[Idea] Unicoin - The Alt Coin Killer

[shiv]

With the altclones going out of hand, I came up with this idea

UniCoin
Unicoin is created by combining a certain amount of coins. Maybe based on their total finite amount or market value at the time.
So it could be 1 BTC, 4 Litecoins, 10 BBCoins, you get the idea. To create 1 UniCoin.
In this process, the normal coins are destroyed and you are left with a coin hash which is calculated from a combination of these coins. This will slowly kill off the "normal" coins.

To counter new altcoins, they will successively be integrated into Unicoin. So over time, you start adding Feathercoin, Chinacoin, whatevercoin etc.
So there would be an incentive for early adopters, as it would require more and more coins to craft a UniCoin.
If you want to "mine" an UniCoin, you simply need to first mine 1BTC, 4 LTC, etc etc. So it is technically mineable, but by mining each separate currency.

The idea is by using this method, you will leverage all the altcoins into one single coin, making it pointless to invent useless clones, while also utilizing a bit of every coins improvements.

Someone make it happen

[DiamondCardz]

So you're trying to kill BTC and LTC with your original idea.

BTC, LTC, and PPC are the main cryptos. They are not getting out of hands, it's just the other ones that are.

[shiv]

So you're trying to kill BTC and LTC with your original idea.

BTC, LTC, and PPC are the main cryptos. They are not getting out of hands, it's just the other ones that are.

BTC and LTC are already being killed by altcoins. This idea would make them more worth actually as they would be favored higher then the altcoins in the Unicoin crafting process.

[Vikerus]

With the altclones going out of hand, I came up with this idea

UniCoin
Unicoin is created by combining a certain amount of coins. Maybe based on their total finite amount or market value at the time.
So it could be 1 BTC, 4 Litecoins, 10 BBCoins, you get the idea. To create 1 UniCoin.
In this process, the normal coins are destroyed and you are left with a coin hash which is calculated from a combination of these coins. This will slowly kill off the "normal" coins.

To counter new altcoins, they will successively be integrated into Unicoin. So over time, you start adding Feathercoin, Chinacoin, whatevercoin etc.
So there would be an incentive for early adopters, as it would require more and more coins to craft a UniCoin.
If you want to "mine" an UniCoin, you simply need to first mine 1BTC, 4 LTC, etc etc. So it is technically mineable, but by mining each separate currency.

The idea is by using this method, you will leverage all the altcoins into one single coin, making it pointless to invent useless clones, while also utilizing a bit of every coins improvements.

Someone make it happen

Not to poke holes in your plan. But people have to accept it first. Good luck with that*.

[Operatr]

So you're trying to kill BTC and LTC with your original idea.

BTC, LTC, and PPC are the main cryptos. They are not getting out of hands, it's just the other ones that are.

BTC and LTC are already being killed by altcoins. This idea would make them more worth actually as they would be favored higher then the altcoins in the Unicoin crafting process.

Actually I think the alts are doing the big coins a favor. Notice the prices have not really fluctuated that much in the past several weeks. They are still volatile, but not that bad overall.

I think the alts have formed a speculation/hype buffer, since the alts are crazy cheap and plenty volatile to play around with where BTC is no longer priced as a plaything, only more serious traders deal in it now. The volatility has moved elsewhere away from Bitcoin and Litecoin (to a lesser degree), which helps them both be more stable and attractive as mainstream currencies.


That aside, why post this in the first place if there is nothing of substance. You are just adding to the mess that is this board for no reason.

[Remember remember the 5th of November]

With the altclones going out of hand, I came up with this idea

UniCoin
Unicoin is created by combining a certain amount of coins. Maybe based on their total finite amount or market value at the time.
So it could be 1 BTC, 4 Litecoins, 10 BBCoins, you get the idea. To create 1 UniCoin.
In this process, the normal coins are destroyed and you are left with a coin hash which is calculated from a combination of these coins. This will slowly kill off the "normal" coins.

To counter new altcoins, they will successively be integrated into Unicoin. So over time, you start adding Feathercoin, Chinacoin, whatevercoin etc.
So there would be an incentive for early adopters, as it would require more and more coins to craft a UniCoin.
If you want to "mine" an UniCoin, you simply need to first mine 1BTC, 4 LTC, etc etc. So it is technically mineable, but by mining each separate currency.

The idea is by using this method, you will leverage all the altcoins into one single coin, making it pointless to invent useless clones, while also utilizing a bit of every coins improvements.

Someone make it happen

Oh my god, I was thinking of the exact same idea. Though mine was using Proof-of-Bitcoins-Destroyed for the proof-of-work algo.

Basically, it requires manual labor, sending an amount of bitcoins to an address that would be extremely hard to compute the corresponding Private Key, like the BitcoinEaterAddress, based on the tx, you have the proof and input the raw tx, or just the hash of the tx and hash that.