Timekoin

[mrb]

http://timekoin.org was created by knightmb:

Timekoin is the first non-experimental application of an open encrypted electronic  currency system on a public network.

The first concepts of digital currency date back to the late 1980s before the Internet was know as The Internet. Computer enthusiast would communicate with each other via modem dial-up bulletin boards and exchange files and messages. During those times, phone bills were high so online time was limited each day by system operators. Users would trade around "time" as currency in exchange for files or services.

This "time" could be added to another users account so that they may use more "online" time on the bulletin board computer. Because this started to become it's own culture of digital currency of trading time, many bulletin board operators began limiting users ability to trade "time" and eventually lead to business models of giving limited free time and charging users to use more time pass the free time point. Because of the limited nature and expense of running a bulletin board system, the electronic currency concept at the time was given an early death.

30 Years later, things have changed greatly. The Internet now allows anyone in the world with a computer to communicate. This vast open public network gives back the ability to resurrect the concepts of digital currency run by the public. Without any central authority to try to monetize the system and the vast amounts of computer power available to any person, the doors of the public digital currency once again swing open.

See its whitepaper: http://timekoin.org/images/documents/timekoin.pdf

[mrb]

I already gave that link, hover over "knightmb"

[Mousepotato]

IFL

[MoneyIsDebt]

I read the website... couldn't quite figure out where the timekoins come from, or what gives them value. Anyone?

[EnergyVampire]

What is the TLDR on Timekoins?

[steelhouse]

Apparently it uses mysql, php and a webserver to run the whole thing.  Thus, there seems to be no blockchain?  Is that correct? 

[terrytibbs]

Apparently it uses mysql, php and a webserver to run the whole thing.  Thus, there seems to be no blockchain?  Is that correct? 

Just because it is stored in mysql doesn't mean it's not a blockchain. Hell, you could store the Bitcoin blockchain in mysql if you wanted to.

[steelhouse]

I was hoping it was not a blockchain and a ledger of some sort.  However, if it is webbased, you almost have to use mysql as there are read-write restictions.  Any reviews?

[sd]

What is the TLDR on Timekoins?

On a first quick reading it looks like knightmb is batshit insane. However that paper might make more sense on a second reading.

[smoothie]

What is the TLDR on Timekoins?

On a first quick reading it looks like knightmb is batshit insane. However that paper might make more sense on a second reading.

I'm attempting to set it up to see how it runs.

[tiker]

I've setup a node and have it running...  seems the "main program processor" stalls almost every minute...

[smoothie]

Would be nice to know how many blocks/coins have been generated to date.

[Bitcoin Oz]

What is the TLDR on Timekoins?

On a first quick reading it looks like knightmb is batshit insane. However that paper might make more sense on a second reading.

People said that when I first mentioned bitcoins

[bitcool]

I was hoping it was not a blockchain and a ledger of some sort.  However, if it is webbased, you almost have to use mysql as there are read-write restictions.  Any reviews?

blockchain is a type of ledger, is it not?
Mysql, php, webserver (Apache?)... built on OS pieces, I like that.

[Rygon]

I really don't understand how Timekoin generates currency and how it randomly chooses a "miner" for the award. How is that managed on a P2P network?

Also, it says that if more people join the network, then more coins can be generated? It sounds like the rate of currency generation would not be predictible. The predictibility of currency generation is what instills long-term confidence in a currency, whether it's flat of decreasing with time.

[steelhouse]

I was hoping it was not a blockchain and a ledger of some sort.  However, if it is webbased, you almost have to use mysql as there are read-write restictions.  Any reviews?

blockchain is a type of ledger, is it not?
Mysql, php, webserver (Apache?)... built on OS pieces, I like that.

Maybe a ledger, I don't know if this is used by timekoin.  Each coin is an entry in a data base.  If someone wants to trade a coin it must first be approved by most nodes and the coin is swapped out with the new owner in the database.  If this is possible and secure, bitcoin could replace the blockchain with this.  You could have fixed coin payments to 2 decimal places and can be increased if necessary, 2,100,000,000,000 entries in a database.  Maybe you don't have to have a whole number as a database entry but an entry would be a certain amount of coins organised by address.   Thus if an address is used to send coins, it would be deleted and reused.

[sd]

What is the TLDR on Timekoins?

On a first quick reading it looks like knightmb is batshit insane. However that paper might make more sense on a second reading.

People said that when I first mentioned bitcoins

Yes they did and a lot of people still say that. I'd not dismiss ideas just because they seem crazy on first encounter.

However from what I got from the paper it looks like it has problems bitcoin doesn't have.

[EnergyVampire]

What is the TLDR on Timekoins?

On a first quick reading it looks like knightmb is batshit insane. However that paper might make more sense on a second reading.

People said that when I first mentioned bitcoins

Yes they did and a lot of people still say that. I'd not dismiss ideas just because they seem crazy on first encounter.

However from what I got from the paper it looks like it has problems bitcoin doesn't have.

sd, what kind of problems does timekoin appear to have?

[Stardust]

I don't see how this is better than Bitcoin, and that it's written in php it's a turnoff for me.

[molecular]

Apparently it uses mysql, php and a webserver to run the whole thing.  Thus, there seems to be no blockchain?  Is that correct? 

Just because it is stored in mysql doesn't mean it's not a blockchain. Hell, you could store the Bitcoin blockchain in mysql if you wanted to.

It's being done all the time: https://github.com/jtobey/bitcoin-abe