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From: PJ Fitzpatrick <opensourcepj@gmail.com>
Date: Fri, 13 Jul 2018 11:11:27 +0100
Message-ID: <CAEpNEN476OWtUNL3=7GQEwLTZ1wXZjKkOtgx+q-MS-F3-x_ktw@mail.gmail.com>
To: bitcoin-dev@lists.linuxfoundation.org
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Subject: Re: [bitcoin-dev] Transaction Coins
Precedence: list

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On Fri, Jul 13, 2018 at 1:27 AM Jakub Trnka <jakub.trnka@chainanalytics.net=
>
wrote:

> I think building some overlay scarcity and value on top of bitcoin
> blockchain would incentivize people to transact a lot. An equilibrium wou=
ld
> emerge between paying transaction fees and mining new coins. Which would
> effectively be equivalent to selling bitcoin and buying some mergemined
> altcoin, except this would congest the bitcoin network. You can easily
> borrow scarcity from bitcoin in some sidechain.
>

Yes  what you say is correct. Therefore n could be a function of the
transaction fees of the block. I think this should be on bitcointalk and I
am going to start a discussion there.
PJ Fitzpatrick


> Jakub Trnka
>
>
> Sent with ProtonMail <https://protonmail.com> Secure Email.
>
> =E2=80=90=E2=80=90=E2=80=90=E2=80=90=E2=80=90=E2=80=90=E2=80=90 Original =
Message =E2=80=90=E2=80=90=E2=80=90=E2=80=90=E2=80=90=E2=80=90=E2=80=90
> On 12 July 2018 10:05 AM, PJ Fitzpatrick via bitcoin-dev <
> bitcoin-dev@lists.linuxfoundation.org> wrote:
>
> I am considering a method to derive digital scarcity from bitcoin
> transactions. Coins are created from transactions if their hash is among
> the closest n to the non zero portion of the block hash. Only a single co=
in
> can be created per transaction irrespective of the size of the transactio=
n.
> Therefore n coins are created per block.
>
> The initial coin supply and addresses can be fully determined by the
> existing blockchain. Additionally coins are scarce as coins can only be
> produced by transactions.
>
> There are a number of variants such as creating computation puzzles from
> the previous block.
>
> Has anyone seen anything similar.
>
>
> PJ Fitzpatrick
>
>
>
>

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<div dir=3D"ltr"><br><div class=3D"gmail_quote"><div dir=3D"ltr">On Fri, Ju=
l 13, 2018 at 1:27 AM Jakub Trnka &lt;<a href=3D"mailto:jakub.trnka@chainan=
alytics.net">jakub.trnka@chainanalytics.net</a>&gt; wrote:<br></div><blockq=
uote class=3D"gmail_quote" style=3D"margin:0 0 0 .8ex;border-left:1px #ccc =
solid;padding-left:1ex"><div>I think building some overlay scarcity and val=
ue on top of bitcoin blockchain would incentivize people to transact a lot.=
 An equilibrium would emerge between paying transaction fees and mining new=
  coins. Which would effectively be equivalent to selling bitcoin and buyin=
g some mergemined altcoin, except this would congest the bitcoin network. Y=
ou can easily borrow scarcity from bitcoin in some sidechain.<br></div></bl=
ockquote><div><br></div><div>Yes =C2=A0what you say is correct. Therefore n=
 could be a function of the transaction fees of the block. I think this sho=
uld be on bitcointalk and I am going to start a discussion there.</div><div=
>PJ Fitzpatrick</div><div><br></div><blockquote class=3D"gmail_quote" style=
=3D"margin:0 0 0 .8ex;border-left:1px #ccc solid;padding-left:1ex"><div></d=
iv><div><br></div><div>Jakub Trnka</div><div><br></div><div class=3D"m_-401=
3677303774532720protonmail_signature_block"><div class=3D"m_-40136773037745=
32720protonmail_signature_block-user m_-4013677303774532720protonmail_signa=
ture_block-empty"><br></div><div class=3D"m_-4013677303774532720protonmail_=
signature_block-proton">Sent with <a href=3D"https://protonmail.com" target=
=3D"_blank">ProtonMail</a> Secure Email.<br></div></div><div><br></div><div=
>=E2=80=90=E2=80=90=E2=80=90=E2=80=90=E2=80=90=E2=80=90=E2=80=90 Original M=
essage =E2=80=90=E2=80=90=E2=80=90=E2=80=90=E2=80=90=E2=80=90=E2=80=90<br><=
/div><div> On 12 July 2018 10:05 AM, PJ Fitzpatrick via bitcoin-dev &lt;<a =
href=3D"mailto:bitcoin-dev@lists.linuxfoundation.org" target=3D"_blank">bit=
coin-dev@lists.linuxfoundation.org</a>&gt; wrote:<br></div><div> <br></div>=
<blockquote class=3D"m_-4013677303774532720protonmail_quote" type=3D"cite">=
<div dir=3D"ltr"><p style=3D"margin-bottom:0cm;line-height:100%">I am consi=
dering a
method to derive digital scarcity from bitcoin transactions. Coins
are created from transactions if their hash is among the closest n to
the non zero portion of the block hash. Only a single coin can be
created per transaction irrespective of the size of the transaction.
Therefore n coins are created per block.<br></p><p style=3D"margin-bottom:0=
cm;line-height:100%">The initial coin
supply and addresses can be fully determined by the existing
blockchain. Additionally coins are scarce as coins can only be
produced by transactions.<br></p><p style=3D"margin-bottom:0cm;line-height:=
100%">There are a number
of variants such as creating computation puzzles from the previous
block.<br></p><p style=3D"margin-bottom:0cm;line-height:100%">Has anyone se=
en
anything similar.<br></p><p style=3D"margin-bottom:0cm;line-height:100%"><b=
r></p><p style=3D"margin-bottom:0cm;line-height:100%">PJ Fitzpatrick<br></p=
><p style=3D"margin-bottom:0cm;line-height:100%"><br></p></div></blockquote=
><div><br></div></blockquote></div></div>

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