Could we just put the simple nodes into the reward system ? It is just about being fair…
Everyone in this crypto world is talking about decentralization and giving back the power to the people about their money but in reality I’ve got the feeling that crypto exist for fintech sh*t and traders… (Ex :Why can’t we mine Ltc without Doge ?! wtf ?! Doge’s everything but the idea of crypto at the beginning)
Maybe Litecoin could be different from others starting by rewarding EVERYONE working, using ltc, and consuming energy (that we pay) with equity. I don’t have a machine powerful enough to mine, even in a pool, and electricity is to expensive to do so anyway.
I’ve got LTC core running when my laptop is and I’d like to be able to run a node 24/7 but I can’t, and actually, I don’t know why I would do so…
It’s a topic I think about some time, and today I subject to put my hanger in…
I totally agree with your sentiment. “Simple” nodes- you mean full nodes- are the most important element of cryptocurrency. Full nodes are the true peer-to-peer vision of Satoshi. Miners get all the focus nowadays. They are just specialized nodes. Part of the emphasis on miners stems right back to Satoshi himself who said that there was no reason for a node not to be a miner. But he (or she) was trying to ‘bootstrap’ bitcoin. He was desperate to get the hashrate up quickly. In my opinion nowadays it has flipped and we need many more full nodes which are not miners. This is a balance of power.
However, I’m not sure whether you’re proposing a tax on mining which gets distributed to all full nodes, or a communist kind of mining process which splits the rewards evenly; basically one big mining pool.
Could you clarify which one you mean?
As I said, I support the encouragement of us commoners running full nodes. Not sure at all how to do this. Maybe some kind of reward for uptime. Any solution would be controversial.
I know it was the idea to have a low mining hashrate so everyone can mine but, it was so naive from S.N. to believe that nobody would want to mine more than the others… Maybe it has his reasons…
I mean more like one big mining pool where everyone can help with the machine he/she’s got. But it should’nt be the heart of reward.
The reward would be distributed to all nodes that participate, even the one that arent mining, and maybe a little more would be given to miners.
But the hashrate need to be low and the same for everyone. Or, the hasrate could have a maximum reach ?
By simple node I mean a node that is just connected to the network. I’ve got a pruned node (not enough space to be full node haha) running next to a btc node and it’s consuming energy !
(By the way, I’m no Dev or economist or mathematician so maybe my ideas are irrelevant… But I don’t think so.
He sure did have his reasons. Satoshi was anything but naive. He knew that mining would become very competitive, but that was his goal, because his main worry was the government. Note that e-gold was illegally confiscated by the FBI while he was developing bitcoin in 2007.
His ‘problem’ was that he did not know that bitcoin would take off so quickly, and the price would rise so rapidly, and therefore ASICs would develop so quickly. We can’t blame him for that. When he launched bitcoin everyone was skeptical. I believe that he thought that home-node mining would have a chance to become much more established before the ASIC stuff happened.
This is especially important because if home-miners had pushed the difficulty rate up enough early on, then it would have delayed the ASIC revolution. This is simply because it would have been too expensive to market them. Note that I said ‘delay’- the ASICs would have come at some stage.
But if home-mining was already established with hundreds of thousands around the world, then maybe they would have changed the algorithm when ASICs started to take over.
Long story short- bitcoin became really successful way quicker than Satoshi planned. I don’t think this is naivity. It’s just luck or fate.
Funny you mention this, because I proposed this very thing a few weeks ago. I’ll find the post. My idea was that there would be a slower, low-fee option for block confirmation which uses one big pool of amateur home miners and the RandomX algorithm (like monero). DNSSEC would ensure a secure group. (Or perhaps, DNS over HTTPS… an issue for the devs) In other words, any node wanting to use the ‘home pool’ would have to authenticate with a single URL, e.g. rootspool.litecoin.org. This is, of course, centralized, but too bad. ASIC pools are centralized anyway.
I guess you’re right, I’m probably the naive one here ! ^^
I’ve read parts of your post, your idea looks like a good idea. I don’t know if the “how to” is good because my knowledge of how a blockchain work is basic so I won’t argue on that point.
I think that the “run to rewards” system (in general) is not future proof, looks like we’re going to end up eating each other for a small piece of bread (or coin)…
I didn’t thought about the centralisation problem of a public mining pool though. But it looks like the mining at business level is also reducing the decentralisation of the blockchain… No ?
I think we should rethink our way to reward the first, the best etc…
I don’t really get why miners should be in competition as they are all working for the blockchain. Maybe at the beginning okay, but now ? Is it still so important ? Do you think our thaughts will be read by devs of the foundation ? Or it will just fall in the depths of the forum ? …
Just to clarify, I mean centralization in that the DNSSEC would depend on a private key. The Litecoin foundation would have to install that key on its chosen DNS servers. It would have to ensure that these servers weren’t hacked. If you want to allow just one mining pool, there has to be some way of excluding fake mining pools. Maybe someone can come up with a better way, but I think it will always be centralized.
But it looks like the mining at business level is also reducing the decentralisation of the blockchain… No ?
Yes. And just wait for the reaction when Blackrock buys one of the few mining pools creating most of bitcoin’s blockchain!
Are they? Or are they working to make a profit?
I would like to think that some were still motivated by values deeper than money. But I’m not sure. Do you know the story of Bitmain (mining hardware), Segwit, and AsicBoost? When SegWit was proposed for bitcoin, a lot of miners, especially in China using the Bitmain hardware, opposed this. There was no good reason for opposing it, they just did. Then someone (I think Gregory Maxwell, a bitcoin dev) worked out that these miners were cheating, in effect, by using covert AsicBoost, to reduce the number of hashes required per block. SegWit broke the method of cheating. If this allegation is correct, then a huge number of miners did not care about the overall security of bitcoin- they just wanted to make the maximum money they could.
I think you are proposing a socialist system of mining, whereby the block reward is shared out equally, right? And the miners accept this because they are working for the good of the people using the cryptocurrency, right?
Just fall into obscurity… ignored by anyone important in the community.
Of course they are doing it for profit, we all want some pieces of the cake. Btc value is just insane … I’d love to mine some and make a bit of profit…
This I understand because we need to eat everyday and maybe for some people it was with this way they make their family confortable. Sometimes (everytime) we go too far with this quest haha !
YES ! I’m fucking too Red for this crypto world !!
Low machines welcome, (old or 5$ raspPi) Hashrate fixed for everyone (Maybe some different levels Or a maximum hashrate reachable), Block reward shared and you receive what you’ve worked for. Accepting to NOT be rich by mining but have some income anyway.
It is not like “everything is beautiful world”, I know we’re made of ■■■■ inside because this is how we have been educated.
But so this idea work, the blockchain should be greediness REPELLENT. So the ones that work for the blockchain, do it with an other purpose than money BUT get some pieces anyway
