Hello Bitcointalk, i am looking to put together a team that will create a coin that is absolutely unique in all of crypto. i have spent alot of time analysing crypto markets and coins and from very early we all saw some problems with asics, and multipools having too large an advantage over "joe-miner". this is why i spent much time thinking about how to solve this.
as we all know, this is how the story goes.
coin gets launched
miners get mining
price goes up
10gh miner jumps on board vs the collective 550mh of individual miners
by the time his coins are confirmed 10gh sends to market
sells down all stock and sets coin value back to day 1
all early investors get screwed
over time ive realized that some of these problems occur for a few reasons that can be blamed on the community, the traders, the dev or sometimes simply a lack of investment due to low marketing.
but the majority of the time it's because someone with much more hash at their disposal is willing to crash the market and get back at least his investment into the giant mining rig he acquired or rented.
ive decided to put a stop to this. however, i will need your help. by observing the successes and failures of so many coins as we see on the market today, id like to create a coin that remedies all the problems faced with crypto today. the sad matter of the fact is that because of huge mining farms and the current structure of crypto algorithms, a coin will hold more value to someone with less hash than it would for someone with large amounts of hash. a coin that holds value because all miners have a near balanced value of each coin they mine.
i believe the objective of crypto is to become useful in day to day commerce. retail, paying bills, travel, bars and clubs, casinos and as a general form of payment for goods and services. this generally contributes greatly to make a coin "holdable" with confidence. such as with fiat. i also believe that the only thing that is bad for a coin is selling it for fiat. as btc can be reinvested multiple times into a coin which means that just for example - 5btc can raise the value of a coin to 1million dollars and hold there if all the players who get in, never get out after they got in the first time and just hold their coin, or sell just a little based on market demand. ensuring that each new investor pays a slightly higher price, however confident that even though he did pay more, all his coins are still valued at the price they currently are at. and further will increase in value with the next investor.
this method will be a great plus to crypto, however, community members regularly come and go based on their speculation of the markets. but also because investment is limited, and many are trying to boost their investment capital through investment.
this is why i want to create a coin that will constantly increase in value as long as there are new investors coming along. but to do that the algorithm needs to set squarely in the minds of miners/investors an equal value. which is to say... both huge farms as well as small miners will have the same value for each coin they mine, thus establishing a floor at the value the algorithm dictates.
my problem is that i am not a programmer, and i need a programmer or team of programmers to work with me and the ideas behind this project. perhaps it can be considered an experiment. but what i guarantee is that the behaviour of the algorithm as i will specify will be unlike any coin that currently exists. totally original and tbh i dont know why it hasnt been done yet.
most reading this might be expecting some sort of anti-multipool/megafarm coin. however, the opposite is the case. this coin will welcome large hash.. the more hash the better as usual it will strengthen the network... but without bringing down the value of the coin and without causing a fork. the coin will effectively be immune to both 51% attack and multipool abuse. that's right, bring as much hashpower as you want to this coin. there will be no limit. the coin will be structured in such a way that everyone in the world can participate, mining on the mobile phones, laptop etc which will contribute to worldwide adoption. the other facets of the coin i will release later on in stages as i hope to acquire some interest in this project from this post. a discussion that will not reveal too much of this coin's innovation until it has been created and tested. but dont worry devs.. it wont be hard.. it's a very simple solution, that takes from the strengths of every coin in crypto but adds some new innovation as well. it shouldnt be hard to code.
my goal and reason for wanting to create this coin are very much sentimental. as we all know we dont want any coin to be centralized. but more and more every day as with human nature, some are finding ways to control and dominate a coin. causing much of crypto to become centralized. the coin i would like to create will also eliminate such centralization unless large amounts were purchased by an investor.. which is perfectly fine since he wouldve paid a price he is willing to pay and joe-miner wouldve sold at a price he was willing to sell.
providing this coin does what it is programmed to do as that inter-relates with market and trade behaviour, the stability of value will escalate this coin to be used by merchants very quickly as this is what they look for. merchants dont like heavy fluctuation of value or as it is called in trading.. "volatility". they prefer to see the value of a coin holding steady, with minor rises and falls for extended periods of time as this is an indication that market demand and supply is balanced at that value.
the name of this coin will also be very innovative, easy on the tongue and familiar so it can be used in the real world to denote currency. however the name is also what will define this coin as it's algorithm will behave as the meaning of it's name. that is all the clue i am willing to give about it for now.
if there are any devs out there willing to work with me on this project please, feel free to make a post or msg me and we can discuss further. i dont have any problem discussing this on the public forum, but because of the innovative technology of the coin i will have to keep some things secret until the coin is actually developed, tested and launched.
i am also interested in investors who may be willing to contribute to the development of the coin. as usual i would like to make it 0 premine and would like to be involved from the get go
please post your interest whether as a dev or investor of this idea. everything regarding currency and payments with the project will be 100% transparent as i also believe that people feel better when they can know where their money is any time they want to check. all financial data will be publicly available and to a great extent, controlled for expenditure as deemed needed by the community that develops around thiis coin.
UPDATE 1EDIT: One of Crypto's most talented devs has agreed to work on this project for me. the cost to get the basic framework of the coin done is currently 2btc. there will be a few additional features that will all go into the coin once the first template is finished. including a proper solution for encrypted voicechat and anon transaction technologies.
id like to start accepting pledges to this coin's development. please post in the thread your pledge and i will begin a document to keep track publicly.
UPDATE 2Initial investor premine
Development requires pledges from the community. can we get some pledges? no matter how small. i've decided to create a premine that will be calculated as a fair compensation for the initial investors of this coin based on their contribution towards the development fund.
Update 3 - Pledges
Initial Investor Pledges/Phase1
1. *Sakura* - 0.1Btc(submitted)
2. Geenstijl - 0.1btc(submitted)
3. Gambiman - 0.2btc(submitted)
4. Mouse020 - 0.3btc(submitted)
5. ^_^ - 0.1btc(submitted)
6. fakeshadow - 0.1btc(submitted)
7. BillTech - 0.1btc(submitted)
8. Rimba - 0.3Btc(submitted)
9. Kooness - 0.3btc(submitted)
10. pseudonymdude - 0.4btc(submitted)
11. Tam222 - 0.1btc(submitted)
12. Primitive - 2.8btc(submitted)
13. crashoveride54902 - .25btc(submitted)
14. tobeaj2mer01 - 0.75Btc(submitted)
15. IGFU - 0.1Btc(submitted)
Backup Investor Pledges/Phase2
1. tobeaj2mer01 - 1Btc2. 3. 4.
5.
6.
A pledge of 1 btc has been made to the development of this project to start things off.
investor positions will now be on a first come first serve basis until the 2btc requirement is met. The project will also continue to take note of any late investors for in the event that one of our investors drops out or fails to meet his pledge when required. we will also look from these investors if the project requires any additional funding and will open a new slot for investors as is deemed necessary for the development of the project.
June 30th 2014 - Core Investment GroupOur Core investor group is formed and full funding for our coin template has been pledged. additional pledges will be listed as backup investors and will be called upon in the event that a position is made vacant or as deemed necessary to the funding of the project to completion and launch.
July 4th 2014 - Graphics and Animation Designeri've acquired a graphic artist and animation producer for our project. he'll be working on the design of our logo and animation projects which will be used to market our coin globally. more updates to come soon.
July 17th 2014 - Web DevelopmentOur project has now secured a hosting package for the project which will host our official website and forum. Web Developers please apply via pm with your interest to fill the position of Lead Web Developer and are asked to have ready samples of your work and any references that may confirm your talent and reliability. The Domain and currency name will soon be provided in a new [ANN] and current investors are asked to have their pledges handy as well as to ensure that you have supplied me with an email contact which i will send the design document to for your review before the coding process begins.
July 26th 2014 - Web Dev Acquired - Initial Investor list ExtendedTo see today's Update please click on the following link:
https://bitcointalk.org/index.php?topic=611996.msg8037526#msg8037526The New Dev Fund ddress has been generated and we are currently accepting submissions to help speed up progress.
BTC DEV FUND ADDRESS: 1585Vrf5v2bWfvqss3Fsn7kbhgQcEwyv3c----------------------------------------------------------------------------------------------------------------
September 25th 2014 Phase 1 Funding Target acquired
Today we've reached the full funding requirement for phase1 investment placing us ready to begin development. Funding was raised by acquiring investors of the crypto community via public offering on this thread. now that we've reached the required target for this stage in the project the thread will remain open, but may soon be abandoned as we near completion and launch. a new [ANN] will be created for our new currency. those interested may still request to be added to the backup investor list for phase 2 which will include an ipo of a small amount of coins to fund further development before launch and being available for trade. please post or pm your interest and ill keep you updated on availability.
Best Regards,
Coinler
Show Posts
. for now maybe we should start with acquiring volunteer devs or pledges from investors willing to pay a dev for their work. building it with the community from the ground up. first things first.. we need devs.
