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Author Topic: i0coin's sauce?  (Read 2406 times)
JohnDoe
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August 19, 2011, 12:59:18 PM
 #21

Alternate cryptocurrencies are great, but please refine your ideas long enough and build a solid infrastructure. Don't be late on launch, have executables for all platforms + source code available, have a working block explorer, some currency exchanges (probably from YourCoin <-> USD / EUR), existing services (not necessarily anything big, but something for people to abuse their coins, poker for example) etc.

Have big enough starting difficulty so it will be more equal playground for everyone. Name your currency wisely. Encourage people to mine and test their services / setups on testnet, before launch to find any potential problems etc.

There's no need for a red carpet launch, only the source is needed. Bitcoin and Namecoin launched with just the source and are doing just fine. Namecoin doesn't even have an official GUI yet. Agree about refining the idea, having enough starting difficulty and a marketable name though.
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August 19, 2011, 01:17:47 PM
 #22

It's not necessary, but it does help because it kind of back ups the currency's value when it tends to drop after the initial hype. There should be enough incentive to mine even after the difficulty has gone up a little bit and miners head back to Bitcoin (like current situation of either NMC, IXC or I0C).

If you guys want to collaborate in any way, I'm here. I have done some C(++) programming, but I haven't even looked at the sources yet.
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August 20, 2011, 06:31:08 AM
 #23

Oh looks like I uploaded the wrong main.cpp. It wasn't the one I was working on. lol.


Anyway you could probably automate the creation of new block chains. You could write a script that takes tweets and uses them as the pszTimestamp, gets the epoc date, calculates the merkleroot and so on.
For instance you could write code or a script that parses to code that makes a new block chain every time lady gaga makes a Tweet.

I think the real problem is that all the new currencies are really the same hashing algorithm and its far to easy for miners to hop from one currency to another or for two currencies to even be merged.

If you really want a new currency best to use a completely different and possibly even stronger hashing algorithm.

According to this thread here bitcoin is encryption is already veryvery strong though.
https://bitcointalk.org/index.php?topic=1713.0

But still I think this could be a great way to help make a network for each SHA3 finalist.

http://www.nist.gov/itl/csd/sha3_010511.cfm

This could be an interesting way to allow people to wage "bets" on who which hash will become SHA3.
BLAKEcoin
Grøstlcoin,
JHcoin,
Keccakcoin,
Skeincoin,

People can attempt to mine or buy the one they tip to win.

There's are still other weaknesses in bitcoin that get tested with every new network. The greater than 50% and winner takes all problems for instance. If someone could think of an ingenious way of fixing this then they might have a candidate for bitcoin 2.0 or at least 1.5

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