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Author Topic: Bitcoin 2.0, not l0coin  (Read 3976 times)
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August 23, 2011, 11:50:19 PM

How about instead of people creating useless copies of the bitcoin currency, such as l0coin, people take a look at how bitcoin can be improved. There may not be much room for bitcoin 2.0, but any future p2p currency will have to significantly improve on bitcoin.

Here is one such idea - just an example. How do you recover lost bitcoins to prevent the eventual death of bitcoin in a generation or two? What about creating a coin system where coins that have sat inactive for over a year become mine-able again. That way, if someone stops moving their bitcoins around annually, they lose them. This would not only keep the currency alive after all the original players have died, but will encourage people to spend the coins everytime they are "renewed".

Don't just start creating bitcoin clones that are essentially scams doomed to fail.

There is a solution to this and also to the problem of forgetting the password for the encrypted wallet. I've written a paper which address this and many other issues with bitcoin and proposes a solution where a gateway layer is built on top of the existing core transaction logging network. The paper is a bit long and detailed (intended for developers), but see the conclusion section for a quick summary of the issues it addresses.

I think that eventually the first bitcoin variant which includes such a gateway layer will really take off.

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