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Proof of Luck
Nathan Wilcox edited this page May 2, 2014
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Complementing a PoW system is the herein proposed Proof of Luck system:
For a block, B, the difficulty of mining is reduced drastically for
several addresses selected by pseudo-random deterministic derivation
from the hash of B. Normal bitcoin-style PoW or PoS mining is also
available as an alternative.
"Small Joes" can still mine, if they are lucky.
This merely shifts "work" to include key generation. It can be thought of as an alternative PoW algorithm which happens to involve key generation. In other words, "the well-resourced are luckier".
This scheme may be complemented by a scheme which makes accounts or keys rare, or at least the roster of keys who "want to be lucky".