[Proposal] Abstract Coin 1.0.0

[adamstgBit]

Review my proposal and post your comments below

A few months ago I created a new kind of coin, an "Abstract Coin". The main idea behind Abstract Coin was that I basically declared that I had the one and only Abstract Coin and simply posting in the thread saying that I give so and so 0.1AC made it so, people would quote and confirm posts that sent Abstract Coins from one person to another. We developed the protocol, and because we could all look back at the "quote chain", we could all agree who had how many coins.

for more info on Abstract Coin, see this thread https://bitcointalk.org/index.php?topic=224873.0

All in all the idea worked, we were able to assign some value to these coins, a few of them were traded for LTC. But the main difficulty was that verifying a claim on Abstract Coin had to be done manually , users had to manually look at the quote chain to figure out if an Abstract Coin TX was valid. Another major concern was that the quote chain could be modified or even completely deleted by the admin accounts on this forum. we thought about implementing the protocol on a different platform ( twitter ) but it seemed like a moo point. Everyone accepted the risk that our quote chain could be compromised by forum admins, and this limited Abstract Coin's ability to grow greatly, everyone knew if it would become at all valuable the scheme would fall apart.

A new innovative solution has been found!

Inspired by MasterCoin, I plan on reworking my Abstract Coin idea, it will work in much the same way, but instead of having the database of transactions embedded on this forum, we will piggyback our transactions on bitcoin's blockchain! A windows client will be developed to scan the block chain for these special AbstractCoin transactions and compute them. At first the client  will only be able to send AbstractCoin, but many many new funky functions can be implemented.
 
I believe this will give AbstractCoin new life, and i look forward to seeing it in action, and adding to the protocol.

Do not worry,when the new protocol is ready for launch the AbstractCoin0.3.0 coins you own will be transferred over the new protocol,  like we did on the previous upgrades; after the genesis block, i will create all the TX's necessary to give everyone who had Abstract Coins the correct amount Abstract Coins back.

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[Voodah]

I like it a lot more now.

Can I still create a wallet in the other post?

EDIT: I just went ahead and did it. Hope it gets confirmed 

[adamstgBit]

I like it a lot more now.

Can I still create a wallet in the other post?

EDIT: I just went ahead and did it. Hope it gets confirmed 

yes i will keep sending out freebies, and they will be all transferred to the new version
but the freebie will less then before.

[Voodah]

I like it a lot more now.

Can I still create a wallet in the other post?

EDIT: I just went ahead and did it. Hope it gets confirmed 

yes i will keep sending out freebies, and they will be all transferred to the new version
but the freebie will less then before.

Damn I wanted to be an abstractillionaire.

It'll be just fine. Thanks ! 

[BitPirate]

OK, Adam... 

So, you created an abstract coin, which is pretty much like other Alt coins (abstract), just lacking cryptographic proof of work to secure the ledger.

Now, recognizing what it was missing, you have decided to use the blockchain as the ledger.

Are all these projects embedding stuff in the blockchain just an elaborate scheme to twist dev's arms into addressing the blocksize limitation sooner?

Or am I missing something? What's the benefit here?

[adamstgBit]

What's the benefit here?

my wallet might benefit!  lol

their are many benefits to adding my own layer on top of bitcoin

I'll make a detailed post as why I'm doing this, what the long term goal is, and why its going to be really cool and fun, tomorrow, I'm watching star trek now 

[adamstgBit]

why don't you make a altcoin, wouldn't it be easier?
  
Abstract Coin, has never been about creating an altcoin, its more about having fun, experimenting with a new idea, seeing where it goes, and it definitely going places!  


Are all these projects embedding stuff in the blockchain just an elaborate scheme to twist dev's arms into addressing the blocksize limitation sooner? Or am I missing something? What's the benefit here?

The fact that 3 projects are developing similar ideas should indicate the awesomness of this idea. If  Abstract Coin succeeds, it will open up a new and easy way of making altcoins, it is similar to colored coins but with some key differences, the market will decide which is best!

The altcoins created with Abstract Coin will right away inherit the same level of security as bitcoins.

It will allow people to create their own decentralized Abstract objects for wtv reason they see fit, it could be used to Issue shares in a decentralized manner, at the click of a button!

Just because Abstract Coin piggybacks its protocol on the bitcoin network, doesnt mean its functionality will be limited to the bitcoin TXs, an Abstract Coin could be made to allow for a delayed TX or  wtv other type of TX we can imagine!

It is not clear whether this is even possible, but the potential benefits are to gr8 to ignore, we must try!

[jubalix]

why don't we start up a ripple AC coin ledger as well....!

it records every transaction we make what for what....

[Praxis]

Very happy to see this project is still alive. It's one of the most innovative.
I think it shouldn't be tied to a single chain though ... it should be somehow independent while at the same time using existent technologies
If that makes sense?

[jubalix]

im' in!

[defaced]

Funny, after reading what mastercoin is, this is exactly what I thought of.

Branding mastercoin as a protocol instead of an altcoin, and saying, well if you send me bitcoins, ill say you have 110% mastercoins! And we will run software that bloats the bitcoin blockchain and sends value.. over something that is already sending value.

Its sort of like me wanting to send someone 11 monopoly dollars, but gluing them to a $1 dollar bill and calling that innovation.

 

[defaced]

But i guess its no more innovative then cloning litecoin with different parameters. Abstractcoin is the future!

[Praxis]

Any news on the development of this?

[Praxis]

Still no news?

[jubalix]

the way to go!

[Praxis]

Resurrection!

[Najska]

I'm all in. Love the idea. I love new ideas. Wanna send some giveaways?

[Praxis]

I'm all in. Love the idea. I love new ideas. Wanna send some giveaways?

I could send you some, but I think this project is dead?

[Najska]

Not only dead but also outdated as an idea. Thanks, though.

[Praxis]

outdated as an idea

Why?

I still think it's a fascinating experiment.