SocialCoin – The Socially Responsible Alternative to Bitcoin

 I am placing this concept in the public domain for anyone with the necessary technical skills to create the structures and necessary algorithms to implement it.

Wikipedia provides an extensive section on Bitcoin and in particular Bitcoin mining.

Essentially Bitcoin is created by an energy wasting computer process they call mining. The value (profit) is based on “proof of work” provided by the computer process and not by any product mined, as no product is produced in so-called Bitcoin mining. A computer algorithm determines the amount of value (profit) that accrues to the Bitcoin “miners:

So how does SocialCoin work. Mining SocialCoin involves utilizing energy, resources and labour to create social housing, But based on the Bitcoin model the value (profit) is not produced by the product created, so the housing created can be given freely to public or non-profit housing agencies, housing co-ops or directly to those needing housing. Like Bitcoin, the product created is irrelevant to the creation of SocialCoin. Like Bitcoin the value (profit) derived from mining SocialCoin is based on the work done and derived by a computer algorithm and accrues to the SocialCoin “miners”.

I challenge any economist to demonstrate that this concept is not as feasible as Bitcoin.