Are there any free cryptocurrencies?

[Anders]

I wrote earlier that the Freecoin wallet would have no coins in it. It would be silly perhaps to call it a wallet if it couldn't have any coins in it. So instead the Freecoin wallet can store coins of both class A and B. The Freecoin wallet also has a freecoin generator that produces one new freecoin of class A every time the user pays to a domain owner. The wallet can have a user ID connected to it, or a domain name, or both. The Freecoin generator must be connected to a user ID.

As an example, freecoins can be transferred between Freecoin wallets. If a freecoin of class A is transferred it becomes class B. And only wallets with a domain name connected can collect freecoins of class A. New freecoins are always class A and can only be created by users paying directly or by miners adding transactions to the block chain.

The reason for why transferred freecoins become class B is because class A indicates original freecoins. If for example, a domain owner has 50,000 freecoins of class A and 20,000 freecoins of class B, then it means that the domain owner has collected at least 50,000 freecoins directly from users (or from mining) and the 20,000 class B freecoins have been received from wallets through buying, trading or donation etc.

The class A freecoins have higher status value than class B since they are proof of the domain owner having collected them organically. Class A freecoins show that users have payed with their attention/interest/like to a particular domain, such as X-MenReloaded.net or Walmart.com. Class B freecoins are connected to a domain name or a user ID, without there being direct user interest involved.

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[Anders]

If successful, and it will be :GHWB voice: , Freecoin can be exchanged for other currencies such as Bitcoin and USD.

[BayAreaCoins]

The problem with hunter coin is you get killed too fast. There are too many people in the map. You can't collect anything.

Map has since been reduced.  No where near as many players and there is a random "sickness" that can happen now... this is to introduce more risk for people running armies of bots.

www.Huntercoin.info

Much better now, but the market price is a bit low at the moment.

10HUC for a general now too.

[Anders]

User IDs connected to physical persons are a tricky issue today on the Web.

"THE founders of the internet were academics who took users’ identities on trust. When only research co-operation was at stake, this was reasonable. But the lack of secure identification is now hampering the development of e-commerce and the provision of public services online. In day-to-day life, from banking to dating, if you don’t know who you are dealing with, you are vulnerable to fraud or deceit, or will have to submit to cumbersome procedures such as scanning and uploading documents to prove who you are." -- http://www.economist.com/news/international/21605923-national-identity-scheme-goes-global-estonia-takes-plunge

Maybe Twitter usernames with OAuth authorization could be used for Freecoin and that it would be good enough. Then one person could have several user IDs but making bots with thousands of fake IDs each would be impractical. And together with a max limit of one freecoin per user ID and domain each 24 hours, the incentive for fraud would be small.

[Anders]

When millions of freecoins have been generated it will be possible to determine an objective ranking of which websites/apps have earned most freecoins of class A and plot history charts for that ranking. That's a good incentive for domain owners to want to earn class A freecoins which in turn will give the currency an intrinsic value.

[Anders]

Notice that although the actual transaction times for Freecoin may be several minutes, for users the 'Pay Freecoin' click can be made as fast as a fraction of a second. If a tiny percentage of the transactions fail it doesn't matter much since the payment is basically just like an ad, "Like" or "+1" click.

A typical scenario can be that a user (end user) on a news website has to click 'Pay Freecoin' to read certain articles. From the users' perspective it's very user friendly where the users simply click the payment button/link and directly get access to the news article. The amount is always only 1 freecoin so the whole payment and transaction process can be handled automatically without the need for the user to specify the amount or wallet ID etc.

[Anders]

When unique user IDs are used, is it necessary to store the coins in a wallet? Or is the block chain itself enough to hold the coins? That would be convenient since the coins would then be safely stored automatically without the need for cumbersome private protection and storage of personal coins.

[Anders]

*bump* Oh, maybe I should add some information:

Ray Kurzweil has described how information technology is improving exponentially in terms of price/performance. And even materials things are becoming information technology. This means that money as a token of power will become less and less important. If you can 3D print a Big Mac for free in the future, where is the power of money? If zero-point energy technology can provide all the energy we need, what happens to the trillion dollar energy industry? When general artificial intelligence and robotics can do everything we humans can do, and do it better and for free, what power does money have?

The valuable resource of the future will be people's attention. Understand that, or go the way of the dinosaurs.

[s.tata]

hmm 
cryptocurrency without price? 

Yes! The value could instead of price be in the information about users/usage. Simply the attention from users is perhaps valuable enough to be put in a block chain. I'm just speculating here and haven't thought it through yet.

I have no idea how it can exist, if u will find any examples let me now about it here

[Anders]

hmm 
cryptocurrency without price? 

Yes! The value could instead of price be in the information about users/usage. Simply the attention from users is perhaps valuable enough to be put in a block chain. I'm just speculating here and haven't thought it through yet.

I have no idea how it can exist, if u will find any examples let me now about it here

In my previous post I described the really big picture. Technological singularity stuff. Won't happen until around the year 2045 according to Ray Kurzweil. Still, I think the idea of a free cryptocurrency could become a viable alternative, maybe already today.

The core idea is that people's attention is the fundamental resource. Take a Facebook like for example. How much is that worth in monetary terms? Quite a lot, even in terms of real money. How much is an ad click worth? The idea is to have a cryptocurrency that captures that value of user engagement and gives it an objective measurement.

[smalltimer]

you need miners to mine the coin. That costs electricity. They are not going to mine for free.
That said, there was faucetcoin, but it never went live

https://bitcointalk.org/index.php?topic=552903.0


other than that you can create your own pos-coin and give it away but people still need to have an interest in staking it.

It's about having people interested in keeping the network running.

There was also freebiescoin lately but that got nowhere. Or btctalkcoin which suffered from bad dev.
Latmium for pyramidsheme. 

[Anders]

you need miners to mine the coin. That costs electricity. They are not going to mine for free.
That said, there was faucetcoin, but it never went live

https://bitcointalk.org/index.php?topic=552903.0


other than that you can create your own pos-coin and give it away but people still need to have an interest in staking it.

It's about having people interested in keeping the network running.

There was also freebiescoin lately but that got nowhere. Or btctalkcoin which suffered from bad dev.
Latmium for pyramidsheme. 

The miners will earn freecoins when they add transactions to the block chain. I was thinking 1 freecoin per transaction, but perhaps the miners should earn much more than that since 1 freecoin will only likely be worth less than a dollar. In the beginning 1 freecoin may only be worth a few pennies!

If I had a website I would consider having a "Donate Freecoin" button. Popups and obtrusive ads suck imo. Freecoin could replace some of those kinds of ads.

[Anders]

That said, there was faucetcoin, but it never went live

https://bitcointalk.org/index.php?topic=552903.0

I took a look at faucetcoin. I don't know much about altcoins, so it went over my head. How does the faucetcoin work? I don't get it.

[Anders]

How many freecoins can be produced? The answer is: to infinity, and beyond! Because freecoins will be generated both by users and by miners. And each user has an "infinite supply" of freecoins since they are created in real-time every time the user pays. The hard limit is instead in the rate of new freecoins: max 1 freecoin per user ID and domain every 24 hours. So for example if you have payed 1 freecoin to CNN.com then you will have to wait until the next day until you can spend another freecoin on that domain. And CNN.com somehow needs to keep track of your user session so that they can see that you already have payed for one day.

[Anders]

Freecoin will have a Web API for payments (HTTP/HTTPS and for example JSON). And the mining etc will take place on a lower level. Is that possible to implement today and still have it decentralized?

[Anders]

Another possibility with Freecoin is that it will be possible to get statistics about how many freecoins each user has spent and on what domains. I don't know if that's good or bad. Probably bad if someone wants that kind of information to be private and hidden. Statistics like that is very valuable though.

[BayAreaCoins]

Nothing is free in life... and if it is the Goverment will be taxing it soon! (Oxygen, rain water ect)

[Anders]

Nothing is free in life... and if it is the Goverment will be taxing it soon! (Oxygen, rain water ect)

Users pay with their attention. That's a valuable resource. Ask YouTube.

[Anders]

Wait a minute. If the coin production I described earlier is used then no double spending is possible. And the proof of work unnecessary! The miners can simply check if the user ID + domain combination has already been added in the past 24 hours. If so, the transaction is rejected. If not, then the transaction is added to the block chain. Transaction time: 1 millisecond!!!

The difficult part of the miners will be how to achieve a global timestamp. Real clock-time timestamps. Not like Bitcoin timestamps.

"For Bitcoin, each timestamp includes the previous timestamp hash as input for its own hash. This dependency of one hash on another is what forms a chain, with each additional timestamp providing evidence that each of the previous timestamp hashes existed." -- http://en.wikipedia.org/wiki/Bitcoin_network#Timestamps

[Anders]

To solve the global clock time, the miners could add UTC timestamps from NTP servers every ten minutes. And from those timestamps a global timestamp is calculated with a majority rule. If more than 50 percent of the miners produce accurate timestamps, then that will ensure that attempts of setting fraudulent timestamps are blocked.