Newk - an Update

While trying to find a reliable way to insure secure and unique identification for purposes of tracking Newk (New Coin) creation and obligations, I realized that one approach might derive from the thought that no one can be in two places at the same time.

While not convenient for anyone who has a regular job, the system might, at scheduled times, have everyone in a region (who wishes to obtain Newks) take a walk to meet random other persons who are also creating coins.  The two would exchange randomly generated half-keys transmitted when they say they have met, to verify that they are in fact physically in each others' presence.  Those half-keys, plus the other half-key transmitted directly to each individual, would be logged as newly created Newks.

To get a full allotment of Newks, each person would have to meet at least that number of other people.  If an appointment is missed, the system would generate another meeting place and person - if necessary giving out a few bonus Newks to make sure everyone gets the minimum allotment.

In essence, this "meet to exchange" protocol becomes a form of  "work", though not very strenuous or time consuming.  It is provably done, and the regions that simultaneously generate coins would be kept large enough that it would be impractical for an individual to rush into a new region and repeat the process under a different identity.  Assuming this process goes on 24 hours a day, Newks might be generated at the same local sidereal time everywhere - noon or sunset for example.  That means that the center of coin creation will move around the world at about 1070 miles per hour (1670kph).

It might be possible for someone to use a tele-presence robot to attempt collecting coins in different regions - but they would have to be lucky enough to meet only with random others who are willing to let them cheat.   (Perhaps this will become a problem once cheap androids become impossible to distinguish from live humans.   This is not likely to be a near term problem. )

One potential benefit of this approach, is that if the value of Newks is low, many would not bother walking for Newks - which would reduce the supply of Newks and might increase their value.  A negative factor is that it would slow acceptance, particularly among vendors.  So it might also be possible for a vendor to register their location as a meeting place, and have Newk-walkers come to them.

Another down-side is that this creates a period in which those who need the Newks most, would not be able to be employed.  But that also creates demand for people who are willing to give up the free coins in return for employment during that period, which might mean higher wages in that period.


Popular posts from this blog

Could a Minimum Income Cryptocurrency Nuke Bitcoin?

Proposed Presidential Vision and Plan for NASA

Cellular Mars Bio-bubbles