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proof-of-park

NuBits, the potential to be the basis for a cost API

Provided a sufficiently solidly written motion that is passed by Nushareholders, NuBits could go beyond the function of issuing a stable currency.
What about providing a cost API?

"Proof of burn is a suitable means of applying cost to actions that don't need to be a revenue stream. Any time a company or service accepts money it has to be accounted for. This can complicate things, but applying costs to an action can prevent abuse. This is the fundamental purpose for the transaction fee in Nu network. Now, let us imagine a company or service wants to apply a cost to an action, but does not want to deal with the overhead of having to account for receiving that value? Require a NBT burn instead. Have the user submit a transaction ID for the NBT burn. Now that Nubits has the burn RPC command implemented, it's very easy for anyone to burn NBT or NSR. A service can verify burn transaction ID to process an action on their service without having to account for receiving any value. It could be worthwhile for Nu to become a cost API of some kind. That would require to make the client flexible enough for others to utilize it within their services. Proof-of-burn or proof-of-park are two ways that other services could utilize Nu blockchain for applying costs to services. We should make it easy for them to use those features. We should explore all potential uses for NBT outside of just a transactional currency. Being able to manage the supply to maintain a stable value gives us a huge advantage in offering these types of services. Creating consistant demand for NBT while simultaniously removing NBT from the available supply will create a healthy stream of profit to the network. Being a cost API is probably the most decentralized approach to building profit for Nu, because anyone could utiltize those services without needing to be voted in, or any action from shareholders. But the protocol must allow for it, and the client must make it easy to use."

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blog   2015/10/07   gbboy