Interested in forming a new alt currancy for personal use, help needed.

[El Cabron]

Hi all,

I am Interested in forming a new alt currancy for personal use. Is there anyone skilled enough that would be able to help me?

Thanks.

[boonies4u]

Hi all,

I am Interested in forming a new alt currancy for personal use. Is there anyone skilled enough that would be able to help me?

Thanks.

For personal use? You mean record keeping?

[markm]

It looks like hardly anyone uses GRouPcoins lately, maybe they would suit your needs?

-MarkM-

[dree12]

It looks like hardly anyone uses GRouPcoins lately, maybe they would suit your needs?

This is a bad idea if you are going to use it for anything serious! A malicious individual can easily 51% an "adopted blockchain".

If you don't want to generate a new genesis block, you could generate a "2nd genesis block" onto a fresh disconnected bitcoin client, then fork the bitcoin codebase to require 2 genesis blocks.

[iopq]

If the poster's name says goat, but the avatar is an elephant, don't believe your eyes

[RaggedMonk]

Can you go into greater detail about the specific needs and goals of your project?

[El Cabron]

I just think it would be cool to have my own altcoin. How much effort/money would it take to set up?  Thanks

[memvola]

I just think it would be cool to have my own altcoin. How much effort/money would it take to set up?  Thanks

Depends. What do you actually want?

You could change a few lines of code of the official Bitcoin client and you would have an alternative network and block chain. Would take a few hours including tests.

[El Cabron]

I just think it would be cool to have my own altcoin. How much effort/money would it take to set up?  Thanks

Depends. What do you actually want?

You could change a few lines of code of the official Bitcoin client and you would have an alternative network and block chain. Would take a few hours including tests.

Interesting. I guess I would want to improve it a bit. Faster transactions could be done I am sure. But what about adding something to make it more 51% attack resistant? 

[finway]

I think shutdown your internet,
and two new nodes addnode with eachother will be good.

[El Cabron]

I think shutdown your internet,
and two new nodes addnode with eachother will be good.

I see how that would be effective but turning off my internet was not really what I had in mind:)

[Coinabul]

Create three physical books.
Write down three columns. Write down transactions from all the accounts (books).
Triple bookkeeping. In essence the bitcoin blockchain.
Done!

[memvola]

Create three physical books.
Write down three columns. Write down transactions from all the accounts (books).
Triple bookkeeping. In essence the bitcoin blockchain.
Done!

+1

But what about adding something to make it more 51% attack resistant? 

These are hard problems to solve, it's even hard to articulate what the problems actually are. Why are you interested in this if you don't have any ideas to begin with? Are you planning to sponsor a programmer to work on a solution to a problem you have in mind? Either way, the main goal still needs to be stated. For instance as it stands, there is no definitive way to make the network more resistant to 51% attack, you need to steer the objective one way or the other.

If you are going to sponsor an open-source block-chain based project, I'd humbly suggest a decentralized stock exchange. There are good ideas out there about this.

[El Cabron]

Okay, I am very interested in the open source stock exchange idea. What do you think is the best way to do this?

Thanks.

[markm]

It can already be done using the namecoin blockchain quite likely, since all you need from the blockchain is a way of owning names.

For example to issue shares you could just find a name that is still available, grab that name to use as name for the overall project the shares are to be associated, then grab names with -000 -001 -002 etc appended to that name to use as individual shares, which you'd then offer for sale.

-MarkM-

[memvola]

It can already be done using the namecoin blockchain quite likely, since all you need from the blockchain is a way of owning names.

For example to issue shares you could just find a name that is still available, grab that name to use as name for the overall project the shares are to be associated, then grab names with -000 -001 -002 etc appended to that name to use as individual shares, which you'd then offer for sale.

But you can't handle secure asset transfers that way. Something else we need is for sellers and buyers to publish offers, and transfers to automatically take place once they match.

Everyone has their own ideas about how to build such a system. Some relevant threads:

https://bitcointalk.org/index.php?topic=52494.0
https://bitcointalk.org/index.php?topic=46834.0
https://bitcointalk.org/index.php?topic=21663.0
https://bitcointalk.org/?topic=7096

I have a somewhat different approach in mind, but couldn't get around to putting together a solid design yet.

[El Cabron]

What would be a reasonable bounty for such a project?

[markm]

Must these secure exchanges happen using p2p only?

-MarkM-

[El Cabron]

I am open to all ideas. But I would think it would be the best? GLBSE is not p2p and they just raised the fee to 20 btc for a new asset. There is a demand for a new service.

[markm]

I am using Open Transactions myself. S0 far it does not include voting nor automated sharing out of dividends but those on the roadmap and meanwhile it seems it ought to work fine for "preferred shares" type of shares (no vote, no necessity for dividends).

As work on the libraries continued though, voting and dividends will presumably be implemented somewhere along the line.

It is not p2p though.

-MarkM-