This is not applied to Nxt because it uses accounts, not inputs. A well-connected merchant will see most of the transactions, for a double-spending attack to succeed at least 10 of 11 transactions must be lost.
Ok, which step won't work? 1) I have that special account 2) I send 0.1 of my balance to a merchant, to buy something digital. 3) the merchant can't wait for a confirmation, because this is the point - not to wait. 4) for better safety the merchant resends the transaction to as many peers as possible (btw, he would do that anyway) and delivers me the purchase. 5) i know, that there are many miners on the network, which will gladly accept a doublespend if it includes greater fee. They are not malicious, just a bit greedy. 6) state of my account is still unchanged, because it can only change when a block is found. My client is modified and it allows me to send doublespends. Only one 1/10 transaction can be included in a block by the network. So I send another 1/10 transaction, this time with higher fee, to my another account. 7) one of greedy miners accepts the second transaction and includes it in a block. Doublespend is successfull ) , Not really  2 * 1/10th will be deducted from your balance (2 NXT if you had 10 NXT). 1 NXT will go to your other account and 1 NXT to the merchant. it's not clear why... if 2 * 1/10th are deducted then he violated the 1/10th per day rule... so one of the tx should have been ignored also, if instead of buying one thing, he buys 19 things, and the merchants are not connected between them, 20 * 1/10th would be deducted. Except he only has 10/10ths. That's a double spend. |
|
|
|
|
please explain in more detail: instant means waiting for only one block, or not waiting at all?
2 problems:
1) if I can only spend 1/10 of my balance, then I could never empty my account! it could reach 0 asymptotically, but never be emptied in practice! Besides that, I'd like to be able to spend all my money in the same day...
2) so I can't send more than 1/10th of my balance, now let's say I send 1/10th many times. Like 1000 times. Only one of them will be confirmed, the other ones will be successfull double spends?
|
|
|
|
|
and your maintenance addresses smell like centralization. Who controls those could lower diff at will...
|
|
|
|
|
if you adjust block reward instead of difficulty, then the difficulty would eventually be too easy, so the network would be flooded with many new blocks each second, creating many orphans.
Also, less difficulty => easier to double spend. It would be hard to decide how many confirmations are needed for a transaction.
Because of network latency, there is a minium difficulty needed for things to work, and that value depends on the time required to generate a block (for a fixed diff), which depends on the hashrate of the network. So you need to adjust difficulty according to network computing power.
|
|
|
|
The following design is possible:
1) miner ONE (human) makes a captcha and the client app submits it to a pool server
2) miner TWO (human) gets a random captcha from a pool server and submits back the answer
3) random p2p clients (human) get both the original captcha and the answer and verify that the answer is correct
4) if the answer is correct a block is created and miners ONE and TWO get a reward
5) p2p clients also get a small reward but for just verifying (kinda transaction processing), regardless of whether the answer was correct and their intention is to keep the blockchain healthy as only then their earnings make sense
* depending on how many p2p clients verify the answer the number of confirmations limits the coin supply processing speed and security
* pool server is a p2p node in the network
* a captcha can be anything, no software will understand it
the coin should be called HumanCoin
but if miner ONE posts the captcha he just made to a forum, so miner TWO can find it and solve it effortlessly, then modified clients could do this broadcasting of solutions and later submission of answers in an automated way. Notice that these bots do not solve the captcha, they don't need to know how to solve it, just publish and resubmit the solutions. Miner ONE and TWO are the same person, or miner ONE gives the answer to miner TWO for a small % of the $. One of the strengths of the bitcoin protocol is that an 'evil' modified client (node) has no way to cheat. |
|
|
|
sorry, a captcha cryptocurrency is not possible unless you figure this out
This is not possible if the coin is open source (reverse engineering will be easy), but it's possible with a closed source code. But if it's closed nobody will use it. Not even possible with closed source. Everything is open source if you know how to use a disassembler and a debugger. There are a couple of opensource or free captcha implementations. You can embed it into the client or you can use it on the "pool" servers. The only issue with the second solution is the relative centralized nature as you need the captcha servers to keep the coin working. Writing a distributed solution where everything included in the client would be a lot of work but it could work well. You are missing the point. How would you generate the capthas? The clients or the pool owners need to know the answer in order to generate the captchas. So they could cheat, and tell the answer to a friend and earn $ for nothing. The problem is not the bots (at least not only the bots). Imagine there was a perfect captcha, with images, sounds, or whatever, that only humans could solve. Who would generate the challenges and then verify the responses? |
|
|
|
Are you alone to do all this?
Because it require a lot of skill to create a coin with a custom algorythm + a p2pool, block explorer, gpu miner, mac client, a faucet.
Can you share a bit of your CV, on what have you worked in the past ?
Yes, currently I'm alone and that's partly why it's taking so long. All those tools are already done (and open sourced) for BTC, so adapting them is not that difficult: the protocol is very similar, only the PoW part has changed. This is my first cryptocurrency. I'm a computer scientist but I work as a software engineer, I've been working on embedded systems development (C, C++ and some ASMs) for 13 years. |
|
|
|
|
nice, but the problem I see is this: how would you create the images?
in the OP you say "The p2p system will produce CAPTCHA images...". Then on another you said "Your computer will not produce the image for you"
so... how would the image be generated?
the problem is that the computer, person, or whatever, that generates the image already knows the answer, so it could "cheat" and create a new block and earn $ without effort.
and if the image is created in a way that nobody knows the answer, then... how could the system verify that the answer is right?
sorry, a captcha cryptocurrency is not possible unless you figure this out
|
|
|
|
|
that's a shitty bounty... you have to ramp it up!
|
|
|
|
I had a lot of work and lots of things to do, sorry... I promise it will be this month! (I've been mining the testnet for some days and it's working, so it's not vaporware) some updates: http://riecoin.org/ and http://www.riecoin.com/ are up but still under construction mail info@riecoin.org is also working to avoid delaying it further, I may have to release before the p2pool is finished, but at least I want to have the external, optimized cpu miner ready right now I'm fighting with the configuration of bind and dnsseed... thanks for your interest and patience! |
|
|
|
2.5 min blocks is too long in this day and age ... maybe a year ago that was OK
Try 60 seconds.
1min block speed would bloat the blockchain and create more orphans, stales. We have 2.5min which was tested for years in LTC. I don't know of any 1min coin that has years of testing. I think it's not true that 1min is fast enough for waiting in a line when you buy a coffee: with blocks targeted each minute, you have a 1 in 150 chance chance of having to wait more than 5 minutes for a block, this would still be unacceptable for some coffee stores. Also, with 2.5min, each block requires more work (is more difficult), meaning we will have larger prime numbers sooner. |
|
|
|
|
The contest is over and we have a winner!
We had a very promising start but no more submissions after the first days... anyway I'm pleased with the results.
And the logo comes from.... Mjbmonetarymetals!
Congratulations, and thank you all for your time. An honorable mention goes to ilostcoins, I liked your squared designs and I'll be paying you too.
Please stay tuned for news about the release.
Regards,
Gatra
|
|
|
|
I like the submissions so far. Thank you! keep it coming! Some more ideas for inspiration: it should look professional, serious but not necessarily solemn, mineable, buyable, acceptable as payment, desirable, and inspire trust, and look cool. ok.... maybe that's too much, looking cool is enough for me... </shameless bump> |
|
|
|
is it scrypt?
not scrypt, not SHA, not primecoin's Cunningham chains It has a new PoW based on prime numbers. More details will be provided on the announcement of the launch, after the logo contest. |
|
|
|
|
let's bump this so people see it and work on logos during the weekend...
I'll write some keywords and concepts related to the coin so they can serve as inspiration for designers: coin, Riemann, Riemann zeta function, prime, constellations, alt, freedom, open source, money, math, solid, strong, new
|
|
|
|
|
"Official" twitter: @riecoin
|
|
|
|
I'm interested to see what your final implementation will be and will be watching this thread.
Any indication as to when this coin will be launched?
hopefully in 2-3 weeks, client is working in linux/windows, but I have a lot of work and there's so much to do! p2pool, block explorer, gpu miner, mac client, setup a faucet, etc, etc... I'll probably release even if I don't have all of these... |
|
|
|
FYI, there's already a coin called Zeta coin that uses Zeta as its logo.
thanks, I was aware of zetacoin but I didn't foresee that logos may be similar |
|
|
|
|
Thank you all for your interest and your submissions.
Since Zetacoin already uses the lower-case zeta, I'd rather you avoid using that letter, or use it in a more subtle way, I edited the OP to include this.
Sorry I didn't realize this before... I liked ilostcoins' squared versions though... let's see where this goes, I'm surprised by how fast the first designs were posted!
sharky444: I plan to release one or two weeks after this contest is finished, and I'll use this forum for announcement (a few days before release, on a new thread and this thread too) and main communication channel. Additionally I might announce release date on other forums too in order to reach more people.
Regards,
gatra
|
|
|
|
|
Show Posts
