Bitcoin Forum

KINGCOIN

This is an improved virtual currency concept.
I would propose a virtual currency which have all the advantages of bitcoin, litecoin, ppcoin and devcoin.
The blockchain should be similar with bitcoin.
Difficulty adjustment could be exactly 1 week to avoid fluctuations during the week.
Block creation could be every 5 minutes with 100 kingcoins reward so with a total of 84 millions of kingcoins.
Let us say kingcoin for this money.
Mining and reward would be different for the following purpose:
- to be more secure against all kind of 51% attacks
- to be more energy-efficient than both bitcoin and litecoin
It should have a combined block generation:
- 30% like bitcoin / asic able for more efficient security
- 30% like litecoin with scrypt / for those supporters who cannot afford asic and are frustrated by the development in this direction
- 8 x 5% mining by the first version issuer and 7 featured developers or supporters who invested in development of this currency
(this right to mine 5% for free for 1 year would be  given by vote like a Nobel prize after the merits or sold with auction)

By merged mining with bitcoin and litecoin this block generation would need almost 0% energy with increased security. Without merged mining it would need 40% less energy as the average of bitcoin and namecoin block generation.

It would function like a structured society:
- a featured miner could be called - KING
- we can call 7  featured miners    - BARONS
- the asic miners could be called   - CAPITALISTS
- the scrypt miners can be called   - WORKERS

You can be a baron only by reward, capitalist if you have money to invest in asic and worker if you have at least a tool(computer).
The difference between the king and the barons would be only that the king must not be changed every year but he can be changed any time.
The king would be who brings out the first kingcoin version and he will be until changed by the majority.
The first barons could be sponsors. 1 baron title could be sold for the 1. year with auction starting at 100 BTC and invested for development.
This system would prevent a strong aggregation and may be majority around a mining pool.
It would have increased resistance against asic majority attack by the 2 other factors
and would be resistance against attack from a computer network (some clustered systems or bots).
Cannot be elected more than 2 barons(or the baron title be sold by auction) for the same continent to avoid a state control.

Please post your ideas even if you do not agree.

How is the money from the Baron/King auctions distributed? How does the network respond if the Barons/King are offline? Have you looked into Memcoin2's idea for a more dynamic hashing algorithm? If you're looking for ASIC resistance, Litecoin's scrypt implementation won't work forever. This concept would really be interesting if you could find some way to split up users by hash rate and put them into tiers based on that.