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 Author Topic: New fun coin idea: RandomCoin  (Read 558 times)
ripper234
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Ron Gross

 August 15, 2013, 07:35:42 PM

Motivation: Let's confuse regulators by sending an unknown amount of money. If they're having trouble understanding how to regulate Bitcoin, how will they regulate a coin where you don't know in advance how many coins are sent in each transaction?

The Idea is simple:

Mining is proof of work just like Bitcoin. The one difference - you don't know how many coins you mined for another K blocks into the future.

When you solve a block, you receive a random number of coins (even distribution between 0 and 50).
The exact number of coins depends on the hash of the next K blocks.
You get (hash(next K blocks) % 50) randomcoins.

In this coin, you can:

1. Send a fixed number of "matured" randomcoins (mined more than K blocks in the past).
2. Send an "undetermined block" - you can send these undetermined 0-50 randomcoins to someone else, even before the exact number of mined coins is determined.

Note - K can be chosen to be arbitrarily high.

Originally I thought K should be chosen by the protocol, but here's a twist that lets miners choose K:
When you start working on a block, you choose a K between 0 and 2^16-1. The amount of coins you get if you solve a block will be an even distribution between 0 and 50*(1-2^(-K)). The higher the K value you choose, the longer it takes for the coins to solidify, but the more coins you get (asymptotically you get very close to a mean distribution of 0-50 coins ~ 25 coins on average).

Bonus - allow a new type of "indeterminate transaction" that sends some yet unknown portion of the coins contained in an address to another address - basically expand the idea from just mining unknown amount of randomcoins to expanding the unknowns into each transaction.

Confusion galore.

Mastercoin Executive Director
Co-founder of the Israeli Bitcoin Association
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r3wt
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always the student, never the master.

 August 15, 2013, 07:41:35 PM

My negative trust rating is reflective of a personal vendetta by someone on default trust.
barwizi
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 August 15, 2013, 08:37:11 PM

worth looking into, why not have synced node mixing of coins to add anoynmity?
ripper234
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Ron Gross

 August 15, 2013, 08:52:58 PM

worth looking into, why not have synced node mixing of coins to add anoynmity?

You mean ZeroCoin? Could be added in, I'm just describing the basic idea for simplicity.