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Question: Select the 5 most important new features for decentralized currencies
Blockchain that can scale to Visa-scale - 29 (15.1%)
Instant transactions ("0-confirmation transactions") * - 24 (12.5%)
Anonymity of IP address send transactions & mining blocks (who gets the new coins) - 25 (13%)
Anonymity against blockchain analysis (e.g. Zerocoin) - 24 (12.5%)
Create new coins forever (but not overly inflationary) ** - 13 (6.8%)
Preset transaction fee percentage - 3 (1.6%)
GPU-resistant mining (Litecoin is only ASICs resistant) - 7 (3.6%)
GPU-resistant mining that requires RAM upgrade to defeat Botnets - 15 (7.8%)
Energy-efficient PoW mining *** - 15 (7.8%)
P2P exchange BTC -> altcoin - 15 (7.8%)
Purging of stagnant (lost) coins (frees key space & velocity calcs more accurate) - 4 (2.1%)
Faster difficulty changes ***** - 9 (4.7%)
Name doesn't contain "coin", "cash", "kash", "money", "dollar",  nor "bit" - 4 (2.1%)
Merged mining - 4 (2.1%)
Chaum's group signature repudiation **** - 1 (0.5%)
Total Voters: 48

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Author Topic: Poll: Ranking new features for decentralized currencies  (Read 1110 times)
AnonyMint (OP)
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August 22, 2013, 06:12:22 AM
Last edit: August 23, 2013, 01:44:48 AM by AnonyMint
 #1

Please don't vote based on a misunderstanding of what is technically possible or not. I have listed features above which I am sure can be implemented.

Note I have not included features which I think can be gamed or are niche-markets, e.g. MemoryCoin's grants. I think this would just encourage all those supporters to come spam the vote here and skew the ranking. I am interested to compare the mainstream coin features.

I am not including UI features here, as that can be third-party work that doesn't have to be in the coin protocol.

If I have missed an important feature, please list it here in this thread, and I will add it to the poll if this forum allows it. Otherwise, I will collect these and rerun the poll later.

Note I thoroughly debunked the Bitcoin2 proposal.

Feel free to discuss any new features in this thread.

* Faster confirmation times don't add insurance (probability) against abandoned forks
** Inflation is necessary for an economy to grow. New coins fund the mining ecosystem to maximize protection against 50+% attack.
*** I don't believe non-PoW schemes are secure.
**** becoming irrepudiable after N blocks, necessary to support transactions that can fail to deliver
***** So upcoming of a sudden powerful miner doesn't take a HUGE advantage mining too many coins. Actually it is more than that:

https://bitcointalk.org/index.php?topic=47417.0

Quote
Difficulty retarget

We will keep the retarget block the same as Bitcoin's 2016, but because blocks are found 4 times faster, difficulty will retarget about every 3.5 days.  The combination of fast retarget times and Scrypt proof of work (Litecoin will not compete with Bitcoin for miners) means we expect to not see the sort of problem Namecoin encountered; hashing power that leaves more suddenly than it came, causing a high difficulty slog for everyone who stayed.

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August 22, 2013, 01:45:50 PM
 #2

GPU, ASIC and botnet resistant coin with zerocoin anonymity features.

"The Times 03/Jan/2009 Chancellor on brink of second bailout for banks"
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August 22, 2013, 06:15:24 PM
 #3

Vote.

"The Times 03/Jan/2009 Chancellor on brink of second bailout for banks"
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August 23, 2013, 01:45:34 AM
 #4

Added a feature to the poll (at 18 voters total), feel free to change your prior votes.

Quote
Chaum's group signature repudiation ****

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October 16, 2013, 04:22:40 AM
 #5

Bump, please vote in the OP.

Summary thus far (34 voters total):


1. 31 Anonymity
2. 18 Block-chain scaling
3. 16 GPU-resistant
4. 12 Energy-efficient
5. 13 Instant transactions
6.  9 P2P exchange
7.  8 New coins forever
    8 Faster difficulty 


Previous summary (23 voters total) as of Aug 23:


1. 15 Anonymity
2. 12 GPU-resistant
3. 11 Block-chain scaling
4. 10 Energy-efficient
5.  8 Instant transactions
6.  7 New coins forever
    7 P2P exchange
7.  6 Faster difficulty


Previous summary (17 voters total):


1. 12 GPU-resistant
2. 10 Anonymity
3.  8 Energy-efficient
4.  7 Block-chain scaling
    7 New coins forever
5.  5 Instant transactions
    5 Faster difficulty
6.  4 P2P exchange


Previous summary (11 voters total):


1. 10 GPU-resistant
2.  7 Anonymity
3.  5 Block-chain scaling
4.  4 Instant transactions
    4 New coins forever
    4 Energy-efficient
5.  3 P2P exchange

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October 16, 2013, 04:32:49 AM
Last edit: October 16, 2013, 06:24:40 AM by AnonyMint
 #6

On energy efficiency, actually using more energy with PoW may lead to greater energy efficiency for the world:

https://bitcointalk.org/index.php?topic=285701.msg3090924#msg3090924

Also Adam Beck pointed out in a post which I've lost the link to, that if botnets are used to mine PoW, that has positive effects in the sense they can't be used to do more malicious activity (and also note this high use of CPU and DRAM is likely to the cause the owner of the botnet slave computer to notice their computer resources are being remote controlled). Note my design for an Scrypt-like PoW eliminates computers without significant DRAM.

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