interesting new coin[DATACOIN]

[spacegoat]

what do you think about data coin, I thought it stood out as an interesting coin with an innovative idea as its purpose is to use the blockchain to store files.  i'm still not sure how its going to work but if its engineered right it could take as an idea people use.  it looks like they've got a ways to go but its only 2 weeks old...  what do you think?  http://datacoin.info/

get datacoin at bter.com

[CrytoEnthusiast]

Datacoin is one of the few new alt coins that actually are innovative. I'm watching it very closely and I think it'll go up in price.

[spacegoat]

yeah it only kicks out 11 coins a block, from what i've read so far is in the two weeks since its development it is traded on bter and another one, there about a million in existence, a bunch of people are voting to get it on cryptsy, the developers are working on opening up the major functions where the blockchain starts to carry data.

it is an interesting idea, its starting to make me feel like these coins and their algorhythms are going to play key roles in the future of information maintenence.  its brilliant.   imagine if all the BTC miners out there were using those loads and loads of Hashes and maintaining a useful system.  this guys idea is pretty historical actually in the cryptocoin world, someone could do a cherry story on it.  research all about it and present some kind of pro's con's report, it would be helpful

[maxxoccupancy]

I really like the idea of an altcoin that does something useful with its cycles.  Encrypting and storing mission critical data seems like something useful to me.

[maxsolnc]

yeah it only kicks out 11 coins a block, from what i've read so far is in the two weeks since its development it is traded on bter and another one, there about a million in existence, a bunch of people are voting to get it on cryptsy, the developers are working on opening up the major functions where the blockchain starts to carry data.

it is an interesting idea, its starting to make me feel like these coins and their algorhythms are going to play key roles in the future of information maintenence.  its brilliant.   imagine if all the BTC miners out there were using those loads and loads of Hashes and maintaining a useful system.  this guys idea is pretty historical actually in the cryptocoin world, someone could do a cherry story on it.  research all about it and present some kind of pro's con's report, it would be helpful

Just few words about Datacoin growth. There are a lot of developers, right, but not only them. One forum member offered help, he has strong experience in finance, investment banking, venture capitals, now he has advisory firm. We're working together at SWOT analysis (extended version of 'pros and cons'), business plan and investment memorandum. We will publish some results in several days, so Datacoin will grow not only as application, but also as financial instrument.

[Bitcoin-hotep]

That's pretty cool could you freeze your info the way people put btc on cold wallets?

[maxsolnc]

That's pretty cool could you freeze your info the way people put btc on cold wallets?

Yes, you can store your encrypted wallet.dat or keypairs, write down and save transaction id - that's it!

[Sharky444]

very interesting coin, but in huge need of a pool. it's too hard to mine solo.

[cryptrol]

For anyone interested in trying Datacoin without installing the actual wallet you can use https://krypte.net , you can upload/download data, and send/receive coins as well (working on a nice feature ATM).

[maxsolnc]

Also you can work with new block explorer to check your transactions, wallets, etc
(released by Snard)
http://www.chainbrowser.com/

[spacegoat]

nice work on the new developments everybody dang.  so in the chain browser, those files- those are encrypted files people have put onto the blockchain?  is there any way to unencrypt them?  this is really cool.

[maxsolnc]

nice work on the new developments everybody dang.  so in the chain browser, those files- those are encrypted files people have put onto the blockchain?  is there any way to unencrypt them?  this is really cool.

I think that most of these files (just now) are bzipped, but in future there will be easy steps for encrypting. Just now you can also do it, but in that case you need command promt .

[GreekBitcoin]

I think its a coin with a reason unlike most of other coins and i believe that right now its the most profitable coin to mine since you can still solo mine and block is about 10 dollars

I would like to see a pool fast though!

[Exocyst]

I worry that a Proof-of-work function—even a decentralizing function like prime chains—will eventually limit total node number. A "proof-of-nodality" coin release would incentivize a greater number of full nodes. The chain is likely to be massive in time, and the incentive to run a full node for network integrity will diminish in time leaving a far fewer number of permanent large capacity nodes and a vulnerable network.

[maxsolnc]

I worry that a Proof-of-work function—even a decentralizing function like prime chains—will eventually limit total node number. A "proof-of-nodality" coin release would incentivize a greater number of full nodes. The chain is likely to be massive in time, and the incentive to run a full node for network integrity will diminish in time leaving a far fewer number of permanent large capacity nodes and a vulnerable network.

I think that it will be very helpful to implement one feature in wallet. When anyone installs it, he can select place where to store blockchain. Today HDDs are really cheap, and in fact the storage space is limited by total coin number. Even with current difficulty - 5.000.000 coins per year, which is equal to only 100 GB during first year, (possibly) 200 GB the next year, and so on. 100 gb today cost really very cheap, several dollars, not more.

[maxsolnc]

just to clarify one thing about 'proof-of-nodality'. Cheating will be pretty easy: create many VMs, make link to ONE blochchain file in each of them. Voila!
As you see, there is still no solid concept regarding reward for storage space, there ways to cheat even in bittorent network though it is not money-related.

[cryptrol]

I think that it will be very helpful to implement one feature in wallet. When anyone installs it, he can select place where to store blockchain.

AFAIK it's already implemented on Bitcoin it's called --datadir

[maxsolnc]

I think that it will be very helpful to implement one feature in wallet. When anyone installs it, he can select place where to store blockchain.

AFAIK it's already implemented on Bitcoin it's called --datadir

The same for Datacoin - I use --datadir to specify folder with donations wallet, no need to replace wallets. But it should be added as GUI feature.

[pastet89]

Interesting coin, indeed!
However, I never found out how much is the total coins supply if coins which will be ever mined?

[GreekBitcoin]

Interesting coin, indeed!
However, I never found out how much is the total coins supply if coins which will be ever mined?

I replied you at the other thread

Congrats on the idea!
How much will be the total coins ever mined?
Or it has no limit and everlasting inflation such as XPM?

There is a max although quite big. It is 2 billion coins.

That being said those will be mined in a couple of centuries (i think i read 400 years somewhere) if we assume moores law will be the same...

Right now there are about 2.1 million coins out after almost 3 months...

See this thread too https://bitcointalk.org/index.php?topic=358592.0