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Question: Which features are MANDATORY for a protocol to be considered "cryptocurrency"?
No need to trust a specific third party - 21 (13%)
Peer-to-peer - 24 (14.9%)
Decentralized - 23 (14.3%)
Proof of work - 20 (12.4%)
All transactions in a public block chain - 12 (7.5%)
Free and Open Source client - 20 (12.4%)
Features available do not depend on wallet balance - 10 (6.2%)
None of these - 3 (1.9%)
Cryptography - 20 (12.4%)
Digital signatures by spenders - 8 (5%)
Total Voters: 41

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Author Topic: What defines a cryptocurrency?  (Read 1724 times)
Explodicle
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November 08, 2011, 09:31:13 PM
 #1

There has been some disagreement here as to what exactly constitutes a "cryptocurrency". Maybe we can establish a rough consensus here. I just added everything I could think of, so please let me know if I've missed any potential criteria.
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Etlase2
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November 08, 2011, 09:48:43 PM
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I think you missed a big one with digital signatures preventing forgery. That + proof of work would be the only things that require cryptography in your poll, so I only voted for proof of work.

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November 08, 2011, 09:50:53 PM
 #3

Cryptography, and being used as a store of value in exchanges (like a currency). I don't see either of those on your list.

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November 08, 2011, 09:52:37 PM
 #4

Basically everything that ScamCoin isn't and that something like Litecoin is. Grin
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November 08, 2011, 10:12:40 PM
 #5

I've added cryptography and digital signatures to the list. Unfortunately, I don't know how to increase the maximum number of votes per person.
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November 09, 2011, 12:19:56 AM
 #6

ok cryptography was a bit redundant...

Explodicle
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November 09, 2011, 12:24:33 AM
 #7

ok cryptography was a bit redundant...

I think so too, but I would rather err on the side of more options.
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November 09, 2011, 12:45:09 AM
 #8

Maybe you should be more specific as to what you are trying to ask? The items listed on the pol are more "what are components of a bitcoin type protocol," not necessarily cryptocurrency. We may end up with cryptocyrrency that doesn't rely on the things Bitcoin does today.

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November 09, 2011, 12:46:59 AM
 #9

Seems this is just a topic too hard for even Wikipedia lol

http://en.wikipedia.org/wiki/Crypto-currency
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This page has been deleted. The deletion and move log for the page are provided below for reference.

11:12, 8 November 2011 Thumperward (talk | contribs) deleted "Crypto-currency" ‎ (G4: Recreation of a page that was deleted per a deletion discussion (TW))

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November 10, 2011, 06:53:44 PM
 #10

Seems this is just a topic too hard for even Wikipedia lol

http://en.wikipedia.org/wiki/Crypto-currency
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This page has been deleted. The deletion and move log for the page are provided below for reference.

11:12, 8 November 2011 Thumperward (talk | contribs) deleted "Crypto-currency" ‎ (G4: Recreation of a page that was deleted per a deletion discussion (TW))

Not another wikipedia administrator powertrip. There is something seriously wrong with those guys.

Why don't we flood that discussion page with comments saying we want a 'crypto-currency' page until they give up and go troll-delete something else?
Explodicle
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November 10, 2011, 09:49:56 PM
 #11

Seems this is just a topic too hard for even Wikipedia lol

http://en.wikipedia.org/wiki/Crypto-currency
Quote
This page has been deleted. The deletion and move log for the page are provided below for reference.

11:12, 8 November 2011 Thumperward (talk | contribs) deleted "Crypto-currency" ‎ (G4: Recreation of a page that was deleted per a deletion discussion (TW))

Not another wikipedia administrator powertrip. There is something seriously wrong with those guys.

Why don't we flood that discussion page with comments saying we want a 'crypto-currency' page until they give up and go troll-delete something else?


They won't give up. Wikipedia is run by whoever gives up last. Trust me, I used to be one of those people and spent a LOT of time on deletion discussions. The OFFICIAL reason will be this:

"Wikipedia articles require significant coverage in reliable sources that are independent of the subject."
Blogs and forums = not reliable
SourceForge pages = not independent
Gawker SR article = no significant coverage of cryptocurrency

If you argue rules with them, they will find more rules - and it's pretty byzantine. They will rely on a "wider" consensus that agrees with them, which while quiet right now, like totally exists, for real you guys. They will call in sock puppets that they have built up for years, and are better at evading checkuser (sock puppet detection) than you are. The number of people who want to keep an article doesn't matter. They will discuss and settle the matter with admins during an IRC chat you don't see and didn't know about.

We should just write articles on bitcoin.it and wait for the mass media to catch up. Since bitcoin.it is licensed CC BY 3.0, it can be copied to Wikipedia's CC BY-SA 3.0 space once the time comes. Now that the project is mature, you should never just start an article in the Wikipedia mainspace for any reason - only move it from elsewhere once it's near-finished, you have a backup, and you're ready to face the deletionists.
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February 11, 2012, 10:03:11 AM
 #12

I choose to do a technical paper on the definition of a cryptocurrencies, I don't know much and I plagiarism as well as bullshit'd a lot... If you could kindly tell me if all of my facts (most is based on this thread's poll) are correct as I do not wish to put false information out there... harsh criticism is appreciated
I didn't cite my quotes nor was I required to but I've linked all the webpages I used for the plagiarism part.


http://www.newyorker.com/reporting/2011/10/10/111010fa_fact_davis
http://www.forbes.com/forbes/2011/0509/technology-psilocybin-bitcoins-gavin-andresen-crypto-currency.html
http://cryptome.org/0005/bitcoin-who.pdf
http://en.wikipedia.org/wiki/Public-key_cryptography
http://en.wikipedia.org/wiki/Cryptography
http://en.wikipedia.org/wiki/Proof-of-work_system
http://en.wikipedia.org/wiki/Bitcoin


I choose the audience to be someone interesting in making a cryptocurrency and its about 800 words which was close to my limit. well, here you go:


"
LAYMEN - Cyrptocurrency for Noobs
Since the start of civilization, humans have been trading goods for other goods or services, this process was first done through bartering (direct exchanges for good and services) until a medium-of-exchange was created in which people would trade their goods/services for something universally precious like gold then using the gold for goods/services that they wanted. Gold was replaced with coins, coins were replaced with marked notes, and these notes are now being replaced with digital lines of code know as a Cryptocurrency.

Cryptocurrency gains its name from two other words, Cryptology and Currency.  
Currency - A currency can have many definitions and appearances but is understood universally as substance with intrinsic value.
Cryptology - Is the study of securing information though intelligent means such that outside parties, which the information is not intended for, would not be able to read such information for it appears as nonsense even if all the information is laid out in front of the party; these intelligent means can vary from letter manipulation, key pass phrases, and mathematical algorithms which allow for the receiver of the message to interpret the essential nonsense that the information appears to be.

Cryptocurrencies are a fairly new invention first released to the public on January 3rd, 2009, shortly after the global collapse of the banking sector, the claimed inventor Satoshi Nakamoto is a supposedly thirty-six year old Japanese man surrounded in mystery and anonymity who was very knowledgeable of four fields: computer programming (the language of C++), cryptology, peer-to-peer networks, and economics. The word Cryptocurrency was first coined by Nakamoto as it became the best way to describe the innovative coin he coded. The cryptocurrency was named Bitcoins, but it can been seen as more bit than coin for it is all digital. Much of cryptocurrency is up for debate as to whether is should be treated like a standard currency, or commodity, or even a security, as it follows all these aspect; It can be traded as a medium-of-exchange, appreciates in value like a commodity, and is used as a financial instrument like stocks and bonds. Soon other new Cryptocurrencies manifested following in Bitcoin’s footsteps, the original Cryptocurrency.

KNOWLEDGEABLE - Programmers interested in creating a cryptocurrency
Bitcoin is software developed by Satoshi Nakamoto with the intention of creating a currency immune to political or banker’s influence along with taking inconsistent and doubtful monetary policy out of command. Developing such software warranted a new word to describe the experimental currency and given its mathematical background in cryptology, spawned the concept of a “Cryptocurrency”. With the openness of the Bitcoin source code, many new innovative and some far more lazy adaptation have appeared. After many variants of design more than a dozen successful and unsuccessful cryptocurrencies were competing on the market along with the original, Bitcoin. For those of you looking to create your own variant of the Bitcoin cryptocurrency there are a few things to keep in mind; there are no strict rules that define a Cryptocurrency because the concept is still being developed with each new variant, but there are five similar features present in all cryptocurrencies that presently can not be avoided. Of these features are a public block chain, a proof-of-work system, a cryptography, digital signatures by spenders, and a peer-to-peer network.

1) Public Block Chain - The public display of the data used by the software client; this includes the number of transactions at each the block, height of the block count, total volume, time & date, the individual or group who relayed the Block, difficult of the block chain, data size, number of Bits, and the Hash (a string data type). This enables transparency of the network by recording the entire transaction history to prevent double spending and eliminating counterfeiting.
2) Proof-Of-Work System - Processing unit within a sender’s computer generates computation at the speed of the processor in order to provide the correct solution in the set given by the defined challenge initiated by the receiver of the computation. The receiver than verifies the computation using a mathematical algorithm to check if it solves the defined challenge. If the computation fits, the sender receives a token of validation as well as another challenge.
A particular example of a proof-of-work system could be the scheme:


3) Cryptography - The use of a key algorithms allows for each transaction to hold a public encryption key and private decryption key, while the public key is shared amongst everyone on the public block chain to document a transaction has occurred, the private key are use to authorize ownership of the receiving end of the transaction and will be used to authorize further transactions of sending (Co-exist with Digital Signatures).
4) Digital Signatures by Spenders - A cryptographic protocol that allows for the authenticity of the receiver to trust the sender based on an algorithm’s output of corresponding key generation.
5) Peer-To-Peer Network - A system of computers  in which nodes function as both clients and servers  to expand the flow of information with or without a concrete infrastructure. The practical use allows for the workload to be distributed along the network as well as connects the users to allows human interaction of digital exchanges over the Internet.

Bitcoins intent was to be a decentralized currency, but since then there have been many more ideas that sprout from cryptocurrency, for instance the registration of domain names in the Namecoin’s block chain, the light weight client and miner alternative of Litecoin’s block chain, and the entirely regulated and closely monitored currency of Solidcoin’s block chain. When designer your cryptocurrency, think not of a way to scam the community like Scamcoin, or copy an existing block chain like IXcoin and I0coin, but instead use the features of a cryptocurrency to innovate the vary word itself."

List of Active Altcoin Giveaways and Altcoin Faucets | https://bitcointalk.org/index.php?topic=322446.0
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