• You send Ether to contract address
  • If the amount is larger and better than value of a previous user - you're winner
  • If nobody can provide better value for X blocks - you take all accumulated value (Pay Out)
  • better - mean each transaction has associated number called work (shown when you enter you amount), for each new transaction is harder to find better number. At some point it will be almost impossible. So a last participant takes all
  • See detailed rules below

What is SoPoW

PoW is a simple operation of find a right number (nonce) that produces a hash less that minimal boundary (difficulty). A PoW miner which finds such number first receives a reward for that. It'a basic element of blockchain, and this is how it works in Ethereum, Bitcoin and most of other blockchains

PoS is an alternative to that. At that case a miner simple puts money (stake) to get a random change to get block reward.

SoPoW is a mix of PoW and PoS, implemented as a smart contract. A user makes "work" (nonce number) and put it as a stake. nonce is ether amount

How it works

A user sends some Ether to the Smart Contract address. If hash of sent value together with existing stake is better that previous hash, then current sender becomes winner util round ends, if nobody can provide better value. Anyone can provide/send Ether and by the end of the round address that happened to provide transaction with smallest hash get accumulated amount.

Formula is: WORK = HASH(PREVIOUS_WORK, TOTAL_ACCEPTED_AMOUNT, LAST_WINNER, SENT_VALUE) - SENT_VALUE

Rules

  • Any address ("Miner") can send ("Stake") any amount to the contract address at any time
  • Contract accumulates all incoming transactions
  • Contract verifies Hash of the state each time ("Work"), if that hash is less than an existing one ("Target Hash"), then the sender of the transaction becomes leader of the round
  • Following transaction should be accepted in round if it provides at least same amount as current leader
  • Rounds ends when no one can provide a value with hash smaller that existing target hash
  • Round size is dynamic, each successful transaction proportionally decrease time to payout, which condense to 10 minutes eventually
  • When round gets finished the current leader receives most of accumulated value ("Pay Out"), and new rounds starts from the beginning (with a small part of the aggregated stake)
  • More you send, harder to beat that value
  • Each new accepted stake makes is harder to find next winning value. Eventually it's hardly possible to find a new stake and last staker takes all accumulated value

Disclaimer

This project is a social and technological experiment, and may work not as expected. Provided AS IS, no guaranties given, you use it on your own risk. If you decide to participate you do it on your own risk. Citizens and/or residents of North Korea and Unites States are not allowed to participate