What are some characteristics that the perfect alt coin would have? I am curious as to what the community thinks.
- Number of coins total (as in 21m for btc.. 84m for ltc etc)
- Block frequency (every X minutes)
- Difficulty adjustment frequency (in blocks)
- POW only or some other method of generating coins as well? (POS for example)
- # of coins in a block: Fixed, or variable?
No Max coins, but not exponentially inflationary
No decimal points (average joe/Jane in current age is not math literate enough)
1 minute blocks to compete with CC gateways w/out needing 3 rd party centralized solutions like green addresses
Storage efficient ( something like proposed ledger or hybrid ledger system)
POW algo which normalizes all mining tech to some degree (perhaps a hybrid with POS as an input to the POW difficulty needed to mine a block?)
51% defences which don't require enormous amounts of hash power (perhaps POS being used to resolve chain forks?/merge mineable against 2 or more hash types ie.bit coin and lite coin?)
Variable generates reflective of current economic forces, generate method which encourages relaying valid transactions rapidly through the network
No transaction fees by finding some other means to defeat spam attacks, because with never ending generates tx fees would not be needed to compensate miners.
Mechanisms to include forms of intrinsic value, like name coins DNS like service
Constant variable difficulty, something akin to a difficulty that adjusts every block based on a rolling average over the last N blocks
Improved anonymity over current coin systems, maybe a built in mixer that runs on all addresses all the time? Obviously in a way that doesn't cause block chain bloat.
An intrinsic decentralized way to provide charitable assistance in democratic fashion to worthy causes, perhaps a way for rewarding individuals for supporting things like folding@home, world community grid etc.
There's my quick cut at a brainstorm.... many don't seem too far fetched as they are implemented in pieces in several alts already and much of this is rolling up the good ideas and salting in some fresher ideas as well.
