[IDEA] ALTCOIN - New Crypto Coin **** NEEDS YOUR SUGGESTIONS ****

[altcoin]

We want to create a new cryptocoin with integration of many features from other cryptocoins, we plan to name this new coin as "ALTCOIN" which means it combines many good features from other coins.
So I design ALTCOIN with following features:
1. ALTCOIN uses scrypt or momentum as its proof of work scheme (scrypt or momentum is not decided)
2. ALTCOIN combines both POW and POS (proof of stake), if POW uses momentum, then a lot of work need to be done to make momentum coin like protoshares supports POS feature
3. ALTCOIN has a total number of 1,000,000,000,000,000(1 million billion, 1 quadrillion ) COINS
4. ALTCOIN has a 15 seconds block time
5. ALTCOIN has a random POS annual interest between 0.01% to 0.1%
6. ALTCOIN has a block reward mechanism to make it a really fair coin (k means 1000, m is million, b is billion):

- block number                                 block reward
- 1               to            10k    blocks:    random 0 to 100    coin
- 10k+1            to             100k    blocks:    random 0 to 200    coins
- 100k+1         to            1m       blocks:    random 0 to 400      coins
- 1m+1            to            10m      blocks:      random 0 to 800    coins   
- 10m+1            to            100m    blocks:    random 0 to 1600    coins
- 100m+1         to             1b       blocks:    random 0 to 3200    coins
- From block 1b+1, maximum block reward halves every 1 billion blocks (random 0 to maximum block reward), stop halve while maximum block reward less than 100 coins   

7. ALTCOIN will have a pre-ann and thread published serval days before its official release, and also an official website and pool accompany with its release.
8. ALTCOIN will have a similar releasing and marketing process like dogecoin and earthcoin.
9. ALTCOIN will have a premine of 2048000 coins (0.0000002048% of total number), all the premine will be used for dev, support, bounty and giveaway etc.

I have the following questions:
1. Which POW algo do you think better? Scrypt or momentum? Why? (For Scrypt can be mined using both GPU and CPU, and momentum can only be mined by CPU)
2. What your opinion about POS scheme? Do you think we need POS? Why? (Someone think POS will kill the cryptocoin community)
3. How do you think about the total number and block time of ALTCOIN? Need your analysis.
4. Is ALTCOIN's block reward method good and fair enough for a long term running cryptocoin? We want to make ALTCOIN a long term thing.

So, please analysis ALTCOIN in the above 4 aspects, tell us what you think. We need your suggestion.

All suggestion are welcome, you can contact with me using altcoin@live.com .
Wish CryptoCoin has a glorious future!

[altcoin]

What features attract you most in all cryptocoins?
Please Tell Us!
We will try to implement the features you like.

[altcoin]

Need your suggestions!

Reserved!!!

[Pythonideus]

What a unique name

[thekekk]

reserved

[instacalm]

No, please

[Dweeb]

Im not really qualified to comment on most of it but I'll chip in where I can.....

1) a cpu only coin will get some following but most of the scrypt mining community have splashed on huge gpu hash power, you will probably get a larger uptake with scrypt
2) not really qualified to comment
3) there was a thread here a few days ago (a quick google will turn it up) about how Bitcoin and Litecoin both have max coin limits that are right on the boundary of what a computer can actually handle (there was a lot of technical mumbo jumbo that will mean more to you than it does to me lol) but the gist of it was if you have more coins that that and actually survive long enough to generate those coins you are gonna have a major headache
4) I like the idea of the first x blocks being a lower payout allowing everyone a chance to jump in but if you are going to have a random amount maybe a minimum of 1 not 0?  kind of soul destroying for us low hashpower types to finally hit a block and get a 0 reward.

Couple of random suggestions:

- make sure you have the means for everyone to access the coin right from the start - i.e. have a windows client, have a mac client ready have the source available for the linux nerds:p  Basically everyone gets a fair shot at it right from the release

- unless you're planning a brand new meme based pump and dump take your time...dont rush anything out until its well tested and ready.  If you are genuinely wanting a long term product take the time to do it right before you release it.

[Mortimer452]

Your total coin cap is way, way, way too high.

All of the currency exchanges (and, as far as I know, the wallets themselves) only support up to 8 decimal places (0.00000001 smallest denomination)

With one QUADRILLION coins in circulation, each coin will be worth far, far less than 0.00000001 BTC, LTC or XPM.  We have seen this in the past with high-volume coins such as Pennies (CENT) and ColossusCoin (COL) and, most likely, DogeCoin (DOGE).  It makes trading on the exchanges almost impossible.

[kalus]

can you name it after a cat of some kind?  

also, i need a wallet for donations.  

thanks.

[suchnoob]

1 MILLION BILLION COINS? You ppl sane?

[altcoin]

Im not really qualified to comment on most of it but I'll chip in where I can.....

1) a cpu only coin will get some following but most of the scrypt mining community have splashed on huge gpu hash power, you will probably get a larger uptake with scrypt
2) not really qualified to comment
3) there was a thread here a few days ago (a quick google will turn it up) about how Bitcoin and Litecoin both have max coin limits that are right on the boundary of what a computer can actually handle (there was a lot of technical mumbo jumbo that will mean more to you than it does to me lol) but the gist of it was if you have more coins that that and actually survive long enough to generate those coins you are gonna have a major headache
4) I like the idea of the first x blocks being a lower payout allowing everyone a chance to jump in but if you are going to have a random amount maybe a minimum of 1 not 0?  kind of soul destroying for us low hashpower types to finally hit a block and get a 0 reward.

Couple of random suggestions:

- make sure you have the means for everyone to access the coin right from the start - i.e. have a windows client, have a mac client ready have the source available for the linux nerds:p  Basically everyone gets a fair shot at it right from the release

- unless you're planning a brand new meme based pump and dump take your time...dont rush anything out until its well tested and ready.  If you are genuinely wanting a long term product take the time to do it right before you release it.

Dear Dweeb:

Thanks for your precious advice, your answer is really valuable.
I will respond to your suggestions one by one:
1. Personally speaking, I like scrypt more than cpu coin, for scrypt coin has a more mature community (tools, software etc), I'm still considering which POW algo to use;
2. Personally speaking, I like POW + POS coin, it's really a big step in cryptocoin history, so I think we should not abandon the good feature;
3. I googled the thread you talking about, but found nothing, could you please help me to find it? I think the total number of ALTCOIN is not a problem;
4. I'll fix the random block reward, the random range is [1,x] where x is an integer like 100, 200 etc.
5. From the start, source code will be on github, windows QT will be released.
6. We would not release ALT except we are really ready for the publish.

Your total coin cap is way, way, way too high.

All of the currency exchanges (and, as far as I know, the wallets themselves) only support up to 8 decimal places (0.00000001 smallest denomination)

With one QUADRILLION coins in circulation, each coin will be worth far, far less than 0.00000001 BTC, LTC or XPM.  We have seen this in the past with high-volume coins such as Pennies (CENT) and ColossusCoin (COL) and, most likely, DogeCoin (DOGE).  It makes trading on the exchanges almost impossible.

Dear Mortimer452:

A total number of QUADRILLION coin is not a problem, as you can see the block reward mechanism, the coin production is really slow.

can you name it after a cat of some kind?  

also, i need a wallet for donations.  

thanks.

The coin name is ALTCOIN.

[altcoin]

1 MILLION BILLION COINS? You ppl sane?

It's not too big.

[Amph]

[altcoin]

Need your advice!!!

[kalus]

1 MILLION BILLION COINS? You ppl sane?

It's not too big.

is there a wallet i can get donations?

[Nullu]

How about a coin that has a fair starting difficulty? If you want a coin that has longevity then it needs not to be totally insta mined at launch. Want a unique coin that will stand out? Do that, and it will attract attention. Not from the coin hopping dump miners, but from people who invest in a coin.

Want a fair launch? Make the launch difficulty double for x amount of blocks starting off to stop the hordes ruining it for everyone else.


Give the coin a good starting difficulty, and make the rises slower than other scrypt coins. Do that and I'll mine this.

[ZeWaren]

15s block time seems a bit short.

[tomason88]

We are from China promotion team, I think we will have the opportunity to cooperate.
Pay attention to your ALTCOIN.

[cAllisTo]

Reserved

[xinyichao]

1Billion is better.