The ParallelCoin (DUO) History and Future
ParallelCoin (DUO) was first published on bitcointalk forum by a user named Parallaxis in the beginning of August 2014. Parallaxis had been registered on the same day as DUO was published. The last post from Parallaxis was on August 19th, 2014.There are a few speculations who was behind the original idea, but the generally accepted story is that
ParallelCoin initially was just an experiment by the UNO
community, as in that time there were some important questions regarding Unobtanium's network which lead to UNO mining merge with Bitcoin.
ParallelCoin became listed on Bittrex in August 2014 and had the bubble, but unfortunately, as Parallaxis stopped posting on bitcointalk, the trading volume went down - the same with the price - and after some time DUO got delisted from Bittrex.
It is really interesting how we succeeded to keep
ParallelCoin alive over all the time until now. In the last 2 years, the whole story was kept by trax0r and me (marcetin). I build the website, blockexplorer, pool, and more - and trax0r was holding the story alive on forums and social networks.
Most of you know two of my most respectable websites, BitStickers.net and BitNodes.net, which have good trust in the
community. BitStickers.net is since the beginning offering and shipping stickers. BitNodes.net is out of function currently because I made a mistake in calculation, so I was not able to fulfill promises made to the
community, as there came big disbalance between paid/spent time needed for some coin node/blockexplorer setups. We are working on the revitalization of the service.
In the middle of 2016 my interest, and especially my activities in the entire crypto coin story, was reduced to a minimum (I did almost nothing) and for almost a year I did not post on the bitcointalk forum nor did I report to the
community in any way. At the end of June 2017, I returned and made the decision to be devoted only to
ParallelCoin and my personal projects.
The first thing I was going to do, was to write something in the
ParallelCoin thread on bitcointalk forum. The next thing that happened was, in fact, the reason for the decision to direct most of my activities to the
ParallelCoin project. On the same day, I posted the reply in the
ParallelCoin thread on bitcointalk forum, the price went from 0.00003866 BTC to 0.00036600 BTC on „Cryptopia“, one of the exchanges where ParalellCoin was traded – an increase of about 10 times. This information is visible at
https://www.cryptopia.co.nz/Exchange/?market=DUO_BTC.
To me, as well as to the other members of our team, this shows two very important things potentially useful for the development of a story about
ParallelCoin. Among people in the
community, there is still a lot of interest in
ParallelCoin, and I also have to point out that without false modesty, that there is a very high level of trust in me as the leader of this project.
And that was the turning point, I decided to incorporate more of my ideas into one single project. Ever since I entered the story with cryptocurrencies and bitcoin back in 2013, I have seen too many scams for the relatively short time. I honestly think that literally 80% of everything is just a hoax or "scheme" to extract money from the people, from the
community, just based on a story. We all enter the "story" from some of our reasons, based on how we perceived things, ie, based on our understanding of certain things, but at the end, we are all interested in profit. We're all here for that. We differ only in the way we come to profit.
Do we really want to make money for the goods and services that we can offer, to satisfy people and thus to make a continuity and a constant profit stream, or we want to easily, without long-term planning, take money from people by selling "some" story that never happen.So far, I have managed to turn a few of my ideas into action, and from which I have made some small financial gains, but more important which is invaluable to me, I managed to satisfy the expectations of a large number of people, thereby gaining huge trust within the
community. Since I was not able to gather a development team at the start, but just a few of my closest associates and crypto enthusiasts, and I was not intending to make ICO and promise anything that will hang in the air, I decided to start from having a live coin and a story already behind it. There is an interest in the coin and there are also my websites and services, which further logically imply the combination of them.
Coin technology itself is more or less irrelevant in this case, although it will probably prove to be different over time. It will be forked/cloned modern crypto coin
Decred, based on the Go programming language, whose
community can freely be said to be one of the three most valuable
communities behind the development of some crypto coin. Of the software and scripts for
Decred there are already almost everything necessary for the functioning of one crypto coin. From the source code to the script for a blockchain explorer, GUI wallet for all operating systems as well as a bunch of small scripts for integration into almost all possible environments and systems.
Everything is, of course, open source, which allows us to use things that we can use as a tool for achieving our goals. What is the way this technology is going, whose participants we are, combining knowledge and experience.
ParallelCoin will be different from other crypto coins – it is not by the technology of production or the technical capabilities of its blockchain controller, but rather the community around it. During the development of the
BitStickers.net and
BitNodes.net sites, as well as during my activities on bitcointalk forum, I have come into contact with a large number of different development teams, crypto coin
communities, people who have various services for coins, companies that make devices, etc. And all of this succeeded precisely because I also offer products and services specifically for the crypto-coin
community.
In such a constellation of things and the ratio of the number of views or repetitions of the propagated content and feedbacks (feedback from those for whom the advertisement is intended) is incomparably better in relation to mass media types of propaganda where, for example, in every one thousand advertisements, a conversion is made in four to five cases of specific sales of propagated material, while in our case, this ratio is one thousand to one hundred and fifty.
Credits for such reciprocity go to the fact of excellent targeting or finding those who are provided with the specific content. The original idea was to simply make a coin as it is, dual mining, sha256d and script algorithms. Everything simple. As far as the coin is concerned, it was necessary to update the code to the new bitcoin source, and as far as support is concerned, it would be with the two mentioned websites where stickers are being sold and nodes rented.
The idea was to give discounts of 30-50% for stickers and nodes if customers pay with DUO and thus initiate market demand, starting from the fact that someone who rent a node for his coin or buys stickers because he like a certain coin, very likely he uses crypto coins, so he will have no problems to buy DUO on the exchange and thus save up to 50%. The logic is clear.
And if the currency exchange makes a turnover of only $ 100 a day, that will be sufficient to initiate an order of the coin by a trader, which, I sincerely believe, would be a constant trade with a real turnover.
After the research was started, as well as in conversation with people from the
community, I came to new ideas and new combinations of existing things. I have long since begun to explore how to create a system that will reward members for effort and dedication. My idea was to create a system where there will be a network of sites where members will be able to upload content, be rewarded for it, and in fact promote the whole system, thus allowing the system to be self-sustaining.
The basic idea was that members share multimedia and web pages across social networks, but in this way, there was a possibility for a very small profit. Even with this aforementioned "flawedness", such a system could, of course, function but with far smaller results than previously planned. That is why our idea has changed so much that we now want to create such a system in which every individual who devotes his time to our project will be able to make money equivalent to one month's average salary. What I concluded during the time spent on the forum, i.e. through conversation with the
community, a large part of the people there is actually engaged in freelancing in different areas, who are constantly looking for environments in which they can maximize their contribution to certain projects with an adequate monetary or another kind of remuneration.
After all the analyzes, it was concluded that in addition to the existing coin, there are two commercial sites on which users would share content and links to certain content, too small fields make people achieve it, i.e. There is little space for posts, small amount of links, small amount of topics, etc...
In the meantime, I found out that the existing
ParallelCoin source code has an issue. This issue is related to the difficulty of mining and lies within the relationship between algorithms and mathematics, which is very complex, so it was not done properly. It is likely that the original team gave up because of that. So, as the issue exists and there needs to be a solution for it, we decided to switch to a new source code.
As I already wrote, it will be the
Decred source code, written in the programming language Go. Since the source code will be completely changed, and therefore a new blockchain will be created, the old
ParallelCoin blockchain that has existed since 2014 will not be used anymore. We will have to perform a so-called swap, replacing existing coins for new ones.
As far as the coin itself is concerned, everything will be very simple, because it will be a
Decred clone, but what is more important here is the system of users and the sites on which they earn.
How do we gonna do it?First, it is important to create a system where users are registered and where their data is stored and where their profile is located. This system must be implemented on the websites where members will work, that is, the entire network of websites must use the same user database. This base function will be on the ParallelCoin.io portal where users will perform all the necessary actions on their profile.
From profile settings to sending and receiving funds, as well as communication with other users, ParallelCoin.info will serve to promote the coin itself, and on this domain will be other things related to the coin, such as block explorer, pool, faucet, etc.
We have divided the space of the member`s activities, in particular, the sites where they will be able to work, in two parts, commercial and informative, each of which has existing once and that is yet to be created. Existing commercial sites are
BitStickers,
BitNodes and
AnonStickers - while there are more under construction like
BitMade,
BitHost,
BitVPS,
WorldStickers, and more.
Informational sites are currently com-http.us and com-http.org. Besides commenting, sharing links and writing texts on commercial sites specifically related to the products or services offered there, members will be able to upload content with many broad topics on the information websites. For example, com-http.us will index coins, so members will be able to enter information about new coins or change information about old ones. Or they will be able to write news from the world of crypto-coins, or just post/relay links of and to other sites.
In this way, we would open up opportunities for many more jobs and activities, but even that would not be enough to meet the needs of marketers and a large number of freelancers who would have the opportunity to engage in the jobs associated with this platform.
The next thing that happened was the conclusion: Why would we restrict users to do jobs only from the framework of our system when there are so many people in the
community who need, for example, logo design for coins or website type services, some fine scripts, promotional photos, etc.
It is necessary to create some type of market for the so-called small business within our system, where we will allow people to search for help, for the realization of their ideas and determine the number of funds they are willing to spend for it. So there are levels of membership where we will be able to set one level of tasks and pay, while the other executes and earns.
Again, I emphasize everything within the themes of the crypto coins, for the crypto-coin and their services. By introducing a job/task manager, we will enable everyone, both our and the jobs set up by other
communities or individuals, to be listed in one place where potential executives will be able to find them, accept the job, and after completion they will be automatically paid for their work.
BitTask.io enters the scene here. By summarizing the system and possibilities, we come to the main part, where
ParallelCoin, as a platform, actually offers users packages of services to design/promote their products or services. These packages will consist of the services and products offered within the system. So they can take the full package where everything is in it.
What does that mean? Literally all for a single crypto coin project. Suppose a group of people decide to make a coin. We have already prepared a team on the platform. What we can offer to this group of people is the following: Coin source with wallet, nodes, block explorer, web site, pool, logo, stickers, twitter campaigns, bitcointalk campaigns, Facebook campaigns, etc.
It would work like that when the job is done, the tasks are distributed within the system, and the paid funds are distributed according to tasks. Members can apply for tasks related to that project and thus earn a certain amount from a fund dedicated to this project. There will be variable prices, such as for works through
BitTask, type of source, logo or site. Nodes and stickers have fixed values that are determined without the participation of platform members.
The whole platform is intended for people from the world of cryptocurrencies to help each other through our organization using their individual abilities. By offering products and services with high discounts for payment in
ParallelCoin, the assumption is to exert strong pressure on the market, which would result in a natural demand that would eventually create a stable market. By writing content and sharing links through social networks, users would initiate media attention by raising the level of interest in coin and increasing the number of people who are informed about the capabilities of the system, as well as about the products and services we offer.
This project is not intended for those seeking exclusively profit. It is intended for people who are ready to work. To join and develop technology, and on the basis of their commitment and effort, be rewarded. Everything is obviously described superficially because the whole plan should be graphically displayed and explained in detail. Soon everything will be announced.Always one man launches the idea, but one man has no chance to realize it to the detail, especially if the project that comes from it is large and covers many fields. That is why there is a community and there is an interest group of people who are gathering around the idea and helping each other. My idea is to create a community of non-affirmed people from various industries, capable and ready for further development of technology.marcetin
Swaping the source code of the parallel coin to Decred is changing from the multialgo (sha256+scrpyt) to single different algo (blake). There are many advantages of multialgo over single algo, and this will become increasingly important in the nearest future. We can deal with any update (difficulty as you indicated) in the parallel coin algorithm by reaching out to communities like Digibyte, Myriad, Aurora and even Hunter coins. With your interest in Decred, the blake algorithm can be joined to the existing parallel coin algos to become (sha256+scrypt+blake).
One key incentive for users of any coin is its sustained mineability, which in turn enables its network protection. You have done a fantastic work creating use cases. There will be more and more uses (mainstream) of DUO if there can be a sustained mining opportunity and reliability of the network for the next 50+ years, and not wind up. Real Gold is still mined today after many many centuries. Bitcoin mining will be ending after about 12 years, and you can see already interests shifting away (increased mining difficulty, centralization(so much machines in individuals hand), fluctuating exchange rates, only one or two companies producing the efficient machines/ control, etc). For DUO to be sustained, the linear increase of the mining difficulty over time (e.g. bitcoin) can be made non-linear. This will also help with recyclability of existing and new mining machines (computers, ASICS) across the world. For example, the first versions of ASIC miners are now considered OBSOLETE & wasting away in users' dumping garages. But these machines are still very powerful computing machines and can be made viable again (recycle) for alternate purposes. A nonlinear difficulty will enforce decentralization, irrespective of new powerful machines being developed. The foundation and the fundamentals of reviving parallel coin need to make it possible that children yet unborn will have incentive to make more use of parallel coin from amongst thousands of crypto-currencies. So the issue of 'difficulty' which you pointed out may have been intentional but needs refinement.
Is it possible for you to reach one or more core developers from Digibyte, Myriad, Aurora and even Hunter coins to help out instead of swaping to single algo Blake? Can we add Decred Blake to become sha256+scrypt+blake instead of scraping sha256+scrypt?
