[PRE-ANN] Koin (KOIN) PoS | Issued by people | Call for development

[koinproject]

Koin

Intro:
The problem of higher energy consumption in crypto currency seems solved by proof-of-stake, only issuing remains critical - so we decided to keep money out at first.

Specifications:
- 100% PoS from genesis block
- Trusted issuing via CMS plattform*
- Zero or low inflation (<1%)
- Blocktime 1 minute
- Cap around 5.000.000.000.000 (five trillions)

Wishlist:
- Optional anonymous darksend
- Lost wallet re-issuing via Foundation
- Masternodes payed by transaction fees
- Encrypted messages
- and more ...

* Fundbalance CMS (or reverse kickstarting)

A simple online platform helping on issuing and rewarding at the time of early development and also later for donations. To keep spam, scam and greed out, this will be invitation only (5 invites per user/month), all results are publicity visible anyway. Users can submit their task (max. 3 per week) and up- or down vote other users entries (max. 10 up-, 5 down votes per week). From a core code developer to someone holding a sign up on the street all efforts can be freely done and submited. The number of positive points will decide on relative supply sent to the users address every month.

Overall shares of total supply:
- 66% Development
- 33% Donations
- 1% Foundation

Distribution schedule according to Fundbalance CMS:
Month #1: 11% development fund
Month #2: 11% development fund
Month #3: 11% development fund
Month #4: 11% development fund + 11% donations
Month #5: 11% development fund + 11% donations
Month #6: 11% development fund + 11% donations

Month #7: 1% foundation fund, aimed as largest holding in the future.

Next steps:
- Call for participants
- Work on detailed concept specs
- Forking a wallet client and coding Fundbalance CMS 

No rights, no funds reserved, please donate in support of the idea:
Bitcoin: 1JKzz3cfHU3TXDviFMB2QKMh7yCBCptboG

Thanks for all feedback, request or question per PM or koin@opmbx.org

[WASPJoe]

Looks interesting to me,
Might I add that (from what I know of) fluttercoin's proof of transaction, it may also be a way to add in security without much power consumption.

If we can figure out a way to reward full nodes for their participation in the network, we may also see an increase in adoption because people with simple
I propose (and all of this could already be in place and I'm just ignorant) that participation could be tracked by a DHT solution that becomes integrated within the main (or a separate) block chain. Full node participation could be tested by any other node upon request. This will send out a call to the network for a random set of block elements to look for and return to the network for verification by all nodes. By rejecting random info requests from the node you are directly peered with, you can increase the chances that an unaffiliated node would be at work.
Also, to further protect against a takeover by dishonest nodes, you can force the network to use a pos algo as well on the colored coins that require voting for a new node to start asserting "Participation coins". While this could also be gamed, the fact that you have a semi-centralized and unique method of distribution means that there will be control of a number of coins by a few people who will have differing views, and thus not everyone will want what is worst for the network. It should actually combat the issue by distribution to dedicated participants (since every participant will want to keep the network running properly, pos voting should work out well).

If a set of colored coins are issued to each full node at the beginning of a new block, a full node may then spend those coins in a proof of transaction transaction that has no claimable outputs. Once these transactions are accumulated and a person has enough colored coins, they may integrate those coins into a block to be confirmed as spent and thus producing "mainnet coins" in exchange for their "Participation coins". This would require a small "mainnet" network fee for the main blockchain to integrate in the issued coins. These colored coins are destroyed once spent, and newly issued "mainnet" coins are sent to the owner of the colored coin address.

There's a lot that I would need to draw out if I wanted to make a good case for it, but hopefully this gives you some ideas.

[mxn]

Hi Joe, nice to see you again and thanks for your reply, just for your longer paragraph i need time to understand. I am part of this idea, not heading since nobody does, first steps together with a few people around. Most of us are not connected to the crypto world, in first priority we need (PoS- & LAMP) experienced coders, who bring themselves in with skills. Many questions are still open, ie. which base will be forked.

While this could also be gamed, the fact that you have a semi-centralized and unique method of distribution means that there will be control of a number of coins by a few people who will have differing views, and thus not everyone will want what is worst for the network.

Fundbalance CMS basically builds representative connections between values and persons, who are verified enough through submissions of tasks or non-profit claims. It will be open source and hosted on centralized servers, after a half year this will not run anymore and Koin will get the same neutrality of Bitcoins fully decentralized network. A positive side effect is additional motivation for all participants, no matter how much cash they have liquid or how much workload is taken by an individual.

By accepting even smaller units of activity, there are no higher requirements than being a human on entry level. Early adopters are still advanced by missing less payouts. Plain investments are not welcome directly, but they are free to finance a task and add it for receiving reward by votes. Also teams can easily take part, represented by a person with an user-account. No task can go below zero and generate a debt and only the user themselves can remove their tasks. Donations are treated differently: organizations can submit themselves and users vote on their shares.

Thanks to the transparency of the blockchain and various online tools, trust is a result by rational interpretation, accompanied with sweat on the emotional side.

[barabbas]

I could be interested of course but for what I have read, and perhaps I am quite wrong in this, all of this is very preliminary and there's no specific idea, technically, of what the coin can be.

I'm going to post some suggestions.

Thank you and please keep me updated with any developments.

[platorin]

Five trillions? Jesus...

[mxn]

Five trillions? Jesus...

somehow it needs a number

"trading in foreign exchange markets averaged $5.3 trillion per day in April 2013"

http://en.wikipedia.org/wiki/Foreign_exchange_market

[zhizhi321]

the amount is huuuuuuge...