I had an idea pop into my head at the local bitcoin meetup last night when talking about M-Pesa and crypto currency solutions for people with only a smart phone in their pockets. It is a challenge that is being tackled in many different ways, however I think there may be a straightforward human solution. "Bitcoin Africa" here's my plan.
We fork bitcoin with a basic fork and encourage bitcoin holders whom receive the new coin to donate it to people in undeveloped countries or who simply in need the money. With the current rate and relative success of bitcoin forks and a potential of $200B this could be one of the greatest charitable programmes of all time.
Before the fork we develop a social media like sign up process for people wanting donations. They could put a up a photo, video or something to verify that they are a real person and would get the wallet at the same time. After the fork people who currently have bitcoin, automatically get an equal amount of the new coin, instead of selling the fork which would drop the price, they donate it directly to someone of their choice online. this has minimal cost to the bitcoin holder and could really enrich the receivers if the Africa coin held its value. The social platform would also allow human influence over distribution.
I suggest the fork would use some small but relevant and well tested technical updates. A new mining algorithm that could run on a cell phone, maybe the light coin mining algorithm, it would have fast small blocks and potentially use POSV (proof of stake x velocity) with a heavy emphasis on velocity if it is easy to implement and not too complex for people to understand. this encourages spending and removes the advantages for wealthy people that are associated with POS.
So that's it, take it and run with it. With new found wealth bitcoiners have a chance to be socially responsible. We just need to decide ón a colour and how far to twist the logo.
We fork bitcoin with a basic fork and encourage bitcoin holders whom receive the new coin to donate it to people in undeveloped countries or who simply in need the money. With the current rate and relative success of bitcoin forks and a potential of $200B this could be one of the greatest charitable programmes of all time.
Before the fork we develop a social media like sign up process for people wanting donations. They could put a up a photo, video or something to verify that they are a real person and would get the wallet at the same time. After the fork people who currently have bitcoin, automatically get an equal amount of the new coin, instead of selling the fork which would drop the price, they donate it directly to someone of their choice online. this has minimal cost to the bitcoin holder and could really enrich the receivers if the Africa coin held its value. The social platform would also allow human influence over distribution.
I suggest the fork would use some small but relevant and well tested technical updates. A new mining algorithm that could run on a cell phone, maybe the light coin mining algorithm, it would have fast small blocks and potentially use POSV (proof of stake x velocity) with a heavy emphasis on velocity if it is easy to implement and not too complex for people to understand. this encourages spending and removes the advantages for wealthy people that are associated with POS.
So that's it, take it and run with it. With new found wealth bitcoiners have a chance to be socially responsible. We just need to decide ón a colour and how far to twist the logo.
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