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.
http://solidcointalk.org/topic/593-microcash-announcement/Historical Reference (2006):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.
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*) 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.
