Umm.. wouldn't it be better (for the environment) if you just donate the CPU time to folding@home or similar thing and they would certify that you donated?
I think someone suggested there already is a cryptocurrency like that.
I think someone suggested there already is a cryptocurrency like that.
If you're concerned about energy use and willing to trust a third party to verify the transactions, then why not use VISA?
(I looked at the CureCoin site and skimmed the FoldingCoin white paper [3], but I couldn't find any description of how they verify the folding work. Can someone point me at an explanation?)
[1] https://www.curecoin.net [2] http://foldingcoin.net [3] http://foldingcoin.net/the-coin/white-paper/
Well, that's my question.. They are already willing to trust the party that generated the code that they had legal access to their computer for this purpose. I think we would all be better off if they just required proof of monetary donation to some charity or something.
All that was accomplished here was shifting of trust on these individuals at some energy expense; it's insane.
It's nice theoretical exercise for sure, but I sincerely hope that anyone attempting to build yet another monetary system on waste of energy will seriously reconsider the idea.
[1] Actually it is probably more complicated, one entity, one vote, so that it can include companies and the like. This alone seems non-trivial, what exactly qualifies as a separate entity?