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Is is possible to replace mining as a guessing game where your chance of winning is related to the how quickly your machine can perform calculations compared to how quickly other miners are performing similar calculations with electricity generation data rather than a solution to a mathematical problem to generate block rewards.
Is it possible to have the network generate a unique random number which is assigned to the transaction which records the successful production of a predetermined amount of electricity from data derived from an electricity meter, the electricity meter is attached to a network node and records and transmits transactions (data logs) to the network.
Each energy producer uses a smart meter to record their electricity production a computer with the blockchain installed which is attached to the meter that collects and transmits those transactions to and from the blockchain network, the transactions are validated and do not allow for conflicting transactions, the transactions are put into blocks of up to 2KB or about 70 transactions, the M.I. devices compute cryptographic hashes until they find a block good enough to count, the block is then submitted to the blockchain network which earns the energy producer a reward.
Every electricity producer that produces the require amount of kWh of electricity will have the same chance earning a reward as it is a guessing game where your chance of winning is related to the how quickly you produce the electricity, and not how much processing power you have.
It would be difficult to prevent cheating. – Willtech – 2018-03-10T02:53:35.530