I'd like to introduce the latest white paper for the most decentralized cryptocurrency to date. BitPoop provides a full infrastructure framework for DefecateContracts, Assquake applications, and sub millisecond transaction confirmation time.
Proof-of-Shit - This new consensus algorithm uses an built in sensor in each connected nodes toilet. To validate transactions and add new poo-blocks to the shitchain, one needs to show proof-of-shit (similar to proof-of-work) through accumulated poop in the toilet. Once the flush has been signed with the private key, the transaction will be added to the Mudpool (Mempool). Once the dump has passed through the plumbing and mixed with the output of X amount of connected toilets (nodes), the transaction is considered irreversible, and is then added to the shitchain.
This consensus algorithm risk however of getting centralized due to coffee consumption and vegan dieting, this could be viewed as ASIC mining because of increased amount of bodily movement that comes with the diet. To address this issue the blocksize is fluid and is determined depending on size and weight of each dump. The increased mining power accumulated because of increased poop size and weight that comes with meat consumption should balance the offset centralized factor from veganism and coffee. Additionally to account for construction work sites and festival toiletry, which could be seen as centralized mining farms, an upper limit for block rewards is capped at 25 kg, or 55.11 pounds of feces per day.
This white paper is still in its early stages, and has yet to add some fluff of "Future of the internet", "Digital cash", "Next gen blockchain". I will however add all that good stuff later on and create some YouTube Promos. Of course, John McAfee will be an advisor because of his close existing relationship with eating and promoting shit.
Now that I hopefully have gained your attention through what I hope to be entertaining, I'd like to raise awareness of the fact that producing a somewhat serious white paper and then crowdfunding millions of US dollars without having any sorts of requirements when showing authenticity and legitimacy of the project, is the primary reason why regulators like the SEC is trying to invoke regulations in the cryptocurrency space.
Without any oversight as to whom is allowed to launch ICOs in what they all claim to be utility tokens, when in reality is a security token which is in the startup stage trying to gather IPO levels of capital through crowdfunding, regulation is actually a good thing. There are scams poopping (popping, pun intended) up everywhere, and many ICOs are able to create websites and white papers which look like the next moon rocket, when in reality they have little to zero existing customer base, and no produced code. Be careful when considering entering an ICO, and always perform careful due diligence.
As a closing remark, I would however like to add that ICOs are a great way of fundraising, and is in my opinion the future of both security listing, and of course for utility token crowdfunding. Removing scams and adding regulations for oversight will only enable us to weed out the bad cryptocurrencies, and allow us to use this innovative way of crowdfunding to include the entire world in our revolution.
Peace