Building on ethereum?

Building a new blockchain is not simple - have you thought about using another blockchain for uCoin - especially ethereum might be a very good candidate?

I have a problem with blockchains, I mean the classical ones, which Ethereum seems to be using, either it is:

  • PoW: so much energy waste. Power to the richest entities. This is unefficient system to me.
  • PoS: power to the richest entities.

Instead, uCoin provides its own PoW mechanism based on a Web of Trust. Using this all new context, uCoin can:

  • refuse blocks issued by non-members (typically, non-humans, companies, etc)
  • introduce personalized PoW difficulty, by adding public key + signature in the PoW process

This second property is what allows for hyper-low energy consumption compared to classical PoW: no more computation power run, since it oftenly doesn’t worth a try (difficulty may become kinda punitive). Furthermore, since money is not mined, incentive is not the same at all.

To me, Ethereum will be highly energy costly, just like Bitcoin. It is not that much interesting.

So, for the project, we will try our WoT option. I really think WoT can reveal a lot of new ways to have decentralized agreements.