Idea for a next generation crypto distributed publicly by social network sign up

[dustinwheel]

Hello All,

The idea is to have a proof of stake crypto tied in with a social network which would distribute the coin evenly among users who sign up publicly.

Sign up= x amount of the currency. Everyone who is signed up will get the division of "x" crypto when a new member is added.

Example: Person signs up gets 10 crypt. Another person signs up gets 10 crypt and all members are distributed a nominal amount, maybe a matching 10 crypt evenly. This gives incentive to people who sign up to encourage others to join.

Network works this way until all coins are distributed evenly. People can of course trade the currency on exchanges and buy/sell as much as they want, but everybody starts with 10. Sign up on social network will be required to get the wallet.

I believe this solves the scamcoin reputation of nxt, ripple, and upcoming emunie. Those coins are distributed by the millions maybe billions to early people hoping to get rich quick. No one can claim scamcoin if everyone is given the same amount publicly to start.

The social network sign up keeps everything public and even. Even the developers and early adopters can only get the same amount as everyone else. Their incentive will be receiving the nominal evenly distributed dividend (if you will) when a new person signs up.

Multiple signups will be prevented by requiring 2 step google authenticator and ip exclusions. (This will also help with security) If someone wants to have two cell phones with two different ips to create more than one account so be it.

I think having something in the 10 billion coins neighborhood would be good. If the coins don't have too much value (at the start) I think people will be more likely to use them for tipping like dogecoin or to trade them. This will help to foster a good natured community.

The idea is to have a crypt people actually use in everyday transactions. The proof of stake makes transactions instant. Which make it viable for in store purchases. In the fast paced world we live in waiting even 30 seconds for a transaction to clear at a coffee shop is too much which litecoin and other script based coins require.

In terms of the social network: Sending and receiving the crypt will be as easy as entering an amount and clicking on someone's or a businesses name. No need to mess with long addresses that are intimidating and can be screwed up.

There could be a newsfeed where members can post pictures and videos of doing coin related things. Real name and photo could be required. This will help establish a sense of trust among the community. We live in a visual world now, seeing the person's face you are sending crypt to, being able to see their profile and posts will also help establish a trust. It will help breakdown the notion that cryptos are used as an underworld/black market/ money laundering type vehicle.

Crypto is a revolution capable of changing the world and yet most of the interfaces I see look like they are from the 90's. The design needs to look as easy to use and attractive as fb, twitter, instagram, etc. This appeal will ease the transition for a person new to crypto. I want mom's dad's and even grandmothers to use it.

Any thoughts, ideas, recommendations, pointing out of flaws are more than welcome. I am looking for people to help develop.

Thanks.

[Evil-Knievel]

This message was too old and has been purged

[solracx]

Can you not just use any kind of coin to do this?

It's like a giveaway but using social networks to give coins away.

[jaked]

Multiple signups will be prevented by requiring 2 step google authenticator and ip exclusions. (This will also help with security) If someone wants to have two cell phones with two different ips to create more than one account so be it.

You rely here on Google and ISPs. What prevents them from opening billion fake accounts?

Trust & cryptocurrencies don't mix.

[DeathAndTaxes]

How do you do this in a decentralized manner.  It is a non trivial problem.  That is why it hasn't been done.  There may not be a solution but if there is one it likely is radically outside the block. 

Saying something like "give someone x coins when they create a social media account" abstracts all the "problem" from the problem.  It would be like saying we need to go to the moon.  Step one we go to the moon. Step two we party because we went to the moon.

Making a centrally controlled virtual currency is trivial.  It is simply a ledger on a computer, and computers in the 1960s were good at crunching ledgers.  The fact that you put the ledger on multiple computers doesn't make it decentralized, if a single authority has the ability to change values in the ledger at will.   If you want a centralized virtual currency well just open a bank account.  Most of the dollars in the world exist only in cyberspace.  For all intents and purposes the dollar is a centralized virtual currency.

Now if you want a decentralized virtual currency well that is a lot harder.   When someone gets x coins for opening a social media account HOW EXACTLY do they get it?  HOW EXACTLY does the rest of the network verify that this issuance of new currency is valid?

[solracx]

How do you do this in a decentralized manner.  It is a non trivial problem.  That is why it hasn't been done.  There may not be a solution but if there is one it likely is radically outside the block. 

Saying something like "give someone x coins when they create a social media account" abstracts all the "problem" from the problem.  It would be like saying we need to go to the moon.  Step one we go to the moon. Step two we party because we went to the moon.

Making a centrally controlled virtual currency is trivial.  It is simply a ledger on a computer, and computers in the 1960s were good at crunching ledgers.  The fact that you put the ledger on multiple computers doesn't make it decentralized, if a single authority has the ability to change values in the ledger at will.   If you want a centralized virtual currency well just open a bank account.  Most of the dollars in the world exist only in cyberspace.  For all intents and purposes the dollar is a centralized virtual currency.

Now if you want a decentralized virtual currency well that is a lot harder.   When someone gets x coins for opening a social media account HOW EXACTLY do they get it?  HOW EXACTLY does the rest of the network verify that this issuance of new currency is valid?

Why does the issuance have to be decentralized?

Just have an app distributed coins for each unique log in. 

You don't have to create new coins from the coinbase.

[DeathAndTaxes]

If it isn't decentralized then what prevents the central authority form simply giving himself 100,000 coins.  Trust that the issuer will never do anything wrong?

If peers can't cryptographically verify that the issuance is valid then what prevents someone from hacking the client to simply tell the network "um yeah this client here witnessed 10,000 logins so lets generate him some coins".  Trust that no user would dare give themselves extra free money?

Well if you want a virtual currency where you need to have absolute trust in the issuer the USD is a better choice.

Simpler answer.
Don't start by thinking about how people will use it properly, start by thinking how will people break/hack/manipulate/steal/dupe this system.   If you don't have an answer for that beyond "trust and hope" you don't have anything.   I am not saying give up, I am saying start there. 

[anti-scam]

If you're going to make any type of cryptocoin based on social networking, then you'd need to do some real research into trust metrics. You can't just slap some Google thing on Bitcoin and call it a day. You'd also have to investigate the economic implications of the inflation involved in giving every new user new coins.

[d'aniel]

Typed ctrl-f sybil before reading, then decided not to read after nothing turned up...