Okay.
So the gist if very similar to what I originally posted. I really dig the discussions about tying in music into the blockchain. But we first have to fix the coin as it is currently, and then build from there. So the time-frame can't be a year from now.
Fork from Bitcoin. Bitcoin is by far the best codebase to work from. Improvements are usually easy to add in as well.
Add in Vericoin's network-dependant proof-of-stake. I was thinking about the coin-age cap again... This is a neat idea in order to encourage some kind of spending (and not just holding forever). But, the problem with this is, it can influence the staking time of the blocks. If not a lot of people are staking, you want coin-age to be infinite so that it eventually solves the blocks and keeps it going. So, for now, I'm partial to keeping coin-age cap out.
Again. There will be 4M coins. 2M for the BURN pool and 2M for mining. From launch, 4 months will be given to burn the coins. The process will be described at a later point. But essentially, the way I see it: you have to send FUNK1 to a specific address (FBurnAddressxxx or something similar), and then sign an input with the transaction to prove you owned it. The amount will then be converted at the exchange rate determined (FUNK1 supply at determined block: 2M), and I will send you the new coins. After the 4 months is done, I will either (depending on the community) use the rest of the burn pool for bounties (an artist pool for example), or destroy it. I'm partial to turning it into an artist pool: distributing it evenly across contributors at that point. This means that people won't put garbage up or under pseudonyms, since it might be the case that no-one receives any of the 2M (although I doubt ALL the coins will be exchanged).
The PoW CPU algo will most likely be a completely new algo if n00bnoxious can get it tested properly.
This whole process will happen in the following stages:
1) Develop the new coin until it is ready.
> Port Bitcoin over.
> Add in Vericoin PoS.
> Add in new CPU algo for PoW phase.
2) Then announce a block at which old FUNK won't be valid anymore (a week from the announcement probably).
3) At that point also then announce when new FUNK will be launched.
4) Launch new coin with PoW phase and burning process starts.
5) After 4 weeks, the PoW stage is done for, switching to PoS.
6) After 4 months the burning process will have ended.
Questions:
- Should we cap the coin-age? If it is capped, then spending is more encouraged. However, this also means that block times might become irregular if not a lot people are staking.
- Is the ratio of 2M Burn pool to 2M new PoW coins fine?
- Is the time for burning at 4 months too long or too short?
- At the end of the burning process, should the rest of the coins that have not been claimed be used for an artist distribution pool?
- Is PoS interest capped at 3% okay?
- Is 4 weeks a decent time for the PoW phase? As n00bnoxious stated: it's a decent time, and it is short enough so that optimized software can't be written for the CPU algo. Resulting in hopefully fairer distribution.
From my side. Considering I'm maintaining & facilitating the process. I promise not to use the burn pool for my own gain. As you can see from reputation (having launched FUNK with no pre-mine and my active contribution to the cryptocurrency space), it's important for me to uphold it. This means I won't sell the burn pool on an exchange. And I won't use the burn pool towards any staking (I will keep it in a separate wallet).
If you are fine with the process and don't have anything to add, just give a vote of approval.
I'm a bit strapped for time these days, but I'll try my best to get to this as soon as I can (visiting my sister next week). n00bnoxious will most likely be helping with development (I hope so.
).
EDIT:
If we have a conclusion, I'm going to put this all in a PDF and make it official. I'm not calling it a "whitepaper" as altcoins like to do. I was in academics for several years, and calling all these documents "whitepapers" is a joke. It will simply be a "project plan".
