BIP: ? Layer: Consensus (hard fork) Title: Universal Bitcoin Lottery Author: remotemass <bicomplex@gmail.com> Comments-Summary: No comments yet. Status: Draft Created: 2014-08-26 License: PD
I envision an engaging activity centered around the blockchain from which the community as a whole would benefit.
There would be a change in the protocol so that a specific address could not be used to send coins. It could only receive them. This way it could be used to burn coins and everyone would be sure that no one could ever own that address and spend those coins. Then - for every block - the amount of coins that were sent - during that 10 minutes in between block creation - to that "burn address" would be given as a reward to an address that sent coins to the burn address, with coins entering circulation, making it a lottery. This means that there would be no limit of bitcoins entering circulation but the extra coins entering circulation other than the ones from mining would be balanced by the ones burned, so no one would loose anything and we could talk about live coins that would still be limited to 21 million and dead coins.
The winner of this lottery mining would always be ruled by the following:
For every amount sent you would have that number of satoshis sent make you have your bitcoin address virtually listed in an ordered list of all the participations as many times as satoshis sent.
So for example if 1KyDtBCT6Vj7VdRP32reeNycrGnVvEjNDV sent 0.00000005 BTC, and after 1n6mSy5xptF8NpF5Nvoy3k1p1vapmZJb3 sent 0.00000003 BTC, and after 112adnFHbxDD9F72gRECPfxL3j62Ktrcm1e sent 0.00000009 BTC
The virtual list with the entries of participations would get to be:
1 => 1KyDtBCT6Vj7VdRP32reeNycrGnVvEjNDV 2 => 1KyDtBCT6Vj7VdRP32reeNycrGnVvEjNDV 3 => 1KyDtBCT6Vj7VdRP32reeNycrGnVvEjNDV 4 => 1KyDtBCT6Vj7VdRP32reeNycrGnVvEjNDV 5 => 1KyDtBCT6Vj7VdRP32reeNycrGnVvEjNDV 6 => 1n6mSy5xptF8NpF5Nvoy3k1p1vapmZJb3 7 => 1n6mSy5xptF8NpF5Nvoy3k1p1vapmZJb3 8 => 1n6mSy5xptF8NpF5Nvoy3k1p1vapmZJb3 9 => 112adnFHbxDD9F72gRECPfxL3j62Ktrcm1e 10 => 112adnFHbxDD9F72gRECPfxL3j62Ktrcm1e 11 => 112adnFHbxDD9F72gRECPfxL3j62Ktrcm1e 12 => 112adnFHbxDD9F72gRECPfxL3j62Ktrcm1e 13 => 112adnFHbxDD9F72gRECPfxL3j62Ktrcm1e 14 => 112adnFHbxDD9F72gRECPfxL3j62Ktrcm1e 15 => 112adnFHbxDD9F72gRECPfxL3j62Ktrcm1e 16 => 112adnFHbxDD9F72gRECPfxL3j62Ktrcm1e 17 => 112adnFHbxDD9F72gRECPfxL3j62Ktrcm1e ... N => xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
It would then be computed:
( LAST_HASH_VALUE Mod N ) + 1
(where mod is the modulus operation, that is, the remainder of the integer division). It would be looked up that result in such virtual list of entries and the corresponding bitcoin address would be the winner.
And would get the same amount of coins as was sent to the lottery burn address in between that block creation.
This document is placed in the public domain.