The "little toe" crypto currency

[bosshyip]

WARNING:  this topic is just a crazy idea, I don't even know if it makes any sense.  Please be indulgent.


Today I was again responding to the classic critic about bitcoin, concerning the initial distribution, which was accused not to be "fair".

As I have already explained it, I see no other way than using CPU power to distribute an electronic decentralised anonymous currency.  I have already stated that this is probably some kind of a theorem that could be proved:

"The initial distribution of an electronic currency that is both decentralised and anonymous has to be related to the distribution of CPU power in the network."


However, I came up with quite a crazy idea about an alternative way to distribute a currency in a fair way.

I'd call it the toecoin.  It's just a crypto currency like bitcoin, but with a tiny, and yet quite huge difference.

Every human being has the right to receive 2 toecoins for free, just because he is a human being.  That's the rule.  The currency is decentralised and anonymous, and thus, according to my theorem, it can not be purely electronic.

Here is how it works.  I am a human being and I have no toecoin.  This is not normal, and I want to claim my right to own two toecoins.  I wait for the next block to be found.  For the sake of the discussion I'll imagine that the average time for discovering block is one day, and not six minutes.

Ok, there is a guy who finds a block.  Now here is the first difference with bitcoin:  the guy doesn't receive a reward yet.  He publishes the block, with a spectial generation transaction, but this transaction doesn't worth anything yet.

I hurry and I go this guy's place, or some public place meeting address he published on the web.  I have some time to do so.  About 24 hours.

Here I am at the place, and I am not the only one.  Basically a whole bunch of toecoinless people who wants to claim their toecoins just as I do.  Now, the guy, because he has found the proof of work, he is granted the right to give 2 toecoins to anyone he wants, under one condition that I will describe later.  He could give them to himself, if he fullfills the condition.

Negociation start.  Everybody will promess to give a fraction of their new toecoins to the guy.  There is some kind of an auction which starts.  Let's say I'm the winner.  I promess to pay 0.2 toecoins.  Most people didn't agree to pay more than 0.15.  They'll have to wait an other day, an other block.

To have the right to receive the 2 toecoins (1.8 after I give 0.2 to the block discover), I have to do the following:

1.  I cut each of my little toes and I film the scene.  This will prevent me from getting more than two toecoins later in my life;
2.  I have to put the toes in a machine that will analyse the toe fingerprint and the DNA and turn the corresponding data into a unique ECDSA private key.  This will ensure that the created toecoins do indeed belong to the person who cut his toes, because it should be possible for me to have computed the ECDSA key in the past (I can analyse my DNA and print my fingerprints).  The whole process has to be public and recorded so that anyone can verify there has been no fraud.


This sounds silly, but my aim is to show how difficult it would be to distribute something in a "fair" way in a decentralised, anonymous manner.  At some point, I really think you would have to use people's flesh, meaning that the money can not be purely electronic.

[jonathancool220]

but I appreciate you with good writing with full purpose like that.
I hope you write in this forum with the intent and purpose of cryptocurrency.