AlohaCoin2: Proposal for a New Form of Cryptocurrency aimed at Economic Justice and the Environment

AlohaCoin2

Proposal for a New Form of Cryptocurrency

aimed at

Economic Justice

and

the Environment

What?! A Cryptocurrency? Aren't cryptocurrencies an utter scam? An environmental disaster?

Hear me out. In 2012, I got into Bitcoin ( just to buy weed ) and soon saw the potential of cryptocurrencies. Cryptocurrencies are an existential threat to the state. The powers-that-be would do everything to malign cryptocurrencies in the media, as I noted in my satirical blog post in 2013, "How to Kill Bitcoin: A Guide For Governments". In it, I correctly predicted several kinds of media messaging that would be used to discredit cryptocurrencies. What I didn't see coming was the Judo move that was finally pulled. They actually let Cryptocurrencies get big! Very big in fact! Crypto Bros made crazy fortunes overnight. A media frenzy ensued. People got greedy. A bloodbath ensued as people lost crazy fortunes overnight. The media was conspicuously full of stories showing corrupt Crypto CEOs fleeing with bags of cash. The Crypto dream of cheap, private, censorship-resistant wealth holding and transactions died in the cradle. Or did it?

AlohaCoin2 has 3 design goals:

1. Privacy: AlohaCoin2 transactions will be private and censorship-resistant.

2. Universal Basic Income: An equal percentage of each AlohaCoin2 transaction will automatically get reallocated to each person's wallet.

3. Environment: AlohaCoin2 will be environmentally friendly.

Bitcoin is an environmental disaster:

Bitcoin uses a proof-of-work system to verify transactions. The "work" in question is a useless computation. Therefore, Bitcoin wastes a lot of energy doing useless computations and is an environmental disaster.

Ethereum is undemocratic:

Ethereum uses a proof-of-stake system to verify transactions. This eliminates useless computations, but leads to oligarchy. The more money you already have, the more control you have. Not democratic.

Environment:

AlohaCoin2 will use proof-of-useful-computational-work to verify transactions.

What is "useful computational work" ?

AlohaCoin2 miners would get computational tasks allocated to them.

1. Through a set of "approved" sources. i.e., SETI, NASA, or any number of projects involving heavy computational work that can be partitioned and redundantly allocated to AlohaCoin miners.

2. AlohaCoin2 will have a distributed VM like Ethereum, so that anyone can purchase computational resources on the AlohaCoin network.

While in Bitcoin, a new computational task is generated for each transaction, and included in the transaction as it is sent to miners, in AlohaCoin2, the computational tasks will come from the 2 sources listed above.

Economic Justice:

A percentage of each AlohaCoin2 transaction will automatically be allocated equally to each person’s AlohaCoin2 wallet.