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Author Topic: New Coin!? (newbie post)  (Read 349 times)
ArmsFrost (OP)
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July 13, 2013, 11:18:38 PM
 #1

I Figured heck there are already hundreds of 'em why don't I throw my hat in the ring...
I registered on here last week to talk about it but only just realized i had to talk in the newbie section first, doh.

I registered ¢¢  cloudcoin.info /.co as a domain name but now I see someone else is making a coin with that name too... I will have to talk with him once I can post on the main forum and see if he is interested in joining up.

I was thinking something using sha256 ideally so disenfranchised ASIC owners might switch to it and give a massive hashing and interest boost.

But I think it also should have POS so there is a coin/day element to voting on forks, and by using a small amount of inflation, say 0.5% for POS and 0.5% for POW so in total the currency would have an annual inflation rate of 1%

I also like the idea of a high number of coins as I hate dealing with numbers like 0.005 in bitcoin with no sign of smaller metric units being used.

I think a maximum of 100,000,000 coins should be mined based on a hashing difficulty to keep the block rate at 36 seconds and a payout using a random lottery of 0-1000 per block.

After the 100,000,000 mark is passed it continues to grow at 1% in total. The 0.5% inflation in coins available though POW could be controlled though changing the random lottery payout not the hash difficulty so if more than 0.5% is being generated the random chance goes down until inflation is brought back to 0.5%, if the rate is under 0.5% the system can increase the payout to bring it up to 0.5% a check done every 1000 blocks.
This would also help secure the network by adding to transaction fees to keep the incentive to mine there permanently.

The 0.5% inflation though POS is again calculated every 1000 blocks based on the coins you held during that period.

This insures large stake holders get a say in the system as well as large miners (who are providing the backbone of the  network) and that voting power increases the longer they hold onto coins as do the number of coins themselves.
So if the system survives its birth past a few months it should be secured by people holding onto large quantity of coin, having a larger say if it comes to deciding on forks in the block chain.

I am a programmer by trade so, I believe I can work my way though the code to get this done, but looking for peoples thoughts other than, oh no, not another coin.
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It is a common myth that Bitcoin is ruled by a majority of miners. This is not true. Bitcoin miners "vote" on the ordering of transactions, but that's all they do. They can't vote to change the network rules.
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Birdy
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July 13, 2013, 11:33:13 PM
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If you do it for fun or to learn about how cryptocurrencies work - go for it!
Just don't expect a lot of people to embrace your new coin, unless it offers something really special.
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