MC2: A cryptocurrency based on a hybrid PoW/PoS system

[psybits]

Why hasn't someone made a "FutureCoin" yet? 

[1713569653]

1713569653

[pappasmurf]

4) The 5th grader problem - Let's face it, Joe 6 pack can't do basic math, he is not smarter than a 5th grader, even less so in 3rd world countries where education is seriously lacking. DON'T fractionalize the coins into ridiculous numbers of decimal places, or make people use 8 different fractional acronyms mBTC, satoshi's etc. The major problem with bitcoin from gaining mass adoption is that it is seriously not adhering to the KISS (keep it simple stupid) principle. You think in 10 years, your average person is really going to understand or want to deal with .000004 bitcoins? Please consider the Brazilian solution. Brazil in the past few decades had  severe bouts of high inflation in their "Real" currency... after the inflation got too high, i.e. the number of ZEROs on the notes got too be too many they simply issued a new currency and said something like 1,000 of the old Real's are now worth 1 of the new issued Real's. This didn't solve the high inflation issues of course, but it's a simple solution that could solve trying to deal with .24056794 bitcoins to buy a loaf of bread.

Good idea but the alternative was "people are earning 10000000 satoshis a day (vs 0.100000000 btc)", do they really think we'll use a currency that is THAT UNFAIR to early adopters?"

the decimal point sort of hide that fact!

[termhn]

Very sorry and I'm sure I could figure this out if I spent the time to read through all 7 pages (which I will do later when I have time), but could someone point me to the post that actually describes the client/how to mine this coin (I'm only assuming this is possible based on a post here on the last page).

Thanks!

[Joerii]

Very sorry and I'm sure I could figure this out if I spent the time to read through all 7 pages (which I will do later when I have time), but could someone point me to the post that actually describes the client/how to mine this coin (I'm only assuming this is possible based on a post here on the last page).

Thanks!

Wow you either really lazy or really eager to jump onboard

It's still just an idea. Nothing to mine yet.

Talk about mining....

We could do some serious name- mining in this thread :

https://bitcointalk.org/index.php?topic=183000.20

[termhn]

Very sorry and I'm sure I could figure this out if I spent the time to read through all 7 pages (which I will do later when I have time), but could someone point me to the post that actually describes the client/how to mine this coin (I'm only assuming this is possible based on a post here on the last page).

Thanks!

Wow you either really lazy or really eager to jump onboard

It's still just an idea. Nothing to mine yet.

Talk about mining....

We could do some serious name- mining in this thread :

https://bitcointalk.org/index.php?topic=183000.20

Only had a couple minutes before I had to do something and very eager to jump on board But that's what I thought after skimming, however this post threw me for a loop

So I've never mined solo before. Ever. I've never had the pleasure of discovering a block on my own and getting a whole bunch of coins. I'm paying attention to this coin..

Can someone just post a config file of exactly what a scrypt based coin needs to mine solo in cgminer?

Done with what I had to do so I can now actually read through

[luffy]

Hi tacotime,
....

4) The 5th grader problem - Let's face it, Joe 6 pack can't do basic math, he is not smarter than a 5th grader, even less so in 3rd world countries where education is seriously lacking. DON'T fractionalize the coins into ridiculous numbers of decimal places, or make people use 8 different fractional acronyms mBTC, satoshi's etc. The major problem with bitcoin from gaining mass adoption is that it is seriously not adhering to the KISS (keep it simple stupid) principle. You think in 10 years, your average person is really going to understand or want to deal with .000004 bitcoins? Please consider the Brazilian solution. Brazil in the past few decades had  severe bouts of high inflation in their "Real" currency... after the inflation got too high, i.e. the number of ZEROs on the notes got too be too many they simply issued a new currency and said something like 1,000 of the old Real's are now worth 1 of the new issued Real's. This didn't solve the high inflation issues of course, but it's a simple solution that could solve trying to deal with .24056794 bitcoins to buy a loaf of bread.
....

Thanks for your consideration and best of luck with your new coin! I'm keeping one eye on it :-)
DigitalMagus

very very true!
i have already point this problem to BTC foundation
https://bitcointalk.org/index.php?topic=113400.msg1604973#msg1604973
no response yet

[FreeBit]

Network security, privacy, ports and ISps - just an idea:

Wouldn't it be nice to have inbuild TOR-like-functions in the client?  Including the feature, that you have to pay a little amount of MC2 to clients which act as node/exit-node, if you want to use the MC2-network for privacy purposes besides currency transactions? Wouldn't this add an additional feature to the currency to distinguish it from bitcoin?

[digitalfog]

Network security, privacy, ports and ISps - just an idea:

Wouldn't it be nice to have inbuild TOR-like-functions in the client?  Including the feature, that you have to pay a little amount of MC2 to clients which act as node/exit-node, if you want to use the MC2-network for privacy purposes besides currency transactions? Wouldn't this add an additional feature to the currency to distinguish it from bitcoin?

+1

[Praxis]

Making the name end in "coin" may actually be a good idea, just so the avarage joe understands what it is
Maybe something implying how strong and safe it is.

Hardcoin
Obsidicoin
Steelcoin
Tcoin (Titaniumcoin )
Multicoin

Man I am excited about this hahah

I really think one of these cryptos should use the word "Net"

What is this after all, for the average joe, if not "Internet money"

So: NetCoin

[Nissi]

Making the name end in "coin" may actually be a good idea, just so the avarage joe understands what it is
Maybe something implying how strong and safe it is.

Hardcoin
Obsidicoin
Steelcoin
Tcoin (Titaniumcoin )
Multicoin

Man I am excited about this hahah

I really think one of these cryptos should use the word "Net"

What is this after all, for the average joe, if not "Internet money"

So: NetCoin

Agreed that it should use a computer-based name. What about bytecoin (if one doesn't exist) it keeps with the original bitcoin naming scheme but is a bigger, newer, better concept... Bytes > Bits

[termhn]

Making the name end in "coin" may actually be a good idea, just so the avarage joe understands what it is
Maybe something implying how strong and safe it is.

Hardcoin
Obsidicoin
Steelcoin
Tcoin (Titaniumcoin )
Multicoin

Man I am excited about this hahah

I really think one of these cryptos should use the word "Net"

What is this after all, for the average joe, if not "Internet money"

So: NetCoin

Agreed that it should use a computer-based name. What about bytecoin (if one doesn't exist) it keeps with the original bitcoin naming scheme but is a bigger, newer, better concept... Bytes > Bits

Already exists. as a 1:1 copy of bitcoin. Nothing changed.

[tacotime]

Hi guys,

Updates should be coming later this week.  There's a lot to rewrite in the draft paper, and I need to run it by some people first.

Notably, iddo mentioned an alternative PoS system and, reading it now, I came up independently with a similar solution over the past month.  If it works it may allow four minute confirmation and solve the 51% vulnerability, which I'm sure would be desirable for a lot of people.  But it needs to be figured out further and a lot of people will need to go over it to ensure it's secure.

I want to rewrite the hashing algorithm so that the hash itself uses all the different algorithms.  I've also been going through research papers to try to find the algorithms that use AES code fragments (modern CPU friendly), runs slowly on FPGA implementations (almost all SHA3 candidates like this were eliminated for this reason), and then to implement the hash algorithm and ensure that the following parameters are met:
1) That approximately half of the cycles in the scrypt loop are spent computing hashes of various types, while the other half are spent in memory access steps.
2) That using scrypt with parameters of N that are not 2^n is okay -- hashes compute fine if you remove the error checking in the implementations in C that I have, but I can't be sure that this does not lead to any problems until I step through the code.
3) Goal throughput of 5 KH/s or more average on a CPU to make sure verifying that verifying the blockchain is not impossible for the end user client.  N range will be adjusted accordingly.

As far as GitHub is concerned, there won't be a fork started until the theory behind the chain is solid.

Eventually a kickstarter may be formed and I'll aim for $50,000 or so to pay potential developers.  There's no way I can do this on my own, I'm paid right now for unrelated contracted research so I won't have a ton of free time over the next 12 months to dedicate to this.

I'll go through this thread later this week and try to respond to everyone's comments and suggestions.  Thanks for the interest!

[thesnoo23]

Hi guys,

Updates should be coming later this week.  There's a lot to rewrite in the draft paper, and I need to run it by some people first.

. . .

As far as GitHub is concerned, there won't be a fork started until the theory behind the chain is solid.

Eventually a kickstarter may be formed and I'll aim for $50,000 or so to pay potential developers.  There's no way I can do this on my own, I'm paid right now for unrelated contracted research so I won't have a ton of free time over the next 12 months to dedicate to this.

I'll go through this thread later this week and try to respond to everyone's comments and suggestions.  Thanks for the interest!

Most excellent.

[chriswen]

Hi guys,

Updates should be coming later this week.  There's a lot to rewrite in the draft paper, and I need to run it by some people first.

Notably, iddo mentioned an alternative PoS system and, reading it now, I came up independently with a similar solution over the past month.  If it works it may allow four minute confirmation and solve the 51% vulnerability, which I'm sure would be desirable for a lot of people.  But it needs to be figured out further and a lot of people will need to go over it to ensure it's secure.

I want to rewrite the hashing algorithm so that the hash itself uses all the different algorithms.  I've also been going through research papers to try to find the algorithms that use AES code fragments (modern CPU friendly), runs slowly on FPGA implementations (almost all SHA3 candidates like this were eliminated for this reason), and then to implement the hash algorithm and ensure that the following parameters are met:
1) That approximately half of the cycles in the scrypt loop are spent computing hashes of various types, while the other half are spent in memory access steps.
2) That using scrypt with parameters of N that are not 2^n is okay -- hashes compute fine if you remove the error checking in the implementations in C that I have, but I can't be sure that this does not lead to any problems until I step through the code.
3) Goal throughput of 5 KH/s or more average on a CPU to make sure verifying that verifying the blockchain is not impossible for the end user client.  N range will be adjusted accordingly.

As far as GitHub is concerned, there won't be a fork started until the theory behind the chain is solid.

Eventually a kickstarter may be formed and I'll aim for $50,000 or so to pay potential developers.  There's no way I can do this on my own, I'm paid right now for unrelated contracted research so I won't have a ton of free time over the next 12 months to dedicate to this.

I'll go through this thread later this week and try to respond to everyone's comments and suggestions.  Thanks for the interest!

Thanks for the update.

[SpaceJunk]

NetCoin is a cool name.

Alternatively:

SmartCoin
MarketCoin
TradeCoin

[Joerii]

I dig NetCoin too. It's also very easy to remember, which is a big marketing plus, methinks.

[termhn]

I dig NetCoin too. It's also very easy to remember, which is a big marketing plus, methinks.

+1

[master-P]

How about PeerNotes or PeerCash?

[Joerii]

How about PeerNotes or PeerCash?

Say it outloud....

Now say "Netcoin"

[Operatr]

+1 for NetCoin