RE: NthCoin - EntangleIT
https://bitcointalk.org/index.php?topic=1783254.0posted by pc888 (Myself)
I am posting on behalf of Rick who I spoke with a few days ago via phone.
I'm going to make nthcoin a BIP instead to avoid competition and confusion.
From :
https://github.com/Auxon/nthCoin#nthcoin---a-cryptocurrency-for-creating-a-distributed-blockchain-of-blockchains---a-meta-blockchainnthCoin - A cryptocurrency for creating a distributed blockchain of blockchains - a meta-blockchain.
Future Home:
http://nthco.in (under development)
Conceptual Overview
Cryptocurrencies are designed to support private, secure, reliable, transparent, and trustless transfer of value, or more generally, any information, from one medium to another. The importance of cryptocurrency and p2p distributed ledgers
blockchains - cannot be over stated. It is a fundamentally important breakthrough. However, despite being a revolutionary breakthrough, cryptocurrency has some very difficult challenges ahead.
Due to vast amount of money to be made, there is a new altcoin or scamcoin created almost every day, it seems. Even in the case of Bitcoin, there are still remaining attack vectors, most obvious at this time is the trust put in the developers.
This will become increasingly important problem to address, or mass adoption of cryptocurrencies will stall, and rise and fall with endless pump and dumps and bubbles and crashes. I have no doubt that someday these problems will be solved, or at least mitigated enough that any potential vunerability is detectable, and correctable.
nthCoin will help solve this problem by creating an audit trail of other blockchains, and correlating any exchanges between them, detecting inconsistencies between and within the blockchains, and a method by which to record the history of cryptocurrencies as a whole. This history would expand the possibilies of blockchain technologies, by providing metadata to analyze the "weather" of value, allowing us to visualize and predict the flow of value and information at various levels of abstraction.
Recursive Chains
Generation of recursive chains would be interesting to explore.
Antichains
Blockchain Healing
By implementing a standards based API, nodes can request healing from nthCoin by generation of proxy tokens pinned to the healing coins value, to take over the corrupted blockchain transactions. If and when recovery of the corrupted blockchain is completed, the proxy tokens are burned in conversion back into the original cryptocurrency. If recovery is not possible, or the altcoin is fundamentally flawed and no longer safe to use, then the tokens are converted into Bitcoin, or other high-difficulty, known good, cryptocurrencies.
Auxon - 2017-01-20
Copyright 2017, Botcoin Inc.
auxon0 Update:
As posted by pc888, just above, I've decided that nthCoin should be a Bitcoin BIP instead, to avoid competition and confusion. The purpose of nthCoin is to help Bitcoin and other coins, not hinder them, or take anything away from them, but to help with fraud and the pain of losing your funds with no means of recovery, forever. So, it makes more sense, after a lot of consideration, to build the concepts of nthCoin into Bitcoin.
Since I really believe the Core code base needs to be refactored into a monadic design, I will do what I can do to refactor Core, and then will do what I can do to help Satoshi Nakamoto implement a Tobin Tax as he has in mind to implement a form of Universal Basic Income using Bitcoin.
So, there's not going to be any premine, or anything like that, instead it's going to be integrated into Bitcoin itself. I hope to work more closely with Satoshi to implement the UBI, and have started talking to him about issues of identity, and how he envisions the secondary blockchain that holds the unique wallet addresses for individuals.
Cheers,
Richard Anthony Hein
Poll
