The Cryptocurrency is called
Federal Byte.
Here is part of what is going to be in the white-paper.
Ok, so where do I begin?
haha.
I guess, like with any new innovation, I should start with the problems and work backwards from there.
I think that the main problems with Bitcoin, every altcoins main competitor (yes, I am aware that Ethereum serves an entirely different purpose to Bitcoin) are that it has;
1) A bad reputation amongst much of the public
and2) Scalability issues
So now that we have, in my opinion, the problems identified we can begin to work on a solution. The solution to the first problem is already given to us; Nobody knows or, has even heard of a Federal Byte. This means that we have a clean slate to work from so that no prior problems such as, hackers, illicit websites or, money laundering has stained our reputation. Secondly, the use of the word Federal in the name of the currency makes it seem, to the public, like it is a nationalised, legitimate and therefore, trustworthy asset and store of wealth. Much like how the Federal Reserve called themselves the Federal Reserve when they were a private institution - to help build trust amongst the public.
Hopefully, the name alone will give this currency an edge over other the cryptocurrencies to be more widely adopted amongst the 'common user'.
The second problem was equally as easy to solve. I simply made the size limit of each block much larger and incorporated code from the lightning software into the cryptocurrency. Some elements of Segwit are also piled into this code. The code was based off Litecoin and Bitcoin.
Of course, with an already saturated cryptocurrency market, these things alone are not enough to make the Federal Byte stand out from the crowd. So in the near future, before the coin is released, I would like to be able to incorporate some kind of code that will allow for the Federal Byte to have a 'jump start' or 'take off'. My initial idea is to propose some sort of backing system such as, the dollar for the first month - Hopefully this will allow for people to gain more trust in the Federal Byte before it gains enough traction and support, for the community that surrounds it alone, to be the trust model. After the first month, the Federal Byte can be sold for any speculative price that the community demands; The price will go up and down.
The initial supply will also half every 8 weeks for the first 24 weeks to help create a sense of urgency and rush for more people to get into the coin - especially during the first month when the Federal Byte remains at a consistent price of perhaps, $1. After 24 weeks the supply will halve every 20 weeks for the next 60 weeks. Then, after 84 weeks the supply will halve every year. This will continue until all of the coins (80 million) run out. This sped up halving process should keep the demand of the coin increasingly high so that the price continues to go up, and so does the value. The increasing price should also attract more people to buy and use the coin.
The coin is still in development and I created this post to make the community aware of its imminent arrival. Please let me know what you think and any improvements you would suggest I add to the coin.
P.s I forgot the password and username of my old account, hence why I am still ranked as a
Newbie.
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