Bitcoin Forum
December 02, 2022, 06:19:31 AM *
News: Bitcointalk Community Awards
 
   Home   Help Search Login Register More  
Warning: One or more bitcointalk.org users have reported that they strongly believe that the creator of this topic is a scammer. (Login to see the detailed trust ratings.) While the bitcointalk.org administration does not verify such claims, you should proceed with extreme caution.
Pages: [1]
  Print  
Author Topic: The perfect alt-coin  (Read 1135 times)
meebs (OP)
Hero Member
*****
Offline Offline

Activity: 616
Merit: 500



View Profile
March 15, 2013, 03:29:50 AM
 #1

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?

              ▄▄▄█████████████▄▄▄
           ▄████████▀▀▀▀▀▀▀████████▄
        ▄██████▀▀             ▀▀██████▄
      ▄█████▀▀                    ▀▀█████▄
     █████▀                          ▀█████
    ████▀          ▄▄███████▄▄         ▀████
   ████▌        ▄██▀▀▀    ▀▀▀██▄        ▐████
  ████▌       ▄██▀            ▀██▄       ▐████
 ▐████       ██▀   ▄▄█▀▀▀█▄▄    ▀██       ████▌
 ████▌      ▐█▌   █▀  ▄▄   ▀▀             ▐████
▐████       ██  █▌  █▌ █████████████      ████▌
▐████       ██  ▐█  ▐█                     ████▌
▐████       ██  █▌  █▌ █████████████      ████▌
 ████▌      ▐█▌   █▄  ▀▀   ▄▄    ██▀      ▐████
 ▐████       ██▄   ▀▀█▄▄▄█▀▀    ██▌       ████▌
  █████       ▀██▄            ▄██▀       █████
   █████        ▀██▄▄▄    ▄▄▄██▀        █████
    █████          ▀▀███████▀▀         █████
     █████▄                          ▄█████
      ▀█████▄▄                    ▄▄█████▀
        ▀██████▄▄             ▄▄██████▀
           ▀████████▄▄▄▄▄▄▄████████▀
              ▀▀▀█████████████▀▀▀
Global Cryptocurrency
          ▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬

  DECENTRALISING PRODUCTION, LOGISTICS AND PAYMENT 
                ▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬   3D SERVICE      32 BAY     GCC WEBWALLET
▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬

There are several different types of Bitcoin clients. The most secure are full nodes like Bitcoin Core, but full nodes are more resource-heavy, and they must do a lengthy initial syncing process. As a result, lightweight clients with somewhat less security are commonly used.
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
1669961971
Hero Member
*
Offline Offline

Posts: 1669961971

View Profile Personal Message (Offline)

Ignore
1669961971
Reply with quote  #2

1669961971
Report to moderator
1669961971
Hero Member
*
Offline Offline

Posts: 1669961971

View Profile Personal Message (Offline)

Ignore
1669961971
Reply with quote  #2

1669961971
Report to moderator
justin321
Newbie
*
Offline Offline

Activity: 22
Merit: 0


View Profile
March 15, 2013, 03:52:37 AM
 #2

Being easier to explain would probably help more than anything.

Convincing the masses to use it will be the ultimate key to success.

markm
Legendary
*
Offline Offline

Activity: 2884
Merit: 1075



View Profile WWW
March 15, 2013, 04:36:56 AM
 #3

Each is in its own way perfect! Smiley

-MarkM-

Browser-launched Crossfire client now online (select CrossCiv server for Galactic  Milieu)
Free website hosting with PHP, MySQL etc: http://hosting.knotwork.com/
CryptoJunky
Sr. Member
****
Offline Offline

Activity: 252
Merit: 250



View Profile WWW
March 15, 2013, 04:42:19 AM
 #4

Each is in its own way perfect! Smiley

-MarkM-


Nice, I like your style Mark.

pyra-proxy
Hero Member
*****
Offline Offline

Activity: 490
Merit: 500



View Profile
March 15, 2013, 05:35:06 AM
 #5

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.

qxzn
Hero Member
*****
Offline Offline

Activity: 609
Merit: 505



View Profile
March 15, 2013, 06:10:06 AM
 #6

No Max coins, but not exponentially inflationary

I love this idea. If you can figure out how to do this and still bootstrap the currency I think you'll have a winner. The promise of extreme riches in the future causes a lot of speculation that imo is a liability for the long-term viability of bitcoin (virtually no merchants will use bitcoin to price their goods because the price is too volatile. A currency that inflates, say, basically down to the cost of electricity for miners would probably have a much more stable value. The only disadvantage is that nobody wants to start this currency because they can't get rich off of it Smiley )

Quote
No decimal points (average joe/Jane in current age is not math literate enough)

I tend to like this as well, but it might be a little more psychologically difficult for people to get started with it.

Quote
Storage efficient ( something like proposed ledger or hybrid ledger system)

Yes, please!

Quote
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.

Anything wrong with keeping tx fees as a spam deterrent? With higher inflation, mining profitability may remain marginal at best.

Like most of your other suggestions.

Walter Rothbard
Sr. Member
****
Offline Offline

Activity: 476
Merit: 250


Bytecoin: 8VofSsbQvTd8YwAcxiCcxrqZ9MnGPjaAQm


View Profile WWW
March 15, 2013, 05:33:12 PM
 #7

My ideal altcoins are an exact clone of Bitcoin, with a new genesis block, with a new chain/coin started every time Bitcoin halves.

markm
Legendary
*
Offline Offline

Activity: 2884
Merit: 1075



View Profile WWW
March 15, 2013, 06:24:55 PM
 #8

And all merged-mined! You're on to a winner there!

-MarkM-

Browser-launched Crossfire client now online (select CrossCiv server for Galactic  Milieu)
Free website hosting with PHP, MySQL etc: http://hosting.knotwork.com/
beeblebrox
Member
**
Offline Offline

Activity: 117
Merit: 10


View Profile
March 16, 2013, 02:54:03 AM
Last edit: March 16, 2013, 07:47:07 AM by beeblebrox
 #9

My improved alt-coin would atleast:
- do useful work instead of plain hashes, where all miners who participate get rewarded in proportion to the work they do
- promote off-chain transactions
- include a dead coin sweep
- merge mining and direct support for a domain name system
- promote an electrum client/server model as the perferred way for the general public who have to make transaction in the block chain (ie, those people that insist that a transaction is on-chain for some reason such as proof of an event that can't be achieved off-chain).  Most nodes on the network would be either miners, electrum-like servers or other servers which provide block-chain intrinsic services such as a DNS, ie: running full-nodes is a specialised activity that a normal user doesn't do.
- distribute new coins to a wider band of the public than just the miners (eg: make charitable donations).  Obviously this one would be very contentious and would most likely be open for abuse- probably too hard to do in a p2p decentralised way (I've some ideas how to do it, but they're not robust enough).

ehoffman
Sr. Member
****
Offline Offline

Activity: 378
Merit: 250


View Profile
March 16, 2013, 03:01:18 AM
 #10

Although hardly possible to implement, the perfect coin would have reward diminishing as your hash rate increase.  So, let's say you:

- Mine 100Mhash/s, you get 1 coin in a given amount of time.
- Mine 200Mhash/s, you get 2 coin in that same amount of time.
- Mine 400Mhash/s, you get 3 coin in that same amount of time
- Mine 800Mhash/s, you get 4 coin in that same amount of time
- Mine 1600Mhash/s, you get 5 coin in that same amount of time

So, you see that someone with 1024 times your power will get more than you, but only 10 times more.  So you would get a chance with either a CPU or an ASIC.

Like my comments?  Cheer me up at 137s1qFV63M6SXWhKkwjaZKEeZX23pq1hw
Don't like my comments, donate to the BCRT (better comment research team) here at 1A1PbZypjEe7yanj69ApVS1FhK8UMW7Wdc Smiley
SRoulette
Sr. Member
****
Offline Offline

Activity: 364
Merit: 252



View Profile WWW
March 16, 2013, 03:14:09 AM
 #11

when you figure out the perfect alt coin please let us know so we can add it to our casino.

luicon
Sr. Member
****
Offline Offline

Activity: 263
Merit: 250



View Profile
March 16, 2013, 05:01:45 AM
 #12

the perfect coin should also (in my opinion) don't let you mine more than others
because with bitcoin a rich guy can buy lot of hardware to mine, but a poor one can't.

So basically i would say to limit the hashrate of each ip, this way everybody have the same possibilities
jasinlee
Hero Member
*****
Offline Offline

Activity: 742
Merit: 500


Its as easy as 0, 1, 1, 2, 3


View Profile
March 16, 2013, 05:03:55 AM
 #13

Devcoin, the perfect alt coin. No "dust".

BTC 1JASiNZxmAN1WBS4dmGEDoPpzN3GV7dnjX DVC 1CxxZzqcy7YEVXfCn5KvgRxjeWvPpniK3                     Earn Devcoins Devtome.com
Pages: [1]
  Print  
 
Jump to:  

Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!