What are the basic features of 2nd gen cryptocoins?

[henryjames1003]

I am writing an introducing paper to cryptocurrency. I have a doubt in my mind.

"What are the basic features of 2nd gen cryptocoins compared to Bitcoin?"

or in another words:

"What are the necessary ingredients of 2nd gen crytpocoin?  What make them be 2nd-gen rather than 1st-gen?"

In your mind, how many 2nd gen coins there are so far? Which ones?

2nd gen - coin solving the problems of the Bitcoins and it early forks:

- truly anonymous (in Bitcoin everyone can track your address)
- faster than Bitcoin (<<10 min confirmation time)
- low mining threshold (current Bitcoin is area for big ASIC-miners. Real 2nd gen have to be ASIC-resistance)
- PoW like a system have their own disadvantages like 51% attack, ecological problems (more Mhash => more Watts) and etc

There are main criteria of 2gen coin for me.

There are a lot of coins implements some of that - NEM, NXT, Monero, Bytecoin(BCN), Darkcoin etc.

P.S. And 2gen is the marketing ploy, of course. Each ScamCoin is perspective, innovative, 2nd gen and truly anonymous.

[TheLittleDuke]

Hard to fight "pseudo-anonymity" :-)

I am currently backing a team at the moment that is actually working to "de-anonymize" people, systems, nodes, content and transactions to build reputation on an opt-in basis through a Web of Trust.

The details are up for comment now at:

http://www.idcoins.org

We have an open forum on the StartJoin crowdfunding platform at the moment, soliciting feedback.

[yelllowsin]

I have found this article good. It suggests it all started with Namecoin:

http://cointelegraph.com/news/112052/the-race-to-the-moon-blackcoin-and-nxt-compete-for-crypto-20-crown

[zadiume]

Ive never seen a "2nd gen" crypto.

[devphp]

Ive never seen a "2nd gen" crypto.

Get out from under your rock!

[MaxDZ8]

If you guys think 2nd gen difference to be technical you're wrong big way.
Not only the tool, but how is it used. A simple mindset shift can make a difference.

[XNext]

1.Have own blockchain.
2.POS or more efficient than POW.
3.Have more tools except transaction,such as asset exchange,message,DNS,and so on.
4.Decentralized.

[asdlolciterquit]

I am writing an introducing paper to cryptocurrency. I have a doubt in my mind.

"What are the basic features of 2nd gen cryptocoins compared to Bitcoin?"

or in another words:

"What are the necessary ingredients of 2nd gen crytpocoin?  What make them be 2nd-gen rather than 1st-gen?"

In your mind, how many 2nd gen coins there are so far? Which ones?

Some people call coins like Mastercoin that is built ontop of the a bitcoin protocol second generation but personally I think a coin needs to have a completely new code to be true 'second generation'.

There are actually very few in my definition out in the wild though there are a bunch that are but are so much related to NXT I question how much they are new or just a re jig of the NXT code.

So new code that I know of released are:

NXT
Ripple
Qora
Exocoin?


yet to be released:
Node? Possibly just a recode of NXT.
NEM seems like a re jig of NXT, the wallet looks just like NXT but I don't really know. They claim new code.
Emunie Not sure it's still going to exist
Etherurm Corporate sponsored scam, but many will disagree with me.
Syscoin?
Crypti I'm convinced is a scam.


I'll update this list if people show it's a genuine new code.

yeah...Emunie seems gone

Too bad! i've a lot of faith in it

[asdlolciterquit]

If you guys think 2nd gen difference to be technical you're wrong big way.
Not only the tool, but how is it used. A simple mindset shift can make a difference.

totally agree!

2nd gen coin must reach a lot of more people than any other coins, except, maybe btc itself!

[EvilDave]

Heres a simple definition:

First generation crypto currencies have very limited functionality, you can store and transfer tokens in a secure and stable manner, using the blockchain as a simple transaction ledger.
Examples are Bitcoin, Litecoin, DOGE.....and pretty much all of their clones.

Second generation crypto-currencies use the blockchain as not only a means of storage and transfer, but also to offer extra functionality, such as marketplaces, financial apps, colored coins......
Examples are NXT, Counterparty, Mastercoin,.....

Second gen currencies are more like financial eco-systems, built on a blockchain, using their own currency as fuel for their application systems.

[Wesley]

Heres a simple definition:

First generation crypto currencies have very limited functionality, you can store and transfer tokens in a secure and stable manner, using the blockchain as a simple transaction ledger.
Examples are Bitcoin, Litecoin, DOGE.....and pretty much all of their clones.

Second generation crypto-currencies use the blockchain as not only a means of storage and transfer, but also to offer extra functionality, such as marketplaces, financial apps, colored coins......
Examples are NXT, Counterparty, Mastercoin,.....

Second gen currencies are more like financial eco-systems, built on a blockchain, using their own currency as fuel for their application systems.

Sounds right, but what would you call something like Bitcoin with Mastercoin or Colored Coins? Or Peercoin with Peershares? Sometimes a first generation coin can have second generation features layered on top of it.

[Lauda]

Sounds right, but what would you call something like Bitcoin with Mastercoin or Colored Coins? Or Peercoin with Peershares? Sometimes a first generation coin can have second generation features layered on top of it.

They aren't really second generation coins, that's just name calling. Of course it can have features layered on top of it which is great indeed.
What would you call anonymous coins then? They aren't first generation for sure, if you plan on using these names.