What are peoples thoughts about an algo change and coin cap change?
How about a change to neoscrypt? or a change to a pow/pos hybrid?
What about coin inflation? We could set it to be a fixed 3% growth per year maybe?
Happy to hear thoughts and feedback so we can get more people mining this coin, and more people interested in this project.
Thanks
B
Hey B, thanks for requesting a response on this.
On the one hand I always liked MUE because of the starting principles: it had a very slow mining start where block rewards were only 0.025 MUE per block. MUE had doubling events instead of halving events which resulted in the following 40 MUE per block, unto perpetuity. By design it was meant ot be an anti-instamine, low-value-per-unit currency with constant generation towards a high market cap.
But the world of crypto is very different since MUE's initial launch, so it's definitely worth revisiting these principles to see if they still hold up. MUE was a purely conceptual altcoin, like, a true conceptual alternative to Bitcoin, borne of the thought process "what if the main cryptocurrency everyone uses didn't have a PoW ASIC arms race, and doubled instead of halved so everyone could have an easy time getting some even if they were late to the party." Now the cryptocurrency environment is less focused on conceptually challenging Bitcoin for the top spot, and more focused on accomplishing specific niche goals or integrating with Bitcoin and everything else.
I definitely agree that nethash is low and it would be a good idea to consider changing it to something more sustainable. Unique CPU algorithms are relatively weak and it only takes a small botnet to 51%-attack the network via hashrate. This factor could be suppressing MUE's price or ease of adoption. Generally an easy choice for a PoW coin that wants more network security is to change to sha256 or scrypt (or even x11 now) mining algo, so it will benefit from the occasional hashrate from multipool mining attention. The problem over time is that this gets diluted as more and more PoW coins get added to the multipool.
Perhaps a change to PoW/PoS hybrid would be a good thing since it would have the benefits of allowing for multipool mining (with a PoW algo change) and also the benefits of staking. The MUEbank initiative is a centralized way of allowing MUE holders to tie up their stake, so the mere fact that this exists suggests that an implementation of PoS would be better. PoS at generative rates less than 100% reduces the available supply at any given time, which allows for a little more upward pressure on the marketplace.
It's important to note that with MUE's stable price in the 30-50 sat range, its relative value was still increasing over time due to the inflation of coins entering the market via PoW. This process just isn't as apparent as a price increase, and price increases over time are a much bigger attractor of speculation and "investment".
Honestly I've always liked MUE for the experiments it's tried on top of the original principles. I've always figured it was just a matter of time before one of the experiments paid off really well, and MUE gained its value proposition or found its niche application that way. There's always the risk that neither of those two things would ever happen, but no risk, no gain potential. I can see why the MUE team might start to get disheartened that the experiments aren't catching on after two plus years, and start wanting to go back and examine the fundamental principles to see if changing them might shake things up. But as far as I can tell, MUE is the only coin of its kind that's surviving having been based on those principles. I'm not saying those principles are the only driver of value for MUE, but perhaps it's worth pursuing new experiments and applications over simple updates to the software that could undermine the principles on which MUE was based. The hard work based on existing principles is always harder by definition, but maybe it's more worthwhile.
