Project Nemesis - Alt-coin project

[subvolatil]

Ok starting a project thread to discuss the creation of a alt coin specifically to increase volume and use in india.

phases to the project

Phase 1
Discuss the properties of the altcoin.
Discuss problem and solutions.
Implement Solution to check viability.
Discuss and look into impact and viability
Whitepaper release

Phase 2
Development
Testing

Phase 3
add support systems. pools, Block Explorer, Exchanges, backup nodes, newbie guide
add services Faucet, giveaways, games.

Phase 4
logo design, wiki, webpage.
IRC channel

Phase 5
Release


At the moment we can use the #taproom as the main channel for discussion.

Will keep this thread updated with every new development.

This will be a completely decentralized project, every one is invited to contribute, any thing from skill, advice, solutions, servers and workspace, time, or even the occasional troll  


in a few days we can come up with a  working model on how the coin should look like.


TEAM
Please  post  if you want to  add your self  to the team . and you skill and  what part of the project you want to  contribute on .

[1715550296]

1715550296

[1715550296]

1715550296

[1715550296]

1715550296

[subvolatil]

Reserved

[Benson Samuel]

I would advice Scrypt, if dagger is ready, then it would be a better option. We need to ASIC proof as much as possible.

- Coin name
- Number of coins per block awarded
- How often are blocks found?
- Frequency of difficulty retargets
- Maximum coins
- Number of blocks per day
- Logo

[G K G]

OK! its exciting we started this thread. Here is my idea for the coin:

Code:

Block No		Reward		supply			Total supply

0-400,000		20000		8,000,000,000		8,000,000,000
400,001-800,000		10000		4,000,000,000		12,000,000,000		
800,001-1,200,000	5000		2,000,000,000		14,000,000,000
1,200,001-1,600,000	2500		1,000,000,000		15,000,000,000
1,600,001-2,000,000	1250		  500,000,000		15,500,000,000
2,000,001 and above	500		4,500,000,000		20,000,000,000

Total CAP: 20 Billion
Block Time: 30seconds
Blocks per day:2880
Diff re-target: every 960 blocks(3hrs) 
Money supply max out in approx 10.5 years

[Gawrav Mehta]

Reserved for questions.

[techguy]

Reserved

[Benson Samuel]

OK! its exciting we started this thread. Here is my idea for the coin:

Code:

Block No		Reward		supply			Total supply

0-400,000		20000		8,000,000,000		8,000,000,000
400,001-800,000		10000		4,000,000,000		12,000,000,000		
800,001-1,200,000	5000		2,000,000,000		14,000,000,000
1,200,001-1,600,000	2500		1,000,000,000		15,000,000,000
1,600,001-2,000,000	1250		  500,000,000		15,500,000,000
2,000,001 and above	500		4,500,000,000		20,000,000,000

Total CAP: 20 Billion
Block Time: 30seconds
Blocks per day:2880
Diff re-target: every 960 blocks(3hrs) 
Money supply max out in approx 10.5 years

Which current alt-coin comes closest to a build like this?

[G K G]

We can even use Momentum algo like in protoshares- that way its more cpu friendly than scrypt - though even it has a gpu miner released but not much adv over the cpu
not much alt-cryptos are under this algo - to be accurate only 1. but don't know for sure
Invictus Inovation's have much varying and interesting ideas - maybe we can start from there

[G K G]

OK! its exciting we started this thread. Here is my idea for the coin:

Code:

Block No		Reward		supply			Total supply

0-400,000		20000		8,000,000,000		8,000,000,000
400,001-800,000		10000		4,000,000,000		12,000,000,000		
800,001-1,200,000	5000		2,000,000,000		14,000,000,000
1,200,001-1,600,000	2500		1,000,000,000		15,000,000,000
1,600,001-2,000,000	1250		  500,000,000		15,500,000,000
2,000,001 and above	500		4,500,000,000		20,000,000,000

Total CAP: 20 Billion
Block Time: 30seconds
Blocks per day:2880
Diff re-target: every 960 blocks(3hrs) 
Money supply max out in approx 10.5 years

Which current alt-coin comes closest to a build like this?

Its DOGE - only nos changed 

[Benson Samuel]

OK! its exciting we started this thread. Here is my idea for the coin:

Code:

Block No		Reward		supply			Total supply

0-400,000		20000		8,000,000,000		8,000,000,000
400,001-800,000		10000		4,000,000,000		12,000,000,000		
800,001-1,200,000	5000		2,000,000,000		14,000,000,000
1,200,001-1,600,000	2500		1,000,000,000		15,000,000,000
1,600,001-2,000,000	1250		  500,000,000		15,500,000,000
2,000,001 and above	500		4,500,000,000		20,000,000,000

Total CAP: 20 Billion
Block Time: 30seconds
Blocks per day:2880
Diff re-target: every 960 blocks(3hrs) 
Money supply max out in approx 10.5 years

Which current alt-coin comes closest to a build like this?

Its DOGE - only nos changed 

lol.. kk, we gonna have to rethink that a lot.

[subvolatil]

OK! its exciting we started this thread. Here is my idea for the coin:

Code:

Block No		Reward		supply			Total supply

0-400,000		20000		8,000,000,000		8,000,000,000
400,001-800,000		10000		4,000,000,000		12,000,000,000		
800,001-1,200,000	5000		2,000,000,000		14,000,000,000
1,200,001-1,600,000	2500		1,000,000,000		15,000,000,000
1,600,001-2,000,000	1250		  500,000,000		15,500,000,000
2,000,001 and above	500		4,500,000,000		20,000,000,000

Total CAP: 20 Billion
Block Time: 30seconds
Blocks per day:2880
Diff re-target: every 960 blocks(3hrs) 
Money supply max out in approx 10.5 years

Which current alt-coin comes closest to a build like this?

Lets base it on the latest release of bitcoin, with the above specs, but remove the cap and replace it with scrypt

[subvolatil]

Can use the hashing that quark uses or come up with our owne.

[troy112]

No, 20 billion is too high... more like 1 billion to represent population of india...

[Benson Samuel]

We can even use Momentum algo like in protoshares- that way its more cpu friendly than scrypt - though even it has a gpu miner released but not much adv over the cpu
not much alt-cryptos are under this algo - to be accurate only 1. but don't know for sure
Invictus Inovation's have much varying and interesting ideas - maybe we can start from there

I looked at it, would it not invite botnets like crazy?

[subvolatil]

We can even use Momentum algo like in protoshares- that way its more cpu friendly than scrypt - though even it has a gpu miner released but not much adv over the cpu
not much alt-cryptos are under this algo - to be accurate only 1. but don't know for sure
Invictus Inovation's have much varying and interesting ideas - maybe we can start from there

I looked at it, would it not invite botnets like crazy?

bot net will be a problem even if scrypt is used.

[Benson Samuel]

We can even use Momentum algo like in protoshares- that way its more cpu friendly than scrypt - though even it has a gpu miner released but not much adv over the cpu
not much alt-cryptos are under this algo - to be accurate only 1. but don't know for sure
Invictus Inovation's have much varying and interesting ideas - maybe we can start from there

I looked at it, would it not invite botnets like crazy?

bot net will be a problem even if scrypt is used.

Then we can use scrypt itself

[G K G]

No, 20 billion is too high... more like 1 billion to represent population of india...

Hmmmm! good idea but... But with the "rupia" we can try to represent 7 nations- India, Sri Lanka, Pakistan, Indonesia, Nepal, Seychelles, Mauritious

[Benson Samuel]

No, 20 billion is too high... more like 1 billion to represent population of india...

Hmmmm! good idea but... But with the "rupia" we can try to represent 7 nations- India, Sri Lanka, Pakistan, Indonesia, Nepal, Seychelles, Mauritious

There, we just got scale. Wonder what is the combined population of all 7 nations.

[subvolatil]

No, 20 billion is too high... more like 1 billion to represent population of india...

Hmmmm! good idea but... But with the "rupia" we can try to represent 7 nations- India, Sri Lanka, Pakistan, Indonesia, Nepal, Seychelles, Mauritious

Cap needs to be removed but the amount of  coins generated after a certain limit should be at about 1% of the first rewards block  

[G K G]

We can even use Momentum algo like in protoshares- that way its more cpu friendly than scrypt - though even it has a gpu miner released but not much adv over the cpu
not much alt-cryptos are under this algo - to be accurate only 1. but don't know for sure
Invictus Inovation's have much varying and interesting ideas - maybe we can start from there

I looked at it, would it not invite botnets like crazy?

bot net will be a problem even if scrypt is used.

Ya right. Botnets can be used for scrypt too. but the momentum algo has a amd-opencl miner now- so idon't think people 'll take the efforts for botnets.
But yes cloud mining wiill have its share.
In the early PTS time i alone used like 50 cloud servers

[Benson Samuel]

Suggestions so far are:

Momentum algo
No limit with incremental growth.

- Number of coins per block awarded
- How often are blocks found?
- Frequency of difficulty retargets
- Number of blocks per day

[subvolatil]

wow this thread is exploding i can even keep up with the replies .

I think we should move to the group chat at IRC

https://webchat.freenode.net/

Channel -  #taproom

[G K G]

Population:

India- 1.25Billion
Srilanka- 21million
Nepal-27.5million
Pakistan-180million
Indonesia-247million
Mauritius-1.3million
Seychelles-90000

OK   Thats not much. only less than 2 billion

[G K G]

Ok. Now! i might be deviating from the initial idea... what about a coin exclusive for BRIC - the name is cool

[Benson Samuel]

Population:

India- 1.25Billion
Srilanka- 21million
Nepal-27.5million
Pakistan-180million
Indonesia-247million
Mauritius-1.3million
Seychelles-90000

OK   Thats not much. only less than 2 billion

1250000000
2100000
2750000
18000000
24700000
1300000
90000

1298940000 total Pop
259788000 Total Coins - Pop/5
- Why 5? Average Indian family size.

Taking india as it is a large part of the demographic.

[G K G]

Population:

India- 1.25Billion
Srilanka- 21million
Nepal-27.5million
Pakistan-180million
Indonesia-247million
Mauritius-1.3million
Seychelles-90000

OK   Thats not much. only less than 2 billion

1250000000
2100000
2750000
18000000
24700000
1300000
90000

1298940000 total Pop
259788000 Total Coins - Pop/5
- Why 5? Average Indian family size.

Taking india as it is a large part of the demographic.

you made a mistake. millions should have a additional zero

The total comes to 1,726,890,000

[Benson Samuel]

Population:

India- 1.25Billion
Srilanka- 21million
Nepal-27.5million
Pakistan-180million
Indonesia-247million
Mauritius-1.3million
Seychelles-90000

OK   Thats not much. only less than 2 billion

1250000000
2100000
2750000
18000000
24700000
1300000
90000

1298940000 total Pop
259788000 Total Coins - Pop/5
- Why 5? Average Indian family size.

Taking india as it is a large part of the demographic.

you made a mistake. millions should have a additional zero

The total comes to 1,726,890,000

Ughh, you are right.

[Equate]

Why not use Scrypt-jane ? , all the new coins are adopting it , and it will be Scrypt ASIC proof against the upcoming Chinese Scrypt ASICS that will be launched in upcoming months and some of them are even functional.

[BitCoinDream]

Ok starting a project thread to discuss the creation of a alt coin specifically to increase volume and use in india.

phases to the project

Phase 1
Discuss the properties of the altcoin.
Discuss problem and solutions.
Implement Solution to check viability.
Discuss and look into impact and viability
Whitepaper release

Phase 2
Development
Testing

Phase 3
add support systems. pools, Block Explorer, Exchanges, backup nodes, newbie guide
add services Faucet, giveaways, games.

Phase 4
logo design, wiki, webpage.
IRC channel

Phase 5
Release


At the moment we can use the #taproom as the main channel for discussion.

Will keep this thread updated with every new development.

This will be a completely decentralized project, every one is invited to contribute, any thing from skill, advice, solutions, servers and workspace, time, or even the occasional troll 


in a few days we can come up with a  working model on how the coin should look like.

So, what is the purpose ? PROFIT ?

[G K G]

Ok starting a project thread to discuss the creation of a alt coin specifically to increase volume and use in india.

phases to the project

Phase 1
Discuss the properties of the altcoin.
Discuss problem and solutions.
Implement Solution to check viability.
Discuss and look into impact and viability
Whitepaper release

Phase 2
Development
Testing

Phase 3
add support systems. pools, Block Explorer, Exchanges, backup nodes, newbie guide
add services Faucet, giveaways, games.

Phase 4
logo design, wiki, webpage.
IRC channel

Phase 5
Release


At the moment we can use the #taproom as the main channel for discussion.

Will keep this thread updated with every new development.

This will be a completely decentralized project, every one is invited to contribute, any thing from skill, advice, solutions, servers and workspace, time, or even the occasional troll 


in a few days we can come up with a  working model on how the coin should look like.

So, what is the purpose ? PROFIT ?

experiment-fun-community

[allcoinminer]

An India only coin first then release to other countries in the future?
Think it will help to avoid some legal issues?

Ok. Now! i might be deviating from the initial idea... what about a coin exclusive for BRIC - the name is cool

[mohammedfaiz143]

I think going for scrypt algo isn't a great idea because they are just too much of scrypt algo coins..

So it would be better to go Blake-256 or Skeincin sha3 or any other which is cpu and gpu friendly....

[thenoblebot]

damn dont know how i missed this .. will try to be in the irc soon .

[sambiohazard]

I don't know much about all this but I have read about scrypt-jane algo (Yacoin and microcoin use it) which uses something called nfactor which increases memory req every few weeks or months making it difficult to mine as time goes by. this makes it difficult even for GPUs to mine it like crazy let alone ASICs.

[subvolatil]

Please  post  if you want to  add yourself  to the team, you skill and  what part of the project you want to  contribute on .

[G K G]

of-course i"m in but i'm not in the coding side. any other part i can help.
I was in the discussions of day1 but after that i don't know what all advances you had . any news? when is the next discussion about this?
I have come up with new ideas for the numbers

[Benson Samuel]

of-course i"m in but i'm not in the coding side. any other part i can help.
I was in the discussions of day1 but after that i don't know what all advances you had . any news? when is the next discussion about this?
I have come up with new ideas for the numbers

Do share the numbers. That is not a part that I want to get into unless necessary.

[subvolatil]

of-course i"m in but i'm not in the coding side. any other part i can help.
I was in the discussions of day1 but after that i don't know what all advances you had . any news? when is the next discussion about this?
I have come up with new ideas for the numbers

All the  discussion  was  done on Friday, weekends was a  bit  to bussy for me but  we  had all decided to  get our own spec, and  post it  so that we  chose  which one  would be better  to go  with.

Freenode IRC is  facing a  DDOS attack so  its kind a  unstable  should be  ok tonight. i hope.

I will submit my  specs  tomorrow. https://bitcointalk.org/index.php?topic=444656.0

[subvolatil]

Benson would  you want to  be on the Coding  part , i think  even  Mahin  would  want to  do that too.

[Benson Samuel]

Benson would  you want to  be on the Coding  part , i think  even  Mahin  would  want to  do that too.

I can help with bits of the ecosystem as well like faucet, explorer, etc..

[G K G]

i've these ideas inspired by the protoshares.

I've also taken the view of Benson about the total pop of the 7 countries
Total Population: 1726890000
Total Families : 345378000

The block reward gets reduced by 5% every 60 days(2months) - This give a gradual decrease in the supply and doesn't create any sudden stir in the market.

Scenario 1 - Approximate Money supply - 345million

block time : 30sec
blocks per day : 2880
Block Reward : 166.6

Total Money Supply:
1 year : ~100million
2 years: ~165million
10 years: ~330 million (Blk.Rwd - 8.079)
20 years: ~344.5 million (Blk Rwd - 0.372)
30 years: ~345 million (Blk Rwd - 0.017)


Scenario 2 - Approximate Money supply - 1.726 Billion

block time : 30sec
blocks per day : 2880
Block Reward : 833

Total Money Supply:
1 year : ~502 million
2 years: ~826 million
10 years: ~1.650 billion (Blk.Rwd - 40.395)
20 years: ~1.723 billion (Blk Rwd - 1.861)
30 years: ~1.726 billion (Blk Rwd - 0.085)

here is the spread sheet for every 2months https://mega.co.nz/#!rgBCiBTA!LDQ8G3wfcrZVtOH8gTXDk6Nse1GTBlCBRGSSTOmtXpw

[G K G]

Here The block reward gets reduced by 10% every 60 days(2months) - This give a gradual decrease in the supply and doesn't create any sudden stir in the market.

Scenario 3 - Approximate Money supply - 345million

block time : 60sec
blocks per day : 1440
Block Reward : 400

Total Money Supply:
1 year : ~161.93million (Blk.Rwd - 236.196)
2 years: ~247.99million (Blk.Rwd - 125.524)
10 years: ~344.97 million (Blk.Rwd - 0.798)
20 years: ~345.59 million (Blk Rwd - 0.001)


Scenario 4 - Approximate Money supply - 1.726 Billion

block time : 60sec
blocks per day : 1440
Block Reward : 2000

Total Money Supply:
1 year : ~809.66 million (Blk.Rwd - 1180.98)
2 years: ~1.239 billion (Blk.Rwd - 627.621)
10 years: ~1.724 billion (Blk.Rwd - 3.993)
20 years: ~1.728 billion (Blk Rwd - 0.007)

here is the spread sheet for every 2months https://mega.co.nz/#!GpZFxBRD!cEIZ1SZiRtLZCKz9AHXSxEdXfEaIb1fhNgk3pQCpEU8

[techguy]

We can even use Momentum algo like in protoshares- that way its more cpu friendly than scrypt - though even it has a gpu miner released but not much adv over the cpu
not much alt-cryptos are under this algo - to be accurate only 1. but don't know for sure
Invictus Inovation's have much varying and interesting ideas - maybe we can start from there

I looked at it, would it not invite botnets like crazy?

Botnets is a big problem for CPU algo. So I suggest Scrypt Adaptive N-factor algo which is ASIC proof (will be for atleast few more years).

See the following infographic from Symantec about botnets effect.

[techguy]

Ok starting a project thread to discuss the creation of a alt coin specifically to increase volume and use in india.

phases to the project

Phase 1
Discuss the properties of the altcoin.
Discuss problem and solutions.
Implement Solution to check viability.
Discuss and look into impact and viability
Whitepaper release

Phase 2
Development
Testing

Phase 3
add support systems. pools, Block Explorer, Exchanges, backup nodes, newbie guide
add services Faucet, giveaways, games.

Phase 4
logo design, wiki, webpage.
IRC channel

Phase 5
Release

I would like to see the following things by launch time
1. Youtube / Reddit tipper bots
2. A private mining pool restricted only to indian/asian ips
3. An existing exchange like cryptsy / An open source exchange( Eg: Buttercoin exchange - which we can host ourselves) to list this coin.
4. A merchant accepting this coin ( Highkart - what do you say ? )

[Benson Samuel]

Ok starting a project thread to discuss the creation of a alt coin specifically to increase volume and use in india.

phases to the project

Phase 1
Discuss the properties of the altcoin.
Discuss problem and solutions.
Implement Solution to check viability.
Discuss and look into impact and viability
Whitepaper release

Phase 2
Development
Testing

Phase 3
add support systems. pools, Block Explorer, Exchanges, backup nodes, newbie guide
add services Faucet, giveaways, games.

Phase 4
logo design, wiki, webpage.
IRC channel

Phase 5
Release

I would like to see the following things by launch time
1. Youtube / Reddit tipper bots
2. A private mining pool restricted only to indian/asian ips
3. An existing exchange like cryptsy / An open source exchange( Eg: Buttercoin exchange - which we can host ourselves) to list this coin.
4. A merchant accepting this coin ( Highkart - what do you say ? )

3. - I do believe that we request coins-e and cryptsy. The open source Buttercoin code is buggy and can't be used reliably.
4. - I did ask him about alt coins. He has a problem getting a processor to use alt coins.

[techguy]

Ok starting a project thread to discuss the creation of a alt coin specifically to increase volume and use in india.

phases to the project

Phase 1
Discuss the properties of the altcoin.
Discuss problem and solutions.
Implement Solution to check viability.
Discuss and look into impact and viability
Whitepaper release

Phase 2
Development
Testing

Phase 3
add support systems. pools, Block Explorer, Exchanges, backup nodes, newbie guide
add services Faucet, giveaways, games.

Phase 4
logo design, wiki, webpage.
IRC channel

Phase 5
Release

I would like to see the following things by launch time
1. Youtube / Reddit tipper bots
2. A private mining pool restricted only to indian/asian ips
3. An existing exchange like cryptsy / An open source exchange( Eg: Buttercoin exchange - which we can host ourselves) to list this coin.
4. A merchant accepting this coin ( Highkart - what do you say ? )

3. - I do believe that we request coins-e and cryptsy. The open source Buttercoin code is buggy and can't be used reliably.
4. - I did ask him about alt coins. He has a problem getting a processor to use alt coins.

Great.

4 - Can we work towards that processor as well ? It would be helpful for new merchants as well.

[G K G]

Great.

4 - Can we work towards that processor as well ? It would be helpful for new merchants as well.

I think that would be great for the Indian market. A payment processor for the alts could create new opportunities here

[Benson Samuel]

Great.

4 - Can we work towards that processor as well ? It would be helpful for new merchants as well.

I think that would be great for the Indian market. A payment processor for the alts could create new opportunities here

It would have to be someone who can accept alts and converts them immediately to BTC on Cryptsy or coins-e.
Then convert the BTC through BIPS or someone who may be willing to provide BTC processor services.

It is quite possible.

[thenoblebot]

Great.

4 - Can we work towards that processor as well ? It would be helpful for new merchants as well.

I think that would be great for the Indian market. A payment processor for the alts could create new opportunities here

It would have to be someone who can accept alts and converts them immediately to BTC on Cryptsy or coins-e.
Then convert the BTC through BIPS or someone who may be willing to provide BTC processor services.

It is quite possible.

That can be easily done if its on Cryptsy .... it has an autosell feature .. but of course you got to weigh the pros against the cons in such a case.

Btw I'm really starting to wonder if doing a coin is a good idea considering the fact that there are like 5 coins coming to the market everyday almost.

[Benson Samuel]

Great.

4 - Can we work towards that processor as well ? It would be helpful for new merchants as well.

I think that would be great for the Indian market. A payment processor for the alts could create new opportunities here

It would have to be someone who can accept alts and converts them immediately to BTC on Cryptsy or coins-e.
Then convert the BTC through BIPS or someone who may be willing to provide BTC processor services.

It is quite possible.

That can be easily done if its on Cryptsy .... it has an autosell feature .. but of course you got to weigh the pros against the cons in such a case.

Btw I'm really starting to wonder if doing a coin is a good idea considering the fact that there are like 5 coins coming to the market everyday almost.

I would personally like to try making a coin and getting a bunch of people to use it. It's more of a fun experiment for us.

The coin would not matter if it is listed on an exchange with an API. The amount of buy orders would be more important in this case. Unless there is a demand, the coin cannot be used.

[Benson Samuel]

A look at a localization experiment.

http://auroracoin.org/

[thenoblebot]

A look at a localization experiment.

http://auroracoin.org/

Yea saw that a some time ago .. so its basically a centralised system with a basic salary for about a year. Its kinda a crappy idea I think to be honest. Idk if they will whitelist the whole nation for mining (which itself is decentralised). First impression makes it seem quite ridiculous. Unless the devil is in the details (but that I doubt cause it says its based on Litecoin).

Btw im in for the project. I think should be fun to do it. Just for the learning part

[techguy]

A look at a localization experiment.

http://auroracoin.org/

Looks interesting, will add it to the Next BIG list.

[Benson Samuel]

subvolatil vanished again! -.-

[techguy]

subvolatil vanished again! -.-

To where ? Is he discussing with AAP about this project ?

[techguy]

Created a poll - https://bitcointalk.org/index.php?topic=455531.0
Please vote !!

[subvolatil]

A look at a localization experiment.

http://auroracoin.org/

Looks interesting, will add it to the Next BIG list.

Its a good  start the way they are  approaching it . with the use of national ID's thing . i thing  we can  use  some thing like that too. let  see  what we can  come up  with .

The  main problem is the  verification  of the UID belongs to the  correct  person. may be use some type of a hash fingerprint or a signature scheme to  do that .

[subvolatil]

By the way  which coin do you  thing is a  good  idea to fork out of, Bitcoin or Litecoin?

In my opinion a fork from Bitcoin is better and  stays update on all security changes and upgrades to date.

[Benson Samuel]

By the way  which coin do you  thing is a  good  idea to fork out of, Bitcoin or Litecoin?

In my opinion a fork from Bitcoin is better and  stays update on all security changes and upgrades to date.

Bitcoin for sure.

[btc_enigma]

I strongly discourage this.

Please clearly state your intention for this alt coin rather than a get rich yourself scheme . Could you please write a white paper stating the technology behind this and what is original about this alt coin.
read this post http://themisescircle.org/blog/2013/08/22/the-problem-with-altcoins/

A localized distributed cryptocurrency is a misnomer ( its like Rakhi Sawant wearing clothes ).  
Just changing a few parameters and launching a new currency isn't what it needed right now. We already have enough of these.

Few things that can help in India:

• Seeing the low value of rupee, making microtransactions work
• Since we having very low internet penetration, secure physical currency can help http://www.bit-card.com/

 

[subvolatil]

I strongly discourage this.

Please clearly state your intention for this alt coin rather than a get rich yourself scheme . Could you please write a white paper stating the technology behind this and what is original about this alt coin.
read this post http://themisescircle.org/blog/2013/08/22/the-problem-with-altcoins/

A localized distributed cryptocurrency is a misnomer ( its like Rakhi Sawant wearing clothes ).  
Just changing a few parameters and launching a new currency isn't what it needed right now. We already have enough of these.

Few things that can help in India:

• Seeing the low value of rupee, making microtransactions work
• Since we having very low internet penetration, secure physical currency can help http://www.bit-card.com/

 

Well if you dont like alt coin then dont get involved in it. secondly read the project description, Its a decentralized project and i am not the one heading it and is a community project.
You want a white paper then get involved in the project and let it complete the First phase so that the white paper is released.

Dont be stupid by posting thing without reading the post and the project. p.s what wrong with Rakhi Sawant, you've got a really distorted view about the world. I bet you live in a community where all your women are draped head to toe with a blanket 24/7.

In short Read the entire post and then comment.

[techguy]

I strongly discourage this.

Please clearly state your intention for this alt coin rather than a get rich yourself scheme . Could you please write a white paper stating the technology behind this and what is original about this alt coin.
read this post http://themisescircle.org/blog/2013/08/22/the-problem-with-altcoins/

A localized distributed cryptocurrency is a misnomer ( its like Rakhi Sawant wearing clothes ).  
Just changing a few parameters and launching a new currency isn't what it needed right now. We already have enough of these.

Few things that can help in India:

• Seeing the low value of rupee, making microtransactions work
• Since we having very low internet penetration, secure physical currency can help http://www.bit-card.com/

 

Well if you dont like alt coin then dont get involved in it. secondly read the project description, Its a decentralized project and i am not the one heading it and is a community project.
You want a white paper then get involved in the project and let it complete the First phase so that the white paper is released.

Dont be stupid by posting thing without reading the post and the project. p.s what wrong with Rakhi Sawant, you've got a really distorted view about the world. I bet you live in a community where all your women are draped head to toe with a blanket 24/7.

In short Read the entire post and then comment.

+1

Please clearly state your intention for this alt coin rather than a get rich yourself scheme . Could you please write a white paper stating the technology behind this and what is original about this alt coin. read this post http://themisescircle.org/blog/2013/08/22/the-problem-with-altcoins/

Phase 1
Discuss the properties of the altcoin.
Discuss problem and solutions.
Implement Solution to check viability.
Discuss and look into impact and viability
Whitepaper release

Get Rich ?? I don't understand, how this will it be a Get Rich scheme ? If you think it is a get rich scheme, then why don't you participate and become a millionaire ? Neither subvolatil nor anyone here can stop you in throwing a 1 Mh/s (or) 100 Mh/s hashpower. This will be a open source project and the coin release date will be announced publicly well ahead.

BTW, if you see the subvolatil phase 1 agenda, writing a whitepaper is already on the list.

Just changing a few parameters and launching a new currency isn't what it needed right now. We already have enough of these.

If we are thinking about just changing a few parameters, we could have paid 0.1 BTC at http://coingen.io/ and released the coin with in half day.

First of all, I don't agree with the concept mentioned in the specified article. Don't you think Namecoin, Zerocoin has added any innovation ? In the similar lines you are free to suggest some innovative concept to this project Nemesis coin. Bitcoin is not the end of the world...let the innovations come in the form of new coins.

If you keep the innovation aside, don't you think Dogecoin & Maxcoin has brought significant amount of awareness about the crypto currency to the common people ? Awareness is very much required at this point of time for long survival of Crypto Currencies.

[btc_enigma]

In short Read the entire post and then comment.

In fact I saw the entire three threads to understand the purpose of this coin .

Some talk about localization , I dont understand on how you can localize a decentralized network. is it a premined currency ?

ok if a  coin is created in a localized fashion, it needs to be  distributed to the population some how.

Some talk about tweaking parameters

Algorithm : Scrypt-Adaptive-Nfactor (Not scrypt-jane. This is the same one being used in VertCoin)

Total Coins : 999,999,999      ( ~1 billion )

Block Time   : 99 Seconds
Block Reward : 999 ....
and more and more  tweaking of parameters ...

Please, please, please I request you to  post two/three lines clearly stating the purpose of the coin

First of all, I don't agree with the concept mentioned in the specified article. Don't you think Namecoin, Zerocoin has added any innovation ? In the similar lines you are free to suggest some innovative concept to this project Nemesis coin. Bitcoin is not the end of the world...let the innovations come in the form of new coins.

If you keep the innovation aside, don't you think Dogecoin & Maxcoin has brought significant amount of awareness about the crypto currency to the common people ? Awareness is very much required at this point of time for long survival of Crypto Currencies.

The goal of Namecoin is well defined : Decentralized network for key/value mapping, if you see namecoin wiki it has clear goal and technical spec
Zero coin is also well defined : To build anonymous decentralized network. You can clearly read about zerocoin as well

DogeCoin on the other hand is just a marketing gimick to get rich. They just put a dog as label, tweaked some parameters and created a coin . Here is what happens when you create a copy/paste coin without thinking http://www.reddit.com/r/dogecoin/comments/1tp40b/dogecoin_is_broken_merry_christmas/

That said, you are free to create dog,cat or mouse coins and market them ! Good luck with that  ! If you want people to take you more seriously , I am sorry to  inform you, you have to do much better than that.

[Benson Samuel]

We should be able to get a purpose statement once we finalize the characteristics of the coin. But yeah, a purpose would add some nice direction. As of now it stands at fun-experiment-community.

DogeCoin on the other hand is just a marketing gimick to get rich. They just put a dog as label, tweaked some parameters and created a coin . Here is what happens when you create a copy/paste coin without thinking http://www.reddit.com/r/dogecoin/comments/1tp40b/dogecoin_is_broken_merry_christmas/

Did you know that Dogecoins are being given out in paper wallets to people at Mumbai Bitcoin meetups? I think it is a fantastic way for people to get to know and handle Crypto-currencies. Am planning on giving away some Betacoins . Or who knows, maybe some Dogecoins.
They have much awesome in gaining so reach.


Assume that this is not the end of the discussion. If you are unhappy with the final outlines for this project, do come up with some solutions and that would be contribution.

[G K G]

We should be able to get a purpose statement once we finalize the characteristics of the coin. But yeah, a purpose would add some nice direction. As of now it stands at fun-experiment-community.

DogeCoin on the other hand is just a marketing gimick to get rich. They just put a dog as label, tweaked some parameters and created a coin . Here is what happens when you create a copy/paste coin without thinking http://www.reddit.com/r/dogecoin/comments/1tp40b/dogecoin_is_broken_merry_christmas/

Did you know that Dogecoins are being given out in paper wallets to people at Mumbai Bitcoin meetups? I think it is a fantastic way for people to get to know and handle Crypto-currencies. Am planning on giving away some Betacoins . Or who knows, maybe some Dogecoins.
They have much awesome in gaining so reach.


Assume that this is not the end of the discussion. If you are unhappy with the final outlines for this project, do come up with some solutions and that would be contribution.

Thats a very good idea. giving away paper wallets in meet-ups could reach out more. Maybe we should launch the coin in a meet-up too

[techguy]

Some talk about localization , I dont understand on how you can localize a decentralized network. is it a premined currency ?
Some talk about tweaking parameters

....
....
Some are talking about the originality & innovations around this coin

Its still in early stages of the discussion. If required, let's open a separate thread to discuss the feasibility.

The goal of Namecoin is well defined : Decentralized network for key/value mapping, if you see namecoin wiki it has clear goal and technical spec
Zero coin is also well defined : To build anonymous decentralized network. You can clearly read about zerocoin as well

Yes, Namecoin & Zerocoin has innovations surrounding it. If you believe innovations can drive coin growth, let's brainstorm some innovations. Quoting some here for ref...
1. Add India historical events to the blockchain ( Inspired from Namecoin / Datacoin )
2. Develop a complaint system and store the complaints on the blockchain, so that AAP can pickit up some.
3. Store RTI / Govt public Notifications / Govt Websites on the blockchain
4. Develop Anti-Anonymous coin so that each mined block will be associated with AAdhar number / Voter Id etc. ( Inspired from Zerocoin )
5. Transfer money to email-id instead of public address. On the blockchain, do a one-one / one-many mapping of emailid-public address
etc...etc..

DogeCoin on the other hand is just a marketing gimick to get rich. They just put a dog as label, tweaked some parameters and created a coin . Here is what happens when you create a copy/paste coin without thinking http://www.reddit.com/r/dogecoin/comments/1tp40b/dogecoin_is_broken_merry_christmas/

1. Dust transactions is not a new problem. It was already found in bitcoin and rectified by increased transaction fees.
2. In the similar lines, the recent problem faced by the Mt. Gox related to Transaction Malleability is not a newer one. People are already aware of these problems.

If DOGE/Other alt coins can reveal these kind of technical problems then it is really nice. That will help in hygienic growth of Crypto Currencies. Note that even though bitcoin is a 5 year old currency, its still in EXPERIMENTAL stage..............and it will stay experimental for another 2 to 4 years.

Having said all the technical innovations / issues, Bitcoin is not just surrounded by a technical enthusiasts.  It is a mixed group of Economists, Crytographers, Merchants, Traders etc.. Satoshi (he or group) has not limited their thoughts just to technical side, he knows very well about the Economics. See the LevelCoin ( I am not talking about the scammed dev, I am just talking about the concept) it has some good ideas about economics..

That said, you are free to create dog,cat or mouse coins and market them ! Good luck with that  ! If you want people to take you more seriously , I am sorry to  inform you, you have to do much better than that.

Here are the statistics of Social Networking sites.
According to ComScore, up to end of November 2011:[141]
Worldwide    Unique Visitors
Facebook.com    792,999,000
Twitter.com    167,903,000
LinkedIn.com    94,823,000
Google+    66,756,000
MySpace    61,037,000
Others    255,539,000

Myspace was the first to enter the market, but the current leader is facebook. We don't know about the future, linkedin may lead it. In the similar lines, Bitcoin is the current leader, but Zerocoin / Ethereum / ProjectNemesis / Someother coin may lead the future.

All innovations start from a small idea. It will be nourished over a period of a time with the community surrounding it.

I see, you have a strong background in Python & Blockchain Visualization, btcoinbot, Coin Mixing services concepts, Why don't you contribute your ideas ?

As Benson has mentioned, this is still in an experimental stage. In my opinion, people here has no previous experience in releasing a coin. So this is a good opportunity for everyone to learn & innovate.

[P1tBull]

I would suggest implementing a Kimoto Gravity Well for regulating difficulty. The multipools can wreak havoc on difficulty.

[aakashkumar]

Corruption Coin

I have a Name for Indian Crypto , that is" CorruPtion Coin "

This Name will gain More Popularity then any other coin .

Corruption Coin  

[devak-kalji]

Looks like Deva and you guys are heading in same direction but with different vision. Deva dont want to discourage you by making below comments. as open source anyone is free to make anything over Bitcoin Protocol.

Deva wants to ask few questions about the project nemesis.

Very 1st why created 3 threads and not discussed only in one thread. making confusion and losing track on discussion.

Do India needs another Crypto currency?
crypto currency aka Bitcoin is made for quick transfer of money with lowest possible transaction fees, Indian ppls are not much aware of crypto currency funda yet. and each month there are 2-3 coins get launched.  1st thing Indians are not fully aware of bitcoin yet and now there are almost 150+ new coins. they are confusing where to see and what to do with it?.

Its getting like they made US dollar and so we going to make Rupee. because we want Indian Version.

Crypto currency ( Bitcoin) are decentralized you cannot bound it to any state or country.

There are plenty of things to do other than just making currency and trade for fiat. Bitcoin is just tip of iceberge. there are plenty of possibilities  to invent over Bitcoin Protocal.

What happened with Laxmi coin developer team.?

There was few peoples who going to make laxmicoin where are those developers. have you talked with them and get involved or asked them to support? Deva heard they have said their software is ready an just waiting for clear guidelines from RBI.

Attributes for coin?

There are 100 of coins with different attributes. each one has different pros and cons. how many coins have to studied so far? CPU only GPU only ASCII resistance?

Distribution of coin

This really doesn't matter until you decide your vision.  so if Yo put 21mil limit or ONE coin or make it 100 Bil makes no different if you stuck in profit and loss. even the low volume coin got failed. and high volume coins got stucked because of high supply and low demand. are you trying to make Currency? Commodity?

what if coin failed? whats your closing plans?

Coin may be fails either due to software problems. lack of development, lack of support. or lack of adoption or maybe something else. what's assurance  for investors that their money won't be lost or atleast losses will be minimum. you can make coin and say I dont expect profit from it. but those who are investing in your coins. they want returns on it. that's why they are called investors. so what's closing plan.

Attitude:

"Well if you dont like alt coin then dont get involved in it" : this is not good attitude, it reminds me Gavins words " You really have no business creating your own block chain .......". Every Person is important when you call it community project. Did you forgot the Story "A Man who broke the Bank" taught us in school

These are just Deva's few  thoughts. based on the last few days reading posts of the project Nemesis.

About Deva:

Deva's Vision is to increase awareness in Indians about Cryptography, Bitcoin , Bitcoin Protocol.  so in coming next 5-10 years any 5th grade student should be able to teach others about cryptography, or may be next SHA-4 or SHA-5 designer will be from India.( no.. its not Bold Statment, We are Indians.)

He is trying to make altcoin since last 2 months. he have studied almost 25 - 35  alt coin from CPU only, GPU and ASCII dependant. He is not interested making profit out of it. but he is interested when someone else come up and say to him " Hey ! have you heard about this?". He already got his client working and running and now he have moved on 2nd stage of development. he already got promotional ideas which are not even addressed by anyone else in last 15 days in these 3 threads.

Do Deva have White Paper?

Deva dont know should he call his document as white paper or not. its just few pages document containing most of the things he studied in last 3-4 months. and attributed few facts with the Indian perspective. he puts himself in others shoes and try to look at it and notes down the things. it's not full proof.

Last but not least, Deva is not good in English so bear it :)

[subvolatil]

Looks like Deva and you guys are heading in same direction but with different vision. Deva dont want to discourage you by making below comments. as open source anyone is free to make anything over Bitcoin Protocol.

Deva wants to ask few questions about the project nemesis.

Very 1st why created 3 threads and not discussed only in one thread. making confusion and losing track on discussion.

Do India needs another Crypto currency?
crypto currency aka Bitcoin is made for quick transfer of money with lowest possible transaction fees, Indian ppls are not much aware of crypto currency funda yet. and each month there are 2-3 coins get launched.  1st thing Indians are not fully aware of bitcoin yet and now there are almost 150+ new coins. they are confusing where to see and what to do with it?.

Its getting like they made US dollar and so we going to make Rupee. because we want Indian Version.

Crypto currency ( Bitcoin) are decentralized you cannot bound it to any state or country.

There are plenty of things to do other than just making currency and trade for fiat. Bitcoin is just tip of iceberge. there are plenty of possibilities  to invent over Bitcoin Protocal.

What happened with Laxmi coin developer team.?

There was few peoples who going to make laxmicoin where are those developers. have you talked with them and get involved or asked them to support? Deva heard they have said their software is ready an just waiting for clear guidelines from RBI.

Attributes for coin?

There are 100 of coins with different attributes. each one has different pros and cons. how many coins have to studied so far? CPU only GPU only ASCII resistance?

Distribution of coin

This really doesn't matter until you decide your vision.  so if Yo put 21mil limit or ONE coin or make it 100 Bil makes no different if you stuck in profit and loss. even the low volume coin got failed. and high volume coins got stucked because of high supply and low demand. are you trying to make Currency? Commodity?

what if coin failed? whats your closing plans?

Coin may be fails either due to software problems. lack of development, lack of support. or lack of adoption or maybe something else. what's assurance  for investors that their money won't be lost or atleast losses will be minimum. you can make coin and say I dont expect profit from it. but those who are investing in your coins. they want returns on it. that's why they are called investors. so what's closing plan.

Attitude:

"Well if you dont like alt coin then dont get involved in it" : this is not good attitude, it reminds me Gavins words " You really have no business creating your own block chain .......". Every Person is important when you call it community project. Did you forgot the Story "A Man who broke the Bank" taught us in school

These are just Deva's few  thoughts. based on the last few days reading posts of the project Nemesis.

About Deva:

Deva's Vision is to increase awareness in Indians about Cryptography, Bitcoin , Bitcoin Protocol.  so in coming next 5-10 years any 5th grade student should be able to teach others about cryptography, or may be next SHA-4 or SHA-5 designer will be from India.( no.. its not Bold Statment, We are Indians.)

He is trying to make altcoin since last 2 months. he have studied almost 25 - 35  alt coin from CPU only, GPU and ASCII dependant. He is not interested making profit out of it. but he is interested when someone else come up and say to him " Hey ! have you heard about this?". He already got his client working and running and now he have moved on 2nd stage of development. he already got promotional ideas which are not even addressed by anyone else in last 15 days in these 3 threads.

Do Deva have White Paper?

Deva dont know should he call his document as white paper or not. its just few pages document containing most of the things he studied in last 3-4 months. and attributed few facts with the Indian perspective. he puts himself in others shoes and try to look at it and notes down the things. it's not full proof.

Last but not least, Deva is not good in English so bear it

I like the way Deva addresses in third person  +1

Three threads, the reason are. One for the main discussion , the second for the coin spec. and the third for name and team signup (will be closed soon), easier to track these instead of having one post  and missing out  info by mistake. this thread is the main one.

1. Well the  entirety of this project is to make it a community based project, from concept to the final release. Every one can contribute and discus the merits of the system to be implemented . Yes this is not a truly localized currency but a currency that can provide a wider  penetration in the indian ecosystem. by providing a  development base and a volume that can be  distributed through the nation. This is to make  people  more  familiar to cryptocurrency some thing that the  population can contribute to can use and  benefit from. a gateway to the worldwide cryptocurrency environment, Bitcoin will always  stay on of that list of  currency.

2. Regarding Laxmicoin. that is  not a  crypto currency , it is  centralized and can  be  put at par to  VC that are  already operating, like ukash and  LS. not really a cryptocoin,  dont know why people  even  put that on the same  level as cryptocurrency baffles me. (highly profit oriented and commercial)   

3. Attributes of the coin is to have stability, an Attributes that can be a much better fit for the indian ecosystem than Bitcoins are at the moment. We can look at Distribution as penetration and acceptability.

4. If the coin fails then, it was an awsome  learning  experience for every one involved and  a good  way to increase ones learning curve. and a step towards building a  great dev team for future projects.  We dont have investors in this project just contributors, every one  contributing what ever they can. profit is not the motive.

Deva vision and mine seems to be  the same. 

Well Deva you can come in and show  us your  specs and if you like to can even be part of the  project if you like.

We dont have a white paper yet still in the process of the 1 phase(this is going  slow  as  all the  contributors do this as a side project and the only motive is learning and making some thing that would be  great).

We dont mind the english you can write in hindi if you like.

[subvolatil]

I would suggest implementing a Kimoto Gravity Well for regulating difficulty. The multipools can wreak havoc on difficulty.

Kimoto Gravity Well is an awsome  idea. i think  this  would be  much  better on the longer run.

[G K G]

I would suggest implementing a Kimoto Gravity Well for regulating difficulty. The multipools can wreak havoc on difficulty.

Kimoto Gravity Well is an awsome  idea. i think  this  would be  much  better on the longer run.

+1 i saw it yesterday only. its very interesting

[devak-kalji]

WOW :) only one reply... anyway heres few more stuff

To Start with project, Deva needs few peoples on board,
 
Fund Manger/ mentors.

Trusted members who will manage the project funds. they will have access to projects Bitcoin wallet and our coins wallet. distribute and spend according to requirements, rather than using it for themselves. if they are not coder it's ok. but should guide or be mentor,  Should be Member of Bitcoin Foundation(its not MUST factor but having Bitcoin foundation members will increase trust). Deva knows few people around here, but he won't take any names, Deva wants them to come forward themselves and be part of this movement. These peoples will be Root of the project.

website:

Deva wants Drupal developer or team of developers for coin site. logo and Theme can be designed separately or if they want they can handle it themselves. Why Drupal? sorry but Deva wont tell anything about this. Only Drupal developers can understand it :)

coin coders:

They should have studies Bitcoin, Litecoin and some alt coins code. and have C, C++ knowledge.

and some Haters

Yeh Deva need haters too infact he likes them, so that we can work efficiently to prove them they are wrong. they will help us progress and build movement.

This is some requirement before Deva starts to pitch Idea. once we get above members we will meet up on IRC and discuss it. and after that if they still don't like idea they can leave the movement.

Deva have documented some other requirements like social media presence, tipbot, online wallet, games, faucet, these are all Marketing Stuff and Deva knows what to do with it. or better say its not important until we have basic CORE member team.

last but not least even if you dont fit in above requirements. you can still join the discussion on IRC.

[subvolatil]

WOW only one reply... anyway heres few more stuff

To Start with project, Deva needs few peoples on board,
 
Fund Manger/ mentors.

Trusted members who will manage the project funds. they will have access to projects Bitcoin wallet and our coins wallet. distribute and spend according to requirements, rather than using it for themselves. if they are not coder it's ok. but should guide or be mentor,  Should be Member of Bitcoin Foundation(its not MUST factor but having Bitcoin foundation members will increase trust). Deva knows few people around here, but he won't take any names, Deva wants them to come forward themselves and be part of this movement. These peoples will be Root of the project.

website:

Deva wants Drupal developer or team of developers for coin site. logo and Theme can be designed separately or if they want they can handle it themselves. Why Drupal? sorry but Deva wont tell anything about this. Only Drupal developers can understand it

coin coders:

They should have studies Bitcoin, Litecoin and some alt coins code. and have C, C++ knowledge.

and some Haters

Yeh Deva need haters too infact he likes them, so that we can work efficiently to prove them they are wrong. they will help us progress and build movement.

This is some requirement before Deva starts to pitch Idea. once we get above members we will meet up on IRC and discuss it. and after that if they still don't like idea they can leave the movement.

Deva have documented some other requirements like social media presence, tipbot, online wallet, games, faucet, these are all Marketing Stuff and Deva knows what to do with it. or better say its not important until we have basic CORE member team.

last but not least even if you dont fit in above requirements. you can still join the discussion on IRC.

We have  trusted  members  in the background, they are  all  ready  to  help out.  Regarding funds like i  said  as  we  dont have investor model a  designated  member to handel the funds is not  chosen, however a  trusted community  member  can be  chosen to  handle those  funds which  come in as  donations.

Site  design is totally up to the members if you feel Drupal is  good enough then its  fine by me.

coin codes :  we are in short  supply, it would be nice if some  more  joined us, will  meet  a  few  devs next week  and  have them join the project, a  git project   has been started to  help in  the dev process. will pm you the  details.

social media presence, tipbot, online wallet, games, faucet. will be  ready with the implementation  of the Second phase have  people lined up for that.

I am on  IRC  most of the  time. the  temporary  channel for the project is  on #taproom freenode ,

[devak-kalji]

Deva giving out his document, call it white paper or not its up to you....

P.S: Name for coin is already decided. only thing its not disclosed so Deva using testCoin as demo name to pitch the idea. This is not full proof documents. and can be altered if needed.

What is testCoin?

testCoin is P2P Cryptocurrency.... created to increase awareness and build confidence about Bitcoin and testCoin and its use throughout India. educate peoples about Bitcoin, Bitcoin protocol, security issues. with the help of testCoin.

Approx 525 B coins will be mined over period of 18 years. and then after 0.5% inflation will be added. We assume that 20%-30% Coins will be lost while promoting the Coins, due to people negligence, lost of keys, password, system crash etc. etc. so we need more coins to promote it properly. Also its decentralized currency we cannot stop outside miners. To match with India circumstances and people psychology about Fiat Currency's decimal places, we have reduced myCoins decimal places to 3 only, this will be hardcoded unlike (name removed) Coin. we want our coin price to be low priced in term of fiat currency so any everyday person can use it without hesitation.  this is not hard limit we can either increase or decrease depending on discussion prior to release the software. and we will discuss if needed about supply.

In 1st year approx 68 Bil coins will be mined. Unlike Bitcoin reward halving after some block we are using %age based decreasing system. 1st 100K blocks will be with 100% reward, 2nd 100K blocks will be with 99% reward and 3rd 100K blocks rewards will be 98% and so on. ( like World Coin). so anyone can join anytime in mining program. Although separate investment in mining equipment is not suggested to mine this coin but if someone done and found that reward is halved in next month. that will be problem.

Rather than Premine whole amount at start. we start with zero Premine. ( exception genesis block, we add 1 coin in genesis block).  We will use DevCoin system. where miners mine coins and some percentage will be auto deposited to project fund. which will be used for promotion and ongoing development and strengthen network. Deva believes that "Charity can't be done on empty stomach"

we will start with 50% ( can be changed with discussion). when miner mines coins 50% of their coins will be auto deposited to project fund wallet. later we can reduce this 50% to lower say like up to 10% but it wont be completely removed. we need funds to keep movement and code development intack. we have to contribute back to Bitcoin protocol as well, either in code or by funding with Bitcoin.

( Due to above reason we want reputed person or team of person to be our fund manager. who will Manage our project wallets properly. rather than using funds for themselves). Strictly Deva is not going to handle these wallets.

Algorithm: we will use Scrypt-Adaptive N Factor as our hashing algorithm. so Indian Miners can mine on their CPU without need of GPU as well. I have seen other hashing algorithms coin liken Quark, DarkCoin, MaxCoin, StacyCoin, for CPU only but it wont be possible. due to SGMiner with few tweaks any hashing algorithm coin can be mined over GPU. so we need NFactor to increase Memory requirement so the difference between GPU and CPU mining can be reduced. this Nfactor will also increase based on time passed so later years it will be only CPU mining coin only.

POS + POW: as this is not pump and dump scheme and Deva is also not intended to hit the Exchange until he done with Website and promotional/educational material. he thinks there will be less miners to mine this coins. to keep blockchain away from 51% attack and also reimburse the early miners he decided to go with hybrid POS + POW system. meanwhile Foundation will also buy coins from miners if needed to keep promotion intact.

Checkpoints: Rather than updating software for each checkpoint and release it again. we will use auto checkpoint system, few members will have password for auto checkpoint( Deva knows its kinda centralized but really needed at least for few months)

Drupal Site: We want Drupal platform based site because of its scalability. and large availability of modules.( Deva was going to suggest Plone due to security reasons.. but it will be too much and users will not be comfortable with it).  We need our site to be translated in 15+ Indian language with community efforts. each of our page will be available in every language of India. Site will contains educational material, security guides, tutorials. those who contribute to site will also get compensation from foundation. We can use embedded forum and blog. so Users don't need different logins credentials for accessing forum, site and wiki, Developer will get compensation for keeping site up to date. ( Deva have noted down site requirements based on drupal platform. not listing them here because of out of scope of this paper) he will give out if we all select drupal developer for this project.

We also needs 2-3 super nodes hosted within India. compensation will be given out.

pools: same as above preferred hosted in India for better latency.

Online Wallets/Android/windows8 / iOS(?)

We need online wallets prior to start promotions.

Games/faucets : depends on community. developers will get compensation for this too. Deva have idea about one Facebook Game he will giveout once we done with all above. promotion with newspapers running faucets for newspaper readers.

Our Goals:
1) Increase Awareness about Bitcoin and testCoin through out india:
Seminars:  we will generate thousands of Paper Wallet of testCoin, Create Slideshows and infographics ( Multilingual)  about TestCoin and Bitcoin, Blockchain, possible usage of blockchain apart from just currency.  mining, trading, securities  and take Seminars  in schools, colleges and offices. distribute paperwallet free of cost at the end of seminars and meetups so they can use and experience it. Foundation will also distribute Tea shirts and caps for volunteers to increase their confidence while taking seminars. we got more funds we can even distribute these things in peoples attending seminars. Volunteers will get compensated with the foundation fund.

Gift/Greeting Cards: Create Gift Cards or associate with current Gift card manufacturers, attach paperwallet with some amount filled within it, distribute in market.
ShopOwners/ business: they can buy in bulk paperwallet and giveaway as thank you / Complimentary gift to their customers.

Social Media: Promote through Facebook, twitter, reddit and other social Media sites.

Engage merchants to sell small stuffs like mobile recharge or toys for testCoins.

People can also use it to TIP to others and increase awareness.

This list is not limited, we can add few more based on peoples suggestions.

out of above 3 stage in coin software development, Deva is on 2nd stage now. if anyone like to give hand in coding. help is welcomed..

Thats it for now. Feedback appreciated... Deva has only one request in this project.... Let him decide the name of Coin and Foundation

[techguy]

Do you really think that people will get serious if you use the coin name as "testCoin" ? When you are dealing in financial sector, do you really think that merchants will get serious if you use names like jokercoin, dustcoin, samplecoin ?

[dishwara]

Do you really think that people will get serious if you use the coin name as "testCoin" ? When you are dealing in financial sector, do you really think that merchants will get serious if you use names like jokercoin, dustcoin, samplecoin ?

P.S: Name for coin is already decided. only thing its not disclosed so Deva using testCoin as demo name to pitch the idea.

Thats it for now. Feedback appreciated... Deva has only one request in this project.... Let him decide the name of Coin and Foundation

[techguy]

Do you really think that people will get serious if you use the coin name as "testCoin" ? When you are dealing in financial sector, do you really think that merchants will get serious if you use names like jokercoin, dustcoin, samplecoin ?

P.S: Name for coin is already decided. only thing its not disclosed so Deva using testCoin as demo name to pitch the idea.

Thats it for now. Feedback appreciated... Deva has only one request in this project.... Let him decide the name of Coin and Foundation

oh...ok.

[leshkam53]

An altcoin for India?!! Will be a huge success if wider distribution is achieved at the launch

[devak-kalji]

An altcoin for India?!! Will be a huge success if wider distribution is achieved at the launch

WE hope so...

Discussion is moved from open disscussion to private messages. hence thread seems like dead. but its not dead.

[nail]

Wallet when?

[devak-kalji]

Deva moved on and now creating on latest BTC 09RC3. hence it will take sometime. so far hashing algo changed to scrypt and genesis block done. tests going on. in next couple of days will add N factor and other stuff. probably take another 10-12 days to release TEST build for private distribution for testing purpose... without disclosing code.

--Deva.

[dashingriddler]

I could contribute during development and testing. I will watch this thread closely for updates. Thanks

[subvolatil]

I could contribute during development and testing. I will watch this thread closely for updates. Thanks

Will  send you the  detail in a day or  so ca you pm me you git  id .

[dashingriddler]

I could contribute during development and testing. I will watch this thread closely for updates. Thanks

Will  send you the  detail in a day or  so ca you pm me you git  id .

Done. thank you

[taaku]

what about having POS algo....that way there is no pump and dump ...also it will encourage users to keep the coins instead of selling them.

[dashingriddler]

what about having POS algo....that way there is no pump and dump ...also it will encourage users to keep the coins instead of selling them.

Um, i am personally against such algo. If we restrict economics then the project could fail in short period.

[taaku]

what about having POS algo....that way there is no pump and dump ...also it will encourage users to keep the coins instead of selling them.

Um, i am personally against such algo. If we restrict economics then the project could fail in short period.

Restrict in terms you mean the no of coins in circulation,if thats what you meant ....it can be done away with interest rate on coin ...and if we think bitcoin or litecoin from a out of box thinking...they need intensive mining ....its just waste of precious energy....

i am not saying they are not useful but there should be someway to avoid using energy for that...like pos does?
Also i am only aware of benefit of POS ,,,what are the down side of it i am not aware of that..

[dashingriddler]

what about having POS algo....that way there is no pump and dump ...also it will encourage users to keep the coins instead of selling them.

Um, i am personally against such algo. If we restrict economics then the project could fail in short period.

Restrict in terms you mean the no of coins in circulation,if thats what you meant ....it can be done away with interest rate on coin ...and if we think bitcoin or litecoin from a out of box thinking...they need intensive mining ....its just waste of precious energy....

i am not saying they are not useful but there should be someway to avoid using energy for that...like pos does?
Also i am only aware of benefit of POS ,,,what are the down side of it i am not aware of that..

Pump and dump is a part of life cycle for a crypto. every crypto goes through this phase at one or the other point of time i believe. this also helps to distribute the coins than just let it accumulate in powerful hands. i know it is not so good for economy but i think it is needed.

from what i see, this coin is more meant to be for the commerce and not like you hold it as an asset. so discouraging people to sell and transact using this coin will prolong the timeline before it reaches maturity.

[Benson Samuel]

Unable to compile for Debian.

[subvolatil]

Having the same problem with ubuntu too ..
But the same problem with the bitcoin 0.9.0

dont know what that is happening i have compiled bitcoin qt about a few months back on a vps but now it does not  compile at all. i am doing some thing wrong.

[Benson Samuel]

Having the same problem with ubuntu too ..
But the same problem with the bitcoin 0.9.0

dont know what that is happening i have compiled bitcoin qt about a few months back on a vps but now it does not  compile at all. i am doing some thing wrong.

I have not compiled 0.9.0, but have never had problems with other coins or other versions.

[allcoinminer]

Unable to compile for Debian.

Whats the error msg?

[Benson Samuel]

Unable to compile for Debian.

Whats the error msg?

- in function '_start'
- undefined reference to 'main' (.text+0x20)
- collect2: Id returned 1 exit status

[devak-kalji]

Deva suggest 1st try and compile bitcoin 0.9.0 if it success then only move to abcdcoin.
Deva used following steps to compile bitcoin 0.9.0 from sourcecode.

######### STEPS ##################

Clean Install of ubuntu 13.10 on Vbox
remove if present:
libdb5.1-dev and libdb5.1++-dev
libboost1.54-all-dev

install if not present:
apt-get install zlib1g-dev
---------------
sudo apt-get install build-essential
sudo apt-get install libtool autotools-dev autoconf

sudo apt-get install libssl-dev

sudo add-apt-repository ppa:bitcoin/bitcoin
sudo apt-get update
sudo apt-get install libdb4.8-dev
sudo apt-get install libdb4.8++-dev

sudo apt-get install libboost-all-dev

sudo apt-get install libminiupnpc-dev

sudo apt-get install libqt5gui5 libqt5core5 libqt5dbus5 qttools5-dev qttools5-dev-tools libprotobuf-dev

sudo apt-get install libqrencode-dev

download bitcoin0.9.0.tar.gz from github

./autogen.sh

./configure \
--disable-tests \
--with-gui=qt5

make

strip src/bitcoind
strip src/bitcoin-cli
strip src/qt/bitcoin-qt
------------
in terminal window type " ./bitcoin-qt & " and enter
or put the bitcoin-qt in /usr/bin and run
(need to workarround this )

###############################

will try to compile abcdcoin tomarrow and if successful will give you binaries.

also check following thread : https://bitcointalk.org/index.php?topic=522014.80

--Deva

[subvolatil]

This worked for me compiling bitcoin 0.9.0

-apt-get install build-essential libboost-all-dev automake libtool autoconf
-sudo apt-get install libdb5.1++-dev
-sudo apt-get install libboost-all-dev
-sudo apt-get install pkg-config

-cd bitcoin
-git clone -b 0.9.0 https://github.com/bitcoin/bitcoin
-./autogen.sh && ./configure --with-incompatible-bdb

-make
-make install

but with abcdcoin i am getting a folder error.

[devak-kalji]

Check PM for new source file

--Deva

[kittucrypt]

here is already a coin for South Asia... RupayaCoin.

https://bitcointalk.org/index.php?topic=521251.0;topicseen

[taaku]

will N factor be added..if yes then i m in for testing if any..have 1 Mh/s of power for N factor

[yadivs60]

where is this project now?

[devak-kalji]

Deva inviting all to testout new build. Still under development.

Ported to Scrypt-Jane ( ChaCha20/8, Keccak512).
updated nFactor change code.
built with latest openssl to avoid heartbleed bug.

default port: 9999
RPC port : 9998
nFactor=4

Windows 32bit binary
abcdcoin-0.9.0-win32-setup.exe 10.6 MB
https://mega.co.nz/#!KQBBBDBJ!cx4IeUItmvgCJuOhKA_p25w2Sj1vP6uYxi_TYd1BFm0

Windows 64bit binary
abcdcoin-0.9.0-win64-setup.exe 10.6 MB
https://mega.co.nz/#!jJwxAaKa!Ip72nLUy61DgYD8Dwwl6V0diAyG4XZTEEVTi70q0EKM

Linux 64bit binary built on ubuntu 13.10
abcdcoin-64.tar.gz 4.4 MB
https://mega.co.nz/#!qcAQyZTC!JTMRwuo2ab270740oPJQUHGQww2rdypx1Qv_0MErZtU

you can use Yacminer to mine this coin.
https://bitcointalk.org/index.php?topic=247782.0

at present Yacminer has hardcoded nFactor =14. so please use flag --nfMax=4 to mine on this coin.

Code:

yacminer --scrypt-chacha --nfmax 4 -o 127.0.0.1:9998 -u abc -p xyz123123

Last but not least: this coin not going on any exchange. pure testing purpose only.

if found any bugs report to Deva or Subvolatil

--Deva

[subvolatil]

Thanks  will start  testing it right now.

[vintagetrex]

What is the state and purpose of this project?

Is it related to Nemesis Open Source Intellectual Property System?

I can help. 

[BitCoinDream]

Has this project Nemesis been merged with Deva's AditiCoin or it is coming out with some other coin ?

[subvolatil]

Has this project Nemesis been merged with Deva's AditiCoin or it is coming out with some other coin ?

It has  been put on hold  for the  time  till  proper  restructuring of  the  project has been made .

Deva has parted ways for now.

No this is not the Same  Project as the  Nemesis Open Source Intellectual Property System,

Would like  some  help will  pm you with the details soon.