Protocol-Based Fees

We can even go one step further and tie the block chaining reward back to the transaction fee:

  1. The utility of newly minted coins would be limited to paying transaction fees: they would be “fee-only coins.”
  2. That newly minted money could only pay fees for a transaction signed by the private key controlling it.

Then, the rich could no longer become richer by chaining blocks: only make more transactions. This would solve the objections to proof-of-stake presented here: