Bitcoin Forum
November 29, 2021, 03:22:20 AM *
News: Latest Bitcoin Core release: 22.0 [Torrent]
 
   Home   Help Search Login Register More  
Pages: [1]
  Print  
Author Topic: Creating revolutionary new alt-coin.. Need people to bounce ideas off of  (Read 859 times)
rapeghost
Sr. Member
****
Offline Offline

Activity: 419
Merit: 250



View Profile WWW
August 09, 2014, 08:28:07 PM
 #1

Hi there,

I'm in the process of securing funding to create, what I believe, will be a revolutionary new alt coin.

The idea:

Currently, the work processed by miners for coins has no meaning outside the blockchain for that specific coin. My new coin will have a modular design and allow for new work to be added and computed. This idea is not *completely* new. Coins like Riecoin, Primecoin, Namecoin, etc, have been doing this same idea. However, even though their processing work that is meaningful, most of them have been fairly useless. I want to create something that doesn't just process some math works and have meaning to a few people. I want to process work for a broad audience and potentially change the world.

For example:

A group of students at a university have an idea that needs a lot of CPU/GPU time and they are unable to secure computing time on a supercomputer. As a solution, they create a module for my coin and allow people to volunteer their processing time to compute for them. This work is computed and while it still confirms transactions on the network, it also computes the specific type of data they need.

So, we get transactions confirmed and we also help a project at the same time.

The work is not limited to academic work. Anything that requires CPU/GPU time can be added. Password recovery, data encoding/decoding, etc.

Current status:

Currently all the coin does is crack password hashes. I figured this would be a good starting point as it gives incentive to both CPU and GPU miners as not all hashes are generated optimally by GPU.

What I'd like to bounce off people for ideas:

1. The work module system
Should it be coded in C? Should it be scripting based?

Advantages to C:
a. Fast
b. Allows for modular design

Advantages to scripting based:
a. Easy
b. Appeals to a broader audience due to scripting being easier than actual programming

2. Payment
How do we decide payment for each work module? Should each module pay out the same?

3. Work delegation
Should we allow certain modules to be selected to work on or should it work in a round-robin type system where each project gets a fair share of work from the network
---------------------------

I'd like to hear what people think about this and if you have any ideas of your own, PLEASE, feel free to interject. This project will be posted to BTCJam shortly as soon as all my identification stuff is processed.

Guys, This is a really revolutionary idea and could change the way alt-coins are made. Think of all the hashing time that is dedicated to these coins and is essentially wasted because all it does is compute useless hashing to verify transactions. If we can change this work to something MEANINGFUL.. Hell, we could cure cancer. We could process SETI data. The possibilities are ENDLESS.

Thanks for reading this.
 
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
rapeghost
Sr. Member
****
Offline Offline

Activity: 419
Merit: 250



View Profile WWW
August 09, 2014, 08:34:40 PM
 #2

Also:

When/if funding comes through.. I am looking to hire a project manager. Paid position obviously. I am looking to create a proper company behind this idea. I believe it will be a lot of work. Need to keep everything nice and neat. Finance/Management.

Will need more programmers eventually too. Not volunteer based project. Paid positions.
fluffypony
Donator
Legendary
*
Offline Offline

Activity: 1274
Merit: 1057


GetMonero.org / MyMonero.com


View Profile WWW
August 09, 2014, 08:42:08 PM
 #3

rg...dude...the people in #bitcoin-otc you lent money from want a word with you.

Maybe pay back the money you owe them first before you seek funding for this idea or pursue it in any way, people talk about you every few days in the room as they wait for you to reappear and sort out your loan repayments.

homm88
Member
**
Offline Offline

Activity: 70
Merit: 10

BTC/Doge


View Profile
August 09, 2014, 08:47:31 PM
 #4

Why would anyone invest money into your project if you haven't even tried to pay back the money that you owe to many different people in the #bitcoin-otc channel?

I know for sure I'd have a problem sending/investing money to someone who can't be trusted...
gmaxwell
Staff
Legendary
*
Offline Offline

Activity: 3598
Merit: 5769



View Profile
August 09, 2014, 08:56:20 PM
 #5

Beyond having many unpaid debts, this class of idea has been proposed many times before. They don't appear to be good ideas for many reasons that other snazzy POW algorithms fail— no reason to believe them to be optimization free or approximation free, see Andy's asic/pow whitepaper for some more background: https://download.wpsoftware.net/bitcoin/asic-faq.pdf.  Regardless, considering this class of idea has been proposed before— why would anyone who had the technical chops to work on it (much less the breakthrough required to make it not fail-sauce) work for someone else and not just for themselves?
rapeghost
Sr. Member
****
Offline Offline

Activity: 419
Merit: 250



View Profile WWW
August 09, 2014, 08:57:31 PM
 #6

This is not a post asking for funding. It is a post asking for people to help bounce ideas off of
rapeghost
Sr. Member
****
Offline Offline

Activity: 419
Merit: 250



View Profile WWW
August 09, 2014, 08:59:41 PM
 #7

Typical bitcointalk.org
Pages: [1]
  Print  
 
Jump to:  

Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!