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I am writing a project on cryptocurrencies. As a part of this project, I thought of a new token for web services exchange. I tried to combine PoW and PoS and here is what I have. I called it Proof-of-Action - it works like Proof of Stake only it depends on a node's activity coefficient rather than how much money you have.

A server/ full node, just like a bitcoin: receives transaction messages, validates them, broadcasts them to the other full nodes to validate, and calculates its own and other full node's it knows activity record.

Then full node selects the best candidate it knows and shares with other full nodes. Once all the nodes agree on the candidate, that node will be able to create a block from transactions it received and mine it. The miner will get a reward. Once the block has been broadcast and added to the chain, the candidate's activity record resets and it gets the reward.

I wanted to make sure that new users have as much chance as the old ones and it should not matter how much money they have. Thus, the activity record should depend on: how many light-weight wallets the node is connected to, how many transactions the full node received from these wallets, how many hr it participates...

I thought in this case, it ensures more or less fair distribution of money and does not waste a lot of energy - no hardware for miners, plus, there is no need for transaction fees (until all the money has been released).

Thank you for reading this long text and please tell me what you think. Do you think it could work at least for a small network? Do you see any big flaws associated with it right away?

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 Once all the nodes agree on the candidate

If you already have a way to achieve that, you don't need a blockchain at all. Just run the same algorithm to get all nodes to agree on which of two conflicting but otherwise valid transactions to accept.

If you don't, then perhaps you haven't solved anything.

  • Before all the nodes can agree on a candidate, they must first agree on who all the nodes are, otherwise there's no way to know when or whether they've all agreed. And you may have malicious nodes that might just refuse to agree. – David Schwartz May 8 '18 at 17:52

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