The perfect altcoin or cryptocurrency

[Abiky]

If I were to design a perfect altcoin or cryptocurrency in the future, it would be such that would embrace decentralization as much as possible, allowing an equal ecosystem for anyone to enjoy. Since BTC is partly centralized in its mining process, 51% attacks could be easily achieved (since ASIC manufacturer Bitmain has the most dominance in hashrate). Other altcoins have the same problem with new miners being released by Bitmain, destroying the true value proposition of ASIC-resistance.

Therefore, the perfect cryptocurrency would be such where mining is decentralized and nodes would be geographically distributed as much as possible to eliminate third party intervention. I believe that designing a consensus mechanism that would allow any device to participate in the mining process would be a clever idea. Anyone regardless of their economic status or social influence would be able to get started with mining right away, even if he/she lacks large quantities of hashrate. It would be one CPU, one vote just like in Satoshi's Bitcoin Whitepaper.

On the other hand, the perfect cryptocurrency would be only traded at decentralized exchanges (to eliminate the middleman) and physically between peers. Allowing cryptocurrencies to be traded at centralized exchanges, would allow governments and/or other third parties to restrict trades, shutdown the exchanges, among others.

By doing trades in a decentralized fashion, none of these things would be able to happen as governments would need to shut down the entire network of the decentralized exchange. (which would be practically impossible to achieve)

Nevertheless, I would like to know your thoughts on how to design a perfect altcoin or cryptocurrency. Will it be possible to achieve true decentralization for a perfect cryptocurrency? Or would it be extremely complicated to achieve? 

[Ros-In]

I believe that designing a consensus mechanism that would allow any device to participate in the mining process would be a clever idea.

Lets talk about this, even if in the future this kind of mining born do people want to do that ? I mean can they make profit by mining that coin ? Its all what we search for, to make money.

And the idea for decentralize trading platform, i like that. And i think there allready some exchange do that but not a big exchange.

edit: Found some article who talk about decentralize trading platform here https://coinsutra.com/best-decentralized-exchanges-dex/

[Abiky]

Lets talk about this, even if in the future this kind of mining born do people want to do that ? I mean can they make profit by mining that coin ? Its all what we search for, to make money.

And the idea for decentralize trading platform, i like that. And i think there allready some exchange do that but not a big exchange.

edit: Found some article who talk about decentralize trading platform here https://coinsutra.com/best-decentralized-exchanges-dex/

Yeah. Unfortunately, people are more driven to make money rather than actually supporting a cryptocurrency for its own good. They don't think about that specific coin's security, or level of decentralization, but just to fill their own pockets in the long term. However, a perfect cryptocurrency would be such capable of implementing specific features that would guarantee its decentralization over the long term.

Personally, I've seen Ravencoin as an ideal model of a decentralized cryptocurrency. As it's being traded at a decentralized exchange, and it incorporates an ASIC-resistant mining algorithm, it could remain resilient and resistant against attacks for quite a long time. In the future, I'm planning to create the most decentralized cryptocurrency possible by learning of the issues inherent within Bitcoin and most altcoins, preventing such issues from occurring on the new coin as much as possible. Mining centralization is a huge issue these days in most PoW coins like Bitcoin, and if nothing's done about it, serious consequences could be seen in the future.

Therefore, if taken into the right direction, cryptocurrencies could be traded only on decentralized exchanges and mined with CPUs or GPUs to eliminate the middleman as much as possible, and reduce central control by any malicious actor.