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Energy Wallet

Create inter-blockchain wallet that exchanges based on difficulty of blocks, and associated expected energy to mine
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Each cryptocurrency unit represents a very different amount of energy used to mine it, but currently they are traded as if they are equal, in most cases... This creates socio-economic crypto-inequality. Wallets trick people by not showing invested energy (kWh), but could easily be modified to do so.

Idea: universal wallet that works for all coins based on electricity energy invested as universal inter-currency exchange rate...

Mindey, Nov 26 2017

ICO for energy trading blockchain https://www.greente...currency#gs.q_L5hsI
[theircompetitor, Nov 28 2017]

Related blogpost on computing energy spent to mine https://blog.mindey...ptocurrency-prices/
[Mindey, Nov 30 2017]

Watt-backed money Watt-backed_20money
Related [Voice, Dec 01 2017]

Brute-force attack https://en.wikipedi.../Brute-force_attack
[hippo, Dec 01 2017]

[link]






       Personally I'm still confused about where the original / core (or base) value comes from for most crypto currencies.. but then I'm still more comfortable with gold sovereigns than this newfangled paper stuff :)
Skewed, Nov 27 2017
  

       The term Cryptocurrency makes me think of old mouldy Confederate bills somehow creeping their way back into circulation.   

       Like using the word Zombinfrastructure.   

       //represents a very different amount of energy used to mine it//   

       If that's true, then why are you sitting here, and not busily arbitraging that difference away for fun and profit?
pertinax, Nov 28 2017
  

       //The term Cryptocurrency//   

       It's actually similar to cryptozooology in that there's no real proof it exists but a small group of nuts believe in it.
bigsleep, Nov 28 2017
  

       Similar to H.G.Wells's concept of the "Air Dollar" in The Shape Of Things To Come, where currency was "backed " by the average unit cost of international air freight.
8th of 7, Nov 28 2017
  

       I think that documentable partitionable ideas (ie perhaps patents) should be able to be made seed components of a blockchain.
Ian Tindale, Nov 28 2017
  

       [ ] "difficult to procure" is generally held to be a personal value : why would it be valuable to somebody else ?
FlyingToaster, Nov 28 2017
  

       What percentage, of the kWh stated, is to calculate the difficulty of the bit transaction's actual mining cost? Maybe some shopping round needs to be done.
wjt, Nov 30 2017
  

       Well, there’s a lot of energy going on in and on the sun. Maybe a trip out there (at night of course) is in order.
Ian Tindale, Nov 30 2017
  

       There is a small amount of energy, called the Von Neumann-Landauer Limit, or Landauer Limit, which sets the theoretical minimum amount of energy required to flip a bit in an ideal, theoretical computer system - "No irreversible computing device can use less energy than this, even in principle".

This limit can be used to show the average amount of energy that would be required for a brute force attack - "...in order to simply flip through the possible values for a 128-bit symmetric key (ignoring doing the actual computing to check it) would theoretically require 2^128 − 1 bit flips on a conventional processor. If it is assumed that the calculation occurs near room temperature (~300 K) the Von Neumann-Landauer Limit can be applied to estimate the energy required as ~10^18 joules, which is equivalent to consuming 30 gigawatts of power for one year" (see link).

This approach could be used to calculate the 'cost' of a cryptocurrency unit - i.e. it would be the bit length of the numbers used in the 'coin', multiplied by the minimum energy for flipping a bit implied by the Landauer Limit.
hippo, Dec 01 2017
  

       [Skewed], me too. And that's why this idea, it's basically, to beat the unreasonable prices.   

       Just because some crackpot wrote that 1kWh buys 1 BTC today, and it will exponentially less, as the system is adopted by more people, because they will compete for same interval of time, is a Ponzi scheme element.
Mindey, Dec 01 2017
  

       hippo, - of course, if it is a Mac, simply hit return a few times until it lets you in as root.
Ian Tindale, Dec 01 2017
  

       //Von Neumann-Landauer Limit// But that only applies to irreversible computation. If you're prepared to let your computer sort of slosh backwards and forwards through a calculation, until it happens to go all the way through and produce an answer, the Limit no longer applies.   

       I know this to be the case because, when required to produce a complex Excel spreadsheet, I have found it's much less effort to just fudge the answer, then go back again and correct it if anyone complains.
MaxwellBuchanan, Dec 01 2017
  
      
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