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Author Topic: Concept for new coin  (Read 368 times)
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April 13, 2013, 05:22:26 PM

These are just some ideas for a new coin, just to throw out for those who might be able to implement it or find it useful to build upon so don't bash me for they're implausible. I'm not a programmer and I've literally only had INTRO experience in programming, so I'm far from being knowledgeable enough to know what works and what doesn't. Anyways, this is what I've come up with.

How probable would it be to have a coin and a corresponding mining client that "hopped" between 3 or more algorithms based on a combination of random intervals and dramatic changes in hash rate (for example a 10% increase in hash rate within 5 minutes)? If the hash rate doesn't change within a time, it'll switch to another algorithm. If for an amount of time it still doesn't change much, then it will use those numbers for calculating difficulty. So difficulty would be what's calculated as average after any outliers due to ASICs jumping in during a compatible algorithm. This way, it would be a strong  defense against any ASICs and FPGAs. It would also keep GPU miners in existence for a much longer time. With this defense, a retarget time of a day or two would be nice as to keeping an accurate difficulty adjustment.

As for caps and lost coins, I think this might be an interesting solution should it be possible to implement. There should be some sort of verification or checking of client activity to see if the wallet has been accessed in a certain period of time, say a year or two. If not, a "virtual count" of the existing coins would subtract that amount from the count, which then affects the difficulty allowing more coins to be mined faster depending on how many "lost coins" there were. If for some reason, those lost coins were to come back into "existence" then it would take that into account and likewise increase the difficulty appropriately. The ideal "count" to work up to would be 160 million. I like the idea of the transaction fees getting destroyed, allow endless coins to be mined. If for some reason, a pile of lost coins were to come back and push the count over 160 million, 75% of the transaction fees would go to miners, and 25% would continue to be destroyed until the count was back to 160 million and then it would go back to destroying the entire transaction fee.

For the initial release, I think it would be good to have a retarget of a few hours for the first few days in order to keep the difficulty as accurate as possible to keep the first miners from getting a huge bulk of coins during what otherwise would be an extremely low difficulty for what would've been an entire day or two, in accordance to the original retarget time. Also, both a client and miner should be released for both linux and windows prior to the first mining day to keep it fair for all that want in. This include a guiminer for those who want or need it.

Again, I understand that some of my suggestions might not be possible, but these are just ideas, use them as you will if any of it seems worth anything. However, if anyone is able and does implement any of
my ideas into a new coin, please let me know as I would like to participate in a coin that I helped create. It'd be also nice if you would name it Xenocoin, as I think it's a really cool name :p

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