> Furthermore, it cannot be made to work, as in the
> proposed system the work of tracking who owns what coins
> is paid for by seigniorage, which requires inflation.
If you’re having trouble with the inflation issue, it’s easy to tweak it for transaction fees instead. It’s as simple as this: let the output value from any transaction be 1 cent less than the input value. Either the client software automatically writes transactions for 1 cent more than the intended payment value, or it could come out of the payee’s side. The incentive value when a node finds a proof-of-work for a block could be the total of the fees in the block.
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