Derrike
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July 22, 2015, 07:02:31 AM |
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With less waiting time for confirmation and less or no transaction fee.
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The grue lurks in the darkest places of the earth. Its favorite diet is adventurers, but its insatiable appetite is tempered by its fear of light. No grue has ever been seen by the light of day, and few have survived its fearsome jaws to tell the tale.
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Abiky (OP)
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www.Crypto.Games: Multiple coins, multiple games
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July 22, 2015, 12:20:28 PM |
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With less waiting time for confirmation and less or no transaction fee.
Precisely. Zero transaction fees might be a great feature for the perfect crypto.  |
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Derrike
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July 22, 2015, 01:15:41 PM |
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With less waiting time for confirmation and less or no transaction fee.
Precisely. Zero transaction fees might be a great feature for the perfect crypto. yup, you are right. |
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Karpeles
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July 22, 2015, 01:45:16 PM |
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With less waiting time for confirmation and less or no transaction fee.
Doge and others already have low fees, considering the current price. You can't expect miners will do mining without reward, because they need to pay electricity bills etc |
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g3rszpi
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July 22, 2015, 02:03:05 PM |
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With less waiting time for confirmation and less or no transaction fee.
Doge and others already have low fees, considering the current price. You can't expect miners will do mining without reward, because they need to pay electricity bills etc And what if that UBERSUPER coin is not minable. Also trading, daily using can keep alive a coin |
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bitcart
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www.bitcart.io
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July 22, 2015, 02:26:50 PM |
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Why would the cryptocurrency have to be mined?
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www.bitcart.ioBitcart - spend bitcoins online and save! Buy Amazon gift cards with bitcoin and save up to 20% off
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Abiky (OP)
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www.Crypto.Games: Multiple coins, multiple games
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July 22, 2015, 02:29:48 PM |
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Why would the cryptocurrency have to be mined?
By mining a crypto-currency you're making the network more secure and resistant to attacks. A crypto would need to be mined in order to mint new coins, otherwise I think there wouldn't exist any (my opinion). |
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g3rszpi
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July 22, 2015, 02:32:11 PM |
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Why would the cryptocurrency have to be mined?
By mining a crypto-currency you're making the network more secure and resistant to attacks. A crypto would need to be mined in order to mint new coins, otherwise I think there wouldn't exist any (my opinion). what about pure pos? |
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Abiky (OP)
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www.Crypto.Games: Multiple coins, multiple games
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July 22, 2015, 02:34:36 PM |
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Why would the cryptocurrency have to be mined?
By mining a crypto-currency you're making the network more secure and resistant to attacks. A crypto would need to be mined in order to mint new coins, otherwise I think there wouldn't exist any (my opinion). what about pure pos? Could POS be more secure than POW? I don't know because I'm still studying it but if it is then it would be ideal. I was thinking of a hydrid crypto (with POW and POS combined)  |
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bitcart
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www.bitcart.io
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July 22, 2015, 06:19:08 PM |
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Why would the cryptocurrency have to be mined?
By mining a crypto-currency you're making the network more secure and resistant to attacks. A crypto would need to be mined in order to mint new coins, otherwise I think there wouldn't exist any (my opinion). what about pure pos? Could POS be more secure than POW? I don't know because I'm still studying it but if it is then it would be ideal. I was thinking of a hydrid crypto (with POW and POS combined) I agree that a hybrid might be preferred. |
www.bitcart.ioBitcart - spend bitcoins online and save! Buy Amazon gift cards with bitcoin and save up to 20% off
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BitUsher
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July 24, 2015, 11:58:12 AM
Last edit: July 24, 2015, 02:12:15 PM by BitUsher |
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With less waiting time for confirmation and less or no transaction fee.
Precisely. Zero transaction fees might be a great feature for the perfect crypto. Tx fees represent an anti-spam and ddos security mechanism. Any coin that wishes to eliminate tx fees likely won't be too useful. One should be careful to separate out gimmicks being marketed as features and genuine innovation. One of the most important features one should look for in a coin is a broad amount of developer support and many different wallets and implementations. As this thread shows -- https://bitcointalk.org/index.php?topic=1133471.0Almost no alt even has ios support. That is 800 million devices that cannot use your favorite coins. Personally, I would avoid any coin that doesn't have at least 5 non-anonymous developers supporting the repository. |
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Nxtblg
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July 24, 2015, 12:40:43 PM |
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With less waiting time for confirmation and less or no transaction fee.
Precisely. Zero transaction fees might be a great feature for the perfect crypto. Oh yah. Tx fees are unfair to spammers.  |
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KlondikeBear
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July 24, 2015, 03:53:29 PM |
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Why would the cryptocurrency have to be mined?
By mining a crypto-currency you're making the network more secure and resistant to attacks. A crypto would need to be mined in order to mint new coins, otherwise I think there wouldn't exist any (my opinion). what about pure pos? Could POS be more secure than POW? I don't know because I'm still studying it but if it is then it would be ideal. I was thinking of a hydrid crypto (with POW and POS combined) PoS is not secure, it is centralized with ACP due to insecure nature https://bitcointalk.org/index.php?topic=1098126.0 |
the Nash equilibrium?
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Braino
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IRONX - Fully regulated World-Class Exchange
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July 24, 2015, 06:41:47 PM |
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Wrong. Not true. Linked post is irrelevant |
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KlondikeBear
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July 24, 2015, 07:46:12 PM |
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Wrong. Not true. Linked post is irrelevant Thank you for your comment, but I would be really grateful if you didn't just say "WRONG" but explain why it is wrong in your opinion, so that I could argue or agree with your opinion. That is how any discussion goes. |
the Nash equilibrium?
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Braino
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IRONX - Fully regulated World-Class Exchange
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July 24, 2015, 08:03:33 PM |
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Wrong. Not true. Linked post is irrelevant Thank you for your comment, but I would be really grateful if you didn't just say "WRONG" but explain why it is wrong in your opinion, so that I could argue or agree with your opinion. That is how any discussion goes. You made a simple statement that PoS was not secure and centralized. You then linked to a different discussion. I opposed your claim. I then saved people the extra trouble of having to read through a different thread by not posting a link elsewhere and suggesting that the link you posted was not worth clicking. No substancial evidence or proof that has withstood scrutiny has been provided saying that PoS is not secure. It has been challenged many times but still holds up. PoW has very simple (maybe not easily achieved) problems on many levels. It is also secure but "secure" means MANY things in crypto |
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KlondikeBear
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July 24, 2015, 08:12:13 PM |
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PoS is derived from Sunny King code and ACP were there since the beginning. Any coin which has ACP is not decentralized. Not decentralized = insecure. In the discussion, where I have linked people to, you may read this information:
There are two problems with POS that I'd care about, and I think both have been called "nothing at stake" at least once, but they are different issues:
- One is that in POW finding a block or not depends on the (hash of the) transactions of the new block. But in POS, once you find a block you can create another one (at the same height) with different tx's for free.
- The other one is a history rewrite: in POW, if I own in the present 51% of the hashrate of some point in the past, I can do nothing with that. For example you can buy some ASIC that has more hashrate than all the network combined had in some moment of 2011. But that's useless. However in POS if I have control in the present of the private keys to a stake larger than 51% in some past then I can use that to rewrite the blockchain from that time until the present (overriding the tx's in which that 51% changed hands).
Many coins take measures to mitigate -with different levels of success- the consecuences of these two problems. However it's hard to deny that they are security weaknesses inherent to POS.
Oh wow that keys to the past trick is killer!
It certainly explains why checkpoints were introduced! Nxt et. al. improved checkpoints by making transactions irreversible after 720 blocks. In fact, cynicSOB was invited to try attacking Nxt after he managed to double-spend a minor PoS alt. Thanks to you both for your informative replies. |
the Nash equilibrium?
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tromp
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July 25, 2015, 02:12:28 AM |
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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.
The PoW should appeal to the strength of CPUs: manipulating memory. Current and future multi-core CPUs are particularly adept at having many threads accessing global memory, ready to switch to a new thread when one has to wait for a (row-switching) memory latency. Instead of one-cpu-one-vote, let's aim for 1 memory bank + 1 virtual core = 1 vote Only a small amount of CPU power should be needed to generate random memory accesses, with memory access latency becoming the bottleneck, thus making DRAM the ASIC. As a side-benefit, the minimization of computation makes for a very low-power PoW. Even phones, while charging at night, could be mining. Details at https://github.com/tromp/cuckoo |
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TheMage
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July 25, 2015, 04:17:05 AM |
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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.
Completely post skipped the thread. The perfect crypto-currency is one that everyone in the world uses. That is the perfect crypto. |
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