Author: Matt Whitlock 2014-06-16 16:25:20
Published on: 2014-06-16T16:25:20+00:00
A proposal was made in 2014 by Odinn Cyberguerrilla to incentivize individuals to run full nodes (Bitcoin Core) and encourage giving and microdonations. The proposed solution was to create a feature similar to what was suggested by Gmaxwell, that would process small change and tiny transactions outputs to user-specified donation targets in an incentivized process. Individuals running full nodes and donating would be entered into a decentralizing lottery, regardless of whether they were mining or not, with award amounts varying from small to large Bitcoin amounts depending on how many participants are involved in the donations process. This system would complement the block reward concept already in place which serves those who mine. The purpose of this proposal was to address the issue of how to incentivize more interested individuals to run full nodes and reduce the loss of nodes over time. However, some people have questioned how there could be any kind of lottery that doesn't involve proof of work or proof of stake, as without some resource-limiting factor, there is no way to limit the number of "lottery tickets" any given individual could acquire. The very process of Bitcoin mining was invented specifically to overcome the Sybil problem, which had plagued computer scientists for decades, and now a system that suffers from the same problem has been proposed. Overall, this proposal aimed to encourage more individuals to participate in running full nodes and donate to Bitcoin Core development.
Updated on: 2023-06-09T00:07:59.164317+00:00