New Coin / Open Exchange Idea

[malanis]

So it's time for a new user ID for this idea, I want to develop an open exchange/contract/coin system.

Here's my idea:
It'll have a blockchain like bitcoin, this is the best way to store data across peers
Probably done with scrypt - need to investigate this (want to stay away from ASICs)
More important that people just run the software on their computer, hopefully any computer can "mine"
Coin reward of sorts? gotta have an incentive to mine
Each instance has a "wallet" to hold a private key, need to look into GPG
Sign a "contract" that gets store in the blockchain
Contracts can only be opened by the user you send them to, public key stuff with GPG
Issue contracts for whatever, bitcoin, dollars, etc
Blockchain web of trust basically
Allows that person to send the contract to a new person
Contract can be sent back to issuer, escrow type system
Once person pays what was owed, contract is given back to original issuer

Basically it's a big public ledger
Option to may contracts viewable by all, to show assets you have to trade
Can also be encrypted

Everything comes back to trust, if you trust the people it will be good.

I don't have a lot of knowledge on how to code right now but I'm going to start up a github tomorrow and pull litecoin in to start looking/learning.

I plan to move this to Project Development when I can.

Had to start it over, so I could self moderate the thread.  Spam posts will be deleted.  Looking for real discussion here.

[malanis]

The biggest thing is that it has to be easy to use.  There are similar systems out there already, but not user friendly or all in one package.

[malanis]

Maybe have to spend coins to send a contract?  Network variable fee, miners set what they require to get it in a block.

Gives the coins a purpose and a reason to exist.

[malanis]

Make it so you can only create contracts with set currencies, otherwise people could spam messages.  Don't want to let people set their messages.

Validate transactions that are X amount of Y currency.  Have all major currencies in there, add as need demands in future releases.

Here's a decent initial list:

• BTC
• LTC
• NMC
• USD

I'm just starting with things that apply to me.  I'll edit the list if there's interest to see other things.

Pull list from the internet of world currency codes and use those?

[coinerd]

It would be hard to beat the competition.  They're still in beta but it would take a lot to catch up.

[malanis]

It would be hard to beat the competition.  They're still in beta but it would take a lot to catch up.

Yea, the big thing is I want to do it open source.  I think people are more likely to trust that.

I'm not in it for the personal gain.  I just think it'd be a great system to have.  I'd definitely use it.

[malanis]

https://github.com/malanis/trust

Going to start working on it tomorrow.

First order of business is creating a wallet/identity and storing it.

Will be developing for Ubuntu at first, as that's what I use for the most part.  Windows will be #2 for me.


Password protected!  The wallet will be encrypted, require a password of a decent length.  Gotta find an encryption that isn't easy to brute force.  Easy security is a good thing.

[BitshireHashaway]

You need a large release, you need to spread the wealth, and you need to have guides make it super easy to mine as soon as it comes out in order to attempt to gain a strong foothold and maybe even defeat your competition.

[Cobra]

This is really a great idea and surely something that people need that deal with trades on a daily basis. In the beginning I'm sure it can be functional and not pretty or easy to use, those things can come later after the infrastructure is in place.  This concept would have a place in many different places not just cryptocurrencies. In the long run if it is easy it could really have a huge impact. It would be amazing if a contract could be created that would actually hold up in court and set a legal precedent.

The tips address in your sig does not say what coin it is, you should try to include addresses there for as many coins as you can to increase potential donations. This could be a large project that putting something up on kickstarter may be worth it. That route may allow this project to really get off the ground and become reality.

I was also curious why you decided to make a new account for this. Were you not a well established member of the community with a solid rep? It may have helped push the idea forward faster being a respected member of the community versus an unknown. I'm sure you have your own reasons for not wanting to mix things and I also can respect that.

[malanis]

This is really a great idea and surely something that people need that deal with trades on a daily basis. In the beginning I'm sure it can be functional and not pretty or easy to use, those things can come later after the infrastructure is in place.  This concept would have a place in many different places not just cryptocurrencies. In the long run if it is easy it could really have a huge impact. It would be amazing if a contract could be created that would actually hold up in court and set a legal precedent.

I probably will just focus on functionality at first, I'm pretty much going to be teaching myself how to code.  All I've really done is PHP in the past, but not enough of it.  I can logic my way through how to do it, just have to learn how to implement the logic.

The tips address in your sig does not say what coin it is, you should try to include addresses there for as many coins as you can to increase potential donations. This could be a large project that putting something up on kickstarter may be worth it. That route may allow this project to really get off the ground and become reality.

Good call on the different coins, need to get that setup.  Currently just BTC because I can do it through blockchain.info via TOR to keep it anonymous.

I was also curious why you decided to make a new account for this. Were you not a well established member of the community with a solid rep? It may have helped push the idea forward faster being a respected member of the community versus an unknown. I'm sure you have your own reasons for not wanting to mix things and I also can respect that.

The main reason is that if the project does work, I just want to keep it separate from my life.  I'm guessing that was satoshi's reasoning too.  There will definitely be sketchy stuff done via the system, don't want anything pointing to me about it.



Thanks for the solid feedback, hopefully I'll start actually working on it this week.  I'm just crazy busy with my main job and a part time one as well.

[malanis]

You need a large release, you need to spread the wealth, and you need to have guides make it super easy to mine as soon as it comes out in order to attempt to gain a strong foothold and maybe even defeat your competition.

I plan to develop it so it's easy enough to use before releasing it.  I'll probably run it as a test net with a few other volunteers to make sure stuff works at first.  Then once it's good officially release it and get going.

Maybe have a kill switch built into testnet that only I can activate, that way when the real version is released people move over.  No incentive to actually try to profit from testnet because I'll just wipe it from time to time when real stuff is released.

[shiv]

Isn't this basically Ripple?

Trading with debt instead of currency.

[malanis]

Isn't this basically Ripple?

Trading with debt instead of currency.

It's similar, except I'm going for open source and decentralized.  I got the idea after reading all of the recent threads about ripple being awful.

Another thing I'm considering is adding the option to add interest to the debt contracts.



Other ideas that I don't think I've thrown up here yet:
Receiver of a contract has to confirm receipt, you can't send contracts to anyone anytime
When a contract is sent, give an amount of time to confirm before it expires?  Default is a few hours up to a few days?
This makes it require at least two blocks to get 1 confirmation, first block has it being sent, second block is receiver confirming

[Cobra]

I was also curious why you decided to make a new account for this. Were you not a well established member of the community with a solid rep? It may have helped push the idea forward faster being a respected member of the community versus an unknown. I'm sure you have your own reasons for not wanting to mix things and I also can respect that.

The main reason is that if the project does work, I just want to keep it separate from my life.  I'm guessing that was satoshi's reasoning too.  There will definitely be sketchy stuff done via the system, don't want anything pointing to me about it.

Thank you for explaining your reasoning behind this. I really did not look at it from that point of view. I now understand and agree with your reasoning to do things this way.