Killer Features for a Next Gen Cryptocurrency

[charleshoskinson]

Alright, let's play the hypothetical game that I was to invest a large sum of funds (1000 bitcoins) into the development of a revolutionary new cryptocurrency. What features would you like to see in it? What problems need to be resolved? What annoys you most about Bitcoin.

[ozgur]

After so many bitcoin thefts including the last one of 96.000 BTC, I would like it have mechanisms to prevent stolen coin from being spent. Also I think that bitcoin can be enhanced to include some type of this. For example miners may not include transactions coming from addresses involved in theft. These addresses may be maintained by who? I dont know.

[burnum]

Is there going to be a bounty for the best answer Charles?

[charleshoskinson]

It depends on the quality of the answer. I've been paying a lot of bounties these days I'm considering launching an altcoin after seeing the success of my last venture (protoshares is at 24 million market cap in just a month). I want to test a bunch of ideas and new technology that's materialized over the past 4 years. It really is refreshing to see how fast this ecosystem has grown since the early days.

[burnum]

It depends on the quality of the answer. I've been paying a lot of bounties these days I'm considering launching an altcoin after seeing the success of my last venture (protoshares is at 24 million market cap in just a month). I want to test a bunch of ideas and new technology that's materialized over the past 4 years. It really is refreshing to see how fast this ecosystem has grown since the early days.

Protoshares is quite a concept, just throw those coins you have at it and find your beach in a couple months, Xmas is going to bring a storm to cryptocurrency in my opinion, If you do not find something I will throw you an idea I like alot  might be to much work for any one person though.

[charleshoskinson]

Well if you want to do a private submission:

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[Impaler]

Stable valuation created from dynamic and decentralized adjustment of monetary base.

[charleshoskinson]

Stable valuation created from dynamic and decentralized adjustment of monetary base.

Lol, so it behaves like a real currency instead of a wildly volatile ever appreciating equity

[charleshoskinson]

Seriously moved this? Oh come on man

[Chang Hum]

Posting to follow!

Most important thing, probably is mobile integration. maybe a thumb scan for authorization to would give people piece of mind as well as more uses of the chain like nxt and mastercoin.

[burnum]

Now after having read a little about datacoin and I really like the idea around something like PTS and being able to earn a return on a digital currency, would it be possible to store coins in a blockchain? With them in the open is there a way for them to be secure? If so could something be made that you pay a fee for deposit your coins into and come back 1-5 years and collect interest on them?
Could it be possible to deposit other coins such as BTC, LTC, PTS or whichever, I think yes
Could mining (forging) be done by depositors when they turn on their computer? small amounts of processing, why not?
This is surely a way to decentralize banking, I have no clue how all this programming works, I just have high hopes that something like this would be possible, and when I read about datacoin, well you get a crazy idea....

[opticalcarrier]

Stable valuation created from dynamic and decentralized adjustment of monetary base.

Lol, so it behaves like a real currency instead of a wildly volatile ever appreciating equity

hes describing emunie, scheduled to launch in Jan.  they are in closed beta now

[utopianfuture]

Stable valuation created from dynamic and decentralized adjustment of monetary base.

Lol, so it behaves like a real currency instead of a wildly volatile ever appreciating equity

hes describing emunie, scheduled to launch in Jan.  they are in closed beta now

Emunie is not going to succeed. It is trying too hard to be something it is not supposed to be. Price is much more convenient and flexible to adjust than quantity. The developers could be very good technically but they have no foundation in economics. 

[d5000]

Improved stability would be a killer feature. I have some ideas regarding this which are not related to the adjustment of the monetary supply, but prevent cyclic "hoard-and-sell". It would not result in a perfectly stable coin but a coin with far less risk for large sell-offs.

[jerrybusey]

Stable valuation created from dynamic and decentralized adjustment of monetary base.

This is one of the ideas I've been toying with on the economic side of things. My current idea is to have a built in low rate of inflation (like 1%ish) in place permanently along with the initial enhanced rate of generation which would asymptote down to zero. In addition to that there would be a (capped) dynamic inflation factor tied to the velocity of money (or number of transactions per block). This purposes of this would be to dampen the price effects of rapidly increased adoption (after some inflection point), to further decrease the temptation to hoard over the long term while still allowing near and medium term appreciation, and of course to ensure that an adopted and successful currency will have sufficient rewards for miners even after the initial land grab is over. I don't think that any coin has yet managed to find the proper parameters to balance the needs of a coin all of its different stages of maturity. I think with proper tuning this scheme could work.

I've also been thinking about some more exotic tech features but I'm still trying to figure out whether they could be made to work both technically and economically.

Also, no 30 second coins please, or sub 2 minute for that matter.

[tacotime]

Stable valuation created from dynamic and decentralized adjustment of monetary base.

this is one of the main mc2 goals, although we aren't talking about it right now (and won't really be talking about it until release).