Interesting question. Here is my ideal altcoin.
1. Free and real time transactions. Similar to the UPI payment system engineered by India
2. No entry barrier for mining - POS algorithm
3. Fixed supply and periodic halving interval
4. No KYC requirement
5. No public ledger
6. Zero pre-mined
7. Ability to burn unused token
8. Smart contract facility
Hope this makes sense!
Topic: describe your ideal altcoin (Read 142 times)
I could say that it has to be proof of stake, not the staking that defi ones have or staking that bounties have, I mean proof of stake, that's one of the important ones. It must have no owners or devs or team behind it, or at least not after it was created because it is required to have a team to build it, but after it is built I want it to be decentralized.
If there are devs that give you a roadmap to tell you what they will do with the token or the coin then it is not a good one, they should just create it and let it be and they would have as much power over it as we do. These two things are the most important to me because this already gets rid of %99.99 of the coins and tokens out there on the world today.
If there are devs that give you a roadmap to tell you what they will do with the token or the coin then it is not a good one, they should just create it and let it be and they would have as much power over it as we do. These two things are the most important to me because this already gets rid of %99.99 of the coins and tokens out there on the world today.
The altcoin would have a clear and practical real-world use case that solves a significant problem or meets a pressing need. Whether it's in finance, supply chain, healthcare, or any other industry, the technology would address real-world challenges effectively. In summary, my ideal altcoin in 2023 would be a highly scalable, privacy-focused, and interoperable cryptocurrency with a clear real-world use case. It would prioritize sustainability, decentralization, security, and user-friendliness while fostering a strong and engaged community.
The ideal altcoin must be decentralized because if it's centralized, there's no difference with fiat or any other asset that's centralized. Then it's up to the creator about the real usage of the coin he created, it can be a stable coin, privacy oriented coin, or anything else. Since it's decentralized, security isn't a big matter if the coin is already exist for a decade. Because the longer the coin is, it will be hard to mine and you need a good mining rigs which will prevent against 51% attack.
Well then since you said we should stay away from mentioning project names or coin, this is good any ways so that some people wanting to promote they shitcoin, won't flood the thread with of topics replies, but then how do you intend to control the conversation here of the comment is on the topic but violates your set rules?
Since the thread is not self-moderated I bet you're going to give moderators a lot of work reporting posts most especially those that are high-quality posts.
Since the thread is not self-moderated I bet you're going to give moderators a lot of work reporting posts most especially those that are high-quality posts.
I believe people will respect those rules. Those, who are tired of dull shitcoin advertising, will appreciate that.
1. Have a very good work
2. Active Community
3. Project ecosystems run and develop actively
4. Have a large valuation
5. Has a large market capitalization
7. Healthy tokenomic
8. Safe
9. Good fundamental
What else should I add to show that the characteristics of the coins that I mentioned are the ideal coins for me to buy it, I think there are still a few more points, but that is not important.
It is very difficult to show the ideal category without giving an idea to one project, but I think you will understand what I mean this, and you certainly know what coins have this category.
2. Active Community
3. Project ecosystems run and develop actively
4. Have a large valuation
5. Has a large market capitalization
7. Healthy tokenomic
8. Safe
9. Good fundamental
What else should I add to show that the characteristics of the coins that I mentioned are the ideal coins for me to buy it, I think there are still a few more points, but that is not important.
It is very difficult to show the ideal category without giving an idea to one project, but I think you will understand what I mean this, and you certainly know what coins have this category.
An ideal altcoin for me would consist in a token which offers solid staking program, with returns around 10%-14% yearly, without relying on speculation to thrive, rather having a real activity behind it generating profit and passive income for investors. Something like a native token from a guild or company. Also, to have a powerful burning mechanism would be ideal, so we could get rid of excessive supply and price depreciation, allowing the token to work in a sustainable way on long term and building a positive reputation inside crypto market.
Idea is like it's the most used of everybody and every project had a consensus that they should be dependent on it. What we see with these projects is they always try to take over the past and established ones. Not knowingly, most of them are just the same and that's why an ideal altcoin is the one that unites all of these altcoins. But this is just like a projection and idealistic thought that seem to be impossible to happen.
Eg :
1. Security
2. Decentralization
All of them will declare that they are secured, they're decentralized and every other stuff that looks intriguing yet interesting to the ears of everybody. But all of them just plain the same. 1. Security
2. Decentralization
Without numbers 1 to 4 it becomes number 5. All are wishful thinking.
I want a perfect project. But I don't one will exist. There will always be loopholes, flaws, and mistakes that will be found in the long run. I want something with high security and yet high privacy. See, wishful thinking.
I want something with low transaction fees and yet faster transactions, almost instant. Another wishful thinking.
So, how could a forum member answer this right if no comparison will be made? Like better than Bitcoin. Better than Ethereum or so on and forth.
Comparisons make one project look better and that type of discussion has been used for a very long time because someone needs a basis to say their ideal altcoin.
I want a perfect project. But I don't one will exist. There will always be loopholes, flaws, and mistakes that will be found in the long run. I want something with high security and yet high privacy. See, wishful thinking.
I want something with low transaction fees and yet faster transactions, almost instant. Another wishful thinking.
So, how could a forum member answer this right if no comparison will be made? Like better than Bitcoin. Better than Ethereum or so on and forth.
Comparisons make one project look better and that type of discussion has been used for a very long time because someone needs a basis to say their ideal altcoin.
Something with importance to security. Any tokenomics will always come up with a better outcome as lonh as the security of the project is good and has a very high defense again potential breach. Also a good use case will do, revenue always comes aftet the product has been seen or effectively working in the community needs or aspect.
Since we cant drop name in comparision Im sure there will be dispute about this topic regarding best altcoin traits.
Since we cant drop name in comparision Im sure there will be dispute about this topic regarding best altcoin traits.
I propose you to describe your ideal altcoin. Please, focus on the product and technology. Follow these rules:
1) Don't mention cryptocurrencies, project names, brands, etc.
2) Don't mention potential revenue, high returns, limited supply, deflationary economics, staking revenues, benefits to early adopters, airdrops or any other form of benefits associated with tokenomics.
3) Don't mention people behind the project and their qualities.
4) Don't mention wide adoption, exposure in media, good perception of the product, faithful community, listings on exchanges, and etc.
5) Wishful thinking is not prohibited but try to be realistic.
There are some proof of work altcoins. So you can do the mining and earn some revenue. But the problem is there is no big ecosystem of proof of work altcoins. If you can build the dapp on the proof of work blockchains, that have more security than the other projects. Because it is a layer 1 project.1) Don't mention cryptocurrencies, project names, brands, etc.
2) Don't mention potential revenue, high returns, limited supply, deflationary economics, staking revenues, benefits to early adopters, airdrops or any other form of benefits associated with tokenomics.
3) Don't mention people behind the project and their qualities.
4) Don't mention wide adoption, exposure in media, good perception of the product, faithful community, listings on exchanges, and etc.
5) Wishful thinking is not prohibited but try to be realistic.
Eg :
1. Security
2. Decentralization
the ideal altcoin is created by a team way after they deliver a finished product that solves some problem for the community. which then starts to be used by a larger and larger base of people and only then starts to be monetized. Only when the product is ready and used by people, a token is created for it. A token whose economics are supported by the product, but not on the basis that the user of the product must own the token (like many projects do). In my opinion, this spoils the product because it increases the entry threshold for new users. The token economy should be supported by burning tokens for a portion of the product's profits.
Product first, monetization and token second. We have hundreds of thousands of altcoins that first generate a token and then promise a product that they usually do not deliver. No wonder. The creator is paid in advance and is faced with the choice of working on the product for free or promising another product with the creation of a new token.
This is why I personally never buy into a product's promise. product first, monetization second
Product first, monetization and token second. We have hundreds of thousands of altcoins that first generate a token and then promise a product that they usually do not deliver. No wonder. The creator is paid in advance and is faced with the choice of working on the product for free or promising another product with the creation of a new token.
This is why I personally never buy into a product's promise. product first, monetization second
How about something like proof of work, but with the Calculus, where the difficulty is adjusted continuously, and blocks are nigh instantaneous. I suppose blocks would approach a Planck second, i believe is the shortest possible time, and then confirmation time would start to become an issue.
The emptier the block, the lower the difficulty, where an empty block has zero, or essentially zero difficulty. All block rewards pass forward 1% of the reward for future blocks, in case the next block is empty. The first empty block passes on 1% of that to the next empty block, and so on until a not empty block. There is a limited number of coins, but infinite decimal places.
The emptier the block, the lower the difficulty, where an empty block has zero, or essentially zero difficulty. All block rewards pass forward 1% of the reward for future blocks, in case the next block is empty. The first empty block passes on 1% of that to the next empty block, and so on until a not empty block. There is a limited number of coins, but infinite decimal places.
Well then since you said we should stay away from mentioning project names or coin, this is good any ways so that some people wanting to promote they shitcoin, won't flood the thread with of topics replies, but then how do you intend to control the conversation here of the comment is on the topic but violates your set rules?
Since the thread is not self-moderated I bet you're going to give moderators a lot of work reporting posts most especially those that are high-quality posts.
That is by the way, back to the discussion, my ideal altcoin will be a coin that has a robust ecosystem that supports the liquidity of the coin to keep its price up for a long-term base, and we already have a few of such altcoins in the market but since you said we should stay off mentioning projects name I will abide by that rule.
Since the thread is not self-moderated I bet you're going to give moderators a lot of work reporting posts most especially those that are high-quality posts.
That is by the way, back to the discussion, my ideal altcoin will be a coin that has a robust ecosystem that supports the liquidity of the coin to keep its price up for a long-term base, and we already have a few of such altcoins in the market but since you said we should stay off mentioning projects name I will abide by that rule.
I propose you to describe your ideal altcoin. Please, focus on the product and technology. Follow these rules:
1) Don't mention cryptocurrencies, project names, brands, etc.
2) Don't mention potential revenue, high returns, limited supply, deflationary economics, staking revenues, benefits to early adopters, airdrops or any other form of benefits associated with tokenomics.
3) Don't mention people behind the project and their qualities.
4) Don't mention wide adoption, exposure in media, good perception of the product, faithful community, listings on exchanges, and etc.
5) Wishful thinking is not prohibited but try to be realistic.
1) Don't mention cryptocurrencies, project names, brands, etc.
2) Don't mention potential revenue, high returns, limited supply, deflationary economics, staking revenues, benefits to early adopters, airdrops or any other form of benefits associated with tokenomics.
3) Don't mention people behind the project and their qualities.
4) Don't mention wide adoption, exposure in media, good perception of the product, faithful community, listings on exchanges, and etc.
5) Wishful thinking is not prohibited but try to be realistic.
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