The Decoin app I described earlier is based on proof of work (PoW). That’s useful for making the coin a scarce resource that has to be mined. There is however a major drawback with PoW which is that users have to burn resources including CPU hours and electricity.
Safecoin has proof of resource instead of PoW, which is excellent since instead of wasting computing resources on mining, such as in Bitcoin, safecoins are earned for delivering data chunks on the SAFE network. That’s great for farming, but devices like smartphones are less suitable for farming safecoins.
To solve those problems mentioned above I here introduce Chrono, a cryptocurrency based on calendar time. Users are able to mint a certain amount of coins [to be determined] per hour and the ID for each coin is:
chronoId = hash(signature(utcTimestamp))
Where utcTimestamp is the number of milliseconds since Jan 1 1970 quantized to the allowed number of coins per hour, and signature() is the signature generated when signing with the user’s private key.
To verify that a coin is valid the signature has to be correct and the timestamp has to be greater than a start date for Chrono [to be determined], match the quantization model and be less than or equal to the current time plus/minus some margin, such as one minute.
It’s up to the receiver to have an accurate clock in his or her computer. If a user has accepted an invalid coin in a transaction then that coin will be refused by others when the user tries to send the coin to someone else.
Double spending and double minting are prevented by there only existing one unique combination per quantized time and signature. And assuming safe digital signatures, it’s impossible to guess what the ID of a coin is beforehand without having the private key.
The minted coins are then used as genesis coins for transactions. One problem to solve is how to efficiently allow divisibility of the coins.
Another big problem that remains to be solved is to prevent people from creating lots user accounts. But if that can be solved then chronos can easily be minted with all kinds of devices, including smartphones.