What would you like to see in a new altcoin?

J

Jesse B

[H]ard|Gawd
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May 30, 2010
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Obviously in order for any altcoins to catch on, there needs to be something interesting and unique about them. What are some things you guys would like to see in a cryptocurrency?
 
POW w/ work going towards protein folding, perhaps eventual transition to POS. If it's to be used as a currency, indexed inflation pegged at global GDP growth. A community-driven coin focused on usage and adoption. Truly ASIC immune. I see the benefits of ASICs from a securing the network prospective but if you are going POS, it's not really needed. Other than that, KGW for difficulty retargeting and a solid name. Oh, and no premine bullshit (that includes fucking IPOs).
 
I take it this is for an eventual coin you would like to create? Hmm?

OK... here's a list of things I believe a coin should have in order to just survive longer than 2 weeks:

1) A set block reward. None of this random block reward bullshit. It's truly not random anyway because the value of the next block can always be determined.

2) A block reward of LESS THAN a kajillion squintillion bazillion million coins per block... Screw that crap about "it makes people feel better when they open their wallets and find millions of coins instead of 1 or 2". Think of it this way: The more coins per block you give people, the less they will be worth when it appears on an exchange. Exchanges (as with most wallet software and whatnot) only go to 8 decimal places... The closer you open to that last decimal place, the less the value of the coin has to drop in order to actually be that lowest decimal value... and there is nothing less than 0.00000001... except ZERO... I have actually seen a coin with ZERO value.

3) A block time of more than a minute. Fast block times are great.. without waiting too long you can rack up your bazillion million coins and head to the exchange right? I think there's something to be said for coins that have longer block times and have retained their value more than any other coin.

4) A cause. I hate seeing a coin all hyped and then the dev posts the next day "OK it survived the night, now we have to think up something to use it for." If you don't have a use for it, don't create it... please for the love of Jeebus. Cure cancer, save puppies, I don't care, just have a cause, announce it to the world along with a detailed PLAN of how you're going to help that cause.

That's just a few... if I think of any more I'll tack them on.
 
Carbon_Rod said:
I take it this is for an eventual coin you would like to create? Hmm?
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It's no out of the question at some point, but I was mostly just looking for some interesting discussion and viewpoints. I just like learning about this stuff and hearing people's opinions :)
 
Any future coins need to go through and delete pre-existing coins like a worm around and make them go away.
 
I want an updated version of bitcoin.

Quicker block times for faster transaction speeds, but keep same mining speed that bitcoin introduced. As in if you go from 10 min 25BTC blocks to 1 min blocks, make each block 2.5BTC.

It should use an alg that is totally asic resistant, cuckoo cycle looked interesting to me but I'm not sure if it will do.

Ideally one would shutdown BTC and simply have this take it's place, continuing where BTC left off so everyone can keep their coins, but that'll never happen, tis but a dream...

51% resistant would be ideal also so one doesn't have to worry as much about some early adopter ruining the coin.

EDIT: about transactions too, there really should be more room for them Imo or just a built in forced fee so that they are all included.
 
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I refuse to comment so that I can hold ideas close to my chest just in case I get the notion to make a coin some day.
 
SunnyD said:
I refuse to comment so that I can hold ideas close to my chest just in case I get the notion to make a coin some day.
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No problem doing that if you actually know how to code and implement new ideas versus copying the source code and changing a few variables.
 
oblox said:
No problem doing that if you actually know how to code and implement new ideas versus copying the source code and changing a few variables.
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Yes and yes.

Day job: Senior software engineer
Night job: Parent, play thing, cook, cleaner, husband, handyman, chauffeur, secretary, banker, launderer, medic, etc., etc., etc.

How many BTC does "time" cost?
 
RIC / reicoin - doing math!

http://riecoin.org/

so it adds that level of almost F@H or Seti@home as it is doing more than simply mining for $$

Fair launch
It is very important for the success of any new cryptocurrency for everybody to have fair access to mining at the beginning, and the launch should be as transparent as possible. The incentive to early adopters should be the expectation that the price will go up, and the fact that it's easier to mine at the beginning, but without generating an unfair distribution where anyone gets more than the expected minting of 50RICs every 2.5 minutes.

Now, the technical stuff

Source code and binaries for the Windows and Linux clients will be provided at launch time. There will be no premine.

Since this is a new PoW, it is very hard to define a starting difficulty that avoids instamining. To overcome this and contribute to a fair launch, the first 576 blocks will have no reward and the next 576 will linearly increase and reach the full reward at block 1152, after 4 difficulty adjustments were performed. Besides avoiding instamining, this should allow time for those who want to compile their own clients.

Expect the starting difficulty to be hard.

Source code will be provided a few days before launch, but the PoW functions will be replaced by stubs. The idea is that everyone would be able to examine the code and confirm that there's nothing strange and it is indeed pretty similar to bitcoin's. Everyone would be able to compile it, see if they have the correct dependencies, etc, but it won't run. At launch time, when the final code is released, everyone could easily check that the only thing that changed is the PoW code, so you'd only have to check the diff of a few lines of code and recompile.
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SunnyD said:
Yes and yes.

Day job: Senior software engineer
Night job: Parent, play thing, cook, cleaner, husband, handyman, chauffeur, secretary, banker, launderer, medic, etc., etc., etc.

How many BTC does "time" cost?
Click to expand...

Right? Same boat, there's never enough damn time. Days need to be 48hrs long minimum!
 
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