you who have been following the events since September know, I personally have been helping this fork full time and even turned down a job offer in October because I simply didn't have time for anything else. I look forward to hearing your inputs either here or on discord.
This post however is more about perhaps a brand idea I have to help the adoption of swiftcash. I believe the best way to push for adoption is to give everyone in the world an easy way to mine swiftcash without even having a stake in the system. This can be achieved in numerous ways of course, but the way I have thought of is what I'm going to explain in this post and then hopefully, I can get some feedback and we can together brainstorm the idea that I have. As you may know each blockhash is a long hex string which consists of 64 characters. Approximately, every minute one new blockhash is produced in our blockchain. The hash below for example is for block 14,184.
My idea for Telegram mining is basically a way to airdrop mobile users without them actually participating in securing the network or anything like that. In this model, users would submit to a telegram bot in a public channel, and for example guess the first 5 characters of the next blockhash. Those who guess correctly would receive some SWIFT which they can then withdraw from the bot. If more users guess correctly, the amount of SWIFT is distributed among them equally. We can increase the number of characters that have to be guessed if the number of participants increase - kind of like the difficulty parameter in both PoW and PoS mining algorithms. This would help us spread awareness and adoption.
The reason I suggest Telegram is because it already takes care of mobile verification so users will need a sim card for each guess they submit. Also, writing a bot for Telegram is much easier than writing a native app for mobiles. And issuing all the information in a public channel can provide transparency for everyone to ensure that there are no cheatings in place. We can also enforce new guesses to wait for a certain number of blocks to ensure we don't distribute rewards based on orphan blocks. Users can submit a guess and let that same guess try to win a block for hours or even days and of course once the difficulty changes, their guesses can either become invalid or the bot can add a random character to their guess and they can later change the guess if they wish.
Let me know what you think below and also let me know how much you think is good for us as a community to give out this way from the budget? If we give out 10 SWIFT per block, assuming we'll have a winner every block, we'll end up giving out about 432K SWIFT max in one month. Of course we can and should reduce this amount as block rewards reduce over time. I'm only giving an example here. Another example: If we give 1 SWIFT per block, it will cost us only 43K SWIFT max in one month!
Well as a user of etn's mobile 'miner' app, the rewards are very small in increment and have been slowing down as value and difficulty flux. I started over the summer and etn paid about 3 per day' payout at 10. Personally as a user this is pretty cool from the hodl point of view, but probably isn't truly ideal. You are proposing 1 as a reward but you can go lower, probably down to 0.5. Start at 1 I guess but as more people join I would drop that down over time, or maybe involve the app in some form of off-chain verification like a mini z-snark or witness of sorts. Either way it looks doable as a faucet system.
Thanks for the feedback! Our block rewards will take 8 years to halve so if we start with 10 SWIFT per block for example, it will take 8 years to halve that to 5 SWIFT per block!
I would suggest a claim period (30 days?). Have the bot with eternal rewards will lead to scammers trying to create ways to steal accounts to guess previous rewards. Also, it does not make sense for non-active users to be rewarded (for me).
I would also suggest that the rewards have the same algorithm as the normal swiftnodes. To further prevent the creation of ghost accounts just to increase the chances of rewards. So, the longer you have an account, the higher it will get (up to a period, let' say 30 days too).
For last, any non claimed amount, could go back to the next mined block as an incentive.
Will start bottling my beer... but comments are welcome. And of course... approved! Love the idea.
Yeah those are all good points which can be added to the bot!
Good idea, we can run it for one month for 10 SWIFT per block, altough with 5 hexadecimal characters it is 0.000190781 % the chance to win. With 4 Hexadecimal characters it goes to 0.002289%, with 3 characters the chance to win goes to 0.0296%
5 characters was just an example. IMO, it should depend on the number of participants so at least one user would win every block. Also, the bot needs to be programmed and tested first :)
you are satoshi nakamoto son! do it bro
LOL didn't know he had a son!
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