[ANN] ATcoin ATC a new crypto

[shedman]

Wish to announce yet another crypto currency called Atcoin (ATC).
The purpose for this new crypto is not just to clone an existing crypto to add to the already existing and ever growing number of cryptos out there but to actually try and address some problems with current cryptos.

Almost all current cryptos have very long confirmation times (block generation) which really make them almost useless in a real world (over the counter) transaction. Imagine going to a 7/11 and buying a drink and then asking the staff to wait for 10 minutes confirmation (or 2.5 min in the case of LTC) . Just shortening the block generation time is really no solution as it just leads to a much larger blockchain. In the end these long confirmation times would make it impossible to use the crypto to pay in the real world unless 3rd party transaction businesses would be the middleman which would guarantee the amount transferred. This would be just another payment processor situation with control over transactions and of course charges for the consumer (as in credit cards).

Another issue with current cryptos is the ever growing blockchain. At the moment the blockchains of the bigger cryptos are already in the Gigabyte range - but as of yet hardly any people have adopted these currencies and hardly any transactions are done. What will happen when the user base reaches 100 million people? what if the 100 million people did 2 transactions each day. The blockchain would be so bloated that no single person could download it onto their computer, let alone their phone.
We have identified these 2 issues as major concerns for the future of cryptos and the survival of cryptos and will try to address them in this new crypto currency ATC.
Will keep you updated on the progress of this project.
Any input welcome

[Twerka]

Good to see more coins, more coins = less centralization
What does AT stand for?

[shedman]

@ No need for fancy names just good algos

[xan_The_Dragon]

no details just a list of problems?

[shedman]

no details just a list of problems?

ATC will offer faster confirmation times and a smaller blockchain while keeping the same security as BTC and LTC.

[digicoin]

Good to see more coins, more coins = less centralization

less centralization --> good for losers 

[cryptocancer]

...bump! 

[digicoin]

Will it be able to defeat CHNCoin (a.k.a ChinaCoin or VirusCoin)? 

[kjlimo]

Wow... where to begin... all of these topics have been discussed, and there are solutions..

anyone remember GeistGeld?  It had really fast confirmations... don't know where it went.

As for the blockchain, its my understanding there are ways to purge information from it making it smaller... however, I think that happened to I0coin and no one has done anything about it yet...

Good luck with the new coin... I'll probably buy/mine some for fun.

Release date?  Website?

[markm]

anyone remember GeistGeld?  It had really fast confirmations... don't know where it went.

GeistGeld is still humming along as always, serving as a haven for CPU miners. SOme of the other coins, such as BBQcoin, that for a long long time were low enough difficulty for CPU miners have since been jumped on by GPUs so are no longer useful for CPUs, but GeistGeld has, so far, escaped that fate. So month after month, CPU miners continue to rake in coins that likely will go up in value when the GPU folk finally get around to noticing it again.

Also, it can be merged mined, so it is actually amazing its difficulty IS so low, since it really is pretty much free to have your GPUs mine it alongside all the other merged-mined coins, at least it is if you have the extra four gigs or so of RAM that GeistGeld's daemon likes to use.

-MarkM-

[NickCoin]

This is exactly what Bitcoin needs to address should it become a real digital currency and not just fiat speculation.
 
1) Scalability - transaction size needs to be able to sale infinitely without increasing network size linearly.
2) Instant confirmation - not talking about reducing it to 1 min or less - if it's going to work it has to be instant.
3) Accessible - lets be honest, beyond us geeks, has anyone witnessed an average Joe using or mining crypto currencies?

[Luckybit]

Good to see more coins, more coins = less centralization
What does AT stand for?

It's only good if those coins are useful and evolve. More trash isn't good.

[Walter Rothbard]

Almost all current cryptos have very long confirmation times (block generation) which really make them almost useless in a real world (over the counter) transaction. Imagine going to a 7/11 and buying a drink and then asking the staff to wait for 10 minutes confirmation (or 2.5 min in the case of LTC) .

But this objection has been answered a long time ago, for Bitcoin.  With an active network, there is no need to wait 10 minutes or an hour for a small purchase.  This is a problem that does not exist.

Just shortening the block generation time is really no solution as it just leads to a much larger blockchain.

Also, the lower difficulty means you need more blocks to get an equivalent level of confirmation, so I'm not convinced it really buys you anything.  i.e., if a blockchain targets 5 minute blocks on average and is identical to Bitcoin in all other respects, I believe you would need 12 blocks to reach an equivalent level of confirmation as 6 blocks on the Bitcoin blockchain.

[Thracky]

It is, of course, nice to see discussion of the issues with bitcoin as well as a desire to solve them, but I'm more curious in the proposal of how this is going to be done.  I'll be honest and say I feel an announcement is a bit premature when the only thing that appears to be done is the basic brainstorming of how to make the coin different from bitcoin.

I'd love to hear some slightly more specific details (without giving away anything "special" too early) on how you plan to solve the issues you mentioned.