Hey BitCoin enthusiasts, I am trying to figure out if it is possible or if people even want a better BTC. If so how would you go about doing this.
1. Looking for ideas including, making it fair for everyone in bitcoin possibly sending to a switch address and receiving the same amount of the new coin?
2. What type of algo you think is best.
3. How many coins?
4. other features the coin can do. (Ex. AI,science,ETC)
Thanks in advance for your ideas.
1. This is possible. You can create a (hard) fork using the same block chain, so everyone in the original network will have the same number of coins in the new network. The problem with this scheme is because you need to determinate a block where this fork shall happen, and this can lead to accusations about conflicts of interest.
2. I don't see anything special about other algos. I would stick with SHA-256 or SHA-3 unless they're not quantum-resistant. Or doing something like Myriad, which puts multiple algos, each one with its own target.
3. I would like to avoid decimal units, so, at least 10 quadrillion with perpetual subsidies. Just for comparision, Bitcoin has 2.1 quadrillion atomic unities, so the difference isn't much at all. I think perpertual subsideies is important, because in case of another coin appears and starts to grow in popularity, the dominant coin can collapse more faster than it should because of fall of transaction volume combined with the lack of new issued coins. Or in case you create a coin bu after the initial distribution, it doesn't get much popularity, this can be essential to its surviving. The all-or-nothing, where the coin needs a lot of transaction volume in order to survive or it dies is bad.
4. Well, I can add features like focus on privacy. Another interesting thing would be about energetic efficiency in processing the transactions. For example, if you look to BitTorrent, you'll notice they share files with all the world without requiring a lot of processing power. Something about would be interesting. But I don't think proof-of-stake is the solution for this (I think something like similar to NODE or BURST).
you don't need assistance of financial sector with a Bitcoin network.
Well, this is a good question. Will the difficulty of the network reach to a point where you'll need a amount of money which only the big financial sector disposes in order to maintain the mining operations somewhat profitable?
The other aspect is decrease block time, 10 minutes is too long, I expect 1 min blocktime like dogecoin, it's more like currency.
Excessively fast block times is bad because it generates a lot of orphans, which means more energy wasted. Also it isn't necessarily more secure against double spend attacks.
