Ducat Exchange Coin (DUX)I am attempting to raise the funds necessary to design and implement a coin that will serve as a vehicle for trading cryptocurrencies.
The meteoric rise of BTC has spawned tens (hundreds?) of altcoins and those altcoins have become the subject of much speculative trading. The success and sheer volume of trade w.r.t BTC and its altcoin brethren, have severely taxed the existing exchange infrastructure. Many altcoin exchanges are buggy; laggy; and have deposit, login, withdrawal, and trading issues.
I therefore propose DUX as the solution to the aforementioned issues. What follows below is a tentative sketch of the existing idea and may (will) be subject to further refinement and improvement as development proceeds.
What is DUX?
(1) DUX is both a trading platform and a cryptocurrency.DUX is a meta-level coin in the sense that it's designed to augment, enhance, and supplement existing cryptocurrencies and their respective trading networks. It is meta in the sense that it comes "after" and "above" existing cryptocurrencies. It's "after" in the sense that it's dependent on them for its survival and it's "above" them in the sense that it enables trading between many different coins thereby unifying them into one decentralized, efficient, and profitable exchange/trade system.
The idea is that miners will "mine" DUX transactions (which are entirely trades) being rewarded .2% of all coins made in those transactions (more competitive than Cryptsy which has .2% buying fee and .3% selling fee and Bitstamp which has at most .2% trading fee when your trade volume is $150K or more) while receiving DUX coins for their work. I see DUX coins acting as a sort of Cryptsy Point or as an item of index that has worth only in virtue of all the other cryptocurrencies/cryptocommodities and their volume of exchange.
Unlike so many other cryptocurrencies, DUX would provide a demonstrably useful and significant service to the cryptocurrency community.
(2) Client?Users will download the DUX client and will generate a DUX address. Each DUX address is partitioned into several sub-addresses each of which will uniquely support an existing altcoin. Users then send their altcoins to their respective DUX subaddresses using the existing altcoin clients.
Transactions to and from subaddresses to altcoin wallets will be handled by the existing altcoin networks.
Users may then trade any coins held within their DUX address for any coins held in other users' DUX addresses. All of these transactions are to be handled using the DUX network.
It is my hope to design a new client (and not just take the existing BTC client and change it around a little like everyone else does). The client should be able to support buy/sell options and list current exchange rates. Longterm development will hopefully enable us to implement automated trading and various technical indicators (RSI, StochRSI, etc.).
(3) Mining?
Transactions (and their confirmations) comprise the entirety of the DUX network. I'm still working out the details about how this should be handled. The idea though is that miners will compete to transact a "block" and whoever wins that block will receive a variable number of DUX coins along with .2% of all coins transacted in that block. Ideally, miners would receive 25 DUX coins per block starting out.
At the present, I believe that we will be using SHA-256 in order to tap into the BTC network (many of the existing machines will be obsolete and will need a way to turn profits - why not have them be put to work supporting the trade infrastructure?).
There really won't be "difficulty" (at least as presently envisioned), but the number of DUX coins received will decrease over time either due to one or more of the following (1) the proportion of DUX coins already mined (hard cap limit), (2) the number of transactions or volume of altcoins being exchanged, or (3) more DUX coins awarded when the network rate is too slow and less DUX coins when there is an excess network rate.
The idea is to harness the machines and hard-work of our miners for a demonstrably practical purpose that supports and strengthens the entire cryptocurrency network while rewarding them for their work and producing a more efficient and profitable trading system over the existing fragmented and poorly designed mess.
(4) Premine?Small premine to support bounty and support. I'm thinking 2,000 coins but this is TBD. I want DUX coins to be "rare" so the total number (max cap) should be no more than 30 million (ideally less but no less than 18 million).
FundingMy target goal is 5 BTC to support the development of DUX. There are certain software and programming issues that I'm ill prepared to handle on my own.
Every donation is greatly appreciated.
If you send in more than .001 BTC, you'll receive positive karma, my deep gratitude, and thanks.
If you send in more than .5 BTC, you'll receive early access to the software.
If you send in more than 1 BTC, you'll receive a portion of the premine. What you'll receive will be calculated by the following equation:
Let X be the total amount of your donation where X is greater than 1.
Let Y be the total amount of all such donations.
Let Z be the total number of premined DUX coins.
You receive (X/Y)(1/2)(Z)
I've tentatively set aside half of all premined DUX coins for supporters. You will never receive less than that amount though depending on our development costs, I might very will increase that number.
In the event that DUX fails to come to fruition, I will gladly return all remaining BTC (less transaction fees) in a manner directly proportional to your contribution.
DetailsPM me if you'd like to support the project by programming. We can discuss payment options at that time.
See:
https://bitcoinstarter.com/projects/414 to support financially.
