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Author Topic: the alternate coin that bitcoin needs  (Read 1244 times)
Steve
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August 17, 2011, 11:56:52 PM
 #1

What bitcoin needs in the way of an alternate coinage is a way for any individual to issue their own currency.  Such a currency need not require proof of work to secure the block chain...block creation could be left to the issuer and verified based on a digital signature (for that matter, block creation could be managed by several people or entities using secret sharing or multiple signing).  This would offer every individual an ability to issue their own cryptographically secure and pseudo-anonymous currency.  Their currency could be in the form of an IOU for some other currency (ie. bitcoin, gold, dollars, etc).  Building on top of that, a trust network where people decide to what extent they trust another individual's currency could be established.  For example, Bill might decide to trust Bob for as much as a $1000 IOU.  A routing protocol (akin to BGP) could then be used to find paths through such a network in order to transfer wealth using these privately issued currencies, very much like RipplePay.  With a few more pieces added, it's conceivable that you could have a completely decentralized mechanism of exchanging virtually anything for bitcoin.

(gasteve on IRC) Does your website accept cash? https://bitpay.com
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nelisky
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August 18, 2011, 12:32:08 AM
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what we need is nibblecoin. Four time the value of those bitcoins we all love Smiley
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August 18, 2011, 01:16:03 AM
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You could modify the existing Bitcoin client to do that. Call it 'Creditcoin'.

An amount of creditcoin would not be just a number as in Bitcoin, it would be a tuple of a number plus the original address that issued it.

The owner of an address (owner of private key) would be allowed to send an unlimited amount out letting it's own balance go into the negative (thus everyone would also known how much of that creditcoin has been issued).

For example I own the address CL41Guib8ToDmWTHkxgVKtu8rBe4fv1foz and it could hold:

(1.23 ; C94a6sy4yci6hRrtczNG8kyvudEc5bza2W)
(0.56 ; C8P5oMR3P7okPsRiuVEp7S3PfdMV2EFwe)
(234234.421234 ; CEHT891iWJyKzQDdLrtTG271yhTH7XDqBm)
(-500; CL41Guib8ToDmWTHkxgVKtu8rBe4fv1foz)  <=== this means I have issued 500 CC

Cool

Note: I'm not sure what kind of incentive you could have for miners though. Maybe issue a coin inside the network with the address '0', which would then function like the normal Bitcoin.

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Chris Acheson
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August 18, 2011, 01:23:21 AM
 #4

What bitcoin needs in the way of an alternate coinage is a way for any individual to issue their own currency.  Such a currency need not require proof of work to secure the block chain...block creation could be left to the issuer and verified based on a digital signature (for that matter, block creation could be managed by several people or entities using secret sharing or multiple signing).  This would offer every individual an ability to issue their own cryptographically secure and pseudo-anonymous currency.  Their currency could be in the form of an IOU for some other currency (ie. bitcoin, gold, dollars, etc).  Building on top of that, a trust network where people decide to what extent they trust another individual's currency could be established.  For example, Bill might decide to trust Bob for as much as a $1000 IOU.  A routing protocol (akin to BGP) could then be used to find paths through such a network in order to transfer wealth using these privately issued currencies, very much like RipplePay.  With a few more pieces added, it's conceivable that you could have a completely decentralized mechanism of exchanging virtually anything for bitcoin.

I believe what you're looking for is a "digital bearer certificate" system.  I worked on one a while back called "AEIOU" (an electronic IOU).  "Open Transactions" is another DBC system that I've heard mentioned a fair bit lately.
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August 18, 2011, 05:45:04 AM
 #5

You could modify the existing Bitcoin client to do that. Call it 'Creditcoin'.

An amount of creditcoin would not be just a number as in Bitcoin, it would be a tuple of a number plus the original address that issued it.

The owner of an address (owner of private key) would be allowed to send an unlimited amount out letting it's own balance go into the negative (thus everyone would also known how much of that creditcoin has been issued).

For example I own the address CL41Guib8ToDmWTHkxgVKtu8rBe4fv1foz and it could hold:

(1.23 ; C94a6sy4yci6hRrtczNG8kyvudEc5bza2W)
(0.56 ; C8P5oMR3P7okPsRiuVEp7S3PfdMV2EFwe)
(234234.421234 ; CEHT891iWJyKzQDdLrtTG271yhTH7XDqBm)
(-500; CL41Guib8ToDmWTHkxgVKtu8rBe4fv1foz)  <=== this means I have issued 500 CC

Cool

Note: I'm not sure what kind of incentive you could have for miners though. Maybe issue a coin inside the network with the address '0', which would then function like the normal Bitcoin.



That reminds me of subdomains only its subtransactions...

debitco.in  is a better name for this idea Smiley

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