Proof of profits based bandwidth allocation

in cryptocurrency •  last year

Intro

I was studying the hashgraph protocol (https://hashgraph.com/) and was wondering how to prevent spam as they use "fame" to arrive at the final truth. This would create an incentive to talk as much as possible spamming the network.

So I had the idea of using proof of profits as the objective standard of value to the network. And rate limiting the amount of transactions a person can send based on the profits they make.

This is just preliminary thoughts and needs much more work. Just wanted to get the idea out there.

Proof of profits (PoP)

PoP is the amount of tokens received by a persons account minus the tokens sent in some time period.

PoP based bandwidth allocation

An account is rate limited proportionally to his relative size in the earnings highscore list over x amount of rounds.

Example

Bob has made 100 tokens over last 1000 rounds. Total earnings is 1000. So Bob gets 10% of the bandwidth for his personal transactions in the next round.

PoP is superior to PoS

Earnings is what we want so let's rewards that with bandwidth

One reason to choose PoP over PoS is that the active user who is earning stake is actively removing supply and therefore increasing the value of the token.

Attacks

There might be attacks like moving money between accounts to fake profit making that needs to be solved before this is a viable system. I have not yet taken the time to address this attack.

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Interesting!

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I was thinking, this could also be called Proof-of-Relative-Stake. If the balance of an account is always rising relative to other accounts over time, that would take care of fake traffic because over time fake traffic world be a wash in terms of relative stake.

amazing genius idea reward profit with profut give incentive to actualy PERFORM
I mentioend you in my LATEST post here
https://steemit.com/cryptocurrency/@ackza/setting-up-ethereum-monero-mining-rig-thanks-to-tytran-new-psu-paywithsteem-post-promotion-success-420-book-using-app-to-give

Heyy mans here you are I’m so glad I spoke with you guys and thanks for all the advice.
That’s so so humanitarian. The kinda person I should be striking acquaintance with. Followed

Great one...It is always good meeting you at different ventures.you are amazing and thanks for the support for us too...we trying to making steemit bigger here in Ghana and prodigy like you just help us moving..thanks so much @mughat

Since this is your latest post, I'm gonna leave this comment here ;) [or else, I'll try to find you on the chat!]

@arsenal49 told me about you! @creutzy and me are organizing the first official Steemit meet up in Scandinavia, the upcoming April in Copenhagen!

We already have an account @copensteem and discord, and we hope to get as many as possible to join! We'd love to have you on board!!! :D

I've been thinking along similar lines for some time. The caviat I would have is that using Steem as a currency should not too affected by the changes.

A normal person who is not blogging or earning on the platform itself should still be able to send and recieve money transactions as normal. Other transactions, such as likes and posts could be limited in order to reduce spam.

I think it's a laudable idea. Great work!