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Title: Bitcash - Bitcoin's partner in world domination Post by: bitlotto on April 16, 2012, 02:41:45 AM This forum category sure is interesting. It always gets me thinking about if there was another Bitcoin (or even needed) running in parallel to Bitcoin what features it would have.
I've wondered about one that: -was planned in advance with a set start time so no one could pre-mine any of the blocks -used merged mining with Bitcoin like namecoin -operated in pretty much the same manner as Bitcoin but: a. Block reward was always 25 BTC - no set max amount in circulation b. For the block to be accepted by the network it would have to contain at least 1/2 of all known transactions by the network (they would include more to be safe). It would have to have a certain % of free ones and and a certain % of paid tx's. Giving preference to the paid ones. It would have a little bit of inflation (perhaps encourage spending? or is that false?) The 25 BTC will slowly become a pretty big prize that could help keep tx fees low since the miners main reward will be the 25 BTC. There will be no time when the network will depend on tx fees. Would it work? I know it may not even be necessary but it's kind of interesting that if YOU could design what features Bitcash would have what would you pick? Title: Re: Bitcash - Bitcoin's partner in world domination Post by: markm on April 16, 2012, 04:26:52 AM If you want constant creation of new coins, GRouPcoin and DeVCoin both already have that so basically that feature is already out there.
-MarkM- Title: Re: Bitcash - Bitcoin's partner in world domination Post by: MoneyIsDebt on April 16, 2012, 02:01:27 PM Sounds like reasonable changes to me. At some size of the economy the number of lost coins due to lost wallets etc will probably equal the 25 created and stop inflation naturally. I like the requirement of needing to include half of known transactions as well - though this change could probably be made to bitcoin as well.
Title: Re: Bitcash - Bitcoin's partner in world domination Post by: FreeMoney on April 16, 2012, 02:13:47 PM b. For the block to be accepted by the network it would have to contain at least 1/2 of all known transactions by the network (they would include more to be safe). It would have to have a certain % of free ones and and a certain % of paid tx's. Giving preference to the paid ones. That's not a real thing. If there was a deterministic way to tell how many transactions were out there and what they were then we wouldn't need the block chain. a. Block reward was always 25 BTC - no set max amount in circulation. A big part of the reason a little piece of secret data can hold so much value is it's scarcity. I'd take a small chance on a currency like this if it was all that was available, but I put my life into Bitcoin. |