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By: Rob Andrews
Proof-of-Giving is a flavor of Proof-of-Work geared for a high adoption rate.
In this system, each reward is split 10 ways, with the first reward of 10% to the miner, and the remaining 90% split among 9 deterministically chosen prior miners.
In this way no pool is required, as one of the design requirements is to cover all users who have mined biblepay over time.
15,000 block is mined with 7,500 to sanctuary, containing a 7,500 POW heat payment. 750 is rewarded to the miner. Then 750 is rewarded to 9 miners who solved blocks one month ago.
This system will promote uptime, as one leaves the controller wallet running they will receive more rewards from others.
This system theoretically removes the mining competetiveness, as one is not rewarded directly for their hashpower, but indirectly.