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Author Topic: Want to make an alt coin that actually changes something?  (Read 3132 times)
nwbitcoin
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April 03, 2013, 06:04:32 PM
 #21

If this is a plan to make an alt coin that is about improving the end result, rather than being an early adopter of yet another coin, then I will help in which ever way I can.

This is how it should be! Smiley

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April 03, 2013, 06:24:35 PM
 #22

If this is a plan to make an alt coin that is about improving the end result, rather than being an early adopter of yet another coin, then I will help in which ever way I can.

This is how it should be! Smiley

Yea I have such a plan in my mind:)

There is a plan in my mind to create an altcoin which main goal is to distribute the new created coins in an as fair as possible way.

(For example one human one coin per day)
I know that’s not an easy task to design such an decentralized currency, and I know that we can’t start with 7 Billion humans at once, but hey, we are “Nerds” and who if not we can find a way to make this real?


For example: Imagine we start with a list of 100 humans. The old list is replaced if the new list gets double the votes than the old list. Voting with transactions can be realized in an simple an decentralized way. The more humans will join on this list the more it will get decentralized.

Perhaps it’s also thinkable to use this in the long run to secure the network itself. Imagine the ripple consensus algorithm combined with this list of humans, so you always would know how many on this list are agreeing on the current ledger.

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April 03, 2013, 06:27:24 PM
 #23

Yup, its a great time to start a solid alt coin!

Also, I think it's time someone made another NVC.  PoW + PoS + Scrypt + No Premine.  That would be awesome.


And I'm sure there might be better alt coin ideas too.


Hmmm, new algorithms, interesting.
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April 03, 2013, 06:36:22 PM
 #24

I'm in! count with me!





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April 03, 2013, 06:41:54 PM
 #25

Is there a thread where people propose ideas on possible improvements?
Like a collective brainstorm. Point me please if you know.
nwbitcoin
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April 03, 2013, 07:03:46 PM
 #26

If this is a plan to make an alt coin that is about improving the end result, rather than being an early adopter of yet another coin, then I will help in which ever way I can.

This is how it should be! Smiley

Yea I have such a plan in my mind:)

There is a plan in my mind to create an altcoin which main goal is to distribute the new created coins in an as fair as possible way.

(For example one human one coin per day)
I know that’s not an easy task to design such an decentralized currency, and I know that we can’t start with 7 Billion humans at once, but hey, we are “Nerds” and who if not we can find a way to make this real?


For example: Imagine we start with a list of 100 humans. The old list is replaced if the new list gets double the votes than the old list. Voting with transactions can be realized in an simple an decentralized way. The more humans will join on this list the more it will get decentralized.

Perhaps it’s also thinkable to use this in the long run to secure the network itself. Imagine the ripple consensus algorithm combined with this list of humans, so you always would know how many on this list are agreeing on the current ledger.


I can understand the ideology of wanting to be fair and sharing and the like, but the whole idea is so insane, it will not work.

Human nature is such that if you give something to them, they will not value it (sentimentality aside)- however, show them someone else with that item, and they will want it - its no different to dogs and bones! Wink

Its often said that if you were to share all the money of the world equally, within a week, it would be back in the hands of the people who have it now! Wink  Some people like to spend, some people like to save, and some like to work and save because they don't have the time to spend!

In my mind, an altcoin needs to be technically good enough to not require any kind of ideologue to make it work. Confirmation within a few seconds would be a good start, huge circulation to encourage spending rather than hoarding,  and maybe an easy way to buy it with other methods.

Oh, and a name that doesn't suggest its a son of son of Bitcoin!




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April 03, 2013, 07:37:49 PM
 #27

I can understand the ideology of wanting to be fair and sharing and the like, but the whole idea is so insane, it will not work.

Yea I like insane ideas Smiley
But its's so insane that it can work!

Its often said that if you were to share all the money of the world equally, within a week, it would be back in the hands of the people who have it now! Wink  Some people like to spend, some people like to save, and some like to work and save because they don't have the time to spend!

That's totally perfect, some people want to hold their coins, some want to spend. people can hord it if they want, but the algorithm of this altcoin insures, that in the long run at least 1-2% per year of the coins is newly generated and distributed to all participants in an as fair and as decentralized way as possible.

So people can buy goods with it, hord it, make a loan on it, or just dump it to zero. That's real freedom.
 
In my mind, an altcoin needs to be technically good enough to not require any kind of ideologue to make it work. Confirmation within a few seconds would be a good start, huge circulation to encourage spending rather than hoarding,  and maybe an easy way to buy it with other methods.

Hmmm confirmations in few seconds woud be sooner or later be possible in bitcoin (for example by using green adresses) also ripples consensus seems to be very fast if it is functioning.
Huge circulation sounds like freicoin, but just dumping 5% to energy enterprises dos not sound very promising to improve coin circulation.


Oh, and a name that doesn't suggest its a son of son of Bitcoin!
I fully agree!

P.s.: Also bitcoin has an ideology behind it. Nearly everything has an ideology behind it, I see nothing wrong in this.

Good actions give strength to ourselves and inspire good actions in others.
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April 03, 2013, 07:46:33 PM
 #28

I'm interested in this too (as BTC fan and as a pro dev)
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April 03, 2013, 08:24:26 PM
 #29

If this is a plan to make an alt coin that is about improving the end result, rather than being an early adopter of yet another coin, then I will help in which ever way I can.

This is how it should be! Smiley

+1 well said.
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April 03, 2013, 08:34:09 PM
 #30

I could help with coding/testing if you have in mind fixing Bitcoin problems:

-be able to scale to CC usage numbers
-hashing algorythm energy effecient or partially able to use for usefull computation
-fixed yearly inflation forever to encourage spending economy


 
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April 03, 2013, 08:44:17 PM
 #31

I'm a software developer as well, but haven't worked directly with the nitty gritty of cryptocoins.

I've thought about ways that you could distribute coins fairly to users at the beginning, and I don't think a X coins per person plan is feasible at all. My best guess now is that a POW system that favors average consumer computers is the best way to distribute coins, with rewards that decrease slowly and steadily over time.

Is there anyway to choose an unspent input in the blockchain randomly and transparently? I've wondered if it would be possible to do this and weight unspent inputs by coin-age and choose one randomly using a previously agreed upon value as a seed. If an unspent input gets chosen, the owner of that input has the ability to create a new block and sign it with the private key that received the chosen input (but only if the owner is online and connected to the network) and receive a reward. If the owner of the input is not online, a new unspent input is chosen.

This system (or something like it) would be a proof-of-stake system where no user can unilaterally increase their chances of creating a POS block or could burn up a lot of coin age in a short period of time to make several blocks in a row. The chance for an online user to make the next block would always be equal to [user's total coin-age] / [total coin-age that is online].

I haven't gotten the time yet to really look through the bitcoin or ppcoin code to see how nodes verify that a blockchain satisfies the protocol or how easily they can read from unspent inputs. The above might not be possible at all but it was something that came to mind, if this makes sense to anyone please share your thoughts.
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April 03, 2013, 08:48:18 PM
 #32

If this is a plan to make an alt coin that is about improving the end result, rather than being an early adopter of yet another coin, then I will help in which ever way I can.

This is how it should be! Smiley

Yea I have such a plan in my mind:)

There is a plan in my mind to create an altcoin which main goal is to distribute the new created coins in an as fair as possible way.

(For example one human one coin per day)
I know that’s not an easy task to design such an decentralized currency, and I know that we can’t start with 7 Billion humans at once, but hey, we are “Nerds” and who if not we can find a way to make this real?


For example: Imagine we start with a list of 100 humans. The old list is replaced if the new list gets double the votes than the old list. Voting with transactions can be realized in an simple an decentralized way. The more humans will join on this list the more it will get decentralized.

Perhaps it’s also thinkable to use this in the long run to secure the network itself. Imagine the ripple consensus algorithm combined with this list of humans, so you always would know how many on this list are agreeing on the current ledger.


Love this idea ...
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April 03, 2013, 08:50:42 PM
 #33

Personally I think it would be prudent to look into different hashing algorithms.... once ASIC out for SHA256, LTC price rising.. only matter of time... what are the other algorithm options that could be considered??

What about SHA3

http://en.wikipedia.org/wiki/SHA-3

When it's finalized ...

http://www.nist.gov/itl/csd/sha-100212.cfm
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April 03, 2013, 08:53:58 PM
 #34

Also, I think it's time someone made another NVC.  PoW + PoS + Scrypt + No Premine.  That would be awesome.

That would be really awesome if someone did that

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April 03, 2013, 08:55:43 PM
 #35

Yes, but do we have any actually new ideas or goals in mind?

I'm most likely in anyways.
Much needed improvements to Bitcoin + unique change.
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April 03, 2013, 09:00:01 PM
 #36

Yes, but do we have any actually new ideas or goals in mind?

I'm most likely in anyways.
Much needed improvements to Bitcoin + unique change.
We would need to agree on what these improvements are. Currently it seems, everyone in this thread is excited but has a different concept in mind.

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April 03, 2013, 09:02:30 PM
 #37

Yes, but do we have any actually new ideas or goals in mind?

I'm most likely in anyways.
Much needed improvements to Bitcoin + unique change.
We would need to agree on what these improvements are. Currently it seems, everyone in this thread is excited but has a different concept in mind.


I will try to publish a paper within the next few days -- I suggest other persons generate technical papers and specifications as well.

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April 03, 2013, 09:02:38 PM
 #38

I'm a software developer as well, but haven't worked directly with the nitty gritty of cryptocoins.

I've thought about ways that you could distribute coins fairly to users at the beginning, and I don't think a X coins per person plan is feasible at all. My best guess now is that a POW system that favors average consumer computers is the best way to distribute coins, with rewards that decrease slowly and steadily over time.

Is there anyway to choose an unspent input in the blockchain randomly and transparently? I've wondered if it would be possible to do this and weight unspent inputs by coin-age and choose one randomly using a previously agreed upon value as a seed. If an unspent input gets chosen, the owner of that input has the ability to create a new block and sign it with the private key that received the chosen input (but only if the owner is online and connected to the network) and receive a reward. If the owner of the input is not online, a new unspent input is chosen.

This system (or something like it) would be a proof-of-stake system where no user can unilaterally increase their chances of creating a POS block or could burn up a lot of coin age in a short period of time to make several blocks in a row. The chance for an online user to make the next block would always be equal to [user's total coin-age] / [total coin-age that is online].

I haven't gotten the time yet to really look through the bitcoin or ppcoin code to see how nodes verify that a blockchain satisfies the protocol or how easily they can read from unspent inputs. The above might not be possible at all but it was something that came to mind, if this makes sense to anyone please share your thoughts.
Yes, a PRNG would work, however this encourages people to have unspent outputs which will bloat the blockchain.

Also, should ideally allow it to generate a block in the next 24 hrs - so people who have normal computers instead of a 24x7 box would not be at an disadvantage.
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April 03, 2013, 09:02:59 PM
 #39

I had some ideas about a true CPU friendly- GPU hardened coin that would adjust as both hash rate and GPU technology evolved.

It involves using a radically different type of difficulty adjustment system that I do not believe has been seen before.


CPU friendly, so the large botnets can easily attack it, right?

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April 03, 2013, 09:14:56 PM
 #40

I would like to make an altcoin for all those FPGA's out there. = with a modular hashing algo.

Unfortunately I'm only versed in Java.

Another feature that I would like to highlight is blockchain delete of obsolete transactions to save disc space and be able to match Visa cards transaction rates in a P2P system.

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