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1  Bitcoin / Development & Technical Discussion / Idea for a next generation crypto distributed publicly by social network sign up on: January 23, 2014, 07:07:12 AM
Hello All,

The idea is to have a proof of stake crypto tied in with a social network which would distribute the coin evenly among users who sign up publicly.

Sign up= x amount of the currency. Everyone who is signed up will get the division of "x" crypto when a new member is added.

Example: Person signs up gets 10 crypt. Another person signs up gets 10 crypt and all members are distributed a nominal amount, maybe a matching 10 crypt evenly. This gives incentive to people who sign up to encourage others to join.

Network works this way until all coins are distributed evenly. People can of course trade the currency on exchanges and buy/sell as much as they want, but everybody starts with 10. Sign up on social network will be required to get the wallet.

I believe this solves the scamcoin reputation of nxt, ripple, and upcoming emunie. Those coins are distributed by the millions maybe billions to early people hoping to get rich quick. No one can claim scamcoin if everyone is given the same amount publicly to start.

The social network sign up keeps everything public and even. Even the developers and early adopters can only get the same amount as everyone else. Their incentive will be receiving the nominal evenly distributed dividend (if you will) when a new person signs up.

Multiple signups will be prevented by requiring 2 step google authenticator and ip exclusions. (This will also help with security) If someone wants to have two cell phones with two different ips to create more than one account so be it.

I think having something in the 10 billion coins neighborhood would be good. If the coins don't have too much value (at the start) I think people will be more likely to use them for tipping like dogecoin or to trade them. This will help to foster a good natured community.

The idea is to have a crypt people actually use in everyday transactions. The proof of stake makes transactions instant. Which make it viable for in store purchases. In the fast paced world we live in waiting even 30 seconds for a transaction to clear at a coffee shop is too much which litecoin and other script based coins require.

In terms of the social network: Sending and receiving the crypt will be as easy as entering an amount and clicking on someone's or a businesses name. No need to mess with long addresses that are intimidating and can be screwed up.

There could be a newsfeed where members can post pictures and videos of doing coin related things. Real name and photo could be required. This will help establish a sense of trust among the community. We live in a visual world now, seeing the person's face you are sending crypt to, being able to see their profile and posts will also help establish a trust. It will help breakdown the notion that cryptos are used as an underworld/black market/ money laundering type vehicle.

Crypto is a revolution capable of changing the world and yet most of the interfaces I see look like they are from the 90's. The design needs to look as easy to use and attractive as fb, twitter, instagram, etc. This appeal will ease the transition for a person new to crypto. I want mom's dad's and even grandmothers to use it.

Any thoughts, ideas, recommendations, pointing out of flaws are more than welcome. I am looking for people to help develop.

Thanks.
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