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Energy Wallet
Create inter-blockchain wallet that exchanges based on difficulty of blocks, and associated expected energy to mine | |
Each cryptocurrency unit represents a very different amount
of energy used to mine it, but currently they are traded as if
they are equal, in most cases... This creates socio-economic
crypto-inequality. Wallets trick people by not showing
invested energy (kWh), but could easily be modified to
do so.
Idea: universal wallet that works for all coins based on
electricity energy invested as universal inter-currency
exchange rate...
ICO for energy trading blockchain
https://www.greente...currency#gs.q_L5hsI
[theircompetitor, Nov 28 2017]
Related blogpost on computing energy spent to mine
https://blog.mindey...ptocurrency-prices/
[Mindey, Dec 01 2017]
Watt-backed money
Watt-backed_20money
Related [Voice, Dec 01 2017]
Brute-force attack
https://en.wikipedi.../Brute-force_attack
[hippo, Dec 01 2017]
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Annotation:
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Personally I'm still confused about where the original / core
(or base) value comes from for most crypto currencies.. but
then I'm still more comfortable with gold sovereigns than this
newfangled paper stuff :) |
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The term Cryptocurrency makes me think of old mouldy Confederate bills somehow creeping their way back into circulation. |
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Like using the word Zombinfrastructure. |
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//represents a very different amount of energy used to mine it// |
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If that's true, then why are you sitting here, and not busily
arbitraging that difference away for fun and profit? |
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Similar to H.G.Wells's concept of the "Air Dollar" in The Shape Of
Things To Come, where currency was "backed " by the average
unit cost of international air freight. |
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[ ] "difficult to procure" is generally held to be a personal value : why would it be valuable to somebody else ? |
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What percentage, of the kWh stated, is to calculate the difficulty of the bit transaction's actual mining cost? Maybe some shopping round needs to be done. |
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There is a small amount of energy, called the Von
Neumann-Landauer Limit, or Landauer Limit, which
sets the theoretical minimum amount of energy
required to flip a bit in an ideal, theoretical
computer system - "No irreversible computing device
can use less energy than this, even in principle".
This limit can be used to show the average
amount of energy that would be required for a brute
force attack - "...in order to simply flip through
the possible values for a 128-bit symmetric key
(ignoring doing the actual computing to check it)
would theoretically require 2^128 − 1 bit flips on
a conventional processor. If it is assumed that the
calculation occurs near room temperature (~300 K)
the Von Neumann-Landauer Limit can be applied to
estimate the energy required as ~10^18 joules,
which is equivalent to consuming 30 gigawatts of
power for one year" (see link).
This
approach could be used to calculate the 'cost' of a
cryptocurrency unit - i.e. it would be the bit
length of the numbers used in the 'coin',
multiplied by the minimum energy for flipping a bit
implied by the Landauer Limit. |
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[Skewed], me too. And that's why this idea, it's
basically, to beat the unreasonable prices. |
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Just because some crackpot wrote that 1kWh buys 1
BTC today, and it will exponentially less, as the system
is adopted by more people, because they will compete
for same interval of time, is a Ponzi scheme element. |
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//Von Neumann-Landauer Limit// But that only applies to irreversible computation. If you're prepared to let your computer sort of slosh backwards and forwards through a calculation, until it happens to go all the way through and produce an answer, the Limit no longer applies. |
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I know this to be the case because, when required to produce a complex Excel spreadsheet, I have found it's much less effort to just fudge the answer, then go back again and correct it if anyone complains. |
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