Idea for new non-fiat coin
Let me brief- this is my first posting and i am not huge into online ecosystems, but i figured this is the place to post.
So, what is the real value of cryptocurrency? As an economist, i would argue it is still semi-fiat, based wholly upon demand.
I have a better idea.
A much better idea.
Why do we waste all the energy and computing power solving pointless problems. Lets make a real currency and solve a real problem- the declining biodiversity on earth. Here I lay out a simple explanation of how to make a global decentralized genetic library to further our genetic engineering efforts and preserve earth's true gold- DNA.
My system has three levels of miners.
1)The first miner would be a person who collects a DNA sample from nature.
2)Then a sequencing machine records and cuts DNA at various points. It then attempts to fold this DNA sequence into a protein. Once a certain protein is found, it is verified across the blockchain by fitting it with another protein- hence a new coin is made. A coin corresponds with a specific genetic sequence. (Some of the most common, well know proteins will be made into "seed" coins in order to verify new sequences)
- A third miner would take verified coins and try to fit them together. This makes a map of how different proteins are related (incredibly useful). The larger a map expands, the more value each coin would be worth.
Each coin would have a different value and would be split amongst the three miners. Each coin would appreciate.
Since no gene can be patented, this library blockchain would be incredibly useful since each gene sequence and corresponding map could be searched and viewed by anyone. Wallets of course would still be hidden, but individual coins and their subsequent transactions could be viewed.
If you want to take it further, and for the purpose of crypto-i don't know if you would, each person's wallet would be tied to their unique DNA inherent in their body.
I was thinking a waves coin could be made to crowdfund this endevour which then could be transferred into the new coin once established.
So yeah, finally non fiat. Anyone up for the challenge? If so, please throw me a few of these new coin.