The paper should be titled "POS Cryptocurrency with no blockchain" as that is the most innovative idea they are talking about.<p>There already exist pure POS coins, Nxt through a concept called transparent forging may be capable of resisting anything up to a 90% attack.<p>I'll have a read of this properly when I get home.
Unconvincing.<p>The proof of convergence is also not correct.
The inequality at the top of p.7 (ever heard of equation numering...?) should be reversed, which effectively establishes that convergence probability is smaller or equal to 1.
I think most cryptocurrencies will begin to shed their blockchains. They're beginning to get unweildly, especially for Bitcoin (17GB). There's no need to retain a list of all transactions. You only need a consistent set of balances.<p>Also the energy cost of mining is beginning to become a legitimate environmental concern. I think the new slew of proof of stake currencies are going to give the proof of work currencies a run for their money (pardon the pun).
They suggest an exponentially declining price during the distribution year. Unless I am missing something this will lead to everyone buying on the very last day when the price is the lowest. Why would you want to create those incentives?