Lets make Bitcoin 2.0 and combine all innovations of the past years into one!

[Spekulatius]

Bitcoin got alot of things right at the first attempt. Satoshi combined many loose ends in 2009, added his solution for the Double Spending-Problem and forged them into the great result we call "BTCitcoin".

However, there have been many innovations and improvements since that build on his work and further the project in many fields, like anonymity, utility or robustness against outside pressure.

I think it is time we discuss what the next step up on the evolutionary ladder of crypto currencies should look like.

After a few month of fruitful discussions we can start to put our scetches into practice by creating the infra structure to catapult this project into existence..

Although I estimate that public consensus will be that our newborn currency shall be open source and as free as possible, the foundations we build and tracks we lay take a long time after inception to be altered in any direction. As we see in Bitcoin or other chains, it takes a long time of discussion, policy making and development to mae onl small changes to the code base that alter features reflecting on the core characteristics of the project. With that lesson in mind we should make sure the direction is right from the beginning.


First things first:

1. Principles: In order to lay the foundation right,  we need to decide what principles our use- and successful new currency shall follow.

2. Priorities: There often are trade offs in some things you want to accomplish in favour of other things that also demand their share of available ressources. So after we have drawn the list of principles we need to assign priorities to them to be clear of what we deem how important when ever we encounter such trade offs in practice.

3. Feasibility: There has to be a dialogue between what we want and what is feasible. So feasibility will be the next step to scrutinize as we go forward in devising our currency. Are there ways to accomplish what we have thought up in the steps above? Do they work properly yet or should we wait for better solutions before we attempt to incorporate them into our protocol?

4. Infrastructure: Building the infra structure to provide for developers and users to build and adopt the new currency with adequate pace is going to be the next step that needs to be taken care of before this project can florish. Space to discuss it can be here.

5. Staying keen and foolish is the last remaining part while our project is put into practice

Disclosure: Im not a programmer nor especially tech savvy. All I did was following developments in the Bitcoin space attentively over the past couple of years and this is what I came up with.


FAQ:

Are you Satoshi?
Maybe.

Dont you think this could all be knit into the Bitcoin protocol? Its an ongoing project after all.
Theoretically yes, but as recent and prior events have shown even small alterations to the code base take up alot of time and compromise. This will get worse with growing following and amount of stake holders. Bitcoin is basically doomed to follow it's initial trajectory the straighter the larger its following grows. Evolution goes on but Bitcoin cant keep up. We can speed up things alot if we take all new ideas and developments and start a new version of it.

Bitcoin is open source, why dont we just try to build those new things on top of Bitcoin instead?
Because it would work more efficiently, more secure and reliably if we wouldn't have to. A new protocol engineered with the features in mind that we want can be far more effective then trying to add components to the protocol that need lots of extra effort or maintainance.

How should we build infra structure?
This is up for discussion but a possibility would be to crowd fund a core development team that pulls through with a basic blue print that comes out of this discussion and that can easily be built on as new features/concepts come into reach. This steering committee should of course make transparent decisions and source its ideas from public discourse. While at the beginning, initial adoption is key to later success, some basic services like exchanges (if still necessary) or mining pools could be funded that way as well.




 

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[Spekulatius]

All content of this post is up for discussion and should only be regarded as a suggestion


1. Principles

Security
Openness
Scalability
Equality
Liberty
Anonymity
Decentralization
Utility
Divisibility
Eternity

[Spekulatius]

2. Priorities:

no suggestions yet

[Spekulatius]

3. Feasibility:

no suggestions yet

[Spekulatius]

4. Infrastructure:

no suggestions yet

[Spekulatius]

5. Staying keen and foolish


no suggestions yet

[Spekulatius]

Some innovations/improvements to consider:

- Total anonymity Zerocoin
- Decentralized exchanges Open Transactions+Bit Message
- Compatibility with other currencies: Ripple
- Faster block rates -->Merged mining+5 Seconds Block rate?
- Putting all that hashing power to better use Folding@Home
- No block chain bloat -->Hyperprune?

[Praxis]

You put a lot of effort into this. Will watch this thread attentively.

[Spekulatius]

You put a lot of effort into this. Will watch this thread attentively.

Thx, I think it is time we start on planning the next step after we have seen some break throughs with Zerocoin, OT, etc. in the past. Maybe no time yet to code but time to talk for sure.
P.S.: Visit my other project as well

BITCOIN -The Documentary-
https://bitcointalk.org/index.php?topic=149892.0

[usahero]

There is a room for new currency. If we, the community, do it right, we can make it better and more valuable than bitcoin or litecoin.

[OnlyC]

Did you mean we need a new coin or an update to Bitcoin?

[Spekulatius]

Did you mean we need a new coin or an update to Bitcoin?

A bit of both. Bitcoin got so many things right, but in order to implement this host of new ideas and improvements, Im afraid we need a whole new coin because an organic update process of the Bitcoin protocol would take ages.

[Lauda]

Trying to get another few million, are we Satoshi?  
Gonna watch this topic aswell  

[B. Tazed]

The problem is, you dont fix whats not broken.... Thats what your trying to do..

 BitCoin is not broken, does it have some flaws, sure. But because of where BitCoin is now and attention it has received worldwide, BitCoin will only be improved upon, a brand new coin will not work, its been tried before many many times.

 Someone will find flaws with a new one, and start yet another new coin, and again and again and again... Therefore it hasnt worked and wont work.

 BitCoin will stay on top, sorry to say but you are spending a lot of time on this with no possible future.

[coinerd]

The problem is, you dont fix whats not broken.... Thats what your trying to do..

 BitCoin is not broken, does it have some flaws, sure. But because of where BitCoin is now and attention it has received worldwide, BitCoin will only be improved upon, a brand new coin will not work, its been tried before many many times.

 Someone will find flaws with a new one, and start yet another new coin, and again and again and again... Therefore it hasnt worked and wont work.

 BitCoin will stay on top, sorry to say but you are spending a lot of time on this with no possible future.

Ahh, the glassy eyed look of the idealist...

Since bitcoin can't possibly take over, or even dominate world commerce, how do you see "no possible future" for any other coin/transaction system?

Evolution, It's now.

There are multiple people exploring methods completely outside of the "satoshi-sphere" as well.

It may not be a bit-clone, but it's perfectly reasonable that there could be several other digital currencies (crypto-currencies not private vcurrency) with the current level of acceptance that Bitcoin has within the next few years.

"no possible future", indeed.

[fishy]

Hey, we can also add some "swag"  to the client like nibble and transaction comments. 

[Deafboy]

Some innovations/improvements to consider:

- Total anonymity Zerocoin
- Decentralized exchanges Open Transactions+Bit Message
- Compatibility with other currencies: Ripple
- Faster block rates -->Merged mining+5 Seconds Block rate?
- Putting all that hashing power to better use Folding@Home
- No block chain bloat -->Hyperprune?

I think you don't deserve to use Bill Cosby profile picture

[coinerd]

Some innovations/improvements to consider:

- Total anonymity Zerocoin
- Decentralized exchanges Open Transactions+Bit Message
- Compatibility with other currencies: Ripple
- Faster block rates -->Merged mining+5 Seconds Block rate?
- Putting all that hashing power to better use Folding@Home
- No block chain bloat -->Hyperprune?

I think you don't deserve to use Bill Cosby profile picture

I think you just made his point.

[Lauda]

Some innovations/improvements to consider:

- Total anonymity Zerocoin
- Decentralized exchanges Open Transactions+Bit Message
- Compatibility with other currencies: Ripple
- Faster block rates -->Merged mining+5 Seconds Block rate?
- Putting all that hashing power to better use Folding@Home
- No block chain bloat -->Hyperprune?

I think you don't deserve to use Bill Cosby profile picture

I think you just made his point.

Lets make Bitcoin 2.0 and combine all innovations of the past years into one!

He did.

[not.you]

I started a thread along similar lines: https://bitcointalk.org/index.php?topic=244792.0

It needs to confirm quickly.  I place the outside limit at about 2 minutes although I am sure there is room to debate it.  That wouldn't necessarily have to be 100% confirmation in 2 minutes but something like 95% or better.

I believe it should use SHA-256 for reasons I outline in my thread.