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Proof of Time-Ownership

I've been musing about PoW/PoS systems and I want to lay my ideas out here and see what people think.
I'm thinking of a mining algorithm where proof of ownership is used in conjunction with proof of elapsed time between blocks. I want to call this Proof of Time-Ownership (PoTO). Addresses (in bitcoin or ethereum or whatever) have some data-space they lives in, eg a range from 0 to 1055. Let's say that each address is given a range depending on the amount of coin that address has. Eg if we're talking about bitcoin, we might do something like say if your address is 1040 and has 100,000 satoshi in it, then your range is from (1040 ) to (1040 + 99,999). Then let's say an address point is chosen and anyone who's address range contains that address point can mine the next block. Then 1 second later, another address point is chosen and anyone who's address range contains the first OR second address point can mine the next block. Then the next second, it happens again until someone mines the block.
The block time can be kept consistent in the same way something like bitcoin does: by adjusting a "difficulty". For this algorithm, the difficulty would be the number of addresses chosen per second. If blocks are being mined too quickly, the number of addresses chosen each second would be decreased, and vice versa.
This relies on network-time to judge whether a block is valid, since a block mined (ie signed) by a particular address is only valid after the time their address range comes up in the progression of the address points given mining rights. Just like two bitcoin blockchains can be compared by their cumulative difficulty, two blockchins using this new algorithm could be compared by their cumulative difficulty (the longer one being the one chosen).
The benefits of this are that miners are basically chosen randomly without (economical) ability to grind for more rewards. More people would be able to mine because there would be basically no additional cost over a normal full node for mining. Because so many people could do it, it could basically eliminate miner centralization.
While the cost of mining would be very low, the cost of attacking the system would be similar to the cost of attacking a Proof of Work system. You could attempt a 51% attack, but if a large portion of users are mining (at least when they're online), that would require buying up just as many coins as those users have in total, which could amount to tens or hundreds of billions of dollars. You could also attempt block grinding attacks, and I've suggested a solution for that below.
Some problems that Ethereum's Casper might have that this doesn't:
Other potential problems (all I think, solvable):
One thing this eye-opening article describes is that the only way to create a system that doesn't require "wasting" an amount equal (on average) to the money earned by mining a block is to find a completely "work-independent" protocol where the person chosen to mine the next block is chosen in a way that is "totally independent of all possible human activity". I disagree tho. The amount of work a person should be willing to do is equal to the amount of additional reward they will get by performing that work. So if you're earning, say, 60 btc of block coinbase+fees per week by simply waiting for your address to come up and mining a block then, you would have to expect more than 60 btc / week if you were going to put in additional effort.
For example, if it cost you 1 BTC/week of block grinding to give you an additional 1% likelyhood of mining a block, you wouldn't do it, because that extra 1% of 60 BTC is only 0.6 BTC (ie less than the amount you're spending to increase your likelihood). Given that we can easily control how effective block grinding is by adding a PoW component, this seems to be an easy problem to solve.
Update 1: BIacktemplar suggested an alternative that might obviate the need for an added PoW component. The idea is that rather than determining the miner for the next block using a hash of the previous block, you take 1 bit of information from the most recent block, 2 bits from the second most recent, 3 bits from the 3rd most recent, etc - f(H1 % 2, H2 % 4, H3 % 8, H4 % 16, H5 % 32, ..., H20 % (230)) where f is the function that determines the next miner progression. This way, anyone mining a block only has 2 choices of miner progression to choose from and has no ability to block grind beyond those two choices.
One issue with this is that it makes it so that pool mining (which could be done by making a multi-sig address with a pool so that you both have to sign for a block if your address comes up in mining) has some centralization pressure even with the choice of just 2 different blocks.
Update 2: I took this discussion and turned it into a spec: https://github.com/fresheneesz/proofOfTimeOwnership
submitted by fresheneesz to BitcoinDiscussion [link] [comments]

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