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Topic: [ANN] Webcash: A new Proof-of-Work digital currency based on e-cash (Read 1090 times)

jr. member
Activity: 98
Merit: 5
My main question is what happens if he stops running the server?  is the whole project dead then?  What will be his incentive longterm to keep running the server?  Is it just based on altruism?

Yes, in this stage Webcash is just an experiment. If the main dev (who owns/runs the server) will stop running it, the project will be dead.

Everything else you can discuss on the Discord server! We are discussing there in which direction the project could go.

One big topic is how to built or who want to built an Webcash exchange. Another big topic is, if the amount of Webcash token should be increased.
newbie
Activity: 6
Merit: 0
Running Webcash.  I think this is really cool.  My main question is what happens if he stops running the server?  is the whole project dead then?  What will be his incentive longterm to keep running the server?  Is it just based on altruism?
jr. member
Activity: 98
Merit: 5
Update:

Advantages

- Webcash features transactions nearly without a time delay. (A few microseconds.)
- The web wallets you can host yourself.
- There are no transaction fees.

Challenges

- It is blockchain-less. So a lot of crypto exchanges finds it hard to integrate a blockchain-less coin in their exchanges. A challenge is to built an exchange for Webcash next to OTC trading or to integrate Webcash in existing crypto exchanges.
- The server for Webcash is centralized. A legal and practical structure is needed to control the administrator or a system of more servers is needed, which are making Webcash decentral.
jr. member
Activity: 98
Merit: 5
I think the initial idea to make it a currency/coin was wrong. Because it implied to attract "money people". In the end the really NEW thing of webcash is the "wallet system". Basically a service like PayPal should use it. You can ban PayPal by blocking their domains in unfree regimes/countrys. But you could not ban the Webcash payment system.

But if you take away all the token and coins of traditional blockchain projects, the payment system is also good. So Webcash has to explain their uniqeness a little bit more. The question is: A unique usecase OR just another crypto system/currency?
newbie
Activity: 6
Merit: 0
Any updates ? Future plans ?

Hey, I think the idea is now to develop applications for webcash.

So if you have a website or a shop, implement webcash and distribute it! Or simply talk about it, this will help to grow this project.
Webcash is a currency which is extremely easy to use. That is the amazing superpower of webcash.
newbie
Activity: 123
Merit: 0
Any updates ? Future plans ?
jr. member
Activity: 98
Merit: 5
How can the electronic cash in the local wallet be transferred to the online wallet?

Through a secred. It is a code, like this one: e1000:secret:6532891df9549377c43ca27ec326199c7dfc205d1a62fe0cf2322dabf56adcf20

The secred is created in your local wallet, you sent it to the online wallet and copy the secred in. (Or vice versa.)
newbie
Activity: 13
Merit: 0
How can the electronic cash in the local wallet be transferred to the online wallet?
newbie
Activity: 13
Merit: 0
It’s not a product of copy and paste, although I don’t understand it very well, but it feels a bit interesting
jr. member
Activity: 98
Merit: 5
I am deep into this experiment. The speed is fantastic. The easyness to handle (browser wallet) is nearly unique.

Just to set up the miner is difficult for an "Average Joe". I would love to see a miner activation direct from the wallet.
newbie
Activity: 7
Merit: 0
The following proposal was posted on discord. I am curious to see what the feedback here will be:

Quote
When webcash got started the mining schedule was largely taken from bitcoin, but accelerated. There are a couple of good reasons for doing this: get the currency out faster so that inflation factors don’t dominate, get excitement around halving events, and get people using the currency as quickly as possible with meaningful amounts of currency dolled out every 10 seconds. On all of these factors I think that the inflation schedule was, and continues to be largely a success. The fast inflation schedule certainly pushed me in the early days to work on webminer and get it out fast so that people had fair access to mining before the first halving events. About 9 months later there are around ~400 people on this discord, and I still feel there is a fair amount of excitement around this project, even though we are nearing the 1-year anniversary. I think the right choice was made.

Of course the downside of the fast subsidy schedule is that it plays out more quickly, and this has the potential to harm the continuing adoption of webcash. Exponentials decay rapidly, and already the subsidy is 6.25% what it was at the beginning of the year. I have noticed that a lot of people coming to the project for the first time are discouraged, and perhaps reasonably so. The subsidy was meant to play out over 3 years, but the exponential decay means that the vast majority of total webcash has already been issued.

This is what I suggest: starting on January 8th, 2023 (the first anniversary of the project launch), a new subsidy schedule will be started, in addition to the existing initial issuance payout, of 16625 webcash every 10 seconds, with a halving every 12 epochs (= 2 years), for 30 years. This will double the total issuance from 210 billion to 420 billion (haha!) webcash, over a long enough period of time to ensure project adoption. The hard cut-off after 30 years, at which point the reward will be about 0.5 webcash, prevents having to continue to support proof-of-work issuance mechanisms on extremely long timescales.

Compared to other possible corrective mechanisms the minting of new webcash is preferred because it has the smallest impact on existing software. The mining software gets the amount of webcash it is allowed to generate from the webcash server, which has technical freedom to adjust how this value is calculated. No other software needs to be updated other than the webcash server.

The downside is that this will essentially dilute everyone’s webcash holdings by 50%, as the money supply is doubled over the next 30 years, an unplanned-for alteration of the expectations set by the project. In my opinion it is an absolutely obvious choice to make: adoption hurdles can create conditions of dying interest which could become an existential risk to webcash, and in that circumstance any existing holder of webcash ought to prefer to have 50% of something than 100% of nothing. Still, this proposal could never get adopted if it did not have the support of a large contingent of existing webcash users.

Ultimately this is kanzure’s project, and as the owner/operator of Webcash LLC it is his decision. But I hope that people who feel strongly about this make their voices known.

I say do it. Doubling supply is a small price for current holders to increase the chance of some sort of wider adoption.
newbie
Activity: 13
Merit: 4
The following proposal was posted on discord. I am curious to see what the feedback here will be:

Quote
When webcash got started the mining schedule was largely taken from bitcoin, but accelerated. There are a couple of good reasons for doing this: get the currency out faster so that inflation factors don’t dominate, get excitement around halving events, and get people using the currency as quickly as possible with meaningful amounts of currency dolled out every 10 seconds. On all of these factors I think that the inflation schedule was, and continues to be largely a success. The fast inflation schedule certainly pushed me in the early days to work on webminer and get it out fast so that people had fair access to mining before the first halving events. About 9 months later there are around ~400 people on this discord, and I still feel there is a fair amount of excitement around this project, even though we are nearing the 1-year anniversary. I think the right choice was made.

Of course the downside of the fast subsidy schedule is that it plays out more quickly, and this has the potential to harm the continuing adoption of webcash. Exponentials decay rapidly, and already the subsidy is 6.25% what it was at the beginning of the year. I have noticed that a lot of people coming to the project for the first time are discouraged, and perhaps reasonably so. The subsidy was meant to play out over 3 years, but the exponential decay means that the vast majority of total webcash has already been issued.

This is what I suggest: starting on January 8th, 2023 (the first anniversary of the project launch), a new subsidy schedule will be started, in addition to the existing initial issuance payout, of 16625 webcash every 10 seconds, with a halving every 12 epochs (= 2 years), for 30 years. This will double the total issuance from 210 billion to 420 billion (haha!) webcash, over a long enough period of time to ensure project adoption. The hard cut-off after 30 years, at which point the reward will be about 0.5 webcash, prevents having to continue to support proof-of-work issuance mechanisms on extremely long timescales.

Compared to other possible corrective mechanisms the minting of new webcash is preferred because it has the smallest impact on existing software. The mining software gets the amount of webcash it is allowed to generate from the webcash server, which has technical freedom to adjust how this value is calculated. No other software needs to be updated other than the webcash server.

The downside is that this will essentially dilute everyone’s webcash holdings by 50%, as the money supply is doubled over the next 30 years, an unplanned-for alteration of the expectations set by the project. In my opinion it is an absolutely obvious choice to make: adoption hurdles can create conditions of dying interest which could become an existential risk to webcash, and in that circumstance any existing holder of webcash ought to prefer to have 50% of something than 100% of nothing. Still, this proposal could never get adopted if it did not have the support of a large contingent of existing webcash users.

Ultimately this is kanzure’s project, and as the owner/operator of Webcash LLC it is his decision. But I hope that people who feel strongly about this make their voices known.
newbie
Activity: 7
Merit: 0
I remember their was a coin named with web dollars, which mining with broswer

Is there any compiled wallet / mining software to use ?


At the moment there is an unofficial compiled miner for Mac and Linux, and there is a browser-based wallet called WebCasa than can be run totally locally if desired.
member
Activity: 290
Merit: 10
I remember their was a coin named with web dollars, which mining with broswer

Is there any compiled wallet / mining software to use ?
sr. member
Activity: 1988
Merit: 275
By saying that it's killer value comes from being dead simple, does it mean that its sort of OSI-fied and there are no future features planned? If so, then it seems it's up to the userbase and its in-the-wild adoption to progress it or through social pressure show a need for more features.
    
It certainly sounds interesting and not so lame as other altcoins, but I wonder if everyone will just say it's interesting and it will just slowly die into obscurity, kind of similar to Mimblewimble but without as much innovation.
  
Personally I think it's still missing something, maybe in the area of atomic swaps and permissionless invisible tokens so the server operator doesn't a responsibility.
  
I will try to follow more, tho.

Maybe, I will just wait for this coin to be really used in the e-payment sector. The intentions may be authentic but sometimes it is how you market a project so people will indeed use it. The question is, will merchants/shops integrate this in their payment system? Remember they have a lot of choices aside from bitcoin and thousands of alts that are already existing. So what makes this coin an outstanding candidate for the payment sector?
donator
Activity: 1464
Merit: 1047
I outlived my lifetime membership:)
1) Why? What's the core value?
  
2) Could there be an atomic swap involving Webcash? Since the settlement happens based on the centralized server, it seems close to impossible to me.

1) it isn’t decentralized but pretending to be decentralized (see Ethereum)…because Webcash is centralized, scalability is far easier…all the other shitcoins pretend to be decentralized and offer “features” that are fundamentally incompatible with decentralization. But if those shitcoins would just give up the pretense of decentralization, they could scale far better.

2) not “on chain,” so to speak. I’d think of it more like trying to atomically swap (knowledge of) telephone numbers…I’m sure there is some way to do it, but you’d need to roll your own solution for it.

There are a number of details that are unclear to me regarding auditability/verifiability…but kanzure ain’t dumb…so I presume there is some preservation of key features of bitcoin…

But having been fairly near to the beginning of bitcoin and not coming out unbelievably wealthy, I’ve learned to act before fully grokking details. That said, this feels an awful lot like early bitcoin to me.

Will this compete with Bitcoin? No, of course not—it isn’t decentralized. But then again, neither is Ethereum. While I personally feel Ethereum is of no value, sacrificing both decentralization & auditability, my feelings are clearly contradicted by the non-zero market cap of Ethereum. Webcash is the logical optimization of a shitcoin trying to solve the money problem (to the extent I understand webcash).
donator
Activity: 1464
Merit: 1047
I outlived my lifetime membership:)
is everything going to Python based? What about a Windows Miner?

There is an executable for Mac…I don’t know if there is one for windows
copper member
Activity: 149
Merit: 15
Thales knew
By saying that it's killer value comes from being dead simple, does it mean that its sort of OSI-fied and there are no future features planned? If so, then it seems it's up to the userbase and its in-the-wild adoption to progress it or through social pressure show a need for more features.
   
It certainly sounds interesting and not so lame as other altcoins, but I wonder if everyone will just say it's interesting and it will just slowly die into obscurity, kind of similar to Mimblewimble but without as much innovation.
   
Personally I think it's still missing something, maybe in the area of atomic swaps and permissionless invisible tokens so the server operator doesn't a responsibility.
   
I will try to follow more, tho.
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