If you were to recreate Bitcoin to be better and more secure. How would you?

[FifthGhostbuster]

Hey BitCoin enthusiasts, I am trying to figure out if it is possible or if people even want a better BTC. If so how would you go about doing this.

1. Looking for ideas including, making it fair for everyone in bitcoin possibly sending to a switch address and receiving the same amount of the new coin?
2. What type of algo you think is best.
3. How many coins?
4. other features the coin can do. (Ex. AI,science,ETC)

Thanks in advance for your ideas.

[GTO911]

Cryptonote

[SpanishSoldier]

Cryptonote

AFAIK, Cryptonote cleans the old transactions, which is not good to keep evidence. Probably good for anonymity though...

[futureofbitcoin]

better and more secure? I would make it so that every transaction has to go through my permission. That way bad actors can't possibly do anything, not even a 51% attack

[GenTarkin]

Eliminate the possibility of a 51% attack...

[jbrnt]

Hey BitCoin enthusiasts, I am trying to figure out if it is possible or if people even want a better BTC. If so how would you go about doing this.

I am not sure it is possible. I would want to make bitcoin ASIC proof, so mining could be more distributed.

[johnyj]

Reward halving to be only 1/3 or 1/4, that will not change the limited total supply but smooth out the distribution phase. Current reward halving scheme is just too steep that causes large appreciation expectation in general

[R2D221]

Hey BitCoin enthusiasts, I am trying to figure out if it is possible or if people even want a better BTC. If so how would you go about doing this.

I am not sure it is possible. I would want to make bitcoin ASIC proof, so mining could be more distributed.

Is that even physically possible?

[jonald_fyookball]

Eliminate the possibility of a 51% attack...

how?

[FifthGhostbuster]

Reward halving to be only 1/3 or 1/4, that will not change the limited total supply but smooth out the distribution phase. Current reward halving scheme is just too steep that causes large appreciation expectation in general

Would you mind going into more detail with this? Are you thinking of a 2 year approach like litecoin is doing?

Hey BitCoin enthusiasts, I am trying to figure out if it is possible or if people even want a better BTC. If so how would you go about doing this.

I am not sure it is possible. I would want to make bitcoin ASIC proof, so mining could be more distributed.

So far the only implimentation of asic proof I have seen is with CureCoin using protein folding as mining. Do you have any other ideas on how to do this?

Eliminate the possibility of a 51% attack...

There have been many ways implemented to solve this one include POS minting. What do you think is best?

Cryptonote

AFAIK, Cryptonote cleans the old transactions, which is not good to keep evidence. Probably good for anonymity though...

Some financial investments require old transactions for proof of transaction. How would you propose to make anonymity and visible users happy in this case?

[R2D221]

So far the only implimentation of asic proof I have seen is with CureCoin using protein folding as mining. Do you have any other ideas on how to do this?

Why is protein folding ASIC-resistant?

[minerpumpkin]

I think it's pretty difficult to make Bitcoin really "more secure" in any way. The core principles remain intact, still. There hasn't been a single occurrence of the Bitcoin core principles failing or allowing a fraudulent transaction. Making Wallets and computer systems safer is a whole other story, and I don't think that changes to Bitcoin can do anything to tackle those problems, unfortunately...

[Omikifuse]

Slower halvings, so the extreme early adopters would not have such huge advantage, like happened with BTC

[Amph]

Eliminate the possibility of a 51% attack...

how?

this is something that may work well for now, is an idea about a code to be added just in case

Something like "ignore a longer chain orphaning the current best chain if the sum(priorities of transactions included in new chain) is much less than sum(priorities of transactions in the part of the current best chain that would be orphaned)" would mean a 51% attacker would have to have both lots of hashing power AND lots of old, high-priority bitcoins to keep up a transaction-denial-of-service attack. And they'd pretty quickly run out of old, high-priority bitcoins and would be forced to either include other people's transactions or have their chain rejected.

http://gavintech.blogspot.it/2012/05/neutralizing-51-attack.html

[jonald_fyookball]

Eliminate the possibility of a 51% attack...

how?

this is something that may work well for now, is an idea about a code to be added just in case

Something like "ignore a longer chain orphaning the current best chain if the sum(priorities of transactions included in new chain) is much less than sum(priorities of transactions in the part of the current best chain that would be orphaned)" would mean a 51% attacker would have to have both lots of hashing power AND lots of old, high-priority bitcoins to keep up a transaction-denial-of-service attack. And they'd pretty quickly run out of old, high-priority bitcoins and would be forced to either include other people's transactions or have their chain rejected.

http://gavintech.blogspot.it/2012/05/neutralizing-51-attack.html

Couldn't they just get around that by doing their own high priority transactions?

[unamis76]

I think Bitcoin is really well thought out, and changing things as the halving rate wouldn't make it better or more secure in any way... I'd just leave it as it is

[Amph]

Eliminate the possibility of a 51% attack...

how?

this is something that may work well for now, is an idea about a code to be added just in case

Something like "ignore a longer chain orphaning the current best chain if the sum(priorities of transactions included in new chain) is much less than sum(priorities of transactions in the part of the current best chain that would be orphaned)" would mean a 51% attacker would have to have both lots of hashing power AND lots of old, high-priority bitcoins to keep up a transaction-denial-of-service attack. And they'd pretty quickly run out of old, high-priority bitcoins and would be forced to either include other people's transactions or have their chain rejected.

http://gavintech.blogspot.it/2012/05/neutralizing-51-attack.html

Couldn't they just get around that by doing their own high priority transactions?

it will be a war in the end, to who will connect to more nodes, like satoshi said about transaction confirmation

[countryfree]

Make it fully anonymous, possibly like Dogecoin.

[FifthGhostbuster]

If there was a way to develop Bitcoin with QT built in 2FA option sending a text code to withdrawal funds but only if phone numbers could be stored decentrally.

This would make a great addition.

Eliminate the possibility of a 51% attack...

how?

this is something that may work well for now, is an idea about a code to be added just in case

Something like "ignore a longer chain orphaning the current best chain if the sum(priorities of transactions included in new chain) is much less than sum(priorities of transactions in the part of the current best chain that would be orphaned)" would mean a 51% attacker would have to have both lots of hashing power AND lots of old, high-priority bitcoins to keep up a transaction-denial-of-service attack. And they'd pretty quickly run out of old, high-priority bitcoins and would be forced to either include other people's transactions or have their chain rejected.

http://gavintech.blogspot.it/2012/05/neutralizing-51-attack.html

Couldn't they just get around that by doing their own high priority transactions?

it will be a war in the end, to who will connect to more nodes, like satoshi said about transaction confirmation

This is the truth. =/

So you are looking for ideas to create ANOTHER shitcoin ... ?

No there are plenty of those. I am attempting to create a proposal for the BTC foundation. It wouldnt be for a few years, but time will tell that btc is not perfect and things need to change. Just trying to think about it early.

Eliminate the possibility of a 51% attack...

how?

this is something that may work well for now, is an idea about a code to be added just in case

Something like "ignore a longer chain orphaning the current best chain if the sum(priorities of transactions included in new chain) is much less than sum(priorities of transactions in the part of the current best chain that would be orphaned)" would mean a 51% attacker would have to have both lots of hashing power AND lots of old, high-priority bitcoins to keep up a transaction-denial-of-service attack. And they'd pretty quickly run out of old, high-priority bitcoins and would be forced to either include other people's transactions or have their chain rejected.

http://gavintech.blogspot.it/2012/05/neutralizing-51-attack.html

Very interesting. =p thank you

Slower halvings, so the extreme early adopters would not have such huge advantage, like happened with BTC

Would you mind explaining how this would help?

I think it's pretty difficult to make Bitcoin really "more secure" in any way. The core principles remain intact, still. There hasn't been a single occurrence of the Bitcoin core principles failing or allowing a fraudulent transaction. Making Wallets and computer systems safer is a whole other story, and I don't think that changes to Bitcoin can do anything to tackle those problems, unfortunately...

The only thing I have seen and it has occured over 17 times. is gigahash.io getting over the 51% mark and holding for an amount of time.

So far the only implimentation of asic proof I have seen is with CureCoin using protein folding as mining. Do you have any other ideas on how to do this?

Why is protein folding ASIC-resistant?

Protein folding require heavy rendering from cpu and gpu's. So some really big super computer's atm are the closest thing to an asic for it.

[Beliathon]

If you were to recreate Bitcoin to be better and more secure. How would you?

Bitcoin has perfect security and I would change nothing. Everything we need can and will be built on top of the protocol foundation layer we call "the blockchain"/Bitcoin.