after working for some (long) time, I formulated a proposition for a new consensus protocol in blockchain networks. I wanted to create a protocol that achieves true decentralisation, both in its operation and distribution of coins as rewards (so decentralising wealth). I believe that PoS blockchains can’t do that, because they must distribute coins initially to some small group of investors and then those investors get the block rewards. Protocols using some real-world resources (like hashing in PoW) eventually get centralised, as few entities, using technological optimisation of hardware (ASICs), geographically-dependent advantages (cheap electricity in some parts of the world) or just through economies of scale (buying hardware cheaper) eventually capture the distribution of coins and wealth coming from the system.
-Proof-of-Used-Bandwidth: the more Internet bandwidth a user invests, the more likely he is to become a block producer.
-Geographically-bounded blockchains: there is not just one blockchain; everyone can create a blockchain version that uses Proof-of-Used-Bandwidth, but only the bandwidth originating from a selected geography (from a country or even a region) can be used to compete to produce a block in this blockchain version.
-All geographically-bounded blockchains are interoperable without the need for some central chain over all of them. So even if there are many blockchains, and each one allows to use bandwidth from a specific region, still all form one whole.
-In each blockchain users compete based on same conditions: if it’s the same country, they have similar bandwidth costs (I’m assuming that they are buying bigger amounts of dedicated bandwidth),
similar cost of hardware (no ASICs apply here, because it uses bandwidth, so cannot be optimised like this), same electricity costs, etc. This is a great advantage, because there really is not much that can cause an oligopoly.
-Unlimited scalability, because there are many (theoretically unlimited number) networks, each covering some area, and all are interoperable with each other. No need for central chain over all of them.
I think it can be an interesting idea and I analysed the design that I came up with repetitively for quite some time and couldn’t find a flaw.
However, this design is very complex and it’s described on many pages. What should I do with it now? If it could work, and I believe it could, it would be a very big step forward. But I don’t know anyone in crypto-space and my name is completely unknown. I would like this to become someday a community-driven project.
I don’t want anything from anyone and I’m not trying to promote myself or my idea. I just want a hint from someone “in the know” – how should I progress now? The whitepaper and detailed documentation are on my website: