How a perfect crypto-currency would be

[Abiky]

Since the creation of Bitcoin, the way we deal with money has been revolutionized making a decentralized system without the need to interfere with banks or middlemen. However until today, Bitcoin nor other alt coins have proven to be a perfect crypto-currency.

If we'd think of a perfect crypto-currency we would have one that had all of the best features in one single coin. Below, is a suggested list of features that a perfect crypto-currency would have:

1. Decentralized (of course)

2. Cryptonote algorithm (ASIC resistant, cpu minable)

3. Proof of Work and Proof of Stake (you could either mine them or stake them)

4. Stable price (just like NuBits (NBT) )

5. Integrated escrow (no need for escrow services, the same is provided by the network within the coin's wallet)

6. Mine right from the wallet software.

7. Supply of 5 to 10 million coins (just a suggestion)

8. Compressed Blockchain Data (no need to wait hours for wallet to sync. The Blockchain data would be compressed, thus synchronization time would take around 10 to 15 minutes)

9. No premine

10. Instant network confirmations (at the moment of making a transaction, there's no need to wait 15 or 30 minutes for the same to be confirmed)


If there's any other feature that I forgot to list here, please feel free post it here. Also, correct me if I stated something wrong. I would like to know what would you think about such currency.

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[MisO69]

1. Decentralized (of course)

I also prefer this but in reality do you think banks will want this? I think they will want control so a centralized 100% premine coin will likely take over USD or other fiat and be completely controlled by the banks and governments.

2. Cryptonote algorithm (ASIC resistant, cpu minable)

Ultimately, algo doesn't matter. Its adoption and usability, how many people are using it and where can I use it. With the advent of crypto credit cards its kinda takes care of the latter.

Asic Resistant and cpu minable, this will attract large botnets and only criminals will profit from mining. Asics on the other hand make it a level playing field. If you want to mine bitcoin or litecoin you need to spend money on asics to do so. Perfect distribution if you ask me. Both GPU and CPU can be manipulated on a botnet.

Cryptonote will not go mainstream. To go mainstream you need accountability, this is something you can't have with anon coins. Bitcoin on the other hand has a very nice public ledger that anyone can analyze. This is what banks want and crypto will only go mainstream if the banks and gov are willing to adopt it.

3. Proof of Work and Proof of Stake (you could either mine them or stake them)

I do like to have both, I just don't like the orphans you get when PoW mining in this scenario. Ultimately, mining doesn't matter either. It just matters for us.

4. Stable price (just like NuBits (NBT) )

I'm not sure about this one, pegging coins to fiat. I like how Bitcoin has been performing over the past 6 months or so. Kinda Stable around 250.00. I think its stable enough to be used as a currency. And once more people jump on the bandwagon and we get more daily volume it will be even more stable.

7. Supply of 5 to 10 million coins (just a suggestion)

Coin supply is irrelevant.

Instant transactions become irrelevant with crypto credit cards and payment processing companies.

The rest of the stuff is just for us, the crypto enthusiasts. Regular people are not going to care about premines, wallet mining, compressed blockchains, etc. They will all likely have an app on their phones for paying and it will be tied to their bank accounts. Banks will have their own crypto.

[Abiky]

4. Stable price (just like NuBits (NBT) )

I'm not sure about this one, pegging coins to fiat. I like how Bitcoin has been performing over the past 6 months or so. Kinda Stable around 250.00. I think its stable enough to be used as a currency. And once more people jump on the bandwagon and we get more daily volume it will be even more stable.

Thanks for your reply! Yes I was thinking the same way. Price volatility might be a advantage as well as a disadvantage. You could either lose money or earn some profit. In the end, I think it would be a wise idea not to have coins pegged to fiat.

P.S. Holding BTC until price reaches the $1000 mark 

[aakashsangwan]

Hmmm you are asking us about an ideal crypto currency so that you can create one???
Or is it just a regular post???

BTW most important to me is that it should be anonymous.

[Abiky]

Hmmm you are asking us about an ideal crypto currency so that you can create one???
Or is it just a regular post???

BTW most important to me is that it should be anonymous.

Yes! I'm thinking of making an ideal crypto-currency in the near future. Takes a lot of time and effort to make such a coin but I'm planning to fork from the Bitcoin source code.

Anyways, I'm experimenting with different types of cryptos with different types of technologies. I'm taking the best features from each coin to implement it in the new one. If everything becomes successful, I will surely launch the new coin in the next 4 years.  

[aakashsangwan]

Hmmm you are asking us about an ideal crypto currency so that you can create one???
Or is it just a regular post???

BTW most important to me is that it should be anonymous.

Yes! I'm thinking of making an ideal crypto-currency in the near future. Takes a lot of time and effort to make such a coin but I'm planning to fork from the Bitcoin source code.

Anyways, I'm experimenting with different types of cryptos with different types of technologies. I'm taking the best features from each coin to implement it in the new one. If everything becomes successful, I will surely launch the new coin in the next 4 years.  

4 years!!!  That's a lot of time.
We hope that this altcoin would not be a pump and dump.
And I wish you good luck with this project, friend.

[Abiky]

Hmmm you are asking us about an ideal crypto currency so that you can create one???
Or is it just a regular post???

BTW most important to me is that it should be anonymous.

Yes! I'm thinking of making an ideal crypto-currency in the near future. Takes a lot of time and effort to make such a coin but I'm planning to fork from the Bitcoin source code.

Anyways, I'm experimenting with different types of cryptos with different types of technologies. I'm taking the best features from each coin to implement it in the new one. If everything becomes successful, I will surely launch the new coin in the next 4 years.  

4 years!!!  That's a lot of time.
We hope that this altcoin would not be a pump and dump.
And I wish you good luck with this project, friend.

Yeah I said 4 years because I'm still not a good programmer/coder. So it will take me some time to get the hang of coding and programming. Thanks for your reply! I hope it would become a successful coin in the future.

[blxlihnk]

'Instant transactions become irrelevant with crypto credit cards and payment processing companies'

I prefer a crypto with instant transactions to replace cash in real world,  for example with androids apps working with qr code

[BitUsher]

1. Decentralized (of course) - Yes.

2. Cryptonote algorithm (ASIC resistant, cpu minable) - Being ASIC resistant is a negative as it allows for botnets. Having the Cryptonote as a default privacy mechanism is also negative as it removed the ability for accountants or people wanting transparency from simply using the blockchain to look up transactions. Bitcoins model of allowing the end user to choose between privacy (with wallets like darkwallet) and transparency is superior.

3. Proof of Work and Proof of Stake (you could either mine them or stake them) PoW a must , but adding another layer of security like PoS is fine.

4. Stable price (just like NuBits (NBT) ) - Stability is relative as to the inflation found in other currencies. If USD is inflating at 5-8% I would prefer bitcoin to be appreciating at least 10% or more per year. Pegging a currency to an inflationary currency does have some benefits but is greatly exaggerated and basically turns the currency into merely a payment rail.

5. Integrated escrow (no need for escrow services, the same is provided by the network within the coin's wallet) - Sure, that sounds like multisig and checklocktimeverify within bitcoin though.

6. Mine right from the wallet software. No, mining from ASIC's is superior as CPU mining allows for botnets to mine.

7. Supply of 5 to 10 million coins (just a suggestion) - The amount of coins doesn't matter much. The rate and curve of inflation is what matter most. A disinflationary currency at or less than the distribution rate of bitcoin is optimal.

8. Compressed Blockchain Data (no need to wait hours for wallet to sync. The Blockchain data would be compressed, thus synchronization time would take around 10 to 15 minutes) - Yes, exactly like what is found in pruned full nodes within bitcoin - 1GB blockchain.

9. No premine - Yes, or instamine, or Stealth/ninja mined

10. Instant network confirmations (at the moment of making a transaction, there's no need to wait 15 or 30 minutes for the same to be confirmed) -  Yes, something bitcoin and other alts need to work on . Inter-payment channels seem like best bet like the lightning network which can be adopted by any coin. Confirmations being any slower than 1-2 seconds are pointless in most cases.

[Abiky]

1. Decentralized (of course) - Yes.

2. Cryptonote algorithm (ASIC resistant, cpu minable) - Being ASIC resistant is a negative as it allows for botnets. Having the Cryptonote as a default privacy mechanism is also negative as it removed the ability for accountants or people wanting transparency from simply using the blockchain to look up transactions. Bitcoins model of allowing the end user to choose between privacy (with wallets like darkwallet) and transparency is superior.

3. Proof of Work and Proof of Stake (you could either mine them or stake them) PoW a must , but adding another layer of security like PoS is fine.

4. Stable price (just like NuBits (NBT) ) - Stability is relative as to the inflation found in other currencies. If USD is inflating at 5-8% I would prefer bitcoin to be appreciating at least 10% or more per year. Pegging a currency to an inflationary currency does have some benefits but is greatly exaggerated and basically turns the currency into merely a payment rail.

5. Integrated escrow (no need for escrow services, the same is provided by the network within the coin's wallet) - Sure, that sounds like multisig and checklocktimeverify within bitcoin though.

6. Mine right from the wallet software. No, mining from ASIC's is superior as CPU mining allows for botnets to mine.

7. Supply of 5 to 10 million coins (just a suggestion) - The amount of coins doesn't matter much. The rate and curve of inflation is what matter most. A disinflationary currency at or less than the distribution rate of bitcoin is optimal.

8. Compressed Blockchain Data (no need to wait hours for wallet to sync. The Blockchain data would be compressed, thus synchronization time would take around 10 to 15 minutes) - Yes, exactly like what is found in pruned full nodes within bitcoin - 1GB blockchain.

9. No premine - Yes, or instamine, or Stealth/ninja mined

10. Instant network confirmations (at the moment of making a transaction, there's no need to wait 15 or 30 minutes for the same to be confirmed) -  Yes, something bitcoin and other alts need to work on . Inter-payment channels seem like best bet like the lightning network which can be adopted by any coin. Confirmations being any slower than 1-2 seconds are pointless in most cases.

Thanks for sharing your opinion with us. 

[Eliovp]

Check out Siacoin.. still a lot of work in progress but it's getting there..

Almost all the points noted here are there and then some..

[Abiky]

Check out Siacoin.. still a lot of work in progress but it's getting there..

Almost all the points noted here are there and then some..

The coin looks impressive. You would be able to share your disk storage as you would be your own cloud storage service. Might look more into it. Thanks 

[Eliovp]

Check out Siacoin.. still a lot of work in progress but it's getting there..

Almost all the points noted here are there and then some..

The coin looks impressive. You would be able to share your disk storage as you would be your own cloud storage service. Might look more into it. Thanks 

No problem

Already noticed that a lot of people don't yet know about this and after they do, most of them are genuinely interested..

[V for Varoufakis]

According to keynesian economics, you ll need a formula to calculate money supply.

[monsterer]

* Trustless
* Decentralised
* Block production should cost something (preventing nothing at stake and its ilk)
* Confirmation time should only be limited only by the time it takes for a transaction double spend attack to break even for the attacker

[g3rszpi]

Instant Payments

[Abiky]

What would the ideal algorithm for a perfect crypto? I was thinking maybe scrypt or X11 but I don't know. Just looking for an efficient one. 

[Epileptic_Neurosurgeon]

I don't see cpu mining being an optimal solution. The perfect crypto currency should be secure, instant and free to transfer along with decentralized transfers in my oppinion.

[Verge]

I don't see cpu mining being an optimal solution. The perfect crypto currency should be secure, instant and free to transfer along with decentralized transfers in my oppinion.

I would disagree in that cpu mining only would make the mining aspect available to the most people. I do know the limitations in that bot nets, renting out VPS farms, etc. cause imbalance of coin distribution, but for many parts of the world even having a cpu that can mine can be a struggle. Tying mining to GPUS or ASIC is keeping it in the hands of the (relatively) rich.

[Abiky]

I don't see cpu mining being an optimal solution. The perfect crypto currency should be secure, instant and free to transfer along with decentralized transfers in my oppinion.

I would disagree in that cpu mining only would make the mining aspect available to the most people. I do know the limitations in that bot nets, renting out VPS farms, etc. cause imbalance of coin distribution, but for many parts of the world even having a cpu that can mine can be a struggle. Tying mining to GPUS or ASIC is keeping it in the hands of the (relatively) rich.

Certainly. A perfect crypto-currency would be such that could be easily mined by a cpu. This would allow anybody to mine with their PC and earn the same rewards like mining with ASICs or GPUs.