[ANN] Levelcoin - Proof of Stake / Proof of Burn Hybrid - Inflation Immune

[SyRenity]

Wouldn't it be possible to implement initial funding the same way as Counterparty did, by burning btc for level1 coins?
(https://bitcointalk.org/index.php?topic=395761.msg4271279#msg4271279)

+1

[Level Coin]

I had said I was from California, USA. Which is true, I was born in Downey. I am currently in Michigan though.
When I finished posting I had realized that since the context was time zone difference, maybe I should put the place where I am at, and not where I am from, which is why I quickly fixed it.
Good eye though! Glad to see some astute individuals perusing this forum. I hope you like what you see here, and welcome!

Wouldn't it be possible to implement initial funding the same way as Counterparty did, by burning btc for level1 coins?
(https://bitcointalk.org/index.php?topic=395761.msg4271279#msg4271279)

+1

This was already addressed.

[pinnpe]

Good luck LEVELCOIN, Yippy another altcoin

Soon we also want to bring out an altcoin

[SyRenity]

You will receive everything you ask for during the Kickstarter campaign. Sit tight and wait.

So just to clarify, you pre-selling both here and on Kickstarter?
Or first here then there?

[SyRenity]

Also, what with the title:

Hello [Suspicious link removed]ize]

[Level Coin]

Also, what with the title:

Hello [Suspicious link removed]ize]

Woah! No idea. It was a link to these very forums. I guess the admins don't trust themselves!

You will receive everything you ask for during the Kickstarter campaign. Sit tight and wait.

So just to clarify, you pre-selling both here and on Kickstarter?
Or first here then there?

Yes, the Kickstarter will have a small funding limit of $100. This campaign is meant for people who want a sense of security and will be a method of distribution for the coins.
Kickstarter uses Amazon Payments and they will also double as an escrow service. The direct funding via this forum is important and will pay for development and the resources needed to launch a successful Kickstarter.
Direct investors will receive slightly more coin than a Kickstarter backer (roughly 10%) as well as get access to the client a couple of days before the Kickstarter campaign ends.

[SyRenity]

Direct investors will receive slightly more coin than a Kickstarter backer (roughly 10%) as well as get access to the client a couple of days before the Kickstarter campaign ends.

What about the server-side code (or it will be a part of the client)?

[Level Coin]

I use a peer to peer network to establish security and to avoid dedicated server costs.

At the moment there are two piece of software that currently work in conjunction. First and foremost is the wallet. The wallet acts similarly to how current Proof of Work wallets work in that it used as a node hub to allow people to synchronize the blockchain. Block times are every 15 seconds and coins are generated based on holdings during this time. Both Level 1 and Level 2 balances can be viewed. The wallet is currently semi-functional (or semi-nonfunctional depending on how you want to look at it), transfers in and out do not work at the moment, which is a pretty big issue that needs to be resolved.

The second piece of software is the burning client. This client will search a computer's memory and find an active instance of the wallet and attach itself. Without the wallet, the burning client will return an error. Once the software has loaded up properly it will generate an address for which Level 1 coins will be sent to be converted into Level 2 coins. This means that there will not be a single burn address that everyone sends to, but hundred or even thousands of addresses. Once Level 1 coins are burned via the client, the client will check the blockchain and confirm the burn. Once confirmation is complete, it will send the respective Level 2 coins to whichever wallet it is attached to at the time of burning. From there the wallet takes over and begins generating Level 1 coins fractionally every 15 seconds via the blockchain.

Currently both pieces of software are coded in the C language and currently use a very ugly command prompt. I need help with the creation of a GUI as I have no experience in it. I could probably learn and do it myself, but it would delay release. There are also far too many files (over 50) that work in combination in a folder. This is messy, I would like to have two files. One with the wallet, and one with the burn client. Again my goal is simplicity, and at the moment, it is far from simple.

I have no experience with whitepapers as I have never done one before. I will try my best.

[SyRenity]

I use a peer to peer network to establish security and to avoid dedicated server costs.

At the moment there are two piece of software that currently work in conjunction. First and foremost is the wallet. The wallet acts similarly to how current Proof of Work wallets work in that it used as a node hub to allow people to synchronize the blockchain. Block times are every 15 seconds and coins are generated based on holdings during this time. Both Level 1 and Level 2 balances can be viewed. The wallet is currently semi-functional (or semi-nonfunctional depending on how you want to look at it), transfers in and out do not work at the moment, which is a pretty big issue that needs to be resolved.

The second piece of software is the burning client. This client will search a computer's memory and find an active instance of the wallet and attach itself. Without the wallet, the burning client will return an error. Once the software has loaded up properly it will generate an address for which Level 1 coins will be sent to be converted into Level 2 coins. This means that there will not be a single burn address that everyone sends to, but hundred or even thousands of addresses. Once Level 1 coins are burned via the client, the client will check the blockchain and confirm the burn. Once confirmation is complete, it will send the respective Level 2 coins to whichever wallet it is attached to at the time of burning. From there the wallet takes over and begins generating Level 1 coins fractionally every 15 seconds via the blockchain.

Currently both pieces of software are coded in the C language and currently use a very ugly command prompt. I need help with the creation of a GUI as I have no experience in it. I could probably learn and do it myself, but it would delay release. There are also far too many files (over 50) that work in combination in a folder. This is messy, I would like to have two files. One with the wallet, and one with the burn client. Again my goal is simplicity, and at the moment, it is far from simple.

I hope there is a proper authentication planned between the code parts, otherwise this approach seems to beg for trojan burning all LVL1 coins.

As per rapid UI toolkit, several options come to mind to keep it cross-platform:

• QT
• Tkinter (Python-based)
• node-webkit (never tried this one, but could be an option)

[northranger79510]

Levelcoin, you should at least release something, whitepaper, your identification. Anything. Right now, you are literally asking for money with nothing to back it up. I am on the fence whether to invest or not.

[Level Coin]

I hope there is a proper authentication planned between the code parts, otherwise this approach seems to beg for trojan burning all LVL1 coins.

As per rapid UI toolkit, several options come to mind to keep it cross-platform:

• QT
• Tkinter (Python-based)
• node-webkit (never tried this one, but could be an option)

I had initially tried to work with the QT and make it compatible with the burning client, but getting them to communicate via memory was impossible for my skill level.
I had to create the wallet from the ground up. As for security, confirmations are needed via the blockchain and by at minimum 5 peers (I will launch 5 nodes so that this is always possible).

Both the wallet and the burning client check the blockchain to ensure that a) the wallet attempting the burn has the required amount of Level 1 coins available, b) the burn request was indeed sent, c) the correct amount of Level 1 coins was sent from user wallet, d) the correct amount of Level 1 coins was received by burning wallet, and e) the correct amount of Level 2 coins were sent to user wallet.

There are 5 confirmations for each step. The expected time for a burning process to fully complete is roughly 3 to 5 minutes.

Levelcoin, you should at least release something, whitepaper, your identification. Anything. Right now, you are literally asking for money with nothing to back it up. I am on the fence whether to invest or not.

I am aware of this. To those requiring more information, please give me some time to create the necessary resources, or just wait for the Kickstarter. I have only just begun this project. I am not a robot.

[SyRenity]

I had initially tried to work with the QT and make it compatible with the burning client, but getting them to communicate via memory was impossible for my skill level.

What you tried to do, shared memory IPC?

Both the wallet and the burning client check the blockchain to ensure that a) the wallet attempting the burn has the required amount of Level 1 coins available, b) the burn request was indeed sent, c) the correct amount of Level 1 coins was sent from user wallet, d) the correct amount of Level 1 coins was received by burning wallet, and e) the correct amount of Level 2 coins were sent to user wallet.

There are 5 confirmations for each step. The expected time for a burning process to fully complete is roughly 3 to 5 minutes.

This is reasonable, provided the whole chain is not compromised (though then it's a bigger problem).

[Level Coin]

The chain is unlikely to ever become corrupted by a third party attack because it takes into account burned Level 1 coins when determining majority ownership.
Burning addresses will most likely have the majority of Level 1 in existence, denying any attempt at an attack on the blockchain by owning a large amount of LV1.

[Conurtrol]

From Kickstarter:

"What do backers get in return?

Backers that support a project on Kickstarter get an inside look at the creative process, and help that project come to life. They also get to choose from a variety of unique rewards offered by the project creator. Rewards vary from project to project, but often include a copy of what is being produced (CD, DVD, book, etc.) or an experience unique to the project.

Project creators keep 100% ownership of their work, and Kickstarter cannot be used to offer equity, financial returns, or to solicit loans."

Are you sure a project like this is ok with kickstarter?

[Level Coin]

Project creators keep 100% ownership of their work, and Kickstarter cannot be used to offer equity, financial returns, or to solicit loans."

Are you sure a project like this is ok with kickstarter?

Legally Levelcoin is not classified as a financial instrument (not yet anyways) and as such there would be no financial returns.
I am not soliciting loans. Levelcoin can not be seen as equity as it is not considered property and there is no legal clause giving cryptocurrency in general any valuation.
The Kickstarter proposal will make it very clear that backers will be receiving digital goods with a legal valuation of $0. There will be no equitable exchanges involved.

[Conurtrol]

Project creators keep 100% ownership of their work, and Kickstarter cannot be used to offer equity, financial returns, or to solicit loans."

Are you sure a project like this is ok with kickstarter?

Legally Levelcoin is not classified as a financial instrument (not yet anyways) and as such there would be no financial returns.
I am not soliciting loans. Levelcoin can not be seen as equity as it is not considered property and there is no legal clause giving cryptocurrency in general any valuation.
The Kickstarter proposal will make it very clear that backers will be receiving digital goods with a legal valuation of $0. There will be no equitable exchanges involved.

Kickstarter probably reserves the right to turn down anyone for any reason and when they find out it's something like Bitcoin...

[Level Coin]

They may or may not. I will pose my case and they will likely pose theirs. Levelcoin complies with every single one of their guidelines.
Should the Kickstarter fail, then I will just post the resources meant for Kickstarter, here in this thread. I will then likely use PayPal.

[Conurtrol]

They may or may not. I will pose my case and they will likely pose theirs. Levelcoin complies with every single one of their guidelines.
Should the Kickstarter fail, then I will just post the resources meant for Kickstarter, here in this thread.

Ok, I wish you luck and I will invest if escrow is available.

[Solidchance]

As an investor I would feel more at peace if the Dev had a team instead of just him, which is like a single point of failure- leaving those who invested left holding the bag. I'll keep my options open w/ this project.

[BTCbull]

interesting