Bitcoin Forum

I am writing an introducing paper to cryptocurrency. I have a doubt in my mind.

"What are the basic features of 2nd gen cryptocoins compared to Bitcoin?"

or in another words:

"What are the necessary ingredients of 2nd gen crytpocoin?  What make them be 2nd-gen rather than 1st-gen?"

In your mind, how many 2nd gen coins there are so far? Which ones?

I think that the most important distinction between 1-gen coins and 2-coins is that 2d gens are trying to be not just electronic coins+transfer system but an infrastructure, so that the additional applications/software can be build very easily on top of 2d gen or right into the wallet.

Second gens are: Crypti, NXT, NEM, Etherium and more...

hmm, good question & wouldn't mind hearing a few answers on this one from the pros. I would say PoS & all other term coins started 2nd gen, but there are quite a few other things as well.. Like new algos, Anon, etc.. Would almost say that some might even say there are 3rd & maybe even 4th gen coins now too? Seeing many new features come out with every new coin launch & some added to old coins, some coins are forked from anothers & some are written from scratch I believe?

Edit: hmm, so 2nd gen coins are the online in-web wallets? I would have to agree with the new code, not a copy & that making it the next gen. Maybe even 2.1, 2.2, etc.. for the coins that only used part of the code from another coin & added new code that isn't from any other coin.

Some people call coins like Mastercoin that is built ontop of the a bitcoin protocol second generation but personally I think a coin needs to have a completely new code to be true 'second generation'.

There are actually very few in my definition out in the wild though there are a bunch that are but are so much related to NXT I question how much they are new or just a re jig of the NXT code.

So new code that I know of released are:

NXT
Ripple
Qora
Exocoin?


yet to be released:
Node? Possibly just a recode of NXT.
NEM seems like a re jig of NXT, the wallet looks just like NXT but I don't really know. They claim new code.
Emunie Not sure it's still going to exist
Etherurm Corporate sponsored scam, but many will disagree with me.
Syscoin?
Crypti I'm convinced is a scam.


I'll update this list if people show it's a genuine new code.

Simcoin ?

In the past I would have considered 2nd gen coins have the following characteristics:

• Algorithm: not SHA256-D
• Block time: much faster, say 2 minutes or less

What they tried to do was to keep them accessible to miners (by changing algo) and to everyday users (10 minute block time is unacceptable for many brick-n-mortar).

In the past I would have considered LTC to be the first 2nd gen coin as they claimed to be interested in being minable by everyone. It has been shown this is not the case. LTC is in fact a "1.9" gen coin.

Most alts are in my opinion rough implementations of the 2nd gen concept. Only two surviving are perhaps VTC and MYR, and I'm not even sure VTC can make it as their way to keep it distributed, albeit effective, is not strictly a technical advancement.

MYR is technically ahead with its multi-pow approach. Perhaps it is the first true 2nd gen coin. After all, facts have shown that changing algos alone does not make a substantial difference. By contrast, multi-pow does.

with that definition second generation coins are basically almost any coin that is not Bitcoin.

want to list them for us?

They're clones, it's not complicated.

• IPO Scam
• Java
• Java
• IPO scam
• 100's of sock-puppet forum accounts
• Java
• "Market cap" skillz
• Java Warez
• own exchange

note- also Java

- its own blockchain (which removes XCP and Mastercoin from the list as those heavily depend on Bitcoin and can be called gen 1.1);
- 100% PoS or initial PoW stage of a few weeks/months and then PoS only block generation;
- extensible design that allows to easily add new features;

I usually think of second generation cryptos as being typically proof of stake (or some modification thereof) with asset exchanges and new source code that isn't a fork of Bitcoin. First generation coins try to be coins whereas second generation coins try to be ecosystems. A good example of a second generation coin is Nxt. Some people might consider any new code coin to be second gen, however, especially those with anon features - e.g. coins like Bytecoin/Monero.

However, just because these coins are called "second generation" doesn't mean that they will replace the first generation coins. Take a look at programming languages. First generation programming languages were machine code. Second generation programming languages were assembly. Third generation programming languages replaced both the first and second gen ones except in specialized applications. Examples of third gen languages are C++, Python, and Java. Then you have fourth and fifth gen languages based on things like databases and neural networks which failed to replace the third gen but instead have their own uses and co-exist side by side.


You forgot Qora, the one in your signature.

check it https://bitcointalk.org/index.php?topic=630547.0

"2ND generation" is just a vague term coined by devs to make it sound more cool. There isn't anything "next gen" when compared to Bitcoin about any of these coins. In fact I think PoS is primitive compared to PoW, and the rest are just gimmicks not really essential to develop what a cryptocurrency needs to be.

2nd gen has some other major function than operating as a currency.

3rd gen will become self aware

Ethereum

notice how all those coins are not minable, not really looking forward to them...i don't like at all their distribution method(ipo shit)

Etherium will be mineable, no?

Well I think that most of them are just naming gimmicks '2nd generation'. Even if it's the 10th generation the chances of a coin dethroning Bitcoin are slim.
This. I have watched many of these coins from the beginning and after proper research I have stayed away from most of them.
You could just start coding a coin 'from scratch' (You will definitely find similarities if it goes open source), and call it a 5th generation coin.  ::)

There's a reward mechanism built into the protocol -- I look at it more as an "infrastructure" -- and I would be willing to pay for use of the platform for some use cases just like I am willing to pay for VPS and hosting services.

+1000

2nd gen - coin solving the problems of the Bitcoins and it early forks:

- truly anonymous (in Bitcoin everyone can track your address)
- faster than Bitcoin (<<10 min confirmation time)
- low mining threshold (current Bitcoin is area for big ASIC-miners. Real 2nd gen have to be ASIC-resistance)
- PoW like a system have their own disadvantages like 51% attack, ecological problems (more Mhash => more Watts) and etc

There are main criteria of 2gen coin for me.

There are a lot of coins implements some of that - NEM, NXT, Monero, Bytecoin(BCN), Darkcoin etc.

P.S. And 2gen is the marketing ploy, of course. Each ScamCoin is perspective, innovative, 2nd gen and truly anonymous.

Hard to fight "pseudo-anonymity" :-)

I am currently backing a team at the moment that is actually working to "de-anonymize" people, systems, nodes, content and transactions to build reputation on an opt-in basis through a Web of Trust.

The details are up for comment now at:

http://www.idcoins.org

We have an open forum on the StartJoin crowdfunding platform at the moment, soliciting feedback.

I have found this article good. It suggests it all started with Namecoin:

http://cointelegraph.com/news/112052/the-race-to-the-moon-blackcoin-and-nxt-compete-for-crypto-20-crown

Ive never seen a "2nd gen" crypto.

Get out from under your rock! :)

If you guys think 2nd gen difference to be technical you're wrong big way.
Not only the tool, but how is it used. A simple mindset shift can make a difference.

1.Have own blockchain.
2.POS or more efficient than POW.
3.Have more tools except transaction,such as asset exchange,message,DNS,and so on.
4.Decentralized.

yeah...Emunie seems gone :(

Too bad! i've a lot of faith in it

totally agree!

2nd gen coin must reach a lot of more people than any other coins, except, maybe btc itself!

Heres a simple definition:

First generation crypto currencies have very limited functionality, you can store and transfer tokens in a secure and stable manner, using the blockchain as a simple transaction ledger.
Examples are Bitcoin, Litecoin, DOGE.....and pretty much all of their clones.

Second generation crypto-currencies use the blockchain as not only a means of storage and transfer, but also to offer extra functionality, such as marketplaces, financial apps, colored coins......
Examples are NXT, Counterparty, Mastercoin,.....

Second gen currencies are more like financial eco-systems, built on a blockchain, using their own currency as fuel for their application systems.

Sounds right, but what would you call something like Bitcoin with Mastercoin or Colored Coins? Or Peercoin with Peershares? Sometimes a first generation coin can have second generation features layered on top of it.

They aren't really second generation coins, that's just name calling. Of course it can have features layered on top of it which is great indeed.
What would you call anonymous coins then? They aren't first generation for sure, if you plan on using these names.