Unless the companion coin also uses the Quark algorithm and has some purpose that compliments Quark it is a bad idea and sends all the wrong messages.
If it uses an algo other than Quark you are saying Quark algo is not the best...that is no help to Quark.
If it serves no purpose or compliment it would just be another competitor for the same crowd...like if coke and pepsi were both from the same company spending millions on advertising campaigns against themselves.
If Quark is the fast transaction standard for business then the companion coin should either be 1) a mid to high % pos coin that people like to hold and stack like silver bars with a mid level block time and a steady pow reward...think Cthulu for reward amount and slow rate of halving, and Hobonickels for pos rate, or 2) it should be an Anonymous type coin, though I think there are already enough of those with a few clear winners in that race.
It has been said that pow+pos coins like HBN, CAPs, TEK etc need a lot of dev maintanance but I don't see any of those Devs even mentioning that. There are ZERO quark algo POW + POS out there now. That would be UNIQUE. It also doesn't interfere or compete with Quark as the strategies and mindset for holding/trading higher interest POS/POW coins is different than that of Quark. A premine would create a nice Dev trustfund that stakes and generates more revenue. If managed well the draw vs replenishment can be balanced. Some could also be used for social justice campaigns like HBN that donate some stake to various charities.
I think if you are going to bother with a companion coin then make it an obvious attempt at something, not just a useless clone with no vision or purpose other than a hashrate bump for a month until it is pumped on mintpal and dies like the other 75 coins released last month.
Good points as well
If the companion coin is merge-mined with Quark, it must be a quark algo in order to merge..
The tricky part is coming up with the features that will be of interest to people-
I do like the idea of a longer term distribution/higher value coin with anonymous features--The reason I like anonymous features (if done right -i.e. no chance of double spending),is because the govt is stating they are in favor of Bitcoin regulation- These words mean tracking finances to me- a Quark algo coin with anonymous features merge-mined to increase hashrate and provide some infrastructure funds would be a nice scenario...
Wow it seems pretty difficult to get people to understand how the companion coin would be of help to QRK.
These are some things we need to solve right now ..... please comment on them or add more specific changes improvements - abstract analogies do not help
1. Elect a true community manager/s that have time/energy to unite the qrk community. VIC. DI ....some not scared to give things a try.
2. Bring back the investors holding qrk to discuss the future projects/services.
3. Solve the chain security issue.
4. Get some projects/services going. (funded by ROI or other ways)
5. Stop missing out on the hype trains that bring in new BTC and community members.
6. Start reaching out once more beyond the crypto communities
7. QRk exchange for fiat only. No other crypto. No point reaching out and finding people that have not heard of crypto only to introduce them to 400 other coins.
Mining it at all is NO use to current qrk holders other than to help secure the chain if it is merge mined. To me i'd rather just see POS introduced that another merge mined coin. If we are just talking about securing the chain at least that way current qrk holders have advantage over persons not even interested in qrk
The companion coin should be a POS coin that is fully premined with a development pot there already. Otherwise it solves zero of the other problems we need to solve that qrk has. How does it create any kind of development fund for qrk? How does it bring back interest from qrk investors outside of the community that don't even mine?
Merged mining it solves only the hash rate issue nothing else. The companion coin needs to be 100% premined by the foundation and sold for qrk through ipo.
I see no logical reasoning from people saying this is pointless and has no benefits for qrk .... i just went through the steps of how it would push a pot of QRK to the foundation at the same time causing qrk price to rise, bring back interest from qrk investors, and increase the size of the community. You have to be a qrk holder to get the new coin. That is the entire point of it. If it is just merge mined how does that help qrk holders any more than any other miner?
The new companion coin needs to have a great dev team behind it with some specific services. Some of which will not be ideal for qrk. These coins although can fund services and projects for both , not all services will be appropriate for qrk.
I mean we listed down a lot of the things we need to change with qrk. Let's start getting specific.... how does a new merged mined coin solve any of those issues.?
The algo although probably the best out there or amongst the best means nothing to me really, it is only a way to distribute the coins and keep the chain secured....they coins have been distributed already now. What algos it uses really means little. I mean i'm sure throwing in one more algo and putting that into the mix some would say that is improving it ie qrk is no longer the best. This is not important. Yes we need to secure the chain though.
What is important is that we are number 19 on cmc and falling fast. QRk can turn this around before we are number 100. We still have the wealth and means to become a large coin. Let's hurry up and use this current wealth we have to fund more development and services. That is the only important thing for the coin right now. Let's face it all alts and even btc.... whats the difference? that's right services and developments and perceived future success. Sure we want the anon, pos, sms, every single hype to propel us further by sucking in new blood and new btc to fund these services and developments.
People who seem to give strange analogies of other companies, goverments are not being specific in their arguments. Be specific, explain in detail the precise negative effects you can display the companion coin through ipo or part ipo / sidechain will have on qrk.
I still say there is zero. 10 other coins will be released today, each will promise more development and services that qrk has...... why? because this is what they will need to promise to get interest now. QRK is a dinosaur, our multi algo pow was cool once and enough to get some interest. Those days are done, 20 other qrk based coins are already dead the algo is not the key alone to success. We are not dead already for a few reasons. 1 there is a core of development taking place by a few members who work hard for qrk, 2 a lot of stubborn investors outside of crypto that will never sell until they are in profit, 3 the qrk name is still quite well known and there is a little bit of hope left for it. Make no mistake though qrk will continue on it's path down whilst more active communities are out there.
I have listed the benefits of the companion coin for qrk itself. It would be good to hear why exactly each of those benefits will not take place not just that it is a bit like the government or like coke and pepsi. Go through the benefits the companion coin can bring that i have listed and tell me why those will not happen. We need specific reasoned answers not just analogies that i don't think apply at all.
Also the negatives of introducing a companion coin through qrk ipo? what are they?
People are selling qrk for btc and other alts daily right now... that's right qrk will never see those btc again. Let's get them to give their qrk to the foundation in return for the new coin.