Designing the next generation digital currency!

[pizza]

I was using CHN coin, Feathercoin, and Bitcoin, and the transaction times are crazy when you really think about it. Waiting for an hour, or even a few minutes felt like forever in todays world. Even CHN coins 1 minute confirms still felt long.

Today we are used to instant transactions, such as swiping your credit card. The currency that is going to gain mass acceptance is one with instant or almost instant confirms. A merchant is going to want to wait minutes for a transaction to confirm. The transaction needs to confirm quickly.

Someone said: "what's next 30second blocks?" Yes! Even quicker! It's the only way any digital currency will succeed when it can compete with Credit Card, PayPal speed.

Need:
Programmer to Program this

Have: Forum member who will setup a website for it.


The Goals:

1. create the lowest feasible confirmation time. I mean feasible as what makes the most sense, as if the having blocks that fast could cause problems, I don't know the limitations of the technology.

2. Leave the currency architecture changeable. Say in the future technology gets better to allow faster confirms to be able to change it.

Other Thoughts

Some other general economic thoughts that can be expanded upon, taken from a post in another thread.

The whole wealthy vs joe blow is extremely hard to solve without creating a managed crypto-currency. Even if you control technology progression, the wealthy can build a bigger farm and push Joe out by the sheerness of difficulty.

The only solution I have come to is to tie the price of the currency to the difficulty itself, so as difficulty goes up so does the price equally. What this would accomplish would be fixed profitability. By price in this part I mean the exchange rate to other currencies.

For example a 5gh/sec machine will always produce the same income. The next problem is how can you control the price against other currencies? I guess the only way to acomplish this would be that the currency itself is also a decentralized exchange.

So the crypto currency quotes the ask and the bid not the buyers and sellers. Basically the ask/bid would always be the same on any given day, and people can only buy and sell at that price.

So the Rich guy can buy more machines to make more money if so he deems, and Joe can make the same income. These are just some thoughts on re-writing the abilities of the currency.

At the end either way you look at it bitcoin or lightcoin or any current coin will become centralized because of the opposite things outlined in this post. The only time that might stop is if transaction fees are high enough to make it worth while for avg joe to run.

If you even reply to this, make sure you read each point slowly and re-read it, I'm re-reading it now and new ideas and thoughts are coming to my mind. I will sit down at a later time and work on this some more and improve upon it, as there are many more questions. Such as how would the above said coin work if becomes a world currency and replaces other currencies or makes then absolete?

I guess then goods and services would alter their price based on the daily value of the currency all done automatically of course. I will post this to a new thread later as it will hijack this one, I am going to sleep now to tired to keep thinking about this hopefully it doesn't keep me awake lol

To add to this a good solution to decentrilization would be insanely low energy as it run off a solar panel type of energy, at least if the operational costs are none or almost none. Either by free energy sources or the operational costs are covered by the transaction fees in the end, once all coins are created. Then people will run the miners to support decentralization.

In the end though the ideals of bitcoin or even our above fantasy coin will falter and die. What bitcoin, through the idea of de-centrilization stands for is freedom. Absolute freedom, the highest form of morality. Freedom from fiat. Freedom from the machine of debt and inflation which destroy wealth. Freedom from enslavement. Freedom of life! This freedom is very dangerous to the "Vlad" (The elite in this definition). As we move toward a new world order, a world of fascist enslavement. The "Vlad" will corrupt the ideals of bitcoin into a centralized one world currency. The transactions will be encrypted for the masses, but not for Vlads centralized monotoring system. Encrypted, Centralized, and controlled for the benefit of the Vlad. Meanwhile the masses, will without question blindly accept the corrupted ideals under the guise of "safety and security". Through the corruption of their souls, their only goal will be self preservation, they will easily give up the ideal of freedom.

 No one will care about the dream that once was and will never be...


So I open up the project to anybody who takes interest in designing and creating this new currency. The idea makes a lot of sense to me and hopefully to others too. I think it can seriously compete or surpass bitcoin with it's architecture designed upon speed.

[pizza]

Reserved

[gollum]

Unfortunately short confirmation time means weaker security. Having confirmations 10 times faster than LiteCoin would probably mean that you need much more than 10 times the hashrate to have equal security.

[pizza]

Unfortunately short confirmation time means weaker security. Having confirmations 10 times faster than LiteCoin would probably mean that you need much more than 10 times the hashrate to have equal security.

For now create the shortest confirmations with decent security, I'm sure 30sec could still provide good security, than in the future as new methods become available adjust the currency for speed and security with whatever has improved at that time.

[pizza]

BUMP

[digitalindustry]

https://bitcointalk.org/index.php?topic=197044.0

net replies = 0

people don't seem to care pizza - maybe they are all mining BBQ cons with their ASICS?  

who knows?  also Bitfreak! seemed to have a huge idea  (no pun intended)

https://bitcointalk.org/index.php?topic=195275.msg2041782#msg2041782


but the guys that have ASICS and mined BTC don't care....

that's fine becasue they are just looking after their lunch. that's the market. they need these loser SHA-256 coins , to use as "sleepers" so they can just mine the hell out of them with an hours ASIC work then sit back and wait for one of the losers to get on an exchange - ha ha - meanwhile being high moralized critics of Scrypt start-ups.

that's politics. and there is nothing wrong with it.    

i'd look to the creator of NVC he is solid, (and probably some sort of genius after talking to him i discovered) Balthazar is his forum name.

he also got a lot of critics , becasue his design NVC,  is a real challenge to BTC , BTC is very flawed.

his POW POS design is truly great, he also has other ideas, he could pull something like that off   , also the guy that made Junkcoin , Taco is solid but the is off in Netcoin world at the moment  .



 

[pizza]

https://bitcointalk.org/index.php?topic=197044.0

net replies = 0

people don't seem to care pizza - maybe they are all mining BBQ cons with their ASICS?  

who knows?  also Bitfreak! seemed to have a huge idea  (no pun intended)

https://bitcointalk.org/index.php?topic=195275.msg2041782#msg2041782


but the guys that have ASICS and mined BTC don't care....

that's fine becasue they are just looking after their lunch. that's the market. they need these loser SHA-256 coins , to use as "sleepers" so they can just mine the hell out of them with an hours ASIC work then sit back and wait for one of the losers to get on an exchange - ha ha - meanwhile being high moralized critics of Scrypt start-ups.

that's politics. and there is nothing wrong with it.    

i'd look to the creator of NVC he is solid, (and probably some sort of genius after talking to him i discovered) Balthazar is his forum name.

he also got a lot of critics , becasue his design NVC,  is a real challenge to BTC , BTC is very flawed.

his POW POS design is truly great, he also has other ideas, he could pull something like that off   , also the guy that made Junkcoin , Taco is solid but the is off in Netcoin world at the moment  .



 

Will give him a shout thanks for the ideas. That's fine I don't want people to care about this, I want them to continue living in their short sighted world, while this coin gets developed and surpasses everything lol

[digitalindustry]

Will give him a shout thanks for the ideas. That's fine I don't want people to care about this, I want them to continue living in their short sighted world, while this coin gets developed and surpasses everything lol

100% agreed, I will Pm you .

[markm]

GeistGeld has one of the shortest target times between blocks, something like 10 or 15 seconds.

It is merged-mine-able too, so doesn't even need miners to divert hashing from bitcoin and all the other merged-mined coins.

But bitparking's merged-mining pool does not carry it, because so many blocks so fast means it wants 4 gigs or more of RAM, whereas most coins get by with one gig or less.

The blocks are so quick that peripheral miners lose a big fraction of their hashing time to network propagation time, by the time a neighbor of the creator of a block checks the block and decides it is valid and okay to pass along, then one of their neighbors they pass it on to checks it to make sure it is valid before, if you are lucky, passes it on to you (if you are lucky enough that one of your neighbors has a neighbor who is a neighbor of the creator of the block), you already lost a big chunk of your targetted average ten or fifteen seconds between blocks.

So we would need really good backbone nodes, all connected directly to each other, so all imprtant nodes - the nodes that actually validate and construct blocks - are connected directly to each other with high bandwidth connections.

To get pools to add it to their merged-mining mix we could try ofering them a four or more gigs of RAM upgrade to make room for it. EIght gigs would probably be more realistic since if alrady uses four right now while it is basically "idling", not carrying full sized blocks full of full sized transactions.

We need to apply the merged mining patches to a recent stable version of bitcoin, making a github repo of just that, because all the merged mined coins all need that as their common starting-point.

Then we make a new modern up to date version of GeistGeld from that.

Then have some kind of merchant system so actual merchants can actually observe and try the system in actual use to learn whether the faster blocks actually do really make enough difference to the merchant and consumer experience to be worth considering using it.

However, someone recently posted a different approach to the double-spending problem, which puts the liability for any doublespends onto the miners so neither the merchants nor the customers face any loss from doublespends.
SO that might be even better than GeistGeld for speed.

Then too there is Ripple. Mining is insanely wasteful expenditure of resources that, Ripple seems to indicate, simply is not needed.

Proof of work hashing  is a stone age "hit problems with clubs to brute force them into submission" primitive outmoded approach to the consensus problem, maybe? Ripple apparently takes very little time to achieve consensual irreversible transactions.

-MarkM-

[pizza]

Very Interesting Mark, that's why I leave it up to you guys to develop it. I just provided my thoughts and my ideas, now we need to come together and a few developers to actually develop it, as I have no coding experience.

[tacotime]

Proof of work hashing  is a stone age "hit problems with clubs to brute force them into submission" primitive outmoded approach to the consensus problem, maybe? Ripple apparently takes very little time to achieve consensual irreversible transactions.

If I wanted centralization and a closed source server code, I'd use my credit card.

[seleme]

Bitcoin transaction speed is definitely a joke and something that could stop it's mass implementation.

I haven't tried the Geld thing but it feels so better to do transactions with even CNC, not as fast as mass implementation would need but quite good for my current need.

[pizza]

Bitcoin transaction speed is definitely a joke and something that could stop it's mass implementation.

I haven't tried the Geld thing but it feels so better to do transactions with even CNC, not as fast as mass implementation would need but quite good for my current need.

yeah litecoin vs. CNC transaction speed is night and day! But it still needs to be faster for mass implementation.

[Etlase2]

[broken record]

Decrits proposes a consensus system in lieu of proof-of-work that should allow for transactions to typically confirm within 5-15 seconds. If the transaction block chain is unbroken, your transaction is 100% confirmed unless there is an immediately ensuing network split. 10 second "blocks" can't be contested over as a "shareholder" is specifically tied to that window of time. I used 10 seconds as that meant retail transactions could be completed in a reasonable amount of time. However, I also have ideas on how to bring that down to 1 second mini-blocks without significantly increasing bandwidth usage.

As far as goal #2, section 4 of my proposal is the same thing, except I have some serious notes on how to make it actually work.

And a lot of your other wants are addressed in the proposal. Especially decentralization.

[/broken record]

Check out decrits.


edit: especially read this post: https://bitcointalk.org/index.php?topic=189239.msg1960697#msg1960697