There are a bunch of consensus protocols out there already. My favourite is the Stellar Consensus Protocol[1]. I think that modelling your consensus around entities you trust, instead of the most power or most most money, is more natural.
Awesome, thanks for the link. I'm not finding the paper that easy to read though...could you summarise how it compares to proof of work or proof of stake? The idea of electing which nodes you trust more than anonymous ones though does seem to mirror the real world though.