Good Ideas for Successful Alt Coins - Read This Before Coding Your New Alt Coin!

[usscfounder]

New alt coins are being released everyday. Some are useful; most are not.

Successful Alt Coins
In order to have a successful alt coin you have to offer something unique; a feature that no coin before it has.  For example Litecoin incorporated scrypt into bitcoin and then made the confirmations faster.  Do not just copy some other coin then tweak some features and call it a new coin. Offer something new and exciting.

Some Ideas for Alt Coins

1. A scientific coin
    People are complaining about an large amount of computer power going to waste mining bitcoins. Well develop a coin that can take input for proof of work. Universities or individuals could submit work to the p2p network to be used in place of the normal proof of work. The work could be distributed to miners in place of the normal proof of work. Afterward the results of the work could be sent back to the submitter. Kinda like SETI meets bitcoin.

2. Point of Sale (POS) coin
    Litecoin and Worldcoin are really fast for confirmations. But if the crypto-community really wants to see   crypto take off they are going to have to find a way for point of sale (POS) systems to use the coins. Yes, we know that Point of Sale systems can use a third party for bitcoin transactions. But, that costs money.

What is needed is a coin that can confirm as fast as a Visa and MasterCard transaction. There is a way to do it. We just need to figure it out. That means at least 4 (four) confirms in under 20 seconds. We need a coin that can do a single confirmation in under 5 seconds.

3. Your Idea Goes here
    Please reply to this post with other good ideas for our coders looking to make some good coins.

Release Properly Your New Coin

Some coins have failed because they did not follow the rules of releasing new coins.

1. Do Not Pre-mine anything
2. Write a whitepaper and document everything.
3. no centralization. all p2p
4. keep everything open-source
5. make something practical that can be used by the mainstream.
6. announce beforehand. Follow the pattern of Litecoin's release and Worldcoin.

Here is a quote from a user here about Worldcoin's release

"Why are people liking this copycoin with fast transactions? What did I miss in the last 43 pages?"

"The name, speed of transactions, professionalism of dev's, website, twitter, pools, windows binaries at launch, settings clearly posted, regular updates, etc...  Take your pick. What's not to like?  Best launch we have seen in a really long time.  This is probably why it's gaining so much traction."

Please Add your input so we can encourage better coins and further the cryptocoin adoption into the mainstream...

[Hazard]

What is needed is a coin that can confirm as fast as a Visa and MasterCard transaction. There is a way to do it. We just need to figure it out. That means at least 4 (four) confirms in under 20 seconds. We need a coin that can do a single confirmation in under 5 seconds.

Anddddd this quote alone proves you have no idea what the hell you're talking about.

Network hash rate aside, confirmations are only as reliable as the distance of time between them. 4 confirmations at 5 seconds no more reliable than 1 confirmation in 20 seconds

[fenican]

Agree WDC is proof that a well designed and executed coin, with pre-release announcement and excellent marketing, can still succeed

[shakezula]

Yea, the reason Visa/MC/etc confirm so fast is centralization of their checkpoint/verification system....

[usscfounder]

What is needed is a coin that can confirm as fast as a Visa and MasterCard transaction. There is a way to do it. We just need to figure it out. That means at least 4 (four) confirms in under 20 seconds. We need a coin that can do a single confirmation in under 5 seconds.

Anddddd this quote alone proves you have no idea what the hell you're talking about.

Network hash rate aside, confirmations are only as reliable as the distance of time between them. 4 confirmations at 5 seconds no more reliable than 1 confirmation in 20 seconds

That is what innovation is for. I didn't say it would be easy, but it is necessary. Someone need to figure out  way instead of being a nay sayer.

[Hazard]

What is needed is a coin that can confirm as fast as a Visa and MasterCard transaction. There is a way to do it. We just need to figure it out. That means at least 4 (four) confirms in under 20 seconds. We need a coin that can do a single confirmation in under 5 seconds.

Anddddd this quote alone proves you have no idea what the hell you're talking about.

Network hash rate aside, confirmations are only as reliable as the distance of time between them. 4 confirmations at 5 seconds no more reliable than 1 confirmation in 20 seconds

That is what innovation is for. I didn't say it would be easy, but it is necessary. Someone need to figure out  way instead of being a nay sayer.

Innovation? The concepts you lay out are impossible, and a complete departure from the bitcoin protocol.

Both of your suggestions lean heavily towards centralization.

[usscfounder]

What is needed is a coin that can confirm as fast as a Visa and MasterCard transaction. There is a way to do it. We just need to figure it out. That means at least 4 (four) confirms in under 20 seconds. We need a coin that can do a single confirmation in under 5 seconds.

Anddddd this quote alone proves you have no idea what the hell you're talking about.

Network hash rate aside, confirmations are only as reliable as the distance of time between them. 4 confirmations at 5 seconds no more reliable than 1 confirmation in 20 seconds

That is what innovation is for. I didn't say it would be easy, but it is necessary. Someone need to figure out  way instead of being a nay sayer.

Innovation? The concepts you lay out are impossible, and a complete departure from the bitcoin protocol.

Both of your suggestions lean heavily towards centralization.

Maybe there is another way to do it. Instead of saying impossible, try to figure out a way. If you cant do it let someone else try.

[nearmiss]

another love-in thread for worldcoin?   Yeah, it was great, except for the insanely low starting diff like every other coin, combined with the low block time causing orphan city and constant forks for the first 6-8hrs.


Honest question here to someone who knows something about coin development....is it really hard to change the starting difficulty in the code or something?  If any dev believes in their coin and isn't in it for just a quick pump and dump buck, why have we yet to see a recent alt-coin with a respectable starting difficulty?

[Fife]

What is needed is a coin that can confirm as fast as a Visa and MasterCard transaction. There is a way to do it. We just need to figure it out. That means at least 4 (four) confirms in under 20 seconds. We need a coin that can do a single confirmation in under 5 seconds.

Anddddd this quote alone proves you have no idea what the hell you're talking about.

Network hash rate aside, confirmations are only as reliable as the distance of time between them. 4 confirmations at 5 seconds no more reliable than 1 confirmation in 20 seconds

That is what innovation is for. I didn't say it would be easy, but it is necessary. Someone need to figure out  way instead of being a nay sayer.

Innovation? The concepts you lay out are impossible, and a complete departure from the bitcoin protocol.

Both of your suggestions lean heavily towards centralization.

Maybe there is another way to do it. Instead of saying impossible, try to figure out a way. If you cant do it let someone else try.

I am going to agree with you, nothing is impossible we just haven't figured it out yet.

[Hazard]

Maybe there is another way to do it. Instead of saying impossible, try to figure out a way. If you cant do it let someone else try.

There isn't. It is impossible.

another love-in thread for worldcoin?   Yeah, it was great, except for the insanely low starting diff like every other coin, combined with the low block time causing orphan city and constant forks for the first 6-8hrs.

Honest question here to someone who knows something about coin development....is it really hard to change the starting difficulty in the code or something?  If any dev believes in their coin and isn't in it for just a quick pump and dump buck, why have we yet to see a recent alt-coin with a respectable starting difficulty?

It's not difficult. It's because all these recent altcoins are get rich quick schemes for the devs.

[usscfounder]

How about an p2p escrow ledger with a Point of Sale Passcode.

For example lets say I am on my way to Walmart.

1. I tell my altcoin client to reserve 20 coins for walmarts use with a time limit of 24 hours.
2. I then reserve the amount using walmarts public key to reserve the amount in my wallet.
3. the altcoin network will remove the coins from my wallet and put them in escrow.
4. the coins cannot be sent to anyone or spent by anyone who does not have walmarts private key.
5. I goto walmart and spend 10 coins.
6. Walmart altcoin client sees that there is a reserve amount of 20 coins with walmarts public key signature.
7. Walmart then receives 10 coins from the reserve and using its private key releases the rest of the coins back into my wallet freeing up the remaining 10 coins for me to spend.

This is just an idea on how to speed up transactions.

Let me know what you think. 

[usscfounder]

How about an p2p escrow ledger with a Point of Sale Passcode.

For example lets say I am on my way to Walmart.

1. I tell my altcoin client to reserve 20 coins for walmarts use with a time limit of 24 hours.
2. I then reserve the amount using walmarts public key to reserve the amount in my wallet.
3. the altcoin network will remove the coins from my wallet and put them in escrow.
4. the coins cannot be sent to anyone or spent by anyone who does not have walmarts private key.
5. I goto walmart and spend 10 coins.
6. Walmart altcoin client sees that there is a reserve amount of 20 coins with walmarts public key signature.
7. Walmart then receives 10 coins from the reserve and using its private key releases the rest of the coins back into my wallet freeing up the remaining 10 coins for me to spend.

This is just an idea on how to speed up transactions.

Let me know what you think.  

You can also incorporate a passcode into step 2. that way if Walmart is part of a group of retailers sharing the same private key then I can keep a larger amount in p2p escrow for use with multiple retailers. the only retailers that could take money out would be those that I am present in with my passcode ready.

The system could also be used for e-bay and the postal delivery service:

1. a seller on e-bay want to sell you a mining rig for 100 altcoins
1. e-bay seller gives you his public key
2. You reserve into escrow 100 altcoins using the public keys of the e-bay seller, e-bay, and UPS delivery service. The altcoin client removes the 100 altcoins from your wallet and puts them into the cloud secured by the public keys of the e-bay seller, e-bay, and the UPS delivery service.
3. Upon completion of the sale ebay signs the transaction with their private key.
4. Upon delivery and inspection of the mining rig the UPS delivery man signs the transaction with his private key.
5. When all the transaction has been signed by all of the private keys (matching the public keys already incorporated into the transaction) the 100 altcoins are transferred to the e-bay seller.

anyone else have input?

[UPDATE] I created and announced a project post for this idea here:
https://bitcointalk.org/index.php?topic=208393.0

[walf_man]

very nice.
new coin need new new.

[Joe_Bauers]

New alt coins are being released everyday. Some are useful; most are not.

Some Ideas for Alt Coins

1. A scientific coin
    People are complaining about an large amount of computer power going to waste mining bitcoins. Well develop a coin that can take input for proof of work. Universities or individuals could submit work to the p2p network to be used in place of the normal proof of work. The work could be distributed to miners in place of the normal proof of work. Afterward the results of the work could be sent back to the submitter. Kinda like SETI meets bitcoin.

Good idea...     If you're a good coder send me a PM.

[spoid]

worldcoin still fucked up in the sense that starting difficulty was low and orphanville ensued. Also, for a coin called WorldCoin, it would have been nice to release it when the WORLD is somewhere between Saturday and Sunday so that actually most of the WORLD can participate in the mining process.

I think that at this point this board is so full of mining-hungry zealots that even a complete copy of litecoin (like feathercoin) would be very successful if some dev would FINALLY get the following criteria right without missing EVEN ONE OF THEM:

1) rename all fucking instances of the coin name in the software, and add your own stupid pictures. don't miss a spot.
2) announce it at least a day in advance and don't fucking miss the time.
3) start with higher difficulty OR let the first 12 hours of blocks give no reward, choose parameters so that it's no orphan clusterfuck
4) provide all forms of binaries/sources, with MIRRORS.
5) provide ports/settings/conf etc. in advance.

Bonus) choose a name that does not immediately make long-term-adoption more difficult, i.e. bbqcoin, feathercoin, firecoin may be funny names but they confuse the fuck out of my Grandma. Also, coins with the name of a specific nation are conflicting with the decentralized nature of cryptocurrencies.

I dare you to name a coin from the last two weeks that did not fuck up at least one of those.

[sor.rge]

if the crypto-community really wants to see   crypto take off they are going to have to find a way for point of sale (POS) systems to use the coins. Yes, we know that Point of Sale systems can use a third party for bitcoin transactions

Is it such a big deal? I don't think it's realistic to expect that coins will ever leave the internet. Make online shops accept it first.

[usscfounder]

if the crypto-community really wants to see   crypto take off they are going to have to find a way for point of sale (POS) systems to use the coins. Yes, we know that Point of Sale systems can use a third party for bitcoin transactions

Is it such a big deal? I don't think it's realistic to expect that coins will ever leave the internet. Make online shops accept it first.

There is already a trend to merge online and storefront sales. Just look at gyft.com . Cryptocurrency can be used on the internet or off using QR codes. The problem with offline sales is that the confirmation times are too long to make this feasible.

[usscfounder]

POS for a shop called be solved. Look at the systems used on exchange websites. Instead of transferring your cryptocurrency directly from your personal wallet when buying a product, you place the currency in an on site account. Businesses could use an in store login service. Obviously this only functions if you know you are intending to shop at a particular store. There is nothing to stop business producing these services at zero expense to the customer and there is no need to wait for confirmations.

Unfortunately, most businesses charge for these services. They are not free. Then you would have to have a monopoly type service that all the business agree upon. an altcoin that could be used at a Point of Sale would empower the people and small to midsize businesses.

[MCStannard]

*

[usscfounder]

You cannot use a decentralized currency directly in the way you are suggesting. The number of confirmations and the amount of time they take are what make transactions secure and valid. Decreasing the number of confirmations required and the time per confirmations increases the risk of double spending. I'm not sure you understand this.

I am also sure that in time as more third party services as described become available they would become cheaper. There is nothing to stop larger business also developing there own software which provides this service. Each business would be in competition to provide simplest and cheapest option.

Maybe you are suggesting that the developers of a new cryptocurrency should include software like this as part of the package and has no cost to the user.

Did you read the link I posted above here? :

https://bitcointalk.org/index.php?topic=208327.0

How about an p2p escrow ledger with a Point of Sale Passcode.

For example lets say I am on my way to Walmart.

1. I tell my altcoin client to reserve 20 coins for walmarts use with a time limit of 24 hours.
2. I then reserve the amount using walmarts public key to reserve the amount in my wallet.
3. the altcoin network will remove the coins from my wallet and put them in escrow.
4. the coins cannot be sent to anyone or spent by anyone who does not have walmarts private key.
5. I goto walmart and spend 10 coins.
6. Walmart altcoin client sees that there is a reserve amount of 20 coins with walmarts public key signature.
7. Walmart then receives 10 coins from the reserve and using its private key releases the rest of the coins back into my wallet freeing up the remaining 10 coins for me to spend.

This is just an idea on how to speed up transactions.

Let me know what you think. 

You can also incorporate a passcode into step 2. that way if Walmart is part of a group of retailers sharing the same private key then I can keep a larger amount in p2p escrow for use with multiple retailers. the only retailers that could take money out would be those that I am present in with my passcode ready.

The system could also be used for e-bay and the postal delivery service:

1. a seller on e-bay want to sell you a mining rig for 100 altcoins
1. e-bay seller gives you his public key
2. You reserve into escrow 100 altcoins using the public keys of the e-bay seller, e-bay, and UPS delivery service. The altcoin client removes the 100 altcoins from your wallet and puts them into the cloud secured by the public keys of the e-bay seller, e-bay, and the UPS delivery service.
3. Upon completion of the sale ebay signs the transaction with their private key.
4. Upon delivery and inspection of the mining rig the UPS delivery man signs the transaction with his private key.
5. When all the transaction has been signed by all of the private keys (matching the public keys already incorporated into the transaction) the 100 altcoins are transferred to the e-bay seller.

anyone else have input?

[UPDATE] I created and announced a project post for this idea here:
https://bitcointalk.org/index.php?topic=208393.0

Why could not that system work? No one has debunked my solution yet.