Proof-of-Time

[Mitoshi-Jackamoto]

This is a theory on cryptocurrency. Every coin that can be mined has a block time and in this example i'll be using AmityCoin which has 2 minute block times.

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What's this then?
So if the network solves a block in a shorter time than it is supposed to, then the network will give you a lower block reward

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The formula in its most simple form will look something like this;

if ST < 120
  return lowerReward
else if ST => 120
  return normalReward

120 seconds equals 2 minutes so this saying "if the block time is solved in less than 120 seconds, then give us a lower reward but if it's exactly 120 or over then give us the normal reward for the block".

There is a slight problem though with this. If a block was solved in 10 seconds, then it would have the same penalty as a block being solved in 100 seconds. Both are incorrect solve times but a reward for a block solved within 10 seconds should have more of a penalty than one solved within 100 seconds so for this we need to think a little outside the box.

DIFFICULTY_TARGET = ST

if ST => 120
  return normalReward
else if ST < 119
  return lowerReward1
else if ST < 115
  return lowerReward2
else if ST < 110
  return lowerReward3

lowerReward1 = (normalReward / 2) + 60
lowerReward2 = (normalReward / 2) + 50
lowerReward3 = (normalReward / 2) + 40

lowerReward = lowerReward1
            = lowerReward2
            = lowerReward3

if lowerReward * 10
  return normalReward / 2

if lowerReward * 20
  return normalReward / 3

Now this is saying "if a block is solved anything less than 120 seconds then use 1,2 or 3 to get the new block reward. Also if a case of a lower block is reward multiple times because of the solve time is still to quick, then it half's and then third's the reward".

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This does need properly coding so don't try and copy this into your code as it simple won't work "as-is"

This is just a rough sketch, feel free to comment something about this

[Mitoshi-Jackamoto]

Proof of Time