I0Coin: How is it different from bitcoin?

[norulezapply]

Can anyone explain?
I really don't see the attraction to mining these ridiculous forks.
But I do like the bitcoin total hashes dropping
What makes it different from IxCoin (which is uber pointless) and bitcoin?

Thanks

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[1714025578]

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[Graet]

lol
well ixcoin is a fork of Bitcoin and iocoin a fork of ixcoin.
at the moment there doesn't seem to be a use for them except trade for BTC.Or any real plans that i have seen. At least Namecoin has a use
some ppl that got in early and sold straight away made good money on ixcoin, those that bought before the price dropped....i guess scammed it too harsh a word?
I see the same going to happen with iocoin.

at the moment everyone seems to be thinking up new *coins, i even thought of starting the Scamcoin blockchain but expected too many would flock to it so dropped the idea.(joke)

[Mr.Bitcoin]

Yo Graet,
Scamcoin is a fantastic new coin! It would add to the growing list of mind-numbingly awesome Infinicoins: https://bitcointalk.org/index.php?topic=37503.msg460065#msg460065

[Fletch]

well ixcoin is a fork of Bitcoin and iocoin a fork of ixcoin.

i0coin is a fork of bitcoin, not ixcoin. I think the dev based it on the current (as of yet unreleased) version of Bitcoin. Hence the built-in wallet encryption (and stability issues :D).

[Nemesis099]

I have to say I think it is more of a money grab to start these chains when bitcoin is still in its infancy.  While I guess they want to start before bitcoin has a firm grasp I don't think the market can support all these different online currencies.

[dentldir]

Having done quick audit of the source, here are the major differences from the first i0coin client release (based on 0.3.25) and Bitcoin git:

General:
1) The client connects to chat.freenode.net instead of irc.lfnet.org
2) The payout is 48 coins instead of 50
3) The difficulty retargets planned for every 1 week instead of every 2 weeks.
4) Cutting the payout in half is planned for every 2 years instead of every 4 years
5) i0coin added NTP support for syncing client clocks.

Developer:
1) The hash of the genesis block and associated time, bits, and nonce are different (of course)
2) i0coin has a new function for scanning message starts.
3) The first 4 bytes of pchMessageStart were changed
4) By default it compiles with FOURWAYSSE2
5) The about text changed somewhat
6) i0coin does not have the deadlock debug code which checks for thread 1 locks ABC, thread 2 locks DCA style locks.
7) The timestamp string changed from "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks" to "5/Ago/2011 - Diario El Dia - Obama cae al 39% en la aprobaci�n ciudadana"

They have since released a client based on 0.3.24 as a stable client which I haven't diffed.

[DrKennethNoisewater]

Right, but what now?

[shotgun]

I have to say I think it is more of a money grab to start these chains when bitcoin is still in its infancy.  While I guess they want to start before bitcoin has a firm grasp I don't think the market can support all these different online currencies.

The point of all the alternative coins is ONLY TO TRADE FOR BTC, you can't use the alt-coins anywhere and they will die out soon. I feel sorry for the guys buying them all up... trading precious btc for useless ix/iocoins.

[AngelusWebDesign]

My guess is THAT'S where the additional income "comes from" in this closed system we're in.

Joe, Frank, and Paul mine IXcoins for a week, making 2X their normal BTC income with their mining hardware after they sell them for BTC on the exchange...
...to Mr. Simple, who buys the IXcoins in the name of speculation.
Eventually, there are no more buyers, and Mr. Simple gets stuck with useless bits and bytes, with no buyer. He might as well have coins on "Testnet" for all the $$$ he'll ever see for them.

But it's possible that Mr. Simple will manage to sell them to Big R. Fool before they lose all value, but then it's Big R. Fool's money that basically went to Joe, Frank and Paul.

Eventually, someone will lose their money and THAT'S where the additional mining income "comes from".

[DrKennethNoisewater]

My guess is THAT'S where the additional income "comes from" in this closed system we're in.

Joe, Frank, and Paul mine IXcoins for a week, making 2X their normal BTC income with their mining hardware after they sell them for BTC on the exchange...
...to Mr. Simple, who buys the IXcoins in the name of speculation.
Eventually, there are no more buyers, and Mr. Simple gets stuck with useless bits and bytes, with no buyer. He might as well have coins on "Testnet" for all the $$$ he'll ever see for them.

But it's possible that Mr. Simple will manage to sell them to Big R. Fool before they lose all value, but then it's Big R. Fool's money that basically went to Joe, Frank and Paul.

Eventually, someone will lose their money and THAT'S where the additional mining income "comes from".

Agreed.

But the opening BIDS that populated the bitparking trading site for IO coins.

Who in the hell would be buying??.....LOL

DKN

[joulesbeef]

yeah it is a game of hot potato.  But have you been to the gambling section of this site? it's a bit popular to say the least.
I do believe crypto currency competition is a good thing. And i0xoin has at least tried to address some faults with the other currencies. Like fixing some of the problems with wild difficulty swings that namecoin is plagued with. And trys to speed up transaction times by increasing block found rate. And a simple address check, which is a flaw in ixcoin and namecoin where people often send namecoins to the bitcoin addy on bitparking and have to get doublec to recover them.. or people like me do it to ixcoins. These are good things and didnt even come from the bitcoin beta.

Still I'm not sure if it is enough to survive. It was created on a rather whim and released just days after it was thought up. I suspect there will be others and some better, and one day there might be one that is truly better than the bitcoin in function. These are mini experiments and if you dont want to play, then dont.

But you have to admit some good has come out of it, as people have learned the various things not to do. Dont premine coins, dont release at difficulty 1, dont fork the beta. plan a bit more. It isnt all worthless schemes. One day there will be a cowcoin and it will be better than them all, all cause the developer learned lessons from those before him..

[doublec]

These are mini experiments and if you dont want to play, then dont.

I agree. They make good tests for features that could be included in bitcoin without risking the existing bitcoin network.

[norulezapply]

Agreed.
There's definitely been lessons learned which will help shape the future of bitcoin.

But one thing you said in your post..

And trys to speed up transaction times by increasing block found rate.

That's unfortunately not true. If you double the block rate, you need 12 confirmations rather than 6 to have the same security as bitcoin.

[BitMofo]

These are mini experiments and if you dont want to play, then dont.

I agree. They make good tests for features that could be included in bitcoin without risking the existing bitcoin network.

Yeah I agree that they are a good test for flaws etc or features in bitcoin.
However, 90% of the people getting involved with IXcoin and Iocoin or whatever it is are purely in it to try and make some quick money! People that missed out on the massive bitcoin boom are hungry for a similar outcome. Of course these forks will probably fail unless one offers something substantially different to what bitcoin already has.

[relmeas]

clearly someone is trying to undermine the idea of bitcoin by flooding newcomers with obscure blockchains.

i mean, bitcoin advocates tend to use gold analogy, but there is only few precious metals - mostly gold, silver and platinum, and each has unique industrial uses. while there can be any number of bitcoin-like blockchains and they only differ in amount of people who invested in them, so it's theoretically unlimited... looks to me pretty unattractive.

[netadacadug]

I0COIN:

I0coin (I "zero" coin) (Symbol: I0C) is a distributed, peer to peer cryptocurrency which allows instant payments to people from any place in the world. I0coin is independent of any central authorities. The system carries out collectively the controlling transactions and the issue of money. The original i0coin software was published in August 2011 with public mining commencing on August 16, 2011. It was based on the open-source Bitcoin software with several specification changes. The "zero" in the name means zero coins were pre-mined before the public was permitted to begin mining. Similar to Bitcoin, I0coin employs the same SHA-256 encryption algorithm with the block time of 90 seconds, which is 6.7 times faster than Bitcoin’s 10-minute blocks. When compared to Bitcoin, the maximum number of i0coins is 21 million like Bitcoin, but for i0coin, the difficulty retarget is once every three hours, which is much faster than Bitcoin's two weeks difficulty re-target.



BITCOIN:
Bitcoin can be used to pay for things electronically, if both parties are willing. In that sense, it’s like conventional dollars, euros, or yen, which are also traded digitally.
But it differs from fiat digital currencies in several important ways