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Author Topic: [ANN][SIM] Simcoin - A Simple Coin  (Read 155466 times)
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NxtChg
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April 08, 2014, 09:58:45 AM
 #1



Looking at the second generation cryptocurrencies, they seem to be locked in a race to develop more and more advanced and complicated features, like distributed exchange, Turing-complete scripts, etc., while we haven't mastered our core feature yet: transactions.

That's why I want to build upon ideas from Bitcoin, Ripple and NXT and create a simple coin with the goal of not adding more and more confusing features, but rather focusing on three S'es:



It will not be a clone of anything, but written completely from scratch.

("simcoin" is a temporary name and can be re-branded later).

----

As some of you know, I was the most vocal in NXT community about lack of checksums and helped develop Reed-Solomon protected addresses, which only recently been implemented in NXT. Well, in Simcoin they will be there from the start and will be shorter - 12 characters instead of 17 (while providing the same level of protection):

JOHN-DEAN-3J4S
or
FLOWERS-563KT

Because addresses are so short, there will be a built-in vanity generator in the client from the start.

There will be paranoid checksums on all levels of the system. There will be built-in strong passphrase generator and key-strengthening algorithm, as well as the ability to save passphrase as an encrypted wallet.

There will be no "darkNXT", i.e. no ability to send money to an arbitrary address and lose it. There will be no genesis account where you can send money to destroy it. There will be no reduced security for new addresses as in NXT.

There will be some form of account control to prevent big losses in case the passphrase is compromised and also to simulate multisig transactions. There will be assistance for cold wallets in the client from the start too.

For crypto, Ed25519 will be used, which is more logical choice compared to Curve25519 in NXT. Protection from 51% attack is done via PoS.

The server will be written in C++ with minimal dependencies and UDP as main network protocol. Database format will be as compact as possible to help with "blockchain bloat". From the start the transaction history can be arbitrary truncated or even turned off completely!

All clients will be "thin" clients, they won’t have to download the whole database and only cache what's relevant to you.

In NXT and Bitcoin the best way to handle customer deposits is to generate unique addresses for them. This increases the size of the database. In Simcoin transactions will be done similar to Ripple - with a short text field where you can put some special code to link this deposit to your account. Or you can register with your address as a username, which is possible because they are so short and mnemonic.

There will be ability to send messages, similar to NXT Arbitrary Messages, but it will be done right: there will be a type tag and all messages will be automatically and transparently encrypted. In fact, ALL traffic will be automatically encrypted to help with privacy, security and to make it harder for governments to filter our packets.

----

Since I've already developed an exchange (former NxtChg.com), I got this covered from the start. And there will be no trading fees.

There will be no mining, but instead all server owners will receive constant rewards for running their nodes.

I also will not repeat the same mistake BCNext did: he abandoned his creation to an idealistic vision of completely distributed and "headless" development. It was sad to see great ideas of NXT disintegrate like this. Instead, the source code will remain closed until my vision is implemented exactly as I planned it to be. I might be wrong in some decisions, but at least I will be coherent.

Transaction Speed

Transaction speed will be a priority. The goal is ambitious: to achieve <1 sec confirmation. Complete confirmation, no backsies. Either your transaction is confirmed and engraved in stone in less than 1 second, or it will be rejected and you will have to try it later.

I believe it is possible. Here's a network simulation video:



You can download the simulator and play with various settings in the ini-file if you are Ok with an exe file.

IPO

The IPO is closed.

There will be total 1 billion simcoins.

We split it like this:
  • 40% main auction IPO
  • 20% distributed, probably via worldcommunitygrid as well as bounties and giveaways. Probably put under community's control via committees, similar to NXT.
  • 20% distributed as rewards for server runners over the years to support the network
  • 20% left as developers reserve

To participate, go here:

https://simcoin.info/ipo/

create an account and deposit your bitcoins. You will get your share, proportional to your stake relative to all other deposits. I.e., if only 2 people deposit, each 0.1 BTC, they will get 200 million each. If they deposit 0.2+0.1, they will get 267 and 133 million respectively.

All deposits are non-refundable because they will be used to cover development costs, so think carefully.

The end date for the IPO will not be announced to prevent last minute deposits. It will just end one day without any warning.

Launch Date

UNKNOWN.

So far I've committed one year of my life to this project. Two months have already passed.

Test Net release (early beta) will be, let's say, somewhere in the middle Smiley

Nobody knows, really. We'll see. Just keep an eye on the progress.

Progress

Most accurate progress will be on Trello: https://trello.com/b/gscZWNn8/main

  • crypto code (95%)
  • network code (80%)
  • transactions code (5%)
  • native Windows client (10%)
  • exchange (100%)
  • initial servers setup (0%)
  • web client with JS signing (5%)
  • forum + wiki (10%)

Forum: https://simtalk.org:444/

Wiki: https://simcoin.info/wiki/Main_Page

Bounties: https://bitcointalk.org/index.php?topic=645679

Exchange: https://simxchg.com:555/

So, if you want to help create such a coin - join me. You will have to suffer my dictatorship for the course of initial development Smiley but once it's open source I will relinquish control to the community.

Do you have any suggestions or ideas? I'd love to hear them.

Simcoin: https://simtalk.org:444/ | The Simplest Bitcoin Wallet: https://tsbw.io/ | Coinmix: https://coinmix.to | Tippr stats: https://tsbw.io/tippr/
--
About smaragda and his lies: https://medium.com/@nxtchg/about-smaragda-and-his-lies-c376e4694de9
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April 08, 2014, 10:01:31 AM
 #2

very nice coin!!!

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April 08, 2014, 10:03:47 AM
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good idea。   come on,
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April 08, 2014, 10:41:03 AM
 #4

watching
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April 08, 2014, 03:50:05 PM
 #5

Interested, how to contribute???
NxtChg
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April 08, 2014, 03:54:42 PM
 #6

any white paper?

Not yet. I will setup a wiki soon and start filling it with info.

Simcoin: https://simtalk.org:444/ | The Simplest Bitcoin Wallet: https://tsbw.io/ | Coinmix: https://coinmix.to | Tippr stats: https://tsbw.io/tippr/
--
About smaragda and his lies: https://medium.com/@nxtchg/about-smaragda-and-his-lies-c376e4694de9
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April 08, 2014, 03:59:28 PM
 #7

Perhaps the coin could be called S-coin or SSS? Also so the network will be maintained by POS or server nodes? Can anyone run a node?

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April 08, 2014, 04:00:57 PM
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>> 20% left as developers reserve
Why do you need the IPO if 20% of coins is already reserved for development  Huh Huh Huh
NxtChg
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April 08, 2014, 04:14:43 PM
 #9

Perhaps the coin could be called S-coin or SSS? Also so the network will be maintained by POS or server nodes? Can anyone run a node?

Thought about it Smiley ssscoin domains were even all available. But I think simcoin looks and sounds better. Still we can re-brand it easily, I even write stuff like this:

#define COIN_NAME "Simcoin"

anticipating possible re-branding and forks Smiley

The network will be maintained by nodes with PoS (similar to hallmarks in NXT). Anyone can run a node, but you will need to pay a one-time fee to create a server account and have a minimal amount of money in it. I am still thinking about how to do it best in order to get maximum protection from attacks, so any ideas are welcomed.


Simcoin: https://simtalk.org:444/ | The Simplest Bitcoin Wallet: https://tsbw.io/ | Coinmix: https://coinmix.to | Tippr stats: https://tsbw.io/tippr/
--
About smaragda and his lies: https://medium.com/@nxtchg/about-smaragda-and-his-lies-c376e4694de9
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April 08, 2014, 04:16:40 PM
 #10

Why do you need the IPO if 20% of coins is already reserved for development  Huh Huh Huh

IPO is needed to distribute money among people.

Simcoin: https://simtalk.org:444/ | The Simplest Bitcoin Wallet: https://tsbw.io/ | Coinmix: https://coinmix.to | Tippr stats: https://tsbw.io/tippr/
--
About smaragda and his lies: https://medium.com/@nxtchg/about-smaragda-and-his-lies-c376e4694de9
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April 08, 2014, 04:16:50 PM
 #11

Maybe a registration application? Also simcoin sounds a lot like something off of simcity...

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April 08, 2014, 04:23:33 PM
 #12

Maybe a registration application?

You mean for nodes? But then there needs to be a centralized authority to accept/reject them...

Also simcoin sounds a lot like something off of simcity...

If anybody has an idea for a cool name - throw it in here!

escrow?

As I said, I'd rather focus on core features. Also I am not sure how a decentralized, automatic escrow can be implemented.

Simcoin: https://simtalk.org:444/ | The Simplest Bitcoin Wallet: https://tsbw.io/ | Coinmix: https://coinmix.to | Tippr stats: https://tsbw.io/tippr/
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April 08, 2014, 04:27:04 PM
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Yes i mean for the nodes, but its a good way to make them public, and the dev could accept/reject them.

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April 08, 2014, 04:29:36 PM
 #14

Yes i mean for the nodes, but its a good way to make them public, and the dev could accept/reject them.

No, this isn't going to work. For a crypto to be successful it should be as decentralized as possible.

Developers already have way too much power in such projects.

Simcoin: https://simtalk.org:444/ | The Simplest Bitcoin Wallet: https://tsbw.io/ | Coinmix: https://coinmix.to | Tippr stats: https://tsbw.io/tippr/
--
About smaragda and his lies: https://medium.com/@nxtchg/about-smaragda-and-his-lies-c376e4694de9
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April 08, 2014, 04:31:12 PM
 #15

Of course developers have a lot of power.... they develop the coin. Also you said decentralized as possible how else are you going to filter nodes? Community vote?

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April 08, 2014, 04:36:07 PM
 #16

Also you said decentralized as possible how else are you going to filter nodes? Community vote?

Community vote can help somewhat, like a trust multiplier, but the main idea of PoS is that big fat cats wouldn't want to see the value of their holdings or business to go down, so it is assumed they will not act to harm the network.

Whether this concept is really valid we are yet to see because all the PoS cryptos are just too young.

Simcoin: https://simtalk.org:444/ | The Simplest Bitcoin Wallet: https://tsbw.io/ | Coinmix: https://coinmix.to | Tippr stats: https://tsbw.io/tippr/
--
About smaragda and his lies: https://medium.com/@nxtchg/about-smaragda-and-his-lies-c376e4694de9
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April 08, 2014, 04:54:38 PM
 #17

WARNING, LIKELY SCAM.

Here are the warning signs:

1. Dev claims he was one of the most active on NXT thread to gain credibility. Okay, maybe but as of right now he is still < 100 posts total.
2. Dev types out rough outline of his coin. No whitepaper, beta, or anything to show for it yet.
3. Dev posts massive IPO offering without escrow.
4. Dev refuses requests for escrow (see page 1) with some lame excuse about "focusing on core features". What?
5. Dev says IPO is going away soon to create urgency, making it more likely you'll do something stupid. If this project were legit, why wouldn't the dev want the IPO to reach full maturity? Why not be transparent? What's wrong with last minute deposits?

DEMAND ESCROW.

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April 08, 2014, 05:04:55 PM
 #18

1. Dev claims he was one of the most active on NXT thread to gain credibility.

I do not. I said I was most vocal about the lack of checksums.

2. Dev types out rough outline of his coin. No whitepaper, beta, or anything to show for it yet.

No argument here, you are right, this is lacking.

3. Dev posts massive IPO offering without escrow.
4. Dev refuses requests for escrow (see page 1) with some lame excuse about "focusing on core features". What?

I thought this was the question about the escrow feature Smiley

I haven't thought about doing it via escrow, my bad. Still, it's difficult and cumbersome to do it via escrow, so I guess people will have to trust me. I operated the NXT-BTC exchange for a while with max 40 BTC and 1.4 million NXT on the balance and didn't steal anything, so you can trust me at least up to that amount Smiley

5. Dev says IPO is going away soon to create urgencyreach full maturity? Why not be transparent?

Again, you are twisting my words - I said the date won't be announced. On the contrary I want IPO to stay open as long as possible to achieve better distribution.

Simcoin: https://simtalk.org:444/ | The Simplest Bitcoin Wallet: https://tsbw.io/ | Coinmix: https://coinmix.to | Tippr stats: https://tsbw.io/tippr/
--
About smaragda and his lies: https://medium.com/@nxtchg/about-smaragda-and-his-lies-c376e4694de9
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April 08, 2014, 05:15:53 PM
 #19

Why is escrow bothersome? You just send the coins when asked, that's all. The escrow service takes care of the rest.

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April 08, 2014, 05:24:02 PM
 #20

Why is escrow bothersome? You just send the coins when asked, that's all. The escrow service takes care of the rest.

You need to find a trusted person, so all the people agree to trust him and that's difficult.

You also have to make special arrangements if you want to start spending money for development.

----

I don't see this as a big problem. The IPO will remain open for some time and people can wait for as long as they want and see something tangible to come out first.


Simcoin: https://simtalk.org:444/ | The Simplest Bitcoin Wallet: https://tsbw.io/ | Coinmix: https://coinmix.to | Tippr stats: https://tsbw.io/tippr/
--
About smaragda and his lies: https://medium.com/@nxtchg/about-smaragda-and-his-lies-c376e4694de9
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