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Anders (OP)
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July 12, 2014, 06:32:51 AM |
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Maybe a proof of work is needed for the miners after all. Because there needs to be a mechanism for determining which miner gets the reward for each block. Plus I'm unsure about how the security of the block chain can be guaranteed in a trustless way. That may require proof of work too. Or else it would probably be too easy to fork and make fraudulent copies of the block chain.
But as I wrote in an earlier post, even if the transaction time is several minutes, the payments can be done in a fraction of a second.
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BayAreaCoins
Legendary
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Activity: 4032
Merit: 1250
Owner at AltQuick.com
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July 12, 2014, 06:38:57 AM |
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Do a IPO. GL  |
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Anders (OP)
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July 12, 2014, 06:49:12 AM |
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Do a IPO. GL I'm just speculating wildly about possibilities in this thread.  I have no idea yet if it would work in practice, either technically or from a business perspective. For example, the user IDs would be publicly exposed on the block chain. That means zero anonymity. Would many users accept that? On the other hand, the transparency is good for statistics and the users in a sense pay by allowing their payments to be public. The users' payments, although free, contribute to the overall value of the block chain. |
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Anders (OP)
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July 12, 2014, 07:37:47 AM |
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My idea of a free cryptocurrency is that users will have an endless (time-rate limited) supply of free coins. Kora seems to be an ordinary altcoin. And user IDs will be stored publicly on the block chain, to prevent bots from making fraud payments and to make the block chain valuable for data mining and statistics etc. And each original payment will be connected to the domain name of the receiver, which also adds to the value of the block chain. I haven't figured out how to get unique user IDs connected to physical persons. My previous idea of using Twitter usernames as user IDs makes it hard to have it trustless since the apps that the users need to sign in to can make fraud payments. |
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hulk
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July 12, 2014, 08:15:35 AM |
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My idea of a free cryptocurrency is that users will have an endless (time-rate limited) supply of free coins. Kora seems to be an ordinary altcoin. And user IDs will be stored publicly on the block chain, to prevent bots from making fraud payments and to make the block chain valuable for data mining and statistics etc. And each original payment will be connected to the domain name of the receiver, which also adds to the value of the block chain. I haven't figured out how to get unique user IDs connected to physical persons. My previous idea of using Twitter usernames as user IDs makes it hard to have it trustless since the apps that the users need to sign in to can make fraud payments. Need to think of a way for it to have value, giving away free coin isn't a good idea.. |
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vincentvincent
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July 12, 2014, 08:45:33 AM |
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What I understand from you is that you want to store information in the blockchain for information about behaviour (payments, etc) of individuals.
I think you could say that people would give up their privacy for money? So that other people can datamine/look for interesting personal behaviour in the blockchain?
If users of your coin would agree in giving their privacy and every transaction could be easily traced to a certain person that would mean that you would have to "pay" these users for every transaction they do.
The funding of these free coins should then come from people who have value by the information they can gather from the blockchain?
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nmderr
Member
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Activity: 76
Merit: 10
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July 12, 2014, 08:51:15 AM |
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We are wanna make a new cryptocoin?
The more cryptocoin,please stop. |
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Anders (OP)
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July 12, 2014, 10:16:41 AM |
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My idea of a free cryptocurrency is that users will have an endless (time-rate limited) supply of free coins. Kora seems to be an ordinary altcoin. And user IDs will be stored publicly on the block chain, to prevent bots from making fraud payments and to make the block chain valuable for data mining and statistics etc. And each original payment will be connected to the domain name of the receiver, which also adds to the value of the block chain. I haven't figured out how to get unique user IDs connected to physical persons. My previous idea of using Twitter usernames as user IDs makes it hard to have it trustless since the apps that the users need to sign in to can make fraud payments. Need to think of a way for it to have value, giving away free coin isn't a good idea.. I'm thinking that class A coins will have value since they are proof of domains having earned them. So for example if Mashable.com has collected 50,000 coins during a month, then that's valuable reputation value for that news website. It's an objective and publicly verifiable metrics. So even if the coins were generated for free by users, the coins end up having value. The other idea I have is that class B coins are those that have been traded. Even potentially traded into other currencies such as BTC and USD. A class B coin can always be tracked back through the block chain to when it originally was a class A coin, so its value is preserved in that way. |
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Anders (OP)
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July 12, 2014, 10:22:52 AM |
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What I understand from you is that you want to store information in the blockchain for information about behaviour (payments, etc) of individuals.
I think you could say that people would give up their privacy for money? So that other people can datamine/look for interesting personal behaviour in the blockchain?
If users of your coin would agree in giving their privacy and every transaction could be easily traced to a certain person that would mean that you would have to "pay" these users for every transaction they do.
The funding of these free coins should then come from people who have value by the information they can gather from the blockchain?
In a way users "pay" by letting their transaction history become stored on a public block chain. The users pay the domain owners for services or as donations etc. It's very easy to pay. Just a click "Pay Freecoin" or something like that. All information public. Shady trading automatically discouraged! |
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Anders (OP)
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July 12, 2014, 10:53:16 AM |
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The cryptocurrency market could become huge. And the free coins would have their own niche and would only work well in some situations. A gambling site for example can only earn one class A coin per user per 24 hours. That would pretty much suck. For the gambling site it would be better to use Bitcoin or some other ordinary cryptocurrency, or coins of class B (which aren't free since only class A coins can be generated organically for free).
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Anders (OP)
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July 12, 2014, 06:04:09 PM |
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The use of domain names in the transactions is useful. This means that the protocol can demand that the miners call a specific URI such as /freecoin-verification/ to ensure that it's a real website. Otherwise bots could make fraud payments to millions of fake domain names. The user ID problem remains to be solved however. Frustrating!  Maybe in the future there will be a trustworthy user identification system. A bit Orwellian perhaps but for example every person could be given a unique IPv6 address as a user ID. |
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Anders (OP)
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July 13, 2014, 09:54:55 PM |
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A new idea I came to think of is to use domain names as user IDs until a better user ID system is available. Then the freecoins would only be for people who have websites, but that's enough market to start with. And the wallets would run on the individual websites. So the protection would be in the domain name. When a user clicks "Pay Freecoin" the web browser is redirected to a URI /freecoin-payment/ on his or her own website, from which the payment is made, and then the web browser is redirected back to the first website with information about successful payment or payment fail status. Something like that. I haven't thought it through fully yet  , but I wanted to post it here while I have the idea in my mind. |
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s.tata
Newbie
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Merit: 0
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July 16, 2014, 08:30:43 AM |
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hmm crypto currency 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 can't imagine how it may exist What reason to work with such coin |
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