[ANN][XRC] ReCoin: the first cryptocoin with renewal of lost funds

[cre8r]

Hi there. Somebody may still remember my previous attempt to make an altcoin, which however didn't receive enough support from the community and eventually became dead: Onecoin.

ReCoin inherits some of its predecessor's features and adds something really innovative: all funds that have been lost (e.g. by losing wallet.dat or sending them to nonexistent address) will slowly return into circulation, ensuring that the effective money supply will always stay the same once initial mining is complete and counteracting the deflation.

This is achieved by delayed demurrage: any unspent output will remain intact during the first 525600 blocks (roughly one year, block target is 1 minute), after that it will lose 5% per year from it's initial value until the output is renewed or completely exhausted (this will take ~20 years). All funds that have been recovered are added to miners' reward, providing additional incentive apart from transaction fees when block reward becomes small.

One thing must be emphasized: there is a big difference to Freicoin. With Freicoin, you always suffer from demurrage, making this cryptocurrency unsuitable for long term investment. With ReCoin, your money will be safe provided that you renew old outputs once a year. Renewing is simply sending your funds back to your address and is almost free (standard transaction fees apply). There will be a simple GUI (as well as RPC command) for achieving this task, and a warning will be popped up if your funds are approaching the deadline. Even more, the wallet software will prefer the oldest outputs when you spend your money, so chances are that you will never need to renew them if you use your wallet from time to time.

Other features:
- PoW, scrypt hashing;
- No premine, no instamine (high starting difficulty);
- Total cap of 1 (one) coin, dividable to 18 decimal places;
- 1 minute block target, 525600 blocks per year;
- Difficulty retargeting every block (PPC algorhythm);
- Starting block reward is 2 uXRC;
- Reward is halved each 250000 blocks (~0.48 years), the whole 1 coin will be mined in 20 years;
- Forked from latest Bitcoin sources and following Bitcoin development.

Project timeline:
January 2014: Release of first version. Exact date and time will be published in advance. It won't contain any demurrage code yet.
June-July 2014: Release of second major version, fully supporting all innovations. Users will have plenty of time to upgrade.
July 2014: The first halving of block reward.
December 2014: A network alert will be sent to all old clients forcing them to upgrade.
January 2015: The first block with additional reward from lost funds will be mined.

The specs are not final, I'm open to all propositions and discussion.

[cre8r]

[403 Forbidden Error] - You might be blocked by your IP, Country, or ISP. You can try to contact us at http://www.witza.com/contact.php
I cannot even check it.

[cre8r]

Seems like your country was blocked by the firewall, no matter. Here's a screen shot instead: http://puu.sh/5LjCV.png

Thanks!
It's funny how thoughts sometimes come to different people's heads at the same time. The other name I was considering is ReCoin (XRC), I'll use it instead.

[cre8r]

Hmm, I wonder why did he delete his posts.

[Etlase2]

It'll be new and innovative once I get around to coding it!

[cryptohunter]

onecoin was cool, i think the exchanges just didn't add it because it messed with their decimal places.  It should be revived it was a nice idea.

[KonstantinosM]

The motto should be : "You had a paperwallet, now you have paper! "

[cre8r]

Thank you guys for support!

[Kyune]

onecoin was cool, i think the exchanges just didn't add it because it messed with their decimal places.  It should be revived it was a nice idea.

Agreed.  I was sad to see onecoin fade into obscurity at the same time that so many unimaginative clonecoins thrived.

[dE_logics]

So in case you did not refer to your previous inputs (or spend the old coins you own), i.e. only spend the new coins which arrived (which maybe the wallet's behavior), you'll loose 5% a year even if you regularly get and sell those coins.

[dE_logics]

Total cap of 1 (one) coin, dividable to 18 decimal places;

A good idea implemented as a joke.

[JDDev]

I like the idea of renewing lost funds, though I don't think the one coin idea is convenient for exchanges to work with

[cre8r]

So in case you did not refer to your previous inputs (or spend the old coins you own), i.e. only spend the new coins which arrived (which maybe the wallet's behavior), you'll loose 5% a year even if you regularly get and sell those coins.

Wrong. Read the OP post: the wallet will try to us the oldest coins, and a warning message will be displayed if your funds are going to decay.

I like the idea of renewing lost funds, though I don't think the one coin idea is convenient for exchanges to work with

They may use fraction such as uXRC or nXRC (micro- or nano-) as the base unit.