Hello everyone
I have a project that is going to implement the bitcoin protocol in the field of legal contracts to create a crypto contract: examples: wills trusts estates that needing to disburse fund, muncipal pension payouts, bailbonds, health insurancy payouts, lawsuit payouts etc where very sensitive personal data or identifiers such as SSN, name, hospital ID, medical accounts may be incorporated into the coin along with payments to various parties all of whom need their data, even a part of their private data from getting hacked or released to the public.
In this case the distributed ledger system has to be closed to the public...meaning only a select group of miners are allowed to operate the blockchain.
Properties:
1) Coin Limit: No limit... dynamic coin supply. Mining rewrard may increase or decrease after every 840000 blocks depending on value manually set by the administrators of the coin.
2) Retarget every 2016 blocks. Block Mining Reward....manually adjustable by administrators of the coin. The amount of Reward is broadcast to all mining clients once set by the coin administrator.
3) Mean block time.... 2.5 minutes or less
4) Algorithm: SHA 256 vs Scrypt vs X11 ? which one would be the best?
5) Premine: yes
6) Restricted blockchain explorer access. Miners have to register and open an account with coin administrators before beginning mining. All mining sessions are enabled only after logging in with Coin administrators.
7) Centralized administrative control over miners... The administrator has the ability to follow miner activity, freeze, lockout or completely purge rouge miners in realtime.
COIN needs a Data field representing contract type date issued / expires and status (active, frozen or expired)
Is this going to require a massive modification of the BITCOIN or LITECOIN source code? This is a student start up project, no deep pockets, not looking for anything vast complicated IBM-esque solution.
Just looking to get a simple coin solution for a specific application in the economy.
thanks for your time. All helpful comments and replies highly appreciated.
