A theoretical concept of cryptocurrencies employing proof of socially beneficial work

【Author】 Kock, Ned; Tarkom, Augustine

【Source】TECHNOLOGICAL FORECASTING AND SOCIAL CHANGE

【影响因子】10.884

【Abstract】We propose a theoretical concept of cryptocurrencies employing proof of socially beneficial work, which have the potential to become a major source of funding for nonprofit organizations aiming at benefiting society. New tokens of these cryptocurrencies would be issued only based on work that has already been conducted, with demonstrated and easily quantifiable positive results. We theorize that such cryptocurrencies will emerge and be progressively utilized to fund socially beneficial work without increasing indebtedness or inflation in the countries where the tokens are minted. Moreover, we theorize that such cryptocurrencies will be more successful than cryptocurrencies employing traditional proof schemes, of which the most common are proof of work and proof of stake. Since our theorizing proposes, for the first time, the idea of cryptocurrencies employing proof of socially beneficial work, it is also aimed at spurring interest in this idea.

【Keywords】Cryptocurrencies; Mining; Minting; Proof of work; Proof of stake; Proof of socially beneficial work

【发表时间】2024 OCT

【收录时间】2024-08-14

【文献类型】理论模型

【主题类别】

区块链技术-核心技术-共识机制