[TBR] Rexcoin - the alternative semi-offline Bitcoin-Backed Client [Updated]

[rexcoin]

This post is to inform you im now working on something i been wanting to do since i seen bitcoin, but due to my gambling problems i have not started it, but now my gambling is pretty much undercontrol at this point i can finally work on it.

What is rexcoin?
Rexcoin is a rather unique currency which uses REXCOINS as it main currency backed by bitcoin currency. Rexcoin is not a alternative which is better then bitcoin at all, its rather a program which would simplify some things which will be explained below. Rexcoin is semi offlline, but because it does not download blocks or require a rexcoin payment address or sending address, it is for now centralized in a way.

How is it centralized?
Because sending/receiving rexcoins is done offline by just giving a user a block of data, and theres no way to verfiy that even when ecrypted, so my plan is, to use a telephone api using twilio to do a few things.
1 - Check if the block is valid and not redeemed for bitcoins already.
2 - Request a block of rexcoin data to be exchanged to bitcoins.

Does Rexcoin save information regarding who sent/received the rexcoins?  
Not at all, there are no payment/sending addresses at ALL. You send someone rexcoins by giving a small 2-4 KB file which is a block of data. You have to do your own intergration with the rexcoin telephone api to check if the block is valid and not redeemed already. it will be simple to do.

What is in the rexcoin block then if this is basically centralized?
1 - Encrypted information which contains that the block is not made up from a user.
2 - Encrypted Rexcoin telephone api containing the bitcoin redeem code.

How much is 1 rexcoin block of data worth in bitcoins anyway?
Since this is a micro transaction client, each rexcoin can be worth from .001 - .005 bitcoins. Theres no way to tell how much its worth until its redeemed to your bitcoin address.

So how do I withdraw the bitcoins exactly if you are using a number only telephone api?
This is the part that might get some users upset. This is still a work in progress anything can change. But for now, this is how it works.
1 - User visits rexcoin official website
2 - User inputs any (1) of there bitcoin receiving address.
3 - User is given a few information, including Access Code,  Pin Code, API Code
4 - Once user has a block of data they type there access code, pin code and the bitcoin redeem code.
5 - Bitcoins will be sent automatically.

How are rexcoin's earned/minted anyway.
For now this is a manually process in where i am the mint, i create ALL rexcoin data blocks (As soon as this program is released i will make other minters if anyone is interested). There will be a option to do those offer walls type thing to earn rexcoins. Now im not talking about ofers in which you need your  name, address, S.S number, your monthly income and that BS, thats crazy, im talking about simple offer which you click a link or submit a email or zip code. thats it. There will also be giveways on here (bitcointalk.org) for rexcoins.

O.k so rexcoins are centralized and hard to get and worth a little bit of bitcoins why the heck should i use it.
Yea i bet EVERYONE is asking that by now. Well here is why you should use rexcoin.
1 - No way to tell who sent / received the rexcoins (no block explorer :-) ).
2 - No need to download huge block.
3 - Should be rather secure - no double spends, no 51% attack.
4 - No receiving/sending address at all, no need to remember or copy and paste 100 alphanumerical letters.
5 -  Would be changing, meaning rexcoins in the future could be worth upto 0.10 btc.
6 - No need to mine at all, no using alot of electricity, does not slow down the computer at all, Windows 95 users can use it.
7 - Simple to use, just import/export a block of data no waiting 1 hour for a transaction, its instant using the api.

O.k so what are the bad parts of rexcoin?
1 - Centralized for now.
2 - Not open source :-(
3 - Kinda hard to get rexcoins if you dont like doing offers at all or dont like contests.
4 - rather low rexcoin to bitcoin rates (for now)

Wait are you even using the bitcoin client source?
Nope i am making it in whole different language then what bitcoin is wirtten in, it does not even use even .000000001% of bitcoin source..

o.k might sound fun, where do i download it?
TBR = To Be Released, :-)

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Now anyone have any thoughts? Questions? Concerns? I will do my best to answer them!

[markm]

Are these data blocks blinded cash, liike Open Transactions's Chaumian-blinded cash, so even the central server does cannot recognise cash people bring back to it as being any particular bit of cash issued earlier to any particular person?

-MarkM-

[rexcoin]

Sorry i never used or read about Open Transactions to be honest.

But the central server does not keep records nor will it ever of who sent or receive rexcoins.
It will not list who redeemed the rexcoins for bitcoins as well, as soon as the bitcoins are redeemed the block is "deleted" and no track of it at all. and the block which was redeemed is no longer valid.

Since all you are doing is transferring data from one person to another, which for example is like sending someone a word document to there email, the server also does not store the inormation AT ALL - the server is just to verify if the blocks are not fake or if they been redeemed is all.

[rexcoin]

To be really honest the reason for this project which i forgot to state, is to in the future when this is out of beta, to be able to use rexcoins on rockbox.org compatible mp3 players along with other offline electronics, could be fun.

[PatrickHarnett]

quote: Theres no way to tell how much its worth until its redeemed to your bitcoin address.

err, ??  Isn't that a problem.

[rexcoin]

quote: Theres no way to tell how much its worth until its redeemed to your bitcoin address.

err, ??  Isn't that a problem.

for now the value is .001 - .005 as stated, i can make it directly a .001, .002, .003 ect.. or even .01 value of bitcoin i just THOUGHT if it was basically random from .001 - .005 might be more fun, But i posted this thread to get peoples thoughts, not just do it the way i have it, if no one contributed thoughts to my project it might fail 1 hour after launch :-P

So if i get a few more people to have a stable value for rexcoin to bitcoins i dont mind that.

[rexcoin]

I really didnt want to have to use a twilio api or any server to verify - BUT i wanted to do was have bitcoin address and private key files stored in the blocks - but the problem with that is, if someone decrypts the blocks (which im certain someone would) and there is no centralization they can give 1000's of blocks to people that were already redeemed or faked - and this project would be a huge fail. Which is why its tricky to port bitcoin to a non internet enabled device, which rexcoin is suppose to take care of that, which is why i am starting this.

Also i had a pretty good question in my PM, A forum user said they have a BASIC phone, that it does not accept apps, well my verification method is not a phone app BUT a landline/mobile voice automated assistant, so people can call for example a 1-800 number, to withdraw the bitcoins from the rexcoins.

I think using a voice server would be better for people? i mean even with netbooks u cant have them with you everywhere - but there are landline/payphones/mobiles almost everywhere in the world.

And yes payphones will work with this, anonymous = greatness

[rexcoin]

Hmm im not really liking the gui its going to be based on :-/ anyone suggestion something? I stink at image designing :-(



Basically Get Coin is where you import a datablock, Send Coin is where you export a datablock