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Author Topic: MC2: A cryptocurrency based on a hybrid PoW/PoS system  (Read 194365 times)
achillez
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May 05, 2013, 08:42:32 PM
 #341

I've been watching this one for a while. Gotta say I am impressed! I'll be on board once it goes public, since this seems to be the best chance at a long-term alt-coin that isn't just a pump-and-dump waiting to happen. The improvements Tacotime is proposing are fantastic, really. Sadly, I'm not enough of a coder or have enough interest in web dev to really help out the development, but I will definitely throw some hash at it when it comes out.

BTW, Netcoin is an awesome name.

YEP - one of the best altcoins to date imho
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May 05, 2013, 10:56:12 PM
 #342

When do you plan to launch it? Rough estimate of launch time? Smiley

want to find others to start mining pools when the project launches?

 Grin

Also, there should be a different way for people who do not really like to mine to get the coins but should be able to earn them through marketplaces... want to ask Amazon/Ebay/other auction sites to incorporate this new type of coin?

In addition, a "buyer protection" should be implemented, as some people are scammers and the innocent will never get their hard earned coins back


Yes, lets ask everyone to accept this coin. Wink That's a great idea but it's not so simple. Bitcoin is still barely accepted. It'll take one or two big corporations to accept BTC before anything major will happen with altcoins, simply because BTC is well know and the rest is just for us geeks.

Your second idea ; buyer protection. You should read up a bit on what happens with chargebacks. In my opinion ( and most people here, i'm sure ) it's a great thing, on of the best things about crypto currency : when you've sent it, you've sent it. No fraud possible after confirmations.

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JessicaMILFson
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May 06, 2013, 02:33:56 AM
 #343

Anyway of making it bot net resistant?
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May 06, 2013, 03:21:17 AM
 #344

Looking for a logo design?
How about something like this?

Just throwing ideas out there.



Reminds me too much of NetScape  Cheesy
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May 06, 2013, 03:56:35 AM
 #345

Reminds me too much of NetScape  Cheesy

Then you will hate my logo design, which is 100% inspired by Netscape Smiley
(and I was influenced by the color choices of Guggenheim)

I'm a sucker for "old school pixelated" graphics. So I attempted to emulate that. Plus Netscape, which was browser I first used as a kid for quite a while. So yeah it's biased, but still cool.

Netcoin Double Slash (Good currency logo) (My Personal Favorite)

Netscape Version


--------------

Netcoin Flat-8-bit Look

Netscape Version


--------------

Netcoin Pixelated 8-bit Look

Netscape Version


Album (same images above)
http://imgur.com/a/sUjXc

tacotime
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May 06, 2013, 04:52:33 AM
 #346

New version of the whitepaper is out.  Download from the front page.

Changes:
- New consensus-model PoS system added, old PoS system removed
- Section on Coloured Coins added
- Section on lightweight client added
- Lots of typos fixed

I have not had a chance to read over it yet and fixed typos in the last couple of sections, so forgive me if you find a bunch (they are probably present).

My brain is toast from working on this for almost 10 hours straight, so I'm going to go relax.

BILLIONS OF PEOPLE MESSAGING ME VIA PM -- I HAVE NOT HAD TIME TO REPLY TO MESSAGES BUT WILL GET BACK TO YOU ASAP.  THANKS.

Code:
XMR: 44GBHzv6ZyQdJkjqZje6KLZ3xSyN1hBSFAnLP6EAqJtCRVzMzZmeXTC2AHKDS9aEDTRKmo6a6o9r9j86pYfhCWDkKjbtcns
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May 06, 2013, 04:57:01 AM
 #347

Again with the shitty MEGA host choice, can we get another mirror?

⚫ ⚫ ⚫Make even more profit on crypto trading with secure automatic trading https://trade-mate.io⚫ ⚫ ⚫
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May 06, 2013, 04:57:54 AM
 #348

Again with the shitty MEGA host choice, can we get another mirror?
I will have an actual host within the next couple of days, sorry.  Where do you want it?

Code:
XMR: 44GBHzv6ZyQdJkjqZje6KLZ3xSyN1hBSFAnLP6EAqJtCRVzMzZmeXTC2AHKDS9aEDTRKmo6a6o9r9j86pYfhCWDkKjbtcns
digitalindustry
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May 06, 2013, 05:01:27 AM
 #349

Again with the shitty MEGA host choice, can we get another mirror?
I will have an actual host within the next couple of days, sorry.  Where do you want it?

ah whats wrong with Mega its working perfectly ?

tiny rick !
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May 06, 2013, 05:02:31 AM
 #350

Again with the shitty MEGA host choice, can we get another mirror?
I will have an actual host within the next couple of days, sorry.  Where do you want it?
when time i can't run mc2 Huh

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thesnoo23
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May 06, 2013, 05:23:02 AM
 #351

Excellent. Things are proceeding apace. Soon, the coin shall launch, and I shall place an exceedingly large amount of hashpower upon it, become wealthy, and then, once I have taken over the world, I shall have every jock who ever ripped up one of my DnD character sheets transported to the moon!


MUWAHAHAHAHAHAHAHAHAHA

/evil laugh
digicoin
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May 06, 2013, 07:43:35 AM
 #352

when time i can't run mc2 Huh

Yet another "Get rich quick" guy  Grin
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May 06, 2013, 08:46:59 AM
 #353

I'm reading the paper right now!

Just out of curiosity, any estimated time frame for the funding...development? Can you give us a projection?
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May 06, 2013, 09:19:03 AM
 #354

when time i can't run mc2 Huh

Yet another "Get rich quick" guy  Grin
thks guy. i'm waiting Smiley

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May 06, 2013, 10:06:16 AM
 #355

New version of the whitepaper is out.  Download from the front page.

Changes:
- New consensus-model PoS system added, old PoS system removed
- Section on Coloured Coins added
- Section on lightweight client added
- Lots of typos fixed

I have not had a chance to read over it yet and fixed typos in the last couple of sections, so forgive me if you find a bunch (they are probably present).

My brain is toast from working on this for almost 10 hours straight, so I'm going to go relax.

BILLIONS OF PEOPLE MESSAGING ME VIA PM -- I HAVE NOT HAD TIME TO REPLY TO MESSAGES BUT WILL GET BACK TO YOU ASAP.  THANKS.

Hello, had to stop posting in these forums to ration my time and brainpower. However, I'm impressed and excited by your paper. I'm believe you can accomplish something here.


COMMENTS:

The ticketing system seems basically solid. I like it.  But ...

1) Let's Review Yay/Nay voting?

If I vote Nay and the block is accepted, then my stake gets used and the reward is confiscated. If I vote Yea and the block is accepted, I get a stake reward.
If I vote Nay and the block is rejected, then my stake gets used and the reward is confiscated. If I vote Yea and the block is rejected, then my stake gets used and the reward is confiscated.

Voting Yay is the dominant strategy. Therefore, why have Yay/Nay voting at all? Why not just require unanimous Yay's or reject the block?

2) Have you have specified what happens when winning ticket holder(s) abstain?

Does this mean no block is mined? That's what should happen I think.

3) Ticket extensions

You also do not want afk tickets to accumulate, so the extension thing worries me a bit. Accumulation of afk tickets eventually converges to a breakdown of the blockchain. To avoid this you need to purge afk ticket holders from the voting rolls. Perhaps you plan to have predictable auditing of afk ticket holders via the extension process? That's a good start, but random auditing provides stronger incentives and saves blockchain space. My suggestion is to add one optional signature to each valid block. If you provide it, then the subsequent block gets a PoW difficulty subsidy. If you fail to provide it, the block is still valid, but the afk ticket gets invalidated.  (The difficulty subsidy provides an incentive for PoW miners to recognize his signature if it appears.)

4) Inflation voting for the distant future
 
PoW voting does not have a precedent and worries me. Why wouldn't PoW voters continuously vote to up the PoW rewards, redistributing all the wealth to themselves. This could be a huge problem.

PoS voting has a precedent in corporations and I am comfortable with it. PoS voters benefit by voting down PoW issuance below the optimal level (market cap maximizing). You are not letting them mess with the PoW/PoS issuance ratio much, so they will do this by voting against inflation. This a very minor issue. PoS voters wouldn't do anything that threatens the currency. Therefore, I think PoS voting will work well even if the incentives are not quite perfect.  

If you mix the two voting types, let PoS voters have a majority of votes (say two-thirds or more).

5) Lightweight blockchain.

http://www.bitfreak.info/files/pp2p-ccmbc-rev1.pdf seemed like a good, well-organized idea. Maybe this could influence your lightweight client in some way. Have no expertise here.


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A GLOBAL MEN’S GROOMING
BRAND BUILT BY CHAMPIONS
POWERED BY BLOCKCHAIN
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May 06, 2013, 11:03:57 AM
 #356


( dont forget a mac wallet for netcoin please  Grin )

Saigō Takamori : ( 1828 – 1877) was one of the most influential samurai in Japanese history. He has been dubbed the last true samurai.
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May 06, 2013, 11:43:40 AM
 #357

Who has a better mirror of the latest version of the paper?

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COINECT
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May 06, 2013, 11:54:20 AM
 #358

http://www.everythink.eu/netcoin/
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May 06, 2013, 12:22:33 PM
 #359


Thank you.

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brenzi
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May 06, 2013, 01:45:15 PM
Last edit: May 06, 2013, 01:59:42 PM by brenzi
 #360

- After 27 coin years it employs a system of voting to manipulate the interest rate of the block chain (users act as the central bank and regulate the rate of inflation)
You're assuming that the users of your currency know best what is good for them.
(1) I think this is not true, because complex systems are not easy to understand. Even scientists are struggling when it comes to economics.
(2) Even if you find a fair voting procedure you will suffer from a very democratic dilemma: Why would a majority vote for the interests of a minority, even if the interests of the minority are more existential and deserve protection than those of the majority.

Some people will vote for value stability and adjust inflation to achieve it.
Others would prefer the value of the coin going up and get rich.

I think this should better be decided by design. There is a market for both, so most probably there will be at least two major cryptocurrencies in the future:
One with fixed supply, eventually implementing a minor inflation. This would be cyber-gold. A commodity
One with stabilized value. Optimal for day to day usage. A currency

- New block reward adjustment algorithm is given that yields an 8% decrease in block reward per year
Does that mean that miners will successively live from transaction fees, like in bitcoin? This is important for my next remark.

- PoW and PoS systems are designed to happily coexist, with favour slightly given to the PoW system
If you favour PoW, you sacrifice an achievement of PPC being energy efficiency. Your coin will suffer from a scaling problem due to energy consumption.

Have you thought about using PoB?


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