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check out bitshares, steemit and eventually EOS. Their DPoS model uses exactly that -- users vote on the witnesses that will produce blocks. Every witness gets a shot at producing the next block. If the witness fails to produce a block, they will be voted out by the users.

Scales to 100k tx/sec, supposedly.

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I wonder if it would be possible for 90% of users to come to agreement on assigning the balance of the wealthiest account to themselves. Without proof-of-work, there'd be no way to prove this has happened, since it would be easy to create a new blockchain copy which just assigns the coins from the wealthiest account to all other accounts.

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