[ANN][SIM] Simcoin - A Simple Coin

[precrime3]

Annon136 is pretty reputable....

[edok]

Annon136 is pretty reputable....

+1

[NxtChg]

Again, 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.

You can put 0.001 and it will already give you enough money to be happy if this coin ever gets to dollar parity.

Meanwhile you can wait and as you see things being developed you can increase your deposit and get a bigger share.

[pandaisftw]

Not to rain on your parade, but NXT TF will allow speeds like this as well. And most of your points are "fluff" points - darkNXT, AM encryption, etc. The Reed-Solomon solution already solved darkNXT, AM encryption is already exists, etc.

The only claim I see noteworthy (at this time), is that every single client is a thin client? So there is no central ledger? Looking at the video, are all transactions just assumed to be true? I think you'll have to explain this part a little more.

If you can convince me of this, then I may invest - although the distribution percentages do require a bit of trust in you (you hold 60% of all coins at the start), so we'll have to see about that.

Pandaisftw

[NxtChg]

Not to rain on your parade, but NXT TF will allow speeds like this as well.

Right. I'll believe it when I see it.

So far it looks like a very fragile and artificial construct (not to rain on your parade too )

Anyway, with block time = 1 minute, you cannot achieve 1 sec transactions. TPS is not equal to confirmation speed.

The Reed-Solomon solution already solved darkNXT, AM encryption is already exists, etc.

These are all afterthought patches. I want to take lessons learned from NXT and apply them to the design of the system.

The only claim I see noteworthy (at this time), is that every single client is a thin client? So there is no central ledger?

There are clients and there are nodes (servers). All clients are thin clients and they don't participate in supporting the network, thus lifting the O(n*n) burden and also freeing users from the need to download complete database.

It's similar to Ripple in this regard where a few powerful nodes serve all the clients. Except here anybody can run a server and it's not centralized.

So there will be like 200 or 1000 servers and they will handle all transactions and keep the ledger. And users will connect to them with thin clients.

I think BCNext vision was similar too and with web clients NXT will work the same way. It's inevitable, bitcoin's approach is not sustainable.

[Asian Prepper]

I think you would have been better off staying with nxt instead of branching off.  No matter how you label it... Simcoin is still a clone and knockoff of nxt.

I suggest you continue to stay and help to develop nxt instead of starting your own alt coin.

The key to success in any alt coin is getting large scale adoption by the public, not coming out with new and fancy whizz bang features that nobody understands.

Its better for all of us to unite and dig a well that is 1 cm wide and a kilometer deep then to spread out and dig 1000 wells that are only a cm deep.

Pretty much any fancy pants feature that anyone can dream up cryptos has been thought out... yours isn't any original despite what you think.

The key is to get the code out.. not dream up new features or new clone coins.

Nxt has already "taken" the title as being the new kid on the block created from scratch...

If you come out with simcoin it can never proclaimed to be created from scratch it'll just be another clone of nxt in the history of cryptos.

I'm saying this not to rain on your parade but to encourage everyone to take the coins we already have on the market n actually make it work in real life and not just in theory.

Anyone coming out with a new coin at this stage in crypto history is only gonna be seen as a "get rich quick" for the inventor and nothing more.

If you have a stake in nxt n decide to invest in a clone of nxt... do not fool yourself into thinking that you are diversifying ur investments.

All u r doing is encouraging talent to go somewhere else instead of focusing on nxt.

The grass is not always greener on the other side folks.

Peace
Tai Zen

[nzminer]

I think you would have been better off staying with nxt instead of branching off.  No matter how you label it... Simcoin is still a clone and knockoff of nxt.

I suggest you continue to stay and help to develop nxt instead of starting your own alt coin.

The key to success in any alt coin is getting large scale adoption by the public, not coming out with new and fancy whizz bang features that nobody understands.

Its better for all of us to unite and dig a well that is 1 cm wide and a kilometer deep then to spread out and dig 1000 wells that are only a cm deep.

Pretty much any fancy pants feature that anyone can dream up cryptos has been thought out... yours isn't any original despite what you think.

The key is to get the code out.. not dream up new features or new clone coins.

Nxt has already "taken" the title as being the new kid on the block created from scratch...

If you come out with simcoin it can never proclaimed to be created from scratch it'll just be another clone of nxt in the history of cryptos.

I'm saying this not to rain on your parade but to encourage everyone to take the coins we already have on the market n actually make it work in real life and not just in theory.

Anyone coming out with a new coin at this stage in crypto history is only gonna be seen as a "get rich quick" for the inventor and nothing more.

If you have a stake in nxt n decide to invest in a clone of nxt... do not fool yourself into thinking that you are diversifying ur investments.

All u r doing is encouraging talent to go somewhere else instead of focusing on nxt.

The grass is not always greener on the other side folks.

Peace
Tai Zen

Agreed, all these knockoffs just weaken NXT and will never be as valuable as NXT, we need to work together as a team instead of forking coins.

[NxtChg]

Agreed, all these knockoffs just weaken NXT and will never be as valuable as NXT, we need to work together as a team instead of forking coins.

Uhm... Just to be clear, I am not forking anything.

[TwinWinNerD]

If I deposit coins with anon, will they count towards the IPO?

If not, why?

[xlcus]

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

IPO is needed to distribute money among people.

40% IPO + 20% reservation, that means you get 60% initial value of the coin.

If you want to make it serious, you need consider:
1. more detailed whitepaper;
2. escrow.

[NxtChg]

If I deposit coins with anon, will they count towards the IPO?

If not, why?

Sorry, deposit coins with what?

[TwinWinNerD]

If I deposit coins with anon, will they count towards the IPO?

If not, why?

Sorry, deposit coins with what?

https://bitcointalk.org/index.php?action=profile;u=3028

Deposit BTC with him and his escrow service

[edok]

If I deposit coins with anon, will they count towards the IPO?

If not, why?

Sorry, deposit coins with what?

He's the most reputable escrow guy on this forum.

[NxtChg]

https://bitcointalk.org/index.php?action=profile;u=3028

Deposit BTC with him and his escrow service

Ok, third time's the charm:

Again, 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.

You can put 0.001 and it will already give you enough money to be happy if this coin ever gets to dollar parity.

Meanwhile you can wait and as you see things being developed you can increase your deposit and get a bigger share.

There will be no escrow.

[TwinWinNerD]

https://bitcointalk.org/index.php?action=profile;u=3028

Deposit BTC with him and his escrow service

Ok, third time's the charm:

Again, 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.

You can put 0.001 and it will already give you enough money to be happy if this coin ever gets to dollar parity.

Meanwhile you can wait and as you see things being developed you can increase your deposit and get a bigger share.

There will be no escrow.

Well, then either you are a scammer or stupid. You would receive likely 10 times the amount of BTC compared to no escrow.

This IPO is then dead to me.

GL

[NxtChg]

Well, then either you are a scammer or stupid. You would receive likely 10 times the amount of BTC compared to no escrow.

I opt for stupid.

[lucky88888]

interesting...

how about a portion for free to widen distribution like exo, comm, nem, nex,nas.

1 billion is alot to distribute, that's why Nxt has suffered so long, its getting better but it took all these months of trust and development to get the distribution the way it is now.

Nxt is an exceptance because its special, no other crypto is going to get the same level of patience for distributions anymore.

[allwelder]

how to achieve <1 sec confirmation?

[NxtChg]

how to achieve <1 sec confirmation?

Well, first of all, you abandon the concept of blocks. It's a ridiculous Bitcoin atavism in a PoS currency. It limits you both in time and space, i.e. in the number of transactions that fit into one block.

This is also not good for fees. As the number of transactions grows, they now have to compete for the privilege to be included in the next block. Why create artificial scarcity?

I don't know why BCNext went this way when Ripple already existed and boldly abandoned it. It looks like a step backwards to me.

This architectural mistake leads to the need for Transparent Forging – a fragile and artificial construction where the network has to decide which node will forge the next block.


Simcoin will use something similar to Ripple's ledger consensus, but without all the bloat – trust lines, distributed exchange, arbitrary currencies and whatnot.

Whether I will be able to achieve it we will see in a month or two when Test Net becomes operational.

[NxtChg]

why are you not doing escrow?if its a real coin you should not have an issue providing escrow!

Let's set a little rule in this thread: I explain something no more than 3 times.

After that I will just ignore any new questions, because repeating something 3 times already makes me sound like a parrot.