Checkoin: open standard to secure the circulation of physical cryptocoins.

[mammique]

Hi all, I have drafted this technical proposal for securing the circulation of physical cryptocoins: https://checkoin.org/

Tell me what you think,

Thanks,

Camille.

[nihilnegativum]

this looks great

[progmax]

Interesting

[r0ach]

Since such a thing can't seem to be done in a trustless manner (as you allude to with talking about adding a reputation system) and could lead to a full monopolization, forced standards and extortion type thing, then complete hijacking of bitcoin and trying to convert it into a more physical based than digital currency, I tried to look up your background and it seemed like constant pictures of liberal, hippy type people walking around in jungles (whether fake or manufactured background, who cares).

Anyway, you obviously spent a A LOT of effort in coming up with all this so far, which means it's obviously not a one man, non-profit operation and there's an actual motive behind this, probably by a larger group.  So the question is, what exactly is it that you hope to accomplish with this, since while, yes, you would raise TPS by doing such a thing, you would inherently, drastically weaken Bitcoin security at the same time if such a thing was massively adopted, to the point where if this became "a thing", it would lead to the eventual derailment of the blockchain in general, and converted entirely into a centrally issued physical currency.  A trojan horse in other words.

There is also the fact that this idea is completely irrelevent since gold and silver coins already exist and would be far superior for the task, so I can't really view your ideas as anything but a trojan horse to try and weaken or derail Bitcoin.  Using Bitcoin is best for moving value frictionlessly in the digital world, and gold and silver for the physical world (except for it's enormous granularity issues that would likely just end up with you using Bitcoin instead for both)

[mammique]

Hi r0ach, thanks for your reply.

could lead to a full monopolization, forced standards and extortion type thing

How? Then, how to avoid it? Please contribute so it can be anticipated.

it seemed like constant pictures of liberal, hippy type people walking around in jungles

What picture are you talking about? What is the link with the specifications? If you want to know my political view, I'm a voluntarist. But this has nothing to do with a standard, which by definition must satisfy as much people as possible, no ideology should be involved.

you obviously spent a A LOT of effort in coming up with all this so far

Thank you, indeed it try to do my best, it took me a bit more than two weeks, and I'm alone (unfortunately, that's why I ask for help).

you would inherently, drastically weaken Bitcoin security

It has little to do with Bitcoin, it is possible to carry any asset, not only Bitcoin. BTW, you seem to be a little pessimistic on Bitcoin resistance, I don't believe it can be weaken that easily, that's why I use it.

it would lead to the eventual derailment of the blockchain in general

How? Cryptocoins are just cold storage, it doesn't affect the Bitcoin blockchain.

gold and silver coins already exist and would be far superior for the task

I agree that gold and silver are excellent for that, I advocate their use, Checkoin is just another option, it doesn't pretend to challenge gold or silver, but to challenge fiat currencies along with gold and sliver.

[klarki]

The idea is certainly not new, but try to give her development.
With a final result, it was possible to say something.
But now, I think the idea of crude.

[mammique]

Thanks guys for the feedback, do not hesitate to post ideas on GitHub: https://github.com/mammique/checkoin

Camille.

[mammique]

Hi klarki, thanks.

The idea is certainly not new,

I guess so, but I didn't find anything that really covers all these issues, do you have any examples?

but try to give her development.
With a final result, it was possible to say something.
But now, I think the idea of crude.

Well, I understand, but I'm not going to do it alone. I've made the effort to lay it down and leave the door open to go further, but I'm not sailing without or against the wind :-p

[mammique]

gold and silver coins already exist and would be far superior for the task

Thanks r0ach, you gave me great idea! Indeed, Checkoin could secure the circulation of gold itself!

• https://twitter.com/checkoin/status/718778552775286788
• https://github.com/mammique/checkoin/commit/7571feb9f6131b154abc47df391a192d87ef6ebf

[Dink]

I find your whitepaper interesting as well as full of challenges.  Just some ideas to keep in mind going forward, a businees model (plan) is a must, without one you are just another altcoin, this becomes a real job and not a weekend toy.  Mass adoption and price stability are essential for success lacking one or the other creates little interest in a coin other then for speculators. Hmm...I wiil have to read your paper again.

Forward little by little..

[nihilnegativum]

gold and silver coins already exist and would be far superior for the task

Thanks r0ach, you gave me great idea! Indeed, Checkoin could secure the circulation of gold itself!

• https://twitter.com/checkoin/status/718778552775286788
• https://github.com/mammique/checkoin/commit/7571feb9f6131b154abc47df391a192d87ef6ebf

Can you expland on this a little, how would this secure gold exchange? From git. "the gold nugget itself, indeed if the asset is small enough, transportable ans securely sealed it can replace the content of the *Sealed Cashing Data*"
Would it just check the seal?

[mammique]

No, you just check the Visible Scan Data, there is no more data seal in that case, but a nugget seal (it can be a tiny slice of gold valuing 50 cents), the Visible Scan Data validates the fact that the coin is unique and coming from the legit minter. We can fake gold coins, if we put a Checkoin Visible Scan Data on it it becomes much harder. And if we make plastic coins with a little nugget it can be used for daily purchase, it's easier to fake plastic coins, but with the Visible Scan Data you get a pretty good guarantee.

[mammique]

I find your whitepaper interesting as well as full of challenges.  Just some ideas to keep in mind going forward, a businees model (plan) is a must, without one you are just another altcoin, this becomes a real job and not a weekend toy.  Mass adoption and price stability are essential for success lacking one or the other creates little interest in a coin other then for speculators. Hmm...I wiil have to read your paper again.

Forward little by little..

Hi Dink, thanks for you reply and for taking the time to read. To be honest I'm a bit sick with technology, this idea just popped in my head last month and I made the effort to lay it down because I think it can be useful, so I shouldn't keep it for myself, but now I devote my volunteering time to other things than technology (I'm a software developer, I spend enough time in front of a screen). So, if the idea gets traction and I can get paid or pay others to do it, I'll do it with pleasure and care, but I won't sacrifice myself on it voluntarily if there is no support. I have proposed rewards for crowdfunding, and left the door open for people to choose their own rewards, so if companies find their interest in it they can imagine their business models and ask for an advantageous positions as a reward (blacklight application developers, blacklight hardware manufacturers, minters, auditors, etc.), if they don't then there is no point of developing such a technological standard.

For price stability I suggest that blacklights displays the price of the asset held by the coins in local fiat currency, so in one scan the common people have an idea of its value right away. Checkoin is not a cryptocurrency, it carries other cryptocurrencies, so stability of the value is out of scope (until we develop the dedicated Checkoin currency on top of it, but it's not for first release).

Thanks again Dink keep me posted on your re-read! :-)

Camille.

[mammique]

Hi all, I've added examples of coins that could be manufactured in order to help visualising what it could look like: http://checkoin.org/#examples-of-emcoinsem

Tell me what you think,

Thanks,

Camille.