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February 10, 2018, 01:58:16 PM |
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Recently I was thinking about my old unsuccessful project of distributed cryptocurrency. I have some fixes which should facilitate it usefulness.
In general this is another take on a cryptocurrency design. Internaly it does not base on a blackchain technology for processing transactions but still it posses quite decent distributed security mechanics. According to my recent ideas the system is designed as extension to already existing smart contract platform like ethereum.
For a while I want to focus on user experience features so for the sake of a discussion lets assume that the system was build on top of the ethereum platform.
From the user point of view this currency is yet another form of ethereum, but with different properties. It mean that one could interchange ethereum coins and coins from this system between one another 1:1 without an exchange.
Beside the fact that nice to try new thing. What would be actual purpose of existence of this kind of currency?
So there are two advantages.
There is no blockchain so transaction are fast in general.
Another advantage lays in an internal design. In this kind of network every node is unique and identified by specific public/private key pair. So in order to join the network one has to identify yourself. Reality of this fact is that clients applications may request that any given piece of information is signed by specific node. From this property derive one very useful use case.
Lets imagine that I am an independent developer working on some kind of software. I have no association with any other third party, so it is hard for me to get decent bargain when it comes to selling my software. Existing platforms will take quite a decent part of a potential revenue. With this platform I have another way to go. I bind execution file of my software to this cryptocurrency (set price, trusted node/nodes, time of validity, account number). As a result I may now put an execution file freely available for everyone to download and use. Now, end user, if he/she has client and some coins on, after downloading app and a purchase, is able to play with application, and coins goes to my account. Payment works in the way that application is bind to specific machine and can by used freely only on this specific hardware(obviously at some point it could be some specific account, number or similar unique identity not necesarily hardware ). The magic is that when I collect revenue for my application I could exchange directly 1:1 for ether(or other smart contract cryptocurrency on top of which system is build). It is hard to estimate fees but in such network those should be small enough that close to 95-99% of revenue, should go directly to me as a creator. As a result I may put price tag lower and still profit more. This may go not only for software but other IT related product like for example, content creators.
I may undertake some effort and try to rewrite my obsolete and bug-y documentation and try to update it to my recent ideas. It will take some time so it would be nice to know that at least one person is interested.
In general this system is hard, hard to develop and tricky to maintain but potentily quite easy to use.
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