[Article] The Archetypes of Virtual Currency

[nameface]

This thread is a shameless plug for my latest article on Lets Talk Bitcoin 

http://letstalkbitcoin.com/the-archetypes-of-virtual-currency/

It's my first piece on digital currency and I'd appreciate any feedback. I tried to be diplomatic with my quick portrayal of each currency type. I thought a piece like this was a good way to start off my writing and feel out which topics were of higher interest to readers.

On a sidenote, I find it ironic that even though the actual functional (barely) mainstream financial system has an inflationary model, there isn't a cryptocurrency that is inflationary by design, yet (that I can think of). This could be interpreted to mean that their truly is a massive fundamental flaw in the current mainstream system, and that crypto is here to show us a more "correct" economic model. However, as the overall crypto economy grows, more and more chains and layers keep being added, and many have distinct real value propositions. As crypto slowly but surely takes over the world, we may find ourselves in a strange new merit-based economy, which may in fact look more like a scary new iteration of a high or even hyper-inflationary environment?! [or not]

[Sunny King]

It's only with ppcoin's design that proof-of-stake is fully replacing proof-of-work as a security mechanism, thus achieving long term energy efficiency. Some may have come up with the concept of proof-of-stake before us, but none of them gave the concept its deserved treatment, they just wanted proof-of-stake as a complementary mechanism. We were not aware of these discussions on bitcointalk back then, we independently discovered the concept and started our design.

Coming up with these concepts is not hard. In 2011 I think at least dozens of people thought about the concept of proof-of-stake. For a prime searching proof-of-work, I bet hundreds of people asked about the possibilities since 2009/2010. It's the actual design that's the challenge. Design here means something real and implementable not just a conceptual framework. In fact for proof-of-stake PPC's proof-of-stake design is still the only design that's available on the market, and it's been one year since PPC's launch and almost 2 years since we first started PPC's design.

[nameface]

Thanks for the details SunnyKing. I was just trying to present a general view of the different coins and currency types. PoS is interesting, maybe in the future I'll come back to it in more detail.

[shakezula]

Interesting article, thanks--good read. Like how you picked one of my coins, puts a smile on my face

[nameface]

Interesting article, thanks--good read. Like how you picked one of my coins, puts a smile on my face

Glad to hear it

I didn't mention how Lebowskis are a hybrid. How many PoS coins are there?

[shakezula]

Interesting article, thanks--good read. Like how you picked one of my coins, puts a smile on my face

Glad to hear it

I didn't mention how Lebowskis are a hybrid. How many PoS coins are there?

Too many to count! 

[nameface]

I have an idea for a coin that would be backed by its relationship to the creation of new public domain intellectual capital and/or artwork. The value proposition is in the fact that people enjoy collecting things of cultural value (art/antiques/collectibles/coins etc.), and therefore may desire owning and trading coins that have the unique property of an existential link to original creative works. But there's more to it than that. I've been putting together a whitepaper in my spare time. Theoretically the system could be made to work with the coins being a subset of bitcoins, but it would be more simple to implement if it was its own coin.

SunnyKing or shakezula or any other alt creator, PM/email me if you're interested in working with me.

[nameface]

On a sidenote, I find it ironic that even though the actual functional (barely) mainstream financial system has an inflationary model, there isn't a cryptocurrency that is inflationary by design, yet (that I can think of).

"Devcoin is an alternate bitcoin block chain. The devcoin client is a fork of bitcoin-qt. The generation is constant at 50,000 coins per block,
which is 1,000 times higher than the bitcoin starting rate. At a typical rate of 144 blocks a day, 1,008 a week, roughly 4,000 a month, that
means the 200,000,000 devcoins are generated each month. Of those, 90% go to the developers, so the developers get 180,000,000 DVC
a month in total."

https://en.bitcoin.it/wiki/Devcoin

I wish I would have learned more about Devcoin earlier. I could have included it in the article, and it intersects with my idea for an "Art Currency". I see Devcoin as a charitycoin for open source developers who's work does not seek or merit typical commercially viability. I'm entrenched in the community of "writers, musicians, painters and graphic artists, and filmmakers" on the web and I can say with certainty that almost none of them has a clue what a Devcoin is. Hopefully we can change this

[nameface]

BTW I suck for not including Namecoin, and that actually was a conscious decision. It would have taken a lot more words and more research on my part. I guess I'm starting to put together some good ideas for a follow up article