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June 13, 2014, 08:48:03 PM |
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Hi all,
DISCLAIMER: This post is half rant, (hopefully) half useful information.
If you know me very well, you know what this post is about because I've been yammering on and on about it for about a year now.
If not, I am attempting to create the future of Crypto Currencies. First of all, I am absolutely in love with Namecoin. Not for its value, not for its code base, (definitely) not for its level of success, but simply because its blockchain serves a purpose. It doesn't just fill up your hard drive with useless transaction data. I am tired of seeing all these new Scrypt/X11/SHA/whatever crap clone coins that don't offer anything new except a new venue for pump-n-dumpers, noobs to potentially lose money or 'make' money (you're not making money, you're just profiting off someone else's poor trade decision). I know some of the newer X11 coins are offering some level of anonymity and messaging.. who cares? Bitcoin is already plenty anonymous if you use new addresses LIKE YOURE MEANT TO. And encrypted messaging? Woof guys. really. I've had Pidgin+OTR for over 3 years now. I don't need ANOTHER chat client built into my wallet.
If you're smart, you'll realize these new features are just bloat designed to disguise the fact that the coin is exactly the same as every other coin. Developer likely just wants to cash in. (Disclaimer: Ofcourse, I am planning on cashing in with my new coin. The original workers on the network will be machines under my/our control. We also need to find some early people who want to submit the type of work or else the miners wont have anything to do, lol).
Ok, enough rant. Let me fill you guys in on this without giving the idea completely away.. I learned my lesson finally. (I proposed the idea of mining contracts purchased at will with no minimum or maximum time commitment to pirateat40 via IRC... Two months later.. GPUmax comes out and guess who didn't get any credit or any money.. yea it was me).
My current problems with Crypto Currency/Altcoins:
Problem: Miners perform LOADS of work and it mostly has no bearing outside of that coin. Basically, all the work you do is only suited for one thing. Its useless outside of the coin. I hate this. Its a waste of money/power/processing power. Save for a few coins, like RIC/XPM. But even that work could honestly be deemed fairly useless aside from the scientific uses... Which are small. Sorry math geex =)
How the coin I'm creating fixes this: Kind of a loaded question. Lets break it down.
1. We're rewriting either the CryptoNote core or the Bitcoin core.. We are ripping out the hashing functions, etc, and we are designing a modular system that allows you to implement new methods of work, hopefully with ease provided you're proficient with C/C++ and can read documentation.. This is WAY easier said than done. That fact is not lost on me.
2. The first version of the coin will have a pretty static purpose. We're creating a business around it and it's gonna be suuuuper profitable. The work we've chosen appeals to both GPU *and* CPU miners. Theyll both be doing different things but the payout will be the same for them. You're probably saying oh great.. The payout is the same so the GPU farmers will be making bank while the poor CPU miners will be making nothing. Not true. A GPU should make you as much as a CPU. You're both working towards the same task but different parts of it. I can explain this in more depth but you'd need to sign a NDA.
It's still similar. 1. Miner connects to daemon 2. downloads a block(or chunk) of work 3. processes it 4. sends it to the network 5. if he or she is a lucky kiddo, they get some coins for reward.
Where our coin differs from others is the process and the upload. The processing is a custom function and it has LOADS of value to the outside work. NOT just crypto currency enthusiasts or geeks.
tl;dr == New coin clones just are the same old same old, miners are just confirming transactions but the work they do is useless. We want to still confirm transactions but have the work serve a proper purpose that's valuable to a wide audience.
People will process work for us, get coins as reward, they can either trade those coins or use them to submit work to the network. How many coins you send in will determine the percentage of the network that will work on it, how long, and certain parameters for the work. (sign the NDA and you can know!)
We still need to decide how the work will be submitted to the network by an end-user. Im thinking of releasing some portal software and users can be portals to submit work if they have X amount of the coin. Another idea is to just setup *one* portal and have all coins submitted be destroyed after the work is submitted. I dunno, I feel the second option will cause the conspiracy nuts to... go nuts.
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This is just a basic write up of this. I need help. I need smart people. I need people who might not BE smart but know how to learn and google. I need people who're enthusiastic and care about crypto currency. Most importantly, you should probably want cryptocurrencys to not be one trick ponies. I am still so surprised theres not more coins coming out that have more than one function like Namecoin.
Most importantly. We need money. Well, Bitcoins. I'm considering posting the PoC (proof of concept) to BTCJam and seeing if there are any interested investors but then again, I'm still afraid of someone with WAY more resources than me stealing the idea and just cutting me out. (See: pirateat40 + gpumax + me).
I had a loan all lined up with a nice guy from LocalBitcoins but once he sent it to me PayPal was like Hey, we're keeping this for 21 days. Only way to unlock it was to remove the buyer protection and I didn't want him to do that. Even though I'm legit and would pay him back.. It would just seem weird. Ya know? Like to keep everything above water.
So, if you wanna get involved, or invest, or know someone who will invest -OR- have some input. Let it rip. I want the feedback. If you're just so damn curious about this and you just wanna sign the NDA to hear about it.. that's OK too. =)
rg
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