Transaction

j"1LAnZuoQdcKCkpDBKQMCgziGMoPC4VQUckMB<div class="post">The cheating problem has a trivial solution.<br/><br/>The distributed miners work to find a hash at a difficulty level that is considerably lower than the network requires. Whenever they find one, they send it back. When one of those hashes is difficult enough to meet the needs of the network, it generates 50 bitcoins which are distributed to those who have been sending in hashes at the easier level.<br/><br/>There's no way to look for easy hashes without also having a chance to find the occasional difficult hash. And when you find a difficult hash, there's nothing better to do with it than to send it back to the mining co-ordinator (because it's a hash that pays them 50 bitcoins, not one that pays you 50 bitcoins).<br/><br/>With this scheme there is no incentive to cheat, and no need for "banning".</div> text/html