What the community absolutely needs in an AltCoin. From a multiple Faucet owner.

[BitHits]

I've been running a BitCoin Faucet for a few months now. More recently started an exact clone of the Faucet for ByteCoin//BTE

www.BitHits.info & www.ByteHits.info are the Faucets.

That said. I've noticed a plethora of HUGE show stopping issues with the current implementation of BitCoin. Seeing as everyone and their grandmother is making AltCoins these days. I propose an AltCoin that encompasses the following features.

-TX Fee system proportionate to the amount of coins sent! NEVER to be more then 100% of the coins sent. And NEVER something ridiculous like the 200% to 5000% fees that exist currently in BitCoin. (I can cite examples if you dont believe the fees are that retarded)
-Priority system based on Input Value and TX Size. Age of coins should not factor. Confirmed to a point yes, With Confirms lower then a set amount a slightly higher fee.
-BlockChain stored locally in files no larger then 200MB - the 2GB files that are currently used tend to bog down systems with lower memory. And will make running dedicated instances of *coind much easier.
-Ability to send 0fee TX or minuscule tx fees for widely confirmed coins above a certain input value. Again age not a factor. Just amount of confirms.
-Clients/Miners must accept ALL transactions it sees, within reason. So long as it is a valid transaction and adheres to the rules set. The option to 'exclude any transaction that is valid because I'm not getting a cut' should not exist. This is exclusionary and does not give back to the health of the network.
-Very high coin circulation. Its hard to adopt what you dont have. 3.5 Billion coins seems good. More then enough should the coin become global and widely adopted.
-Quick coin distribution, Maybe a 1000 and 500 bonus early on for early adopters. 200 per block the normal rate. Reduced by 20 coins per year.

If someone makes such a coin - I will provide a domain and hosting for it! E-Mail bithits.info@gmail.com if you want to collaborate on this project. Of course reply here first

[Mylon]

I've been running a BitCoin Faucet for a few months now. More recently started an exact clone of the Faucet for ByteCoin//BTE

www.BitHits.info & www.ByteHits.info are the Faucets.

That said. I've noticed a plethora of HUGE show stopping issues with the current implementation of BitCoin. Seeing as everyone and their grandmother is making AltCoins these days. I propose an AltCoin that encompasses the following features.

-TX Fee system proportionate to the amount of coins sent! NEVER to be more then 100% of the coins sent. And NEVER something ridiculous like the 200% to 5000% fees that exist currently in BitCoin. (I can cite examples if you dont believe the fees are that retarded)

While I agree with you here, txn fee is not based of actual coins send, but rather on the amount of space you use in the blockchain.

-Priority system based on Input Value and TX Size. Age of coins should not factor. Confirmed to a point yes, With Confirms lower then a set amount a slightly higher fee.

Correct me if I'm wrong, but as far as I know, this is how bitcoin currently works. (the only thing they add in their priority, is TX Fee size)

-BlockChain stored locally in files no larger then 200MB - the 2GB files that are currently used tend to bog down systems with lower memory. And will make running dedicated instances of *coind much easier.

Would be lol to create a new coin, just for this

-Ability to send 0fee TX or minuscule tx fees for widely confirmed coins above a certain input value. Again age not a factor. Just amount of confirms.

Please do this and I'll make sure your blockchain is at least 2GB large at the end of day 1

-Clients/Miners must accept ALL transactions it sees, within reason. So long as it is a valid transaction and adheres to the rules set. The option to 'exclude any transaction that is valid because I'm not getting a cut' should not exist. This is exclusionary and does not give back to the health of the network.

Once again, please do this and watch me DDoS the shit out of your coin. (plus I'm really wondering who is going to secure the network if there is no incentive to mine after all coins are mined)

-Very high coin circulation. Its hard to adopt what you dont have. 3.5 Billion coins seems good. More then enough should the coin become global and widely adopted.

Start thinking in Satoshi's instead of full Bitcoin and your problem is solved... (whether any cryptocoin is thousand, million, billion or trillion, it doesn't matter as its still the same number, just with more or less 0's in front or behind it)

-Quick coin distribution, Maybe a 1000 and 500 bonus early on for early adopters. 200 per block the normal rate. Reduced by 20 coins per year.

Please show me the math to calculate this, I'm very interested! (and hitting 3.5 billion coins)

If someone makes such a coin - I will provide a domain and hosting for it! E-Mail bithits.info@gmail.com if you want to collaborate on this project. Of course reply here first

I'll even chuck in a Litecoin to see this developed, is going to give me a couple weeks up to a month of fun

[BitHits]

The BitCoin Devs have effectively patched out the division of BitCoins thou

Anything less then 0.001 is 'unspendable' and will incur a fee many many times larger then it to ever spend it. People seem to cheer for this concept not realizing what it implies. BITCOIN IS NOT DIVISIBLE TO 8 PLACES. uBTC and mBTC just might as well not exist with the current implementation.

And hey if you can make VALID transactions and want to ddos the shit out of the coin, go nuts. Their valid.

While I havent done the math on 3.5 billion coins, I could. Right now this is just a proposed concept. I am not a developer of this nature. So these are problems for someone better equipped to handle them to answer.

I'm just willing to provide the hosting and domain for this coin, and the start the concept.

And hey if you want to exploit the 0fee system by wasting your own time and filling up the blockchain, thats entirely your prerogative. That isnt to say we cant set a very long confirmation time on 0fee transactions or perhaps delaying processing into a block until the priority is below a certain point.

or we could put a limit on how many transactions you can send per block, that doesnt seem like a bad idea. Sure you can spam ... 3 tx at a time per block ...

[hashunter]

I agree for the BlockChain stored locally in files no larger then 200MB.
For the Tx fee bitcoin developper will probably decrease it in the future clients due to the high Bitcoin price.
For the other ideas maximum coin amount ... It bring not a lot of innovation.
I'm actually thinking about split key system which would bring a real security improvement.

[Ignore@YourPeril]

To the quick coin distribution: Doesn't GLD coin comply quite well with this feature? And for the low tx-es: I think Freicoin will naturally be the winner here among all currently existing coins (5% indirect subsidy of tx-fees, but this should be able to be altered to a direct subsidy)

[Blazr]

The BitCoin Devs have effectively patched out the division of BitCoins thou

No they haven't,  you can send 0.01000001BTC no problem, when the value of BTC increases then the tx fee's will decrease, its too costly on network resources to have people sending each other $0.00001 worth of BTC.

[ondratra]

You have surely point(s) in what you are saying. Unfortunately there is lot of problems that would arise like Mylon pointed out.

I think the right stance is to use multiple chains and enjoy they pluses - like if you need fast transaction change BTC to WDC and send it almost instantly, etc.