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Author Topic: Mynt: Serialized POS Currency (need developer, 10 BTC reward)  (Read 835 times)
Noitev
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May 25, 2014, 11:40:12 AM
Last edit: May 27, 2014, 01:20:49 AM by Noitev
 #1

I've had this idea for about half a year now and have given up trying to find someone to make it for me, so here I am, if someone can do it for me, I can pay 10 BTC for it. IDK if this coin name is taken or not either, I'm not really married to it if someone can think of a better one.

Here's the general idea:

Every unit is serialized by a 8 digit hexadecimal string.
Example:
00000000
00000001
00000002
3ADDC009
3ADDC00A
3ADDC00B
BC4453C2
Etc.
Mynt is Totally Proof of stake.
Mining is done as such
([Previous Block Header]+[Current time in
seconds])SHA-2 Hash=New Block Header
A new block can only be submitted if it has been at least 10 seconds
since the previous block.
The person who mines the next block is whomever has the coin that
matches the last 8 digits of the new header.
Example:
50d858e0985ecc7f60418aaf0cc5ab587f42c2570a884095a9e8ccacd0f6545c
The public key with coin d0f6545c may mine the next block by signing
it with their private key.
Every second changes the block header so that if the wallet holding
that coin is offline, someone else can sign it each second.
Earliest combined chain has priority.
This does 2 things:
Makes it power efficient and Proof of Stake as opposed to Proof of Work.
Enables colored coins.
Example:
I want to issue a fund called Widgets
I can issue this fund by sending shareholders coins
If I want to issue 10 shares, I'd designate coins
BC4453C2-BC4453CB as shares.
Shareholders then reserve those coins as special. a message is
broadcast to the network telling clients those coins are Widget
shares (designated to not be sent via regular send transactions.)
To trade Widget shares for other shares or Coins, they simply trade
that coin for a different designated coin/s or basic undesignated
coins.

Comments and criticisms are welcomed.

(Be sure to wish me a happy 1000th post Smiley )
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1632221275
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bitcoinpaul
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May 26, 2014, 11:25:46 AM
 #2

Interesting. Grats to 1000th post.
lovelyrice
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May 26, 2014, 11:28:56 AM
 #3

hope you can find the one.
Noitev
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May 27, 2014, 01:21:09 AM
 #4

Anyone able to make it I can give 10 btc.
cinnamon_carter
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May 27, 2014, 07:07:19 AM
 #5

good luck, i think it difficult, the timing would be an issue

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liyuxuanfc
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May 27, 2014, 07:15:24 AM
 #6

If I can do it wouldn't be looking for you

Relnarien
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May 27, 2014, 07:38:57 AM
 #7

The idea sounds interesting, until you consider that linking identifiers that are at least (4 raised to the 8th power) bits long to however many disparate coins there are will create a blockchain so bloated that it might end up choking the whole network before the 100,000th coin is even generated. There's also the issue that a claimable block header may not be generated for various intervals of time, which would cause a very unstable rate of block generation. While I love the creative thinking behind the concept, the idea needs to be modified to simpler specifications.
platorin
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June 01, 2014, 11:11:05 AM
 #8

Hmm... I don't know what to think about it.
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