Topic: [ANN][SIM] Simcoin - A Simple Coin - page 70. (Read 157763 times)

I think you would have been better off staying with nxt instead of branching off.  No matter how you label it... Simcoin is still a clone and knockoff of nxt.

I suggest you continue to stay and help to develop nxt instead of starting your own alt coin.

The key to success in any alt coin is getting large scale adoption by the public, not coming out with new and fancy whizz bang features that nobody understands.

Its better for all of us to unite and dig a well that is 1 cm wide and a kilometer deep then to spread out and dig 1000 wells that are only a cm deep.

Pretty much any fancy pants feature that anyone can dream up cryptos has been thought out... yours isn't any original despite what you think.

The key is to get the code out.. not dream up new features or new clone coins.

Nxt has already "taken" the title as being the new kid on the block created from scratch...

If you come out with simcoin it can never proclaimed to be created from scratch it'll just be another clone of nxt in the history of cryptos.

I'm saying this not to rain on your parade but to encourage everyone to take the coins we already have on the market n actually make it work in real life and not just in theory.

Anyone coming out with a new coin at this stage in crypto history is only gonna be seen as a "get rich quick" for the inventor and nothing more.

If you have a stake in nxt n decide to invest in a clone of nxt... do not fool yourself into thinking that you are diversifying ur investments.

All u r doing is encouraging talent to go somewhere else instead of focusing on nxt.

The grass is not always greener on the other side folks.

Peace
Tai Zen

Right. I'll believe it when I see it.

So far it looks like a very fragile and artificial construct (not to rain on your parade too )

Anyway, with block time = 1 minute, you cannot achieve 1 sec transactions. TPS is not equal to confirmation speed.



These are all afterthought patches. I want to take lessons learned from NXT and apply them to the design of the system.



There are clients and there are nodes (servers). All clients are thin clients and they don't participate in supporting the network, thus lifting the O(n*n) burden and also freeing users from the need to download complete database.

It's similar to Ripple in this regard where a few powerful nodes serve all the clients. Except here anybody can run a server and it's not centralized.

So there will be like 200 or 1000 servers and they will handle all transactions and keep the ledger. And users will connect to them with thin clients.

I think BCNext vision was similar too and with web clients NXT will work the same way. It's inevitable, bitcoin's approach is not sustainable.

Not to rain on your parade, but NXT TF will allow speeds like this as well. And most of your points are "fluff" points - darkNXT, AM encryption, etc. The Reed-Solomon solution already solved darkNXT, AM encryption is already exists, etc.

The only claim I see noteworthy (at this time), is that every single client is a thin client? So there is no central ledger? Looking at the video, are all transactions just assumed to be true? I think you'll have to explain this part a little more.

If you can convince me of this, then I may invest - although the distribution percentages do require a bit of trust in you (you hold 60% of all coins at the start), so we'll have to see about that.

Pandaisftw

Again, I don't see this as a big problem. The IPO will remain open for some time and people can wait for as long as they want and see something tangible to come out first.

You can put 0.001 and it will already give you enough money to be happy if this coin ever gets to dollar parity.

Meanwhile you can wait and as you see things being developed you can increase your deposit and get a bigger share.

+1

Annon136 is pretty reputable....

You need to find a trusted person, so all the people agree to trust him and that's difficult.

You also have to make special arrangements if you want to start spending money for development.

----

I don't see this as a big problem. The IPO will remain open for some time and people can wait for as long as they want and see something tangible to come out first.

Why is escrow bothersome? You just send the coins when asked, that's all. The escrow service takes care of the rest.

I do not. I said I was most vocal about the lack of checksums.


No argument here, you are right, this is lacking.


I thought this was the question about the escrow feature

I haven't thought about doing it via escrow, my bad. Still, it's difficult and cumbersome to do it via escrow, so I guess people will have to trust me. I operated the NXT-BTC exchange for a while with max 40 BTC and 1.4 million NXT on the balance and didn't steal anything, so you can trust me at least up to that amount


Again, you are twisting my words - I said the date won't be announced. On the contrary I want IPO to stay open as long as possible to achieve better distribution.

WARNING, LIKELY SCAM.

Here are the warning signs:

1. Dev claims he was one of the most active on NXT thread to gain credibility. Okay, maybe but as of right now he is still < 100 posts total.
2. Dev types out rough outline of his coin. No whitepaper, beta, or anything to show for it yet.
3. Dev posts massive IPO offering without escrow.
4. Dev refuses requests for escrow (see page 1) with some lame excuse about "focusing on core features". What?
5. Dev says IPO is going away soon to create urgency, making it more likely you'll do something stupid. If this project were legit, why wouldn't the dev want the IPO to reach full maturity? Why not be transparent? What's wrong with last minute deposits?

DEMAND ESCROW.

Community vote can help somewhat, like a trust multiplier, but the main idea of PoS is that big fat cats wouldn't want to see the value of their holdings or business to go down, so it is assumed they will not act to harm the network.

Whether this concept is really valid we are yet to see because all the PoS cryptos are just too young.

Of course developers have a lot of power.... they develop the coin. Also you said decentralized as possible how else are you going to filter nodes? Community vote?

No, this isn't going to work. For a crypto to be successful it should be as decentralized as possible.

Developers already have way too much power in such projects.

Yes i mean for the nodes, but its a good way to make them public, and the dev could accept/reject them.

You mean for nodes? But then there needs to be a centralized authority to accept/reject them...


If anybody has an idea for a cool name - throw it in here!


As I said, I'd rather focus on core features. Also I am not sure how a decentralized, automatic escrow can be implemented.

Maybe a registration application? Also simcoin sounds a lot like something off of simcity...

IPO is needed to distribute money among people.

Thought about it ssscoin domains were even all available. But I think simcoin looks and sounds better. Still we can re-brand it easily, I even write stuff like this:

#define COIN_NAME "Simcoin"

anticipating possible re-branding and forks

The network will be maintained by nodes with PoS (similar to hallmarks in NXT). Anyone can run a node, but you will need to pay a one-time fee to create a server account and have a minimal amount of money in it. I am still thinking about how to do it best in order to get maximum protection from attacks, so any ideas are welcomed.

>> 20% left as developers reserve
Why do you need the IPO if 20% of coins is already reserved for development  

Perhaps the coin could be called S-coin or SSS? Also so the network will be maintained by POS or server nodes? Can anyone run a node?