Open Source BTC Wallet based on P2P

[SweeThunderX]

Hello everyone.

   I recently took a good look at all existing wallets and they're all very inefficient and/or have expensive fees... Although "Bitcoin Core" is the most stable version, I am willing to approach a new Bitcoin wallet that will not require fees except the CPU power from your computer to contribute to the wallet's existence and performance. The basic idea is based upon the same principal as Satoshi Nakamoto's approach to "Bitcoin e-currency" but in a slightly different way. And that is; throughout a similar "P2P Torrent system".

   (The aim is simply to be able to transact any amount of coins without fees very fast and remaining stable altogether.)

   Visualization: Each person who will have "their wallet" opened, will contribute with their computer's "CPU Power" and "Internet Connection" to its existence which technically means; fees are still there but would become very insignificant in time because when every bitcoin user will adopt "this wallet", the power to sustain this interconnection of nodes will be divided and diversified vastly in such a way that the amount of fees will be such as: 0.0000001 BTC (perhaps less).

    The way this wallet would technically function/improve and exist, is by "Seeding". Same as Torrents.



Note: I am not an expert in cryptography and neither in code but I want to get this idea out there to any team or whatever idealist that can adopt this vision and deploy it.

- Wallets become daily more and more centralized and inefficient; harder to sustain, becoming more and more vulnerable. Satoshi Nakamoto proved that "collaboration" is the best approach to a utopian decentralised system.



Open Source.




  
 

[Patatas]

Terrible idea.What if I don't use a computer and rely completely on my Mobile phone for my transactions ? I don't get the benefits of "free transactions" then right ?
I don't know how good are your bitcoin basics but hey there is something called as "miners" who are officially responsible for accepting transactions.Even if you do the computation at your end,you still gotta pay some fees to the higher level miners who would be responsible for your actual transaction.

Wallets should be separated from the entire "CPU Power" thingy and must do what it intends to.Best case scenario : Wallet should check the network congestion periodically and force to pay the minimum of x fees while sending a transaction.

[crabby]

I personally don't think it's a bad idea because of the mobile part, but because it's not possible right now (or at least extremely impractical). All transactions need to be broadcast on the Bitcoin blockchain if you want to transfer Bitcoin. Otherwise, everyone using the application is sharing one Bitcoin wallet and relying on the security of the wallet to determine who has what amount of coins. Essentially, that means you would need to build a blockchain to maintain such transactions. At which point you need to ask yourself... Why would you ever want this? The transaction fees are high, but the electricity used for mining is also expensive. For many people, the cost of electricity would actually be higher than the cost of the fees. It's simply not practical. If you have an issue with the transaction fees for Bitcoin, you can always use other coins to minimize the number of times you need to do BTC transactions.

[SweeThunderX]

@Patatas, Good point.

    "Wallet should check the network congestion periodically and force to pay the minimum of x fees while sending a transaction."

    That's an actual cool feature. Although, synchronizing would probably be an issue if not everyone shares their computational power and internet connection.




@crabby, How would you solve this issue from your perspective?: "All transactions need to be broadcast on the Bitcoin blockchain if you want to transfer Bitcoin."


   (More people are joining the crypto-world and wallets are getting slower and more expansive).


"you can always use other coins to minimize the number of times you need to do BTC transactions" - > Thanks for the tip. : )





Open source.

[crabby]

@Patatas, Good point.

    "Wallet should check the network congestion periodically and force to pay the minimum of x fees while sending a transaction."

    That's an actual cool feature. Although, synchronizing would probably be an issue if not everyone shares their computational power and internet connection.




@crabby, How would you solve this issue from your perspective?: "All transactions need to be broadcast on the Bitcoin blockchain if you want to transfer Bitcoin."


   (More people are joining the crypto-world and wallets are getting slower and more expansive).


"you can always use other coins to minimize the number of times you need to do BTC transactions" - > Thanks for the tip. : )





Open source.

The only way to change the behavior of the Bitcoin blockchain is to actually change the source code. So, in my opinion, the only solution for reducing the cost of transactions long term would be for the Bitcoin team to actually change the source. There have already been many discussions on what changes could decrease the transaction costs, so I don't need to go into the details. At this time, I don't think there is an application that you could build on top of Bitcoin that would be both 100% secure and reduce the cost of transactions.

[faithterms]

This is a good idea after all. However, this may be impossible to do as of now, and you might need to rely on a computer in the end.