[PRE-ANN] RecoveryCoin - ECDSA-based cryptocurrency with fair mining

[bitalchemists]

RecoveryCoin introduces new cryptographic features, improved blockchain technology and a full cryptocurrency system.

UPDATE

More progress available on github: https://github.com/bit-alchemists/RecoveryCoin

For any help on how to build and run, or if you have any question about the code or the architecture please ask in this thread and you will be answered. Also we would appreciate your insights and comments. Why use PoW addresses? Harder to crack, saves space on the blockchain and keeps the coin away from mass trading. Also, while generating the address the targets may be hit (rewards are generated at transaction level and not at block level).

We're looking for people who understand what we are doing. Please contact us!

Next aims:
- Transaction assembly and transaction pool
- Block assembly
- Networking
- More uses for the technology (need your help with ideas)

Demo screenshot:
https://i.imgur.com/BKTbTJM.gif

Valid private keys:
64EDCC5591868C62AD176606D22F497B7C87364119DE046B17ADE979101AE648
B455555CC62F1408BAB5D5BA957E5A53D5E13D813B68B9B8867A8A7F2B91F76B

Specifications

Algorithm: ECDSA
Block time: 15 Minutes
Reward: 1 REC

Features

PoW Addresses - Readable 32 digit addresses, secured against brute-force attacks
Fair Mining - Always the same reward for the same computer power
ECDSA Hashing - Blocks chained on a curve
Proof of Attack - Earn REC for only attempting to recover Bitcoin addresses

Operating Systems

Linux/Windows/OSX

Whitepaper

http://recoverycoin.info/whitepaper (few tweaks expected)

Mining

ECDSA FPGA implementation & virtual image will be available for Amazon EC2, see:

https://aws.amazon.com/ec2/instance-types/f1

ICO / Donations

Deposit any amount in BTC to 19vVPuzXPBUiNdnr6KZwYP9rAtdtWkDjqi until 2017/03/01
Get x150 to your parallel REC address
(using the same private key of the BTC address you've sent from; funds will be hardcoded into the genesis block).
Launch is expected in September 2017.

Want to contribute? Please contact us or post your opinion in a comment.

[notsofast]

This is really interesting. Have you calculated the chances of "recovering" one key from these addresses?

[bitalchemists]

This is really interesting. Have you calculated the chances of "recovering" one key from these addresses?

Yes we have. It is just used as an anchor to produce fair mining.

[CjMapope]

ooo this IS interesting...   you should really be serious about this, some specs, a solid plan, this is something i could prob get onboard with

ooo September is a long time, which is kinda sweet as it gives this time to evolve, tell us more, this sounds cool man!

course some might get mad your "breaking BTC" ;p

Good Luck! watching for sure!

Edit: just saw the whitepaper, theres some more info in there, sweet!

[notsofast]

This is really interesting. Have you calculated the chances of "recovering" one key from these addresses?

Yes we have. It is just used as an anchor to produce fair mining. Any client accidentally recovering one of these keys will be the key's new owner.

It's an ingenious cryptographic point as far as capturing mindshare goes. I mean, you could anchor to anything, but that particular anchor and the lottery ticket thinking it produces make for a compelling reason to get on board.

I'll be watching this project for sure.

[Sourgummies]

You want to do an ico to raise money to rob people of their btc, do I understand this correctly?

[CjMapope]

You want to do an ico to raise money to rob people of their btc, do I understand this correctly?

ya haha its kinda hard to say WHAT they even need money for ;p

i am down for "Proof of Attack - Earn REC for only attempting to recover Bitcoin addresses"  -- but i still dont see why they will need funding to setup a server for people like at vanitypool where stuff can be posted for people to crack at. seems like that could be done out of pocket, maybe add a 1% fee to the "EDSCA Pool".
course on that note, we already have an open non profit at http://lbc.cryptoguru.org:5000/about that is as i understand it basically an "EDSCA Pool"  (tho not set up for incentives as this maybe could be)

idk, time will tell ;p

[Sourgummies]

You want to do an ico to raise money to rob people of their btc, do I understand this correctly?

ya haha its kinda hard to say WHAT they even need money for ;p

i am down for "Proof of Attack - Earn REC for only attempting to recover Bitcoin addresses"  -- but i still dont see why they will need funding to setup a server for people like at vanitypool where stuff can be posted for people to crack at. seems like that could be done out of pocket, maybe add a 1% fee to the "EDSCA Pool".
course on that note, we already have an open non profit at http://lbc.cryptoguru.org:5000/about that is as i understand it basically an "EDSCA Pool"  (tho not set up for incentives as this maybe could be)

idk, time will tell ;p

But they want to do more then attempt, they want to clean the address out. Correct?

[bitalchemists]

You want to do an ico to raise money to rob people of their btc, do I understand this correctly?

Wrong.

[Sourgummies]

You want to do an ico to raise money to rob people of their btc, do I understand this correctly?

Wrong.

So then why?

[bitalchemists]

You want to do an ico to raise money to rob people of their btc, do I understand this correctly?

ya haha its kinda hard to say WHAT they even need money for ;p

i am down for "Proof of Attack - Earn REC for only attempting to recover Bitcoin addresses"  -- but i still dont see why they will need funding to setup a server for people like at vanitypool where stuff can be posted for people to crack at. seems like that could be done out of pocket, maybe add a 1% fee to the "EDSCA Pool".
course on that note, we already have an open non profit at http://lbc.cryptoguru.org:5000/about that is as i understand it basically an "EDSCA Pool"  (tho not set up for incentives as this maybe could be)

idk, time will tell ;p

1. We don't need the funds.
2. This pool you've shown is not decentralized, and it is not a cryptocurrency.

[Sourgummies]

You want to do an ico to raise money to rob people of their btc, do I understand this correctly?

Wrong.

So then why?

Still waiting.

[CjMapope]

You want to do an ico to raise money to rob people of their btc, do I understand this correctly?

ya haha its kinda hard to say WHAT they even need money for ;p

i am down for "Proof of Attack - Earn REC for only attempting to recover Bitcoin addresses"  -- but i still dont see why they will need funding to setup a server for people like at vanitypool where stuff can be posted for people to crack at. seems like that could be done out of pocket, maybe add a 1% fee to the "EDSCA Pool".
course on that note, we already have an open non profit at http://lbc.cryptoguru.org:5000/about that is as i understand it basically an "EDSCA Pool"  (tho not set up for incentives as this maybe could be)

idk, time will tell ;p

But they want to do more then attempt, they want to clean the address out. Correct?

the LBC collider? ya the funds will be claimed, AFAIK, yes. We only work on the "puzzle transaction" there tho, not a free market or service, like this could be

You want to do an ico to raise money to rob people of their btc, do I understand this correctly?

ya haha its kinda hard to say WHAT they even need money for ;p

i am down for "Proof of Attack - Earn REC for only attempting to recover Bitcoin addresses"  -- but i still dont see why they will need funding to setup a server for people like at vanitypool where stuff can be posted for people to crack at. seems like that could be done out of pocket, maybe add a 1% fee to the "EDSCA Pool".
course on that note, we already have an open non profit at http://lbc.cryptoguru.org:5000/about that is as i understand it basically an "EDSCA Pool"  (tho not set up for incentives as this maybe could be)

idk, time will tell ;p

1. We don't need the funds.
2. This pool you've shown is not decentralized, and it is not a cryptocurrency.

ya its not decentralized nor a cryptocurrency, true.

You want to do an ico to raise money to rob people of their btc, do I understand this correctly?

Wrong.

So then why?

my guess is they just want some financial comp for their idea and setting it up (what it seems like). Unfortunately most wont pay for an IDEA, but the service they might

[bitalchemists]

You want to do an ico to raise money to rob people of their btc, do I understand this correctly?

ya haha its kinda hard to say WHAT they even need money for ;p

i am down for "Proof of Attack - Earn REC for only attempting to recover Bitcoin addresses"  -- but i still dont see why they will need funding to setup a server for people like at vanitypool where stuff can be posted for people to crack at. seems like that could be done out of pocket, maybe add a 1% fee to the "EDSCA Pool".
course on that note, we already have an open non profit at http://lbc.cryptoguru.org:5000/about that is as i understand it basically an "EDSCA Pool"  (tho not set up for incentives as this maybe could be)

idk, time will tell ;p

But they want to do more then attempt, they want to clean the address out. Correct?

the LBC collider? ya the funds will be claimed, AFAIK, yes. We only work on the "puzzle transaction" there tho, not a free market or service, like this could be

You want to do an ico to raise money to rob people of their btc, do I understand this correctly?

ya haha its kinda hard to say WHAT they even need money for ;p

i am down for "Proof of Attack - Earn REC for only attempting to recover Bitcoin addresses"  -- but i still dont see why they will need funding to setup a server for people like at vanitypool where stuff can be posted for people to crack at. seems like that could be done out of pocket, maybe add a 1% fee to the "EDSCA Pool".
course on that note, we already have an open non profit at http://lbc.cryptoguru.org:5000/about that is as i understand it basically an "EDSCA Pool"  (tho not set up for incentives as this maybe could be)

idk, time will tell ;p

1. We don't need the funds.
2. This pool you've shown is not decentralized, and it is not a cryptocurrency.

ya its not decentralized nor a cryptocurrency, true.

You want to do an ico to raise money to rob people of their btc, do I understand this correctly?

Wrong.

So then why?

my guess is they just want some financial comp for their idea and setting it up (what it seems like). Unfortunately most wont pay for an IDEA, but the service they might

Actually we would prefer to have no funds raised, and to start the blockchain in a completely neutral state.

[rekcahxfb_foundation]

wow is it possible? or a scam coin. Brutal force is very hard concept.

[ICOcountdown.com]

Great concept, I am looking to add this to http://icocountdown.com

Could the developer team please contact me? Thank you.

Email: alex@icocountdown.com

[kamiyama]

Is there a mining method other than Amazon EC2 F1?

[CjMapope]

You want to do an ico to raise money to rob people of their btc, do I understand this correctly?

ya haha its kinda hard to say WHAT they even need money for ;p

i am down for "Proof of Attack - Earn REC for only attempting to recover Bitcoin addresses"  -- but i still dont see why they will need funding to setup a server for people like at vanitypool where stuff can be posted for people to crack at. seems like that could be done out of pocket, maybe add a 1% fee to the "EDSCA Pool".
course on that note, we already have an open non profit at http://lbc.cryptoguru.org:5000/about that is as i understand it basically an "EDSCA Pool"  (tho not set up for incentives as this maybe could be)

idk, time will tell ;p

But they want to do more then attempt, they want to clean the address out. Correct?

the LBC collider? ya the funds will be claimed, AFAIK, yes. We only work on the "puzzle transaction" there tho, not a free market or service, like this could be

You want to do an ico to raise money to rob people of their btc, do I understand this correctly?

ya haha its kinda hard to say WHAT they even need money for ;p

i am down for "Proof of Attack - Earn REC for only attempting to recover Bitcoin addresses"  -- but i still dont see why they will need funding to setup a server for people like at vanitypool where stuff can be posted for people to crack at. seems like that could be done out of pocket, maybe add a 1% fee to the "EDSCA Pool".
course on that note, we already have an open non profit at http://lbc.cryptoguru.org:5000/about that is as i understand it basically an "EDSCA Pool"  (tho not set up for incentives as this maybe could be)

idk, time will tell ;p

1. We don't need the funds.
2. This pool you've shown is not decentralized, and it is not a cryptocurrency.

ya its not decentralized nor a cryptocurrency, true.

You want to do an ico to raise money to rob people of their btc, do I understand this correctly?

Wrong.

So then why?

my guess is they just want some financial comp for their idea and setting it up (what it seems like). Unfortunately most wont pay for an IDEA, but the service they might

Actually we would prefer to have no funds raised, and to start the blockchain in a completely neutral state.

ooo, now THAT i like! truth be told a good service, even just one thats fun for a while that EVERYONE can participate in some way, MAKES money, so there is not always need to raise funds, a good service like this could definitally end up profitable if you manage it right like Nicehash but for bruteforcing BTC addys, and maybe even other algos offered in future?

[litecoinricky]

I like the sound of this, cant wait to mine some 

[bitalchemists]

Is there a mining method other than Amazon EC2 F1?

CPU, GPU, FPGA or ASIC