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Author Topic: Get Ready for "MicroCash" : The most advanced Crypto-based Currency yet!  (Read 14242 times)
notyep
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April 21, 2012, 08:16:01 PM
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Mark your calendars folks...  On May 10th, MicroCash will be introduced and will showcase some of the most advanced technology ever for a currency/system. Don't miss out as MicroCash positions itself to change the concept of banking and currency transaction forever.  Smiley

http://solidcointalk.org/topic/593-microcash-announcement/

Historical Reference (2006):
http://www.saffo.com/02006/01/05/microcash-and-penny-candy/








Some bullet points:  (remember, over the life of this project, BTC code and methodologies have been fork lifted and optimized to address the shortcomings of the original BTC code. Unlike the "forks" that many of the alternate currencies are, MicroCash is radically new so don't get wrapped up trying to compare MicroCash to BTC or any of the forks.  



*) New name that is more business friendly and tells people who know nothing about the technology what the intended use is all about
*) Peer-to-peer decentralized crypto-currency with currency creation reward based on energy used to create the currency (real value)
*) New difficulty retarget algorithm. Looks at the last 12 hours of blocks and works out the average block time for this period. It then adjusts every new block to attempt to meet a 2 minute block time.
*)
*) Resistant against 51% mining attacks. Money is used to help solve block disputes but now nearly everyone can contribute to this process instead of only a few trust nodes.
*) A new way to send/recv funds securely over the MicroCash network, meaning you can download the client and be sending/receiving cash within seconds. No blockchain download required
*) Can now get paid merely for running a node
*) MicroCash Accounts now gain a form of "interest" which is collected from all network fees and redistibuted to accounts based on their total MicroCash holdings. Increase your MicroCash amount and get more interest
*) Chain donation address added. Send money to this address and it redistributes it evenly to every MicroCash account
*) Dual signature accounts allowed. Meaning you can now have two devices with 2 keys able to confirm a transaction. ie You create a transaction on your PC and your mobile phone confirms it. If your PC is ever hacked your funds can't be removed without your phone confirming it.
*) New difficulty retarget algorithm. Looks at the last 12 hours of blocks and works out the average block time for this period. It then adjusts every new block to attempt to meet a 2 minute block time.
*) Transaction fees reduced to a fixed 0.005MC (half cent) for a normal transaction and 0.01 MC for dual signature
*) Transaction size is now much smaller, which means we can fit more in a block and have less disk/memory usage
*) An address (pubkey and privkey) is now looked at like an account. Each transaction involves the moving of one balance to another account. No inputs required, fixed transaction size, one signing per transaction maximum with the standard transaction type.
*) There are no physical transactions added to the blockchain as a result of a new block. Instead a new block is treated as 2 separate transactions. One to the creator (who gets 100% of a blocks value) and one to the CPF (that gets 5% of the block value)
*) Block header is now 104 bytes, with room for the address of creator and optimization of other fields
*) Address format is now much smaller and easier to read (will be announced at beta)
*) Custom database engine that is extremely fast at looking up every transaction, every block and every account. Much improved custom database to store all blocks and transactions.
*) Extremely fast transaction/block/account lookup, resulting in less CPU usage running a node.
*) No IRC client needed to find other nodes
*) New C++ codebase that is easy to extend and has been heavily optimized
*) Easier for businesses and websites to use. Low resource usage. URL Callbacks when their accounts are involved in transactions, no need for constant polling or creating a new address for every customer.
*) Transactions are now a fixed size and are also heavily optimized and easy to create for thin clients.
*) Improved Proof of Work hash and handling. Now reference previous blocks with a SHA256 to improve disk loading
*) Increased mining income to match $1-$2 range instead of $3-4 range
*) Powerblocks are removed
*) Trust nodes and trust blocks are removed
*) The 10 trust accounts are removed
*) Improved P2P handling
*) Much shorter address format and new hashing mechanism for them. Accounts store public keys so that once set it's more secure than ripemd160
*) Denial of Service code added, can now ban nodes that flood the network
*) Ability to donate MicroCash to nodes for passing on transactions and blocks
*) URL and email callbacks for accounts on a node. Allow developers to get transactions pushed to them instead of constantly polling
*) Trading on exchanges will be possible within the client
*) Ability to add labels or information to transactions you send to others
*) Can create payment codes that clients accept with amount, address and information tags already filled out.




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notyep
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April 22, 2012, 12:10:00 AM
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is this better tahn bitcoin?

100x better.  To be frank, there is no comparison.  You won't even find a BTC client that will do what this does.

BTW, the most fundamental req. of any currency system is speed of the transaction. Unlike BTC, wherein it takes minutes for transactions to complete, microcash is nearly instant. This has been written from the ground up and designed for mobility.

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April 22, 2012, 01:42:38 AM
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BTW, the most fundamental req. of any currency system is speed of the transaction. Unlike BTC, wherein it takes minutes for transactions to complete, microcash is nearly instant. This has been written from the ground up and designed for mobility.
How did you accomplish this feat? The reason bitcoin takes several minutes to confirm transactions (the transactions themselves are almost instant) is to prevent stale blocks resulting from network propagation delays, which would greatly reduce the effective hashpower of the network and basically allow anyone with the lowest network latency to take control of the network. How did you solve this problem?

And the most fundamental requirements of a currency system are fungibility (one coin is just as good as any other of the same denomination), divisibility (you can easily make change for large amounts), and difficulty of counterfeiting (you can easily tell a genuine coin from a fake one). MicroCash falls flat on its face for the last point if you don't have a cold answer to my above question.

Will pretend to do unverifiable things (while actually eating an enchilada-style burrito) for bitcoins: 1K6d1EviQKX3SVKjPYmJGyWBb1avbmCFM4
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April 22, 2012, 01:54:39 AM
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BTW, the most fundamental req. of any currency system is speed of the transaction. Unlike BTC, wherein it takes minutes for transactions to complete, microcash is nearly instant. This has been written from the ground up and designed for mobility.
How did you accomplish this feat? The reason bitcoin takes several minutes to confirm transactions (the transactions themselves are almost instant) is to prevent stale blocks resulting from network propagation delays, which would greatly reduce the effective hashpower of the network and basically allow anyone with the lowest network latency to take control of the network. How did you solve this problem?

And the most fundamental requirements of a currency system are fungibility (one coin is just as good as any other of the same denomination), divisibility (you can easily make change for large amounts), and difficulty of counterfeiting (you can easily tell a genuine coin from a fake one). MicroCash falls flat on its face for the last point if you don't have a cold answer to my above question.
It's probably because he is using central or 'trusted' nodes/servers again, hence getting away from the decentralized system. As the solidcoins/scamcoins system, he could just shut down everything if he likes.
Your Majesty Realsolid, please keep your propaganda in your own forums or the alternatecoins subforum.

My BTC Tip Jar: 1Pgvfy19uwtYe5o9dg3zZsAjgCPt3XZqz9 , GPG ID: B3AAEEB0 ,OTC ID: johnthedong
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April 22, 2012, 03:15:24 AM
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BTW, the most fundamental req. of any currency system is speed of the transaction. Unlike BTC, wherein it takes minutes for transactions to complete, microcash is nearly instant. This has been written from the ground up and designed for mobility.
How did you accomplish this feat? The reason bitcoin takes several minutes to confirm transactions (the transactions themselves are almost instant) is to prevent stale blocks resulting from network propagation delays, which would greatly reduce the effective hashpower of the network and basically allow anyone with the lowest network latency to take control of the network. How did you solve this problem?

And the most fundamental requirements of a currency system are fungibility (one coin is just as good as any other of the same denomination), divisibility (you can easily make change for large amounts), and difficulty of counterfeiting (you can easily tell a genuine coin from a fake one). MicroCash falls flat on its face for the last point if you don't have a cold answer to my above question.
It's probably because he is using central or 'trusted' nodes/servers again, hence getting away from the decentralized system. As the solidcoins/scamcoins system, he could just shut down everything if he likes.
Your Majesty Realsolid, please keep your propaganda in your own forums or the alternatecoins subforum.

Dude... Just because I posted a screenshot of Realsolid's running client, don't assume he posted this thread. I'm only educating the new comers about a great new technology that will explode to the masses because it overcomes the deficiencies of BTC. Now stop being intimidated and let everyone evaluate and formulate their own opinions. Solidcoin has now become MicroCash and is positioning itself to take the e-currency world by storm (just accept it and don't get "left behind" in the process.)  Smiley

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April 22, 2012, 03:26:07 AM
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BTW, the most fundamental req. of any currency system is speed of the transaction. Unlike BTC, wherein it takes minutes for transactions to complete, microcash is nearly instant. This has been written from the ground up and designed for mobility.
How did you accomplish this feat? The reason bitcoin takes several minutes to confirm transactions (the transactions themselves are almost instant) is to prevent stale blocks resulting from network propagation delays, which would greatly reduce the effective hashpower of the network and basically allow anyone with the lowest network latency to take control of the network. How did you solve this problem?

And the most fundamental requirements of a currency system are fungibility (one coin is just as good as any other of the same denomination), divisibility (you can easily make change for large amounts), and difficulty of counterfeiting (you can easily tell a genuine coin from a fake one). MicroCash falls flat on its face for the last point if you don't have a cold answer to my above question.
It's probably because he is using central or 'trusted' nodes/servers again, hence getting away from the decentralized system. As the solidcoins/scamcoins system, he could just shut down everything if he likes.
Your Majesty Realsolid, please keep your propaganda in your own forums or the alternatecoins subforum.

Dude... Just because I posted a screenshot of Realsolid's running client, don't assume he posted this thread. I'm only educating the new comers about a great new technology that will explode to the masses because it overcomes the deficiencies of BTC. Now stop being intimidated and let everyone evaluate and formulate their own opinions. Solidcoin has now become MicroCash and is positioning itself to take the e-currency world by storm (just accept it and don't get "left behind" in the process.)  Smiley


I notice you don't deny who you are directly.


Quote
Solidcoin has now become MicroCash and is positioning itself to take the e-currency world by storm (just accept it and don't get "left behind" in the process.)  Smiley

No neutral third-party would ever talk like that. Obviousclone is obvious.

@Topic: Where does the money come from? Who runs the nodes? Is this decentralized?

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April 22, 2012, 06:19:51 AM
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I notice you don't deny who you are directly.


I can verify that notyep is *not* RealSolid.

Quote

@Topic: Where does the money come from? Who runs the nodes? Is this decentralized?

Anyone can run a node if you have the computer to do so (same goes with mining).
The money comes from these magical things called blocks. Or did I miss what you were asking?
It is very decentralized. The nodes do make it a little more centralized, but if you really want to, you could have your computer turned into a node and get paid for having the node running.

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April 22, 2012, 06:53:14 AM
 #8

calendar marked.
Tripple boot macbook ready for testing, goes in the sandbox first.

Set up the same thing..
http://bit.ly/btcrefs
Get more bitcoins.
Matthew N. Wright
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April 22, 2012, 07:07:54 AM
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I can verify that notyep is *not* RealSolid.
It is only useful if we can verify.

Quote
Anyone can run a node if you have the computer to do so (same goes with mining).
The money comes from these magical things called blocks. Or did I miss what you were asking?
It is very decentralized. The nodes do make it a little more centralized, but if you really want to, you could have your computer turned into a node and get paid for having the node running.


So it uses a blockchain just like Bitcoin then?

How is it different than bitcoin, and no hype please.


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April 22, 2012, 07:13:24 AM
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Impressive looking client !

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April 22, 2012, 07:22:48 AM
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the address format looks like a 15 year old 1337-speek-kid designed it. pretty g*y

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April 22, 2012, 07:40:03 AM
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So it uses a blockchain just like Bitcoin then?

How is it different than bitcoin, and no hype please.

If it does, it looks like the average time between blocks is only a few seconds. At that rate, network latency is more important than hashpower when mining, resulting in less security than a wet cardboard box (anyone with average hashpower and a low-latency connection can take over the network).

Will pretend to do unverifiable things (while actually eating an enchilada-style burrito) for bitcoins: 1K6d1EviQKX3SVKjPYmJGyWBb1avbmCFM4
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April 22, 2012, 01:54:32 PM
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Warning: microcash is solidcoin also known as scamcoin

please avoid it.
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April 22, 2012, 02:10:24 PM
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Warning: microcash is solidcoin also known as scamcoin

please avoid it.

And Warning:  Don't let those who are intimidated by MicroCash steer you away from taking part in revolutionary/game changing technology. Trust me, those very people even though they may not openly admit it will be on the same bandwagon as the momentum rises,  regardless of how much time, energy, and money they've invested in old technology (I'm speaking of the Hero/Senior BTC members who insist on bashing. *smiles*)

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April 22, 2012, 02:25:44 PM
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Inform yourself, read here https://bitcointalk.org/index.php?topic=77286.0

Apparently SolidCoin 3.0 is going to introduce a daily fee for each address you own that has a non-zero balance in order to reduce the total number of addresses in use:

Quote from: RealSolid
ne problem I saw with the SolidCoin v2 protocol is the fact that no one actually pays for any resources on the network besides transactions. Why is this a problem? Well every "address" or "account" actually consumes memory, disk space and processing power of all the running nodes. Then when someone does pay for a transaction, all the fees goes to the miner, when the truth is every node on the network has just as much burden when it comes to sending transactions and storing them. It is unfair.

Another problem was the fact that the system itself isn't self cleansing. That is to say, if someone sends 0.0001SC to a new account that account is there for life consuming resources with no purpose in a lot of cases (ie spam). So our solution to this is a decay and interest model. Here is how it works.

1) For every account (ie unique address) on the network, there is a small daily fee. (likely to be around 0.0025 SC or a quarter cent)
2) All the "decay fees" are added up and then given back to every account, depending upon their percentage of SolidCoin holdings. ie there are 2.8 million coins right now, if you have 28000 then you have 1% of all the SolidCoins and will get 1% of the daily account fees. So a certain amount of SC in your account will ensure you pay no daily fees.
3) Transaction fees won't go to the miners anymore but the same decay/interest model. This way everyone who is invested in SolidCoin benefits, including the miners, for including transactions
4) Once an account hits 0 it is removed from nodes memory, saving them CPU and MEMORY usage. It can of course come back if that user decides to later use it.

It's important to realize that you only need a single account now due to our improved transactions, so the only reason you'll want to use more accounts is for anonymity or other personal purposes.

RealSolid is also planning to introduce exponentially increasing fees for accounts that haven't been touched in over 6 months in order to quickly redistribute the funds to active users:

Quote from: RealSolid
We will definitely be implementing a dead account acceleration , currently it's planned that if you don't use an account for 6 months, every month after that the fee doubles and interest stops. So by month 12 of inactivity, the fee is still only 4.8 per month, by month 21 of inactivity, the monthly fee is ~2400 . So even if you go away for 12 months on a large account, you're not going to lose any money, you'll have gained due to the first 6 months interest. Probably even by 18 months you'll still be in positive territory. But after that it quickly recycle any dead accounts and everyone benefits.

So if you stick some SolidCoin savings on a USB stick in a bank vault for a few years, they'll be gone by the time you come to collect them. If my math's right, you could have nearly all the SolidCoins in existence in your account and it'd still only take 36 months of account inactivity for it to be totally emptied through fees.
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April 22, 2012, 02:51:07 PM
 #16

MicroCash is SolidCoin repackaged.

SolidCoin is a less secure form of Bitcoin.

Move along.

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April 22, 2012, 05:23:54 PM
 #17

How many pre-mined coins does it have this time?

Busy ATM.
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April 22, 2012, 08:31:41 PM
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How many pre-mined coins does it have this time?

The only coins brought forward will be the existing 2.8M "user owned" coins since inception of the original SC project.

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April 23, 2012, 05:24:30 PM
 #19

Warning: microcash is solidcoin also known as scamcoin

please avoid it.

ScamCoin is not SolidCoin. ScamCoin is not MicroCash.

Let's make some Dogecoins together! http://doge.litemoons.com:9555
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April 23, 2012, 05:26:41 PM
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Warning: microcash is solidcoin also known as scamcoin

please avoid it.

ScamCoin is not SolidCoin. ScamCoin is not MicroCash.

MicroCash = SolidCoin with twice the self-promotional preaching and ego-maniacal blindness.

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