New coin, easy but hard question.

[GamersOnlineDaryl]

Hi guys,

[1714788358]

1714788358

[1714788358]

1714788358

[1714788358]

1714788358

[1714788358]

1714788358

[1714788358]

1714788358

[GamersOnlineDaryl]

update

[zottejos]

I'm not an expert, but i don't think your initial plan would work unless you code a new coin from scratch.
Coins created with the bitcoin codebase as a basis all start from the principle that a miner starts with an empty block, then adds the coinbase transaction with the correct reward + miner fees to an address from his own wallet (he also fills the block with the other transactions in order to claim the fees).
He then creates a merkle root from the transactions, add info from the previous block header and then starts changing this header and hashes it each time, untill he finds a hash that is better than the current difficulty.

Why would a miner add somebody else's address a the coinbase and still devote cpu cycles to mining this block?
I'm positive that if i had to give the full reward to somebody else, i would stop mining altogether...


source: https://letstalkbitcoin.com/blog/post/goodbye-mike-and-some-thoughts-about-bitcoin

[GamersOnlineDaryl]

Thank you very much for your taking your time to reply and giving me useful information
After following your information and searching a bit more i also think my initial plan would not work.
(though my initial plan was not to give 1 user a full reward block but 10% of the total miners get rewarded instead. but this still seems not possible)

Do you have any thoughts on algorithms like CryptoNight and the advantage that cpu's have over gpu's and asics?
(though i found some sources saying gpu are more efficient atm but there are still no asics right?)

My main focus is too have a coin algorithm where no asics are available for yet. Where anyone with a cpu can mine, creating a more even distribution of coins.
So does anyone have any input regarding CryptoNight or any other algorithm that doesn't and will not have asics in the near future?

Thanks again for reading and i will continue the search myself as well of course

[zottejos]

Thank you very much for your taking your time to reply and giving me useful information
After following your information and searching a bit more i also think my initial plan would not work.
(though my initial plan was not to give 1 user a full reward block but 10% of the total miners get rewarded instead. but this still seems not possible)

Do you have any thoughts on algorithms like CryptoNight and the advantage that cpu's have over gpu's and asics?
(though i found some sources saying gpu are more efficient atm but there are still no asics right?)

My main focus is too have a coin algorithm where no asics are available for yet. Where anyone with a cpu can mine, creating a more even distribution of coins.
So does anyone have any input regarding CryptoNight or any other algorithm that doesn't and will not have asics in the near future?

Thanks again for reading and i will continue the search myself as well of course

I couldn't help you there, i have a basic understanding about the bitcoin protocol, but i haven't got any knowledge about cryptonight.
However, satoshi's idear was: 1 cpu = 1 vote. His idear was for every bitcoin owner to run his own wallet, and use his cpu to mine for BTC... Asic creation basically ruined this idear, centralising mining to companies that have big resources and low enegery prices. Using an ASIC resistant hashing algo would be going back to the original idear the creator of bitcoin had, so i personally like it