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iGeo-Coin Blackpaper
iMarch 08th, 2018
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i
iIn 2013 I had a conversation with a coworker about Bitcoin. What
iis it? I asked. No, no, I mean, how does it all work? I repeated.
iWe went on like this for a few days before he eventually just told
ime to read this whitepaper [0]. Ahh, now I get it... well mostly.
i
iIt makes sense from a logical point of view: how do you build
ia platform that can naturally prove things true without needing
ia 3rd party? Well, you build truth into its very existence. What
iif the universe were nothing but a giant ledger?
i
iAt that time my coworker had become involved in a community
itakeover of an alt-coin, a crypo-currency which had become
iabandoned by its creator. He had some grand plans but the coin
ifailed to gain traction. In a sense theirs was a precursor to
iZ-Cash and Dash in the anonymity space. It had great plans and
ilofty goals, but no clear path to reach them.
i
iAround that time I also gave some thought to another
icrypto-currency which I thought had potential to be meaningful
ifrom an economic point of view. My premise was a coin with a value
ithat relative to its transaction-point geographically. In short:
i
i Geo-Coin
i
i A crypto-currency designed for the development of local markets.
i At the heart of the Geo-Coin system is the addition of geographic
i proof to proof-of-work. Every mined coin is done so with
i a specific geographic location attached to its identity.
i Wallets, as points of reception in a transaction, also hold
i geographic location as part of their identity. A wallet can hold
i coin values without degradation if they share geographies. As
i the wallet and coin increase distance, part of the value of the
i coin is lost. In this way, the further a coin "travels" the less
i its net worth in the system.
i
iWhy didn't I pursue this idea, you might ask (unless you're
ialready prepared to tear the idea apart, you vicious bastard)?
iWell, I'm not sure it's sound, first-of-all. It's possible that if
iyou expend a great deal of resources you could create wallets
iusing a false location shared by the source coin, hold it all in
itrust in a billion little wallets, and then trade without loss.
iThat is, assuming that the proof of geography is something that
ican be spoofed.
i
iThat's surely part of the reason. The other big factor is that
iit's a lot of work, and I don't care all that much. Great ideas
i(if this even counts) aren't worth 1% of success. Well over 99% is
ithe effort you put in. I don't need to spend that amount of time
iin crypto. The idea makes me feel gross.
i
iFinally, I could never crack the big problem. How do you prove
ilocation? Give it some thought and see if you can come up with
isomething that can't be manipulated. With that piece of the puzzle
ithe rest should be doable. If you can make it work, take it and
irun. More power to you. All license or copyright or other legal
ishenanigans is hereby revoked.
i
iEnjoy (you vicious bastard)
i
HTML [0] - Satoshi Nakamoto Bitcoin Whitepaper