Bitcoin Forum
December 18, 2017, 11:24:53 AM *
News: Latest stable version of Bitcoin Core: 0.15.1  [Torrent].
 
   Home   Help Search Donate Login Register  
Pages: [1]
  Print  
Author Topic: Why can't we make a coin that's actually innovative?  (Read 516 times)
Gamesfreak13563
Full Member
***
Offline Offline

Activity: 126



View Profile
May 14, 2013, 03:13:08 PM
 #1

Let's think about this for a second. A lot of the previous coins we've seen released have had:

-Botched Releases
-Incredibly Low Starting Difficulty which eventually gets abandoned
-No real difference from Litecoin (with the exception of Yacoin, the only truly innovative one)
-ORPHANS ORPHANS ORPHANS

Innovations that need to be made:

-Increase transaction speed without sacrificing secruity
-A new hashing algorythm seperate from Scrypt or SHA-256, or alternative ways to earn coins that take advantage of the distributed network (a distributed filestoring service, perhaps, and you get coins based on bandwith used or something? Torrent with a coin reward? Bonuses for seeding materials that haven't been seeded? All .tor files are stored in the blockchain? Vote system to get rid of illegal content?)

-Easier to use (think integrated GUI miner into the client)
--There should be no need to use a seperate miner
--Addresses should be able to be shortened (think tinyurl for addresses; sign up a word to represent an address)
--Resistance to expensive equipment (GPUs, FGPAs, ASICs)

-Good release with:
--Decent difficulty
--No leaking to anyone before use
--ON TIME

-Reduce Orphans
--Centralization is bad but a few starting servers to increase starting connections would be a good idea

-PoS that is evident that it is working and can be used with an encrypted wallet
-No differences between Linux and Windows/Mac iterations
1513596293
Hero Member
*
Offline Offline

Posts: 1513596293

View Profile Personal Message (Offline)

Ignore
1513596293
Reply with quote  #2

1513596293
Report to moderator
1513596293
Hero Member
*
Offline Offline

Posts: 1513596293

View Profile Personal Message (Offline)

Ignore
1513596293
Reply with quote  #2

1513596293
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
Praxis
Legendary
*
Offline Offline

Activity: 1079



View Profile
May 14, 2013, 03:20:11 PM
 #2

Quote
Why can't we make a coin that's actually innovative?
Because you actually need to be an innovative thinker plus God-tier programmer to be able to formulate something completely new that works in practice, just like Satoshi Nakamoto was, or ArtForz who coded the novelty part in Litecoin (the Scrypt implementation). How many of such people you think are around? Not many. Certainly not on this forum. There are some, and they are probably busy creating something at this very moment. Ideas are good, but many of us have many ideas. The hardship is actually implementing those ideas with effective, working code. That's much harder than just having a good idea.
Gamesfreak13563
Full Member
***
Offline Offline

Activity: 126



View Profile
May 14, 2013, 03:34:27 PM
 #3

I think the Torrent Coin is a good idea.
Praxis
Legendary
*
Offline Offline

Activity: 1079



View Profile
May 14, 2013, 03:35:47 PM
 #4

I think the Torrent Coin is a good idea.

As I said, the idea - even if good - is only 5% ... the actual implementation is the real work, the remaining 95%.
ictin
Full Member
***
Offline Offline

Activity: 196



View Profile
May 14, 2013, 04:09:10 PM
 #5

Let's think about this for a second. A lot of the previous coins we've seen released have had:

-Botched Releases
-Incredibly Low Starting Difficulty which eventually gets abandoned
-No real difference from Litecoin (with the exception of Yacoin, the only truly innovative one)
-ORPHANS ORPHANS ORPHANS

Innovations that need to be made:

-Increase transaction speed without sacrificing secruity
-A new hashing algorythm seperate from Scrypt or SHA-256, or alternative ways to earn coins that take advantage of the distributed network (a distributed filestoring service, perhaps, and you get coins based on bandwith used or something? Torrent with a coin reward? Bonuses for seeding materials that haven't been seeded? All .tor files are stored in the blockchain? Vote system to get rid of illegal content?)

-Easier to use (think integrated GUI miner into the client)
--There should be no need to use a seperate miner
--Addresses should be able to be shortened (think tinyurl for addresses; sign up a word to represent an address)
--Resistance to expensive equipment (GPUs, FGPAs, ASICs)

-Good release with:
--Decent difficulty
--No leaking to anyone before use
--ON TIME

-Reduce Orphans
--Centralization is bad but a few starting servers to increase starting connections would be a good idea

-PoS that is evident that it is working and can be used with an encrypted wallet
-No differences between Linux and Windows/Mac iterations

And who do you suppose will do such a thing? This things cost money. Good programmers work for real money, and good money.


Implementing this things will cost many hours of work. Paying for the servers cost money. And if the guy developing the thing is premining, for this community he is a scamer. So who will risk his time and money to work on this and to end up with nothing, and the guys that have mined bitcoin since the start and now have expensive hardware end up with more money? Why do that?

Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!