Topic: Bitcoin forks from altcoins (Read 702 times)
i think this is a good idea... i'm thinking create a BitcoinX11 (BTCX11) whit this airdrop solution... and mining 21M of coin whit X11 Algo ... in X11 only Dash have a good market.. but i think Bitcoin X11 have a good market... what do you think? i'm not a dev. This is a idea for dev and take opportunity for profit use of asic miner X11.
I came up with the crypto-dividend concept last week. I think it pertains to what you are trying to describe. Altcoins formed from Bitcoin forks are just dividends paid to Holders of Bitcoin. A unique way to distribute and create altcoins. This is the video that started it all:
https://www.youtube.com/watch?v=rg86clOEd3A
https://www.youtube.com/watch?v=rg86clOEd3A
Another idea that someone gave me:
The ICO will distribute a sub-token, that can be send/received, so it can be sold/bought.
Death UTXO will then be redistributed on the percentage of those tokens owned, and maybe it can never ends.
The ICO will distribute a sub-token, that can be send/received, so it can be sold/bought.
Death UTXO will then be redistributed on the percentage of those tokens owned, and maybe it can never ends.
Bitcoin forks from altcoins
---------------------------
The basic idea is making forks of Bitcoin with technologies and benefits of other altcoins, or maybe launching completely new one.
So let's imagine that you will launch a "fork" of an altcoin X, but with "Bitcoin balances"! Seems great
The problem of developing coins as everything else it is that it needs time and money.
Who is the developer(s) that he is going to do it? I know that there are talented selfless developers, but they are rare and they can change idea at any time.
So, maybe it can be another ICO, but how it is possible to make an ICO from the history (blockchain) of an already mined coin as Bitcoin? (so no pre-mining)
There is a way, even though I know that it can be controversial: taking coins from the death/lost utxo!
Example 1:
----------
There can be an ICO, and investors will buy a percentage of the death/lost utxo.
So someone will have 10% (A), someone 30% (B), 20% (C), 15% (D), 15% (E) and 10% (F) again. (6 investors, again, it is just an example)
What will happen then?
The new coin will be launched, ad after a certain "grace" period, death utxo/coin (from the Bitcoin history) will be blocked, and generated again (the same amount), block by block.
Only death utxo will part of this new assignment and only if they don't get moved on the next blocks.
So imagine that the Bitcoin blockchain is formed by 1000 blocks at the time of the new coin created.
Again, this is just an example, so numbers doesn't reflect how Bitcoin really works.
The grace period (maybe 6 months) will end at the block 1050 (so 50 blocks are like 6 months in this example)
"Satoshi" (and all the other early adopters of the first blocks) will have then 6 months to move his coins to not find them blocked and redistributed.
If he didn't, then at the block 1051, his first generated block with 50 tokens (the block 1) will be not spendable, and the new generated block (1051) will have: the prize, plus the fees for the included tx, AND plus 50 new token distributed to the 6 investors (on their % of investment)
So at the block 1051, A will get 5 tokens, B 15 tokens, C 10 tokens, D and E 7.5 tokens and F 5 tokens. (and miners/stakeholders will get prize+fee)
What will happen at the next block? (1052)
Again, the same. If there are utxo that aren't moving from the block 2, then all of them will be distributed again to all the investors of the ICO.
But, what will happen if instead at the block 1052, someone did get a confirmed tx that has moved coins from an utxo on hold from the block 3?
At the block 1053 those coins will NOT be blocked and redistributed.
On this way all the holders can just move their coins to not lose them.
And if the new coin has blocks that are still generated avery 10 minutes as Bitcoin, and a holder has made an utxo on the last blocks before the fork, he will then have like 8 years of time to move them!
The redistribution function will end after the same amount of blocks after the first block after the fork, so when the new coin will reach the block 2050, the investors will stop receiving coins from death utxo.
How many coins are lost/death? It is unknown, but the Satoshi stake is probably 1M or more, and I think that lost coins are much more.
Investors will speculate on this
Example 2:
----------
Maybe one dev want to launch his coin, but he doesn't like to try find investors and/or going in the chaos of ICO and he is bad on promoting himself and/or he just like to code.
So there is another way to make the same things (redistribution of death utxo) but with some little differences.
A percentage of redistributed tokens (maybe 10%?) will go to a address set by the dev.
So at the block 1051, 10% of the 50 coins generated on the block 1 by Satoshi will go to the dev.
Both this percentage (10% in this example) and the address set by the dev will be possible to be changed with a larger majority (maybe 85?) of votes by the miners/stakeholders (or any other consensus method on the new coin).
On this way, if the dev will die or will stop doing a good work, miners will be able to change the address and donate those money to other competitor devs/teams.
It needs the larger majority of the votes of the miners to avoid that the can just give those tokens to themselves
I hope that this can help to get inspiration even for better ideas!
https://pastebin.com/RchGxD8d
---------------------------
The basic idea is making forks of Bitcoin with technologies and benefits of other altcoins, or maybe launching completely new one.
So let's imagine that you will launch a "fork" of an altcoin X, but with "Bitcoin balances"! Seems great
The problem of developing coins as everything else it is that it needs time and money.
Who is the developer(s) that he is going to do it? I know that there are talented selfless developers, but they are rare and they can change idea at any time.
So, maybe it can be another ICO, but how it is possible to make an ICO from the history (blockchain) of an already mined coin as Bitcoin? (so no pre-mining)
There is a way, even though I know that it can be controversial: taking coins from the death/lost utxo!
Example 1:
----------
There can be an ICO, and investors will buy a percentage of the death/lost utxo.
So someone will have 10% (A), someone 30% (B), 20% (C), 15% (D), 15% (E) and 10% (F) again. (6 investors, again, it is just an example)
What will happen then?
The new coin will be launched, ad after a certain "grace" period, death utxo/coin (from the Bitcoin history) will be blocked, and generated again (the same amount), block by block.
Only death utxo will part of this new assignment and only if they don't get moved on the next blocks.
So imagine that the Bitcoin blockchain is formed by 1000 blocks at the time of the new coin created.
Again, this is just an example, so numbers doesn't reflect how Bitcoin really works.
The grace period (maybe 6 months) will end at the block 1050 (so 50 blocks are like 6 months in this example)
"Satoshi" (and all the other early adopters of the first blocks) will have then 6 months to move his coins to not find them blocked and redistributed.
If he didn't, then at the block 1051, his first generated block with 50 tokens (the block 1) will be not spendable, and the new generated block (1051) will have: the prize, plus the fees for the included tx, AND plus 50 new token distributed to the 6 investors (on their % of investment)
So at the block 1051, A will get 5 tokens, B 15 tokens, C 10 tokens, D and E 7.5 tokens and F 5 tokens. (and miners/stakeholders will get prize+fee)
What will happen at the next block? (1052)
Again, the same. If there are utxo that aren't moving from the block 2, then all of them will be distributed again to all the investors of the ICO.
But, what will happen if instead at the block 1052, someone did get a confirmed tx that has moved coins from an utxo on hold from the block 3?
At the block 1053 those coins will NOT be blocked and redistributed.
On this way all the holders can just move their coins to not lose them.
And if the new coin has blocks that are still generated avery 10 minutes as Bitcoin, and a holder has made an utxo on the last blocks before the fork, he will then have like 8 years of time to move them!
The redistribution function will end after the same amount of blocks after the first block after the fork, so when the new coin will reach the block 2050, the investors will stop receiving coins from death utxo.
How many coins are lost/death? It is unknown, but the Satoshi stake is probably 1M or more, and I think that lost coins are much more.
Investors will speculate on this
Example 2:
----------
Maybe one dev want to launch his coin, but he doesn't like to try find investors and/or going in the chaos of ICO and he is bad on promoting himself and/or he just like to code.
So there is another way to make the same things (redistribution of death utxo) but with some little differences.
A percentage of redistributed tokens (maybe 10%?) will go to a address set by the dev.
So at the block 1051, 10% of the 50 coins generated on the block 1 by Satoshi will go to the dev.
Both this percentage (10% in this example) and the address set by the dev will be possible to be changed with a larger majority (maybe 85?) of votes by the miners/stakeholders (or any other consensus method on the new coin).
On this way, if the dev will die or will stop doing a good work, miners will be able to change the address and donate those money to other competitor devs/teams.
It needs the larger majority of the votes of the miners to avoid that the can just give those tokens to themselves
I hope that this can help to get inspiration even for better ideas!
https://pastebin.com/RchGxD8d
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