Transaction

j"1LAnZuoQdcKCkpDBKQMCgziGMoPC4VQUckMŒ<div class="post">Here is an idea for how miners can get paid.<br/><br/>Let us start with a fork of Bitcoin. We will start a new block chain just like Bitcoin did two years ago. There will be coins in this chain, which I will call bitdnscoins. People can pay bitdnscoins to each other via transactions in the BitDNS block chain, just like with Bitcoin. Block miners get 50 bitdnscoins.<br/><br/>However in addition to bitdnscoin transactions there would also be domain name transactions. Here is the main idea: at any time a bitdnscoin can be converted into a new domain name registration via a special transaction. This uses up the bitdnscoin and it can't be used again. There would also be 'maintenance' domain name transactions where an existing domain name is transferred to a new owner or has other data fields changed.<br/><br/>Bitdnscoins represent the right to register a new domain name. They are valuable for this reason. You would acquire them by mining, or more commonly by buying them, with Bitcoins, dollars, etc. To register a new name you need a bitdnscoin.<br/><br/>And the incentive for miners to include transactions? Same as for Bitcoin: transaction fees. Registering a new domain name costs 1 bitdnscoin. But you can pay more, and the excess goes to the miner. Pay 1.2 bitdnscoins for your new domain name, and 0.2 of that goes to any miner who includes your transaction. That's the incentive.</div> text/html