Bitcoin Forum

I just had a thought about a possibility. I was looking at "BitCommoditiz" and never looked over their code yet, but found the useage of outside data, in this case, Yahoo Exchange chart data, into the coins code. Now, whether the data from Yahoo's servers is actually incorporated into the code, and therefore into the difficulty algo, im not sure.

What would be cool though it, if it really is using this data, what else could we use inside of a coin? What about a coin that uses the API on say, Cryptsy, and the coin takes all of the coins on the server, averages their difficulty/price or whatever else, and incorporates that data into the difficulty, block reward or time targeting.

Im only using cryptsy and those values as an example. If this is actually able to be done, the possibilities are endless on what we could incorporate into the code of a coin.

Can anyone verify BitCommoditiz inclusion of Yahoo data? If someone here won't or hasn't I will, just let me know. I find it interesting.


MC

I had a glance at Cocoaz, and yes, it does request data from finance.yahoo.com to be used in diff
adjustment. If no data is returned, it will go on using the last nonzero value.

It is quite simple and clever idea, and I agree there are many directions where one could take this
approach. Unless of course one is dead set against any form of centralization.

I think it is birlliant really. I am not against "some" centralization, as long as it does not interfere with the core concept. I am sure if the idea were refined, there would be a  way to grab market data the same way p2pools are used, and by setting up a node, could support the decentralization of data. Could be something I would start a project on, seems fun.