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

[tacotime]

Yes. This. This to infinity

I guess you could use an eventual number of coins aiming in the trillions -- but it has the possibility of making people feel like the coins are worthless in the short term.

[1715000698]

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[tacotime]

I need to address something else.  I'm asked a lot about the adoption of some kind of useful work for a coin. Netcoin will not directly incorporate this.  However, I'm looking to incorporate coloured "coins" in subsequent editions of the whitepaper, which can be arbitrarily generated by an address.  So, say you have an address owned by Folding@Home.  This address can then generate x many coloured 'Folding@Home' coins (which contain an originator field with the address from which they spawned).  These coins can then be traded for NTC using the blockchain as an intermediary and two conditional transactions dependent on the presence of the other transaction.  This facilitates non-NTC coins from whatever source and also decentralized exchanges (as the blockchain can be used as an escrow).

[thesnoo23]

I need to address something else.  I'm asked a lot about the adoption of some kind of useful work for a coin. Netcoin will not directly incorporate this.  However, I'm looking to incorporate coloured "coins" in subsequent editions of the whitepaper, which can be arbitrarily generated by an address.  So, say you have an address owned by Folding@Home.  This address can then generate x many coloured 'Folding@Home' coins (which contain an originator field with the address from which they spawned).  These coins can then be traded for NTC using the blockchain as an intermediary and two conditional transactions dependent on the presence of the other transaction.  This facilitates non-NTC coins from whatever source and also decentralized exchanges (as the blockchain can be used as an escrow).

That is awesome!

Also, while I DO think that an no cap coin would be successful, especially given all the other good stuff that's going to hopefully get into this one, I am very well aware that not very many people would go for that immediately, and you probably aren't going to incorporate such a feature. Mostly what I AM arguing here is to NOT make a ridiculously low cap such as has been suggested previously. I would hope that any cap put on the coin would at LEAST exceed bitcoins cap. At LEAST. Huge short term success is great, sure, why not, but long term success is more meaningful if you're really trying to make a viable currency. People don't want to get into a currency that's going to stagnate after a few years.

[digitalindustry]

I'll be in for the pump and dump -

then if its a success I'll help with the marketing psychological aspects as to how it can leave this forum and the few exchanges and perhaps go somewhere else, that's true of all these.

Math doesn't get you a success , this is not just about Math.

Correct. This is not just about math. It's about math, the psychology of both individuals and groups, economic theory and the demonstrated tendency of those in positions of power to try and consolidate more power. That's what cryptocurrencies are about. They're built on math and economic theory, in order to prevent people from easily gaining and consolidating power within the currency, and the only common issue they have to deal with once the network is in place and reasonably large is the psychology of groups and individuals which may push them into avoiding or adopting the currency.

Also, I touched on this earlier, success of any currency, cryptocurrencies included, isn't about who does or doesn't get rich, it's about adoption of the currency by a large segment of the population, which is increased by both the availability of the currency and how long it's likely to be viable.

that's all true, its not only not about who gets rich, its the other way around, its who does not get rich that matters. they the ones we need to reach.

[digitalindustry]

I need to address something else.  I'm asked a lot about the adoption of some kind of useful work for a coin. Netcoin will not directly incorporate this.  However, I'm looking to incorporate coloured "coins" in subsequent editions of the whitepaper, which can be arbitrarily generated by an address.  So, say you have an address owned by Folding@Home.  This address can then generate x many coloured 'Folding@Home' coins (which contain an originator field with the address from which they spawned).  These coins can then be traded for NTC using the blockchain as an intermediary and two conditional transactions dependent on the presence of the other transaction.  This facilitates non-NTC coins from whatever source and also decentralized exchanges (as the blockchain can be used as an escrow).

Taco did you miss the idea based on Nashx - its a mutually assured destruction / Nash equilibrium based exchange - its beautiful , and simple and would work.

[digitalindustry]

but i agree it would be better as a "plug-in" - but its certainly got a good lead as some sort of decentralized exchange - if the dev wants to make a "plug-in" .

I've contacted the guy already - I'm not sure if he lurks here?

it could simply sit back and get an average X price based on a number of exchanges , be convenient, and a fallback for nuclear war/government shut down of all exchanges.

[mr_random]

I need to address something else.  I'm asked a lot about the adoption of some kind of useful work for a coin. Netcoin will not directly incorporate this.  However, I'm looking to incorporate coloured "coins" in subsequent editions of the whitepaper, which can be arbitrarily generated by an address.  So, say you have an address owned by Folding@Home.  This address can then generate x many coloured 'Folding@Home' coins (which contain an originator field with the address from which they spawned).  These coins can then be traded for NTC using the blockchain as an intermediary and two conditional transactions dependent on the presence of the other transaction.  This facilitates non-NTC coins from whatever source and also decentralized exchanges (as the blockchain can be used as an escrow).

Nice idea. You are putting a lot of thought into this project. If this coin has just half the things you write about it's going to be a winner.

Are you going to have any kind of checkpointing with Netcoin?

[3Dfilament]

A preliminary, rough, idea sketch, a raster based image which would need to be reproduced as a vector based image for reduction in size for the many different uses a logo for a Crypto Currency alt coin demands ... a rough idea, just a musing if you will, for NETCOIN/NTC.

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See this logo processed by makeappicon as it would appear on a smartphone here: http://makeappicon.com/download/b6f13d46c3ad4a3fa7cb1ef8377d3cc8

Stacked: http://makeappicon.com/download/106d88a4b5404d4ca960ff25f009df5b#

The logo, it's technical demands are, that it be instantly recognized when it is teeny, tiny displayed as the logo in a browser tab, in the miner application, in the taskbar or the system tray, etc ... The coin edge could probably be a little bigger, yes, the bevel should be a bit more pronounced and you tend to lose all of that when it is reduced for use as an icon, (desktop, taskbar, browser tab, etc ...), so the primary component that makes for instant recognition is the math symbol, the greek letter, the Sigma which is used in Tacotime's most recent whitepaper. And then we have a bit of bitcoin color, a "clip" of the coin if you will, and then a greater proportion of silver to gold ratio, pie chart like ... and then the copper edge. So we rally round the family, (of Crypto), pocket fulla' ... Netcoins.

Got a little bit of that Tron thing goin' on, and some of that "ecoin" ...

Nice sketch, but I'd like to see something more appealing to the eye, something better looking. I hold nothing against the Σ symbol, but shouldn't it be N (Netcoin) or an earth surrounded by a net or something similar?

JMTL - Just my two litecoins 

So my quote here contains only the very small version, because really, this is what you design for. 90% of the views the icon gets are in the browser tab, in the wallet, on the taskbar ... as a "tiny icon", so it must look really good, better than all the others, as an "icon", and that's my first goal. To make it look nice, to be representative in a larger size, that is a secondary goal, although very important.

Yes, I have a rough version I'm working on that uses a "Network" image, something like you see in windows when you go to networking in Control Panel, this is of course a good candidate image type for creating the logo. And yes, of course, something more appealing to the eye, some "candy", is important and those issues are of course secondary to a good "functional" product first. The letter "N", using a letter, we then bring the logo closer in branding characteristics to bitcoin, and litecoin, as they use a letter. The FTC, FeaTherCoin, dev and their community decided NOT to use a letter, (as true coins, physical coins use portraits or images ... not letters), to distinguish the logo, the FTC logo, from all the other coins, and I think that was a big success. When one looks in their system tray, for the wallet, we see a diagonal strike, (the feather), through a round icon, and that's then easy to bring the wallet up, very effective, user friendly.

I expect to proceed through many design iterations as I learn more about Netcoin and it's technicals, more about what the creator wishes through reading his whitepaper and continual testing of his GUIMiner, etc ...

This first NTC, or Netcoin, logo leverages the dev/creators conceptual illustration in his whitepaper ... that the Sigma math symbol is the locus of theoretical math and logical considerations ... that the dev/creator bases much of his permutation around. Thus, we are math, the network is math ... and the coin is our server. Thanks for commenting.

[wtman]

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

[kkay]

      Unlike the rushed get rich quick pump and dump scamcoins, I reckon tacotime, his fellow dev's, and the various contributors are in this to create something revolutionary and rock solid, as opposed to, cloning a coin, moving a few lines of code around, and adding a spiffy logo. Quality takes time, so I suspect the launch date won't be soon. Taking time to implement radical new concepts and revolutionary ideas seems to be taking precedent over rushing to release the new coin of the week for miners.

      One thing you can do to make sure it comes out sooner though, is to help the evolution of Mc2/netcoin by volunteering whatever skills you have to help.  

[barrywu2013]

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

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

 

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

There should be a banking system for this too, as some people want to exchange real $$

=> so, hopefully this new coin will not be dominated by hard core miners and their rigs, where others who do not have the potential to also get a fair share of the pie   

I'll help if I can, and I am in full support after seeing Bitcoin being eaten by people who only mine and not use it as how world economies should

[sinistral]

I'd like it if you could make it so the miner and wallet (the qt.exe things) are in one package.

[MusX]

Is there a launch date?  Is it being mined now?
I got ripped off on a feathercoin pool.
I would like to be ready this time.

Thanks,

+1

[Guggenheim]

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

Just throwing ideas out there.

http://img19.imageshack.us/img19/3351/netcoins.png

[digicoin]

It looks like that NetCoin has a built-in inflation. However, is there the so-called "maximum amount of coins" in NetCoin?

[igba]

that mockup looks badass, btw can you modify the code so this doesn't have to happen?

http://www.reddit.com/r/Bitcoin/comments/1dqsul/warning_if_you_use_microtransactions_they_will/

or is that not possible with any coins? I think micropayments are the future. Sorry I'm not a coder but this project looks promising.

[digicoin]

Micropayment can pollute the blockchain 

[rbdrbd]

I'm very interested. Add me to the list of someone that can run a pool, help with some development in some way, etc.

[Rex_Heston]

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.

[achillez]

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