Thoughts behind it:
Proof of stake: sustainable creation of supply that will not consume too much power to keep the network running. Therefore less chance of centralized mining and therefore control by a single entity.
6 hashing algorithms for security: harder to crack. if one hashing algorithm is broken, others will still be fine.
Fast, cheap transaction times - will allow for everyday transactions - quick buys over the counter for small goods such as beer or candy, whatever really.
3% yearly inflation (after certain holding time, say 30 days such as with PPC) with no cap on supply - I am strong supporter of predictable inflation.
GOLD PROBLEM (deflationary currency): The reason gold standard was abandoned is because gold is a deflationary currency. Deflation causes massive crashes to the world trade and economics when things become stagnant and nobody wants to spend gold. Because if you hold it it will grow in value (it's deflationary) so people hold it instead of spending. However this leads to all trade stopping and all economy undergoing a massive crash. You can research about it - crashes happened on gold standard all the time. This was the main reason (given to the public) to unpeg the US dollar from gold.
FIAT PROBLEM The problem with fiat is that the inflation is not predictable - the authoritative body (government) will just print when they are in trouble which weakens the currency, moreover the money they print will not go to everyone but only a few selected people/corporations such as Too Big Too Fail Banks while others will suffer. in the end the government will always print itself into hyperinflation destroying the currency. (average fiat age is ~35)
This brings me onto this currency I am proposing. It will inflate with a steady rate of 3% per year. There will not be central authority that will control it (print) and it will not be deflationary.
The inflation of 3% per year will force people to invest and spend these coins because it will devalue itself by 3% vs other tangible goods (land, bread, oil, etc) and if you do not invest it you will be losing 3% per year. You will also want to invest these coins into something that will bring higher return than 3%.
Very similar to XPM(primecoin) or PPC(peercoin) only few changes are required. I would love to create this currency myself but I dont know how
If this already exists please let me know!
