Could it be done an alternate cryptocurrencie with the following assumptions?
- used mainly as a cryptotransfer money exchange.
- the coins are not mined but issued.
- the blockchain is still shared and validated by all the pc connected to the network.
- uses the same address transfer process.
Perhaps this is a stupid simple question, perhaps you didn't even understood my questions, but please answer back.
Thanks in advance.
Just like how I0Coin created no coins upfront, a variation could be made where all the coins are issued with the first block, for instance.
I believe BeerTokens is an example of this idea, implemented:
I would suppose the hardest part is if the currency attempts to emulate bitcoin's decentralized nature then there is the need for significant mining efforts to occur so that the double-spend attack (er., the reverse and respend attack) isn't easily attainable through achieving 51% of the network strength.
If you don't want decentralized, then I suppose you could get by simply by having at check that the hash for each block matches up against the chain's master node. But if you are going to do that, there are easier ways to do so than to add the overhead of Bitcoin's block chain approach.