Minting Mechanisms for Blockchain

[VeryWellDone]

Permissionless blockchain systems, such as Bitcoin, rely on users using their computational power to solve a puzzle in order to achieve a consensus. To incentivize users in maintaining the system, newly minted coins are assigned to the user who solves this puzzle.

On the other hand, proof of stake systems incentivize coin hoarding as players maximize their utility by holding their stakes. As a result, existing cryptocurrencies do not mimic the day-to-day usability of a fiat currency, but are rather regarded as crypto-assets or investment vectors.

I also think that it's possible to implement an auction without requiring a semi-trusted party, where every miner in the network is a potential bidder.

[Augusta]

When done, digital transactions that took place within 10 minutes are grouped together in a secured block and sent to the entire network. Bitcoin miners will compete to validate transactions by solving complex encryption problems. The first mechanic to solve the problem and confirm the block gets the reward.

[Calantha]

When done, digital transactions that took place within 10 minutes are grouped together in a secured block and sent to the entire network. Bitcoin miners will compete to validate transactions by solving complex encryption problems. The first mechanic to solve the problem and confirm the block gets the reward.

Valid blocks of transactions are timestamped and added to a chain with linear order and chronological order. New blocks of valid transactions are connected to older blocks, creating a chain of blocks representing every transaction in the history of that blockchain. The entire chain is continually updated so that all ledgers on the network are the same.