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

[usscfounder]

The above solution could also be used like a giftcard. Simply by using the merchants public key you can load coins to be used at that merchant or group of merchants using parent and sub-keys.

A merchant would not have to do confirmations at all because they could look directly into their key-wallet and see the funds are already there before you even arrive at the location. They would not be able to spend the funds without your pass-code.

1. Bob sends Alice 100 coins using Alice's public key. Altcoin client removes 100 coins from Bob's wallet. Altcoin client sets 24 hour time limit on transaction. Passcode must be entered into transaction before time limit or funds get returned. Altcoin client sends coins to the Cloud secured by Alice's public key. Bob cannot retrieve funds until after time limit expires.
2. Alice receives coins in key wallet and verifies coins with private key.
3. Alice cannot spend coins without bobs pass-code.
4. Bob meets Alice in person and inspects merchandise.
5. Bob sees merchandise is good and gives Alice pass-code to unlock coins.
6. If merchandise is bad Bob does not give Alice pass-code and the funds are returned to Bob's wallet when the 24 hour time limit expires.  

[justabitoftime]

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.

I know right, names like BlueBird(Amex) could never be used for long-term adoption. 

[romerun]

Point of Sale is pointless, there's no way decentralized coin is going to be better than cash or CC in exchanging with everyday goods, because it's already easy to buy a can of coke, how can you make it better ? It could be possible if telepathy is working so we can run decentralized currency in the 4th dimension and able to buy a beer by just thinking about it, but as of the current infrastructure, you can't improve it.

[spoid]

I know right, names like BlueBird(Amex) could never be used for long-term adoption. 

haha well that is why it said "bonus". that one is not too important if the package delivers.

[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 the simplest and cheapest option.

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

I have come up with another solution that will work for sure. Will post in a few minutes.

[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 the simplest and cheapest option.

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

I have come up with another solution that will work for sure. Will post in a few minutes.

This should kill the debate completely. It solves all of the problems and it uses Bitcoin/Litecoin the way that I believe Satoshi envisioned.

Link:

https://bitcointalk.org/index.php?topic=209269.0

USSC Litecoin-P2P-Server - A Decentralized P2P Client-Server Application For Fast Transactions That Utilize The Litecoin Network

Application Features:

1. Directly and internally handles wallet.dat files and the Litecoin protocol.

2. Completely separate database for user accounts with decentralized replication to other P2P servers.

3. Utilizes banks of wallet.dat files that are not mapped to any specific user account. Evenly distributes coins to internal banks of wallet.dat files.

4. End-user client software accounts are assigned to specific server allowing transactions speeds comparable to a centralized system like Visa, MasterCard, and Pay-Pal.

5. End-user accounts and wallet.dat banks are replicated to other P2P servers.

6. P2P server network monitors each other for online or offline status. Virtualization server replication to replicate virtual servers across network in the event of physical server seizure or DDOS attack [virtual servers house wallet.dat banks].

7. Double spend attacks are mitigated by denying end-users access to wallet.dat files or banks. [Wallet.dat files are internally encrypted].

8. Uses Litecoin protocol as a lower level protocol like web-browser applications use the transport layer in the OSI model stack.

9. Uses Litecoin client and wallet.dat files as lower level application.

10. Eliminates need for confirmations by end-user clients and web-server or web based services.

11. No need for end-user to keep wallet.dat files on local computer or phone. Account is in the P2P cloud.

12. Account cannot be frozen or seized by anyone - even the server operator.

13. No changes to the existing Litecoin network or protocol. Utilizes existing Litecoin network and protocol.

14. End-user application plug-in to existing Litecoin client.

15. Government cannot track nor trace nor freeze your funds.

16. Funds cannot be traced.

17. Anyone can run a Litecoin P2P Server (it's decentralized). If the server goes offline or is seized, the virtual server, accounts, and wallet.dat files are still safe and reallocated to other P2P servers.

19. Completely Open Source.


This is how to best use cryptocurrency protocols

There is no need to write code from scratch. all of the above can do coded by combining the bittorrent protocol [for virtual server and wallet.dat bank replication] and onion router protocols [for P2P Server communication] with the existing Litecoin protocol [This would make a hybrid bittorrent/onion router/Litecoin application].

I will post on here design specs but I will not code it for you.

You have my permission to use the above designs. I will not make a patent or copyright claim against you so long as you keep it open source. I do not own any patents on the above system. It came from meditation and thought.

You don't necessarily have to use the Litecoin protocol, Bitcoin or Worldcoin will work as well. But I recommend the Litecoin Protocol [fast and secure].

I have been an Active Directory admin, and MS Exchange admin, Banyan Vines Street Talk Admin, And have supported everything from X.25 to X.400 and Protocols from RIP, OSFP, BGP, etc...

If you have any questions on how to design the application, I will post answers on here. You can PM me or just post your design questions here. I will help you. If you code an application for this then please give me credit for some of the design. That is all that I ask and maybe a little donations in Litecoin [PM me for address].

Get to Coding.

Thank you.

USSCFounder   
 

Link:

https://bitcointalk.org/index.php?topic=209269.0

[usscfounder]

I left out

Should use client side passphrase and server side passphrase to give access to encrypted user account on virtual server.

The above should stop any server admin/owner from trying to hack any specific users account. Client side passphrase + server side passphrase = access key to access user account on virtual server. Using combined key, client side can access server side Db for that specific user account only. Kind of like how the truecrypt client accesses an encrypted hard drive. Nothing is stored on the users client side. Server side can be configured to use third-party authentication if necessary [i.e other website, yubi-key, etc...]