Project Nemesis - Alt-coin project

[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/