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July 30, 2013, 02:32:29 AM |
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So here goes a high level overview of the concept
Block times: 30s***
Transaction style: ledger
Block reward: exchange transaction fees in eXc
Divisibility of "coin": No, whole units only
Hash Algo: (***) POS only (rewards transaction fees), used to confirmed submitted blocks and exchange transactions
New coin distribution: (***) Any confirmed block on an exchanged coin rewards miner with 1 new eXc (therefore this coin must be merge mined)
Pre mine: 100 coins for each current exchange who will adopt the coin at launch to be randomly/semi-randomly awarded to their end users as they see fit in a publicly verifiable manner + 10 coins for the exchange to keep for no less than 6 months to assist with early POS mining after which time these coins will automatically be unlocked for the exchanges to use as they see fit. 10 coins for the genesis block starter to be locked for no less than 1 year.
Exchange transactions are entered much like how namecoin registers domain names, at time of submission the eXc client verifies the users funds are available for use. When 2 trading parties meet, their respective clients reverify the funds and issues the transactions required to complete/partially complete the trade.
Pitfall: rogue client says they have verified funds regardless of whether or not they have the funds and then receives coins without sending their side of the trade, possible solution, clients verify against addresses in the block chain but there is still the issue of the counter client not sending funds. What ways can this be prevented? Multi-sig helpful?
Goals of the coin: deeper integration of all the current exchanges, ddos resistant exchange, off-exchange p2p trading.
Here's hoping this sparks some great ideas :-) for someone
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