[PRE-ANN] Burn All Coins (BAC)

[stereotype]

Have a wheel or hammer crushing old coins for display and spitting out new BAC with your image.

In a similar way, it certainly worked for Shapeshift.io

[1715283833]

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[1715283833]

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[bit1]

Really bad idea burn a coin for another.    He took idea of BARR I guess. Cryptoclub another example.
 

To me is not approved.

We will burn old and new coins for an asset ....not a coin. And it should be mineable also.....not sure still working out the details.

Since a particular point of view and leaving out the technical aspects coin/asset/token/Etc..   could be considered like,  Cause you can buy/sell its on an exchange of the same way.

[BitHappy24]

I like the idea, but in the end it will be a shitcoin I guess.. To bad honestly...

[totoy]

Really bad idea burn a coin for another.    He took idea of BARR I guess. Cryptoclub another example.
 

To me is not approved.

We will burn old and new coins for an asset ....not a coin. And it should be mineable also.....not sure still working out the details.

Ok i will keep watching this goodluck

[borzalom]

This is a call to join a new decentralized network.
BAC is not anonymous it will be the pure Proof-Of-Signature cryptocurrency.
I'm looking for active and trust participants of this project. There is no specific number yet but the helper stakes are reserved for BAC helpers.
This means that if the BAC blockchain officially starts, it will be fair ( contribution dependent and not equal) to all concerned share.
I would welcome others developers/ helpers to join me and make BAC a success.
If you can run a BAC node, it will help me stabilize and secure the network.

If you want run a BAC node then require a 1024 bit RSA private and a public key.

Public key registration deadline is end of the 2016 year + some days.
After public key registration expired, I will launch the BAC.
After launch the BAC then future public / private key pairs must mined inside the network.

Online RSA Key Generator available here: http://travistidwell.com/jsencrypt/demo/

Show you public key here and keep your private key secure.

[borzalom]

Here is the example of my public key.

I announce the first public key of the BAC:

-----BEGIN PUBLIC KEY-----
MIGeMA0GCSqGSIb3DQEBAQUAA4GMADCBiAKBgGHVTKsPV25i+qLiCzcHNjkrTIaJ
BnvenkSIEnQ6HEzqbntkhf6y2e+GOpB0mMyNjTLcc/1SJKJ54mHa1yUEr0MMFF8j
gDQMAUCT9pqBgj44JxUVELi/Oy7uBYiUqh9ndFk6PwllstTrvp8jbaPLP5gvWhml
67C7Iv8QC43tRzfLAgMBAAE=
-----END PUBLIC KEY-----

[robelneo]

I've seen proof of work,proof of stakes and proof of storage,proof of burn but have not encountered a proof of signature,can you elaborate it for us to understand it,this is something new to me and we want to explore further.
I know that you started as a proof of burn but why the change of algo,there are only one proof of burn that I know which is Barr..

[borzalom]

I've seen proof of work,proof of stakes and proof of storage,proof of burn but have not encountered a proof of signature,can you elaborate it for us to understand it,this is something new to me and we want to explore further.
I know that you started as a proof of burn but why the change of algo,there are only one proof of burn that I know which is Barr..

Unfortunately, my English is poor. If you do not understand the answer, you can try ask again ;-) Or help the correct translation :-D
Proof of work, stake etc ... is to prevent denial of service attacks and other service abuses such as spam on the network.
The goal is the same the proof of signature too. If all nodes use the same method to generating the new blocks then does not require the effort
and all newly generated block will same. Each member of the network has a public and private key pairs.
Some members of the public key is trusted. These public keys stored in network. All trusted online node sign the accepted blocks.
The trusted keyless nodes help the transaction validation processes and preventing abuse. Untrusted nodes collect "node bounty" from trusted nodes.
If enough "node bounty" collected the reward is switched node to trustworthy.
Of course if any trusted node try abuse then the trust will revoke. The block reward and transaction fees will shared between online trusted nodes.

[tbearhere]

Sounds good borzalom. I need to learn how to do a node but I can't find it anywhere.  Thx

[kamiyama]

-----BEGIN PUBLIC KEY-----
MIGfMA0GCSqGSIb3DQEBAQUAA4GNADCBiQKBgQDkGMNcxGJB7XHrGRrJ0DYXWeG6
/nWFw4OV849trmS847IqT6lnQR/4QGJI3JzgOwVDUwo9ANHaweVX0tjwPWH21ijS
jIbG1QzajXc42XplpWme+jfYTapF/ENzoSeSXvTS/1aAXpoXaeq4l1Iuc6h7mqCS
uOs7/28+W9uCFnBC1QIDAQAB
-----END PUBLIC KEY-----

Is this OK?

[altdevnnews]

why name is Burn All Coins?looks not good

[borzalom]

why name is Burn All Coins?looks not good

I agree. Good name should convey the expertise, value and uniqueness of the coin we have develop. The BAC name come from first idea. Later we need choice a very good name.  Other coins has very good marketing strategy but I'm programmer therefore I has good coding ideas but the marketing strategy is wrong. The coin team need some good marketing and communication specialist.

[tbearhere]

why name is Burn All Coins?looks not good

borzalom and I have been working on a good name for this and for now we have BAC ticker Burn All Coins.

But we need a better name and everyone can help out to name it.

[tbearhere]

-----BEGIN PUBLIC KEY-----
MIGfMA0GCSqGSIb3DQEBAQUAA4GNADCBiQKBgQCV+5B73Fq2OpM6/GQPiU3B2f+O
51VnR8EGuVa6pXP7m3KxxRjPfwpqvNWLKpgaLuOu706L9Xg36ZoaFli0UdHWdw2O
FYfcRH/4CdyFMCx1SWAyJHN95Zf/A9Q93wzSwhyeIOQ0AEieqkIP6QkzbBCkiT2k
3Fa0/Jtc61eIXBM5mQIDAQAB
-----END PUBLIC KEY-----

[tbearhere]

Online RSA Key Generator available here: http://travistidwell.com/jsencrypt/demo/

Works very well.

[borzalom]

Sounds good borzalom. I need to learn how to do a node but I can't find it anywhere.  Thx

If anyone want to do a node in the first phase then firstly need generate own public key and need submit here. This nodes will early adopters nodes. I will append the submitted public keys to program code. See my own publickey example above.

[borzalom]

-----BEGIN PUBLIC KEY-----
MIGfMA0GCSqGSIb3DQEBAQUAA4GNADCBiQKBgQDkGMNcxGJB7XHrGRrJ0DYXWeG6
/nWFw4OV849trmS847IqT6lnQR/4QGJI3JzgOwVDUwo9ANHaweVX0tjwPWH21ijS
jIbG1QzajXc42XplpWme+jfYTapF/ENzoSeSXvTS/1aAXpoXaeq4l1Iuc6h7mqCS
uOs7/28+W9uCFnBC1QIDAQAB
-----END PUBLIC KEY-----

Is this OK?

It looks good.

# cat kamiyama.pub.pem
-----BEGIN PUBLIC KEY-----
MIGfMA0GCSqGSIb3DQEBAQUAA4GNADCBiQKBgQDkGMNcxGJB7XHrGRrJ0DYXWeG6
/nWFw4OV849trmS847IqT6lnQR/4QGJI3JzgOwVDUwo9ANHaweVX0tjwPWH21ijS
jIbG1QzajXc42XplpWme+jfYTapF/ENzoSeSXvTS/1aAXpoXaeq4l1Iuc6h7mqCS
uOs7/28+W9uCFnBC1QIDAQAB
-----END PUBLIC KEY-----
# echo "Hello, this is a BAC pubkey test." > plain.txt
# cat plain.txt | openssl rsautl -encrypt -pubin -inkey kamiyama.pub.pem > cipher.txt
# cat cipher.txt | base64
bvHyI8KXiAmaQNQAWaMos1pO16nol/fWBq5eayRFE9Q+oFcezG4j5eBTrLnWFUqh7FZCOOXZqBbQ
z+Erg+rR8AfxynY8g7Ek+hrcKh/xrDR27LP6ysdxyoG14/iTbFJfPMlYAL6rq7vE/Fd/2KUAUCNi
qWyK0PEeYaDSzvYSDxc=

[Warkop]

why name is Burn All Coins?looks not good

borzalom and I have been working on a good name for this and for now we have BAC ticker Burn All Coins.

But we need a better name and everyone can help out to name it.

this is good to change the name but according to my search for the name is a very difficult thing because the name is a meaning for us all.

[tbearhere]

why name is Burn All Coins?looks not good

borzalom and I have been working on a good name for this and for now we have BAC ticker Burn All Coins.

But we need a better name and everyone can help out to name it.

this is good to change the name but according to my search for the name is a very difficult thing because the name is a meaning for us all.

Yes exactly and burn any coin is closer. And if I understand it correctly it's any coin even BTC to this asset I think.

[borzalom]

why name is Burn All Coins?looks not good

borzalom and I have been working on a good name for this and for now we have BAC ticker Burn All Coins.

But we need a better name and everyone can help out to name it.

this is good to change the name but according to my search for the name is a very difficult thing because the name is a meaning for us all.

Yes exactly and burn any coin is closer. And if I understand it correctly it's any coin even BTC to this asset I think.

Concept is not fixed yet. I want try my new idea the "proof of signature" algo. If POSi ( proof of signature ) test will successful then don't needed burn coins.