After visiting with the folks over at Gridcoin I came up with an idea for a new project. There have been a lot of complaints about the amount of electricity that is used by crypto-miners especially ASIC that do not provide anything useful except a block chain value and I discovered a way to reduce or eliminate that waste of electricity.

There is a program available VanityGen that generates valid keys for transactions for various projects. The program runs on CPU or GPU (OpenCL) and is quite efficient. All one needs is X users using Y resources to produce enough keys of Z length to cause transactions to slow down and eventually stop due to running out of keys or timing out trying to get one. I picked the name DoNKEY as this would be like a DDoS attack (Denial of service) but would be Denial of New KEYS.

Maybe one of the project scientists here with a math background could calculate how long it would take to slow down the new key creation by "X" seconds. Note that we don’t want to create a given unique key (3.3 E+33 years from above URL) but only want to generate as many as possible to get the chain so big it won’t fit on the hard drive. I am sure there would be enough BIONC enthusiast to jump on the DoNKEY project and put a dent into crypto-mining.

I hope this is a good topic for the lounge. Maybe one of the lounge lizards here can come up to the bar and take a few shots a this.