You make all these claims, but so far the information you have posted is subject to all kinds of sybil attacks. I've spent a lot of time designing fixes for bitcoin's problems, and along the way had to avoid the major problems of maintaining a shared distributed database. So far, you have glossed over these problems and I don't see real fixes for some of the bigger problems that the blockchain and PoW "solves".
Are you sure that you've actually solved these problems before asking people if your solutions are wanted by the community?
Topic: [DEV] AltCoin with a real difference...opinions please (Read 596 times)
I'm assuming these are the ideas going into eMunie as well, correct? If so, I'm interested in how you are planning on making #1 work.
Hi everyone,
I've been lurking around on here for a while, with nothing really significant to add until now.
As the title suggests I would like opinions on a BTC alternative we have been working on for a while that we feel addresses some of the "issues" regarding the BTC/altCoin weaknesses.
A little background, I own a small R&D company that develops systems and solutions across a number of technology sectors, which I wont get into right now. Around 12 months ago, BitCoin appeared on our radar, one of my developers was interested in BTC and had played around with it quite extensively solo and approached me with some suggestions about how it may be improved.
I decided to divert some funding and developer time to this en-devour and we brainstormed specifics that we felt would improve on the original, which is by any standards genius, yet as all things that are first out the gate, improvements are generally possible. We've been churning away quite happily since then, from practically a clean slate, with the original BTC code used only for some reference and understanding of how the BTC system works.
My concern, is that recently there has been a horde of altCoins popping up, almost double figures this month alone, and I am wondering whether continuing to devote time and funds to this project, which could be used elsewhere, is viable. Of course there are commercial agenda's to consider, and while we would be releasing our "coin" as an open source, decentralized alternative, the (hopefully) resulting attention to my humble R&D house would justify the initial outlay of investment of development.
With that in mind, I decided to dip my toe into the community and see if there was a general standing of support for our alternative considering the differences and "improvements" that it can offer or if the community as a whole feels that BTC and the already available altCoins are enough already.
So what can our system do that's different and considered a "pro", I will highlight below but I will not be delving into technical details at this time:
1) Loss of wallet doesn't constitute loss of "coins". Our currency is able to reproduce your wallet, securely, from the public ledger. You do not need to store a key anywhere, either digitally, or physically, yet it is impossible for anyone else to claim ownership of your wallet.
2) Mining is obsolete, this is one area of the BTC algorithm that hit a nerve with us, the energy expended, performing billions of useless calculations is unnecessary. Additionally we feel that mining can be/is exploited and results in the volatility of the BTC exchange values and will ultimately result in BTC being a commodity and NOT a currency. Finally, no "mining" results in no possibilities of a 51% attack, our currency, as far as we are aware, is immune to 51% attacks.
3) Transaction confirmation is fast, near instant, and are given a "trust" rating depending on who and how many clearing nodes have confirmed the transaction. Transaction confirmation can utilize both CPU and GPU BTC rig hardware, however, the hardware requirements of confirming a transaction are MUCH lower but are as secure as BTC methods.
4) Coin generation is unlimited but constant, "fair", driven by trade volumes, and distributed BY the system. No entity in the system can ever possess a controlling stake of the currency unless they have acquired it via a transaction. Hoarding of a large amount of currency is only possible if it is purchased, hoarding of generated coins does not pose a risk to the value of the currency as a whole.
5) The system as a whole encourages trade, trading in the currency results in all participants of the network obtaining some form of reward by the system at some point in time.
They are the main USP's of our alternative, I'd be happy to go into further details if required, and would love to hear others thoughts and whether they feel that us continuing the development of this is a worthwhile considering all the altCoins being created at present.
Thanks in advance
I've been lurking around on here for a while, with nothing really significant to add until now.
As the title suggests I would like opinions on a BTC alternative we have been working on for a while that we feel addresses some of the "issues" regarding the BTC/altCoin weaknesses.
A little background, I own a small R&D company that develops systems and solutions across a number of technology sectors, which I wont get into right now. Around 12 months ago, BitCoin appeared on our radar, one of my developers was interested in BTC and had played around with it quite extensively solo and approached me with some suggestions about how it may be improved.
I decided to divert some funding and developer time to this en-devour and we brainstormed specifics that we felt would improve on the original, which is by any standards genius, yet as all things that are first out the gate, improvements are generally possible. We've been churning away quite happily since then, from practically a clean slate, with the original BTC code used only for some reference and understanding of how the BTC system works.
My concern, is that recently there has been a horde of altCoins popping up, almost double figures this month alone, and I am wondering whether continuing to devote time and funds to this project, which could be used elsewhere, is viable. Of course there are commercial agenda's to consider, and while we would be releasing our "coin" as an open source, decentralized alternative, the (hopefully) resulting attention to my humble R&D house would justify the initial outlay of investment of development.
With that in mind, I decided to dip my toe into the community and see if there was a general standing of support for our alternative considering the differences and "improvements" that it can offer or if the community as a whole feels that BTC and the already available altCoins are enough already.
So what can our system do that's different and considered a "pro", I will highlight below but I will not be delving into technical details at this time:
1) Loss of wallet doesn't constitute loss of "coins". Our currency is able to reproduce your wallet, securely, from the public ledger. You do not need to store a key anywhere, either digitally, or physically, yet it is impossible for anyone else to claim ownership of your wallet.
2) Mining is obsolete, this is one area of the BTC algorithm that hit a nerve with us, the energy expended, performing billions of useless calculations is unnecessary. Additionally we feel that mining can be/is exploited and results in the volatility of the BTC exchange values and will ultimately result in BTC being a commodity and NOT a currency. Finally, no "mining" results in no possibilities of a 51% attack, our currency, as far as we are aware, is immune to 51% attacks.
3) Transaction confirmation is fast, near instant, and are given a "trust" rating depending on who and how many clearing nodes have confirmed the transaction. Transaction confirmation can utilize both CPU and GPU BTC rig hardware, however, the hardware requirements of confirming a transaction are MUCH lower but are as secure as BTC methods.
4) Coin generation is unlimited but constant, "fair", driven by trade volumes, and distributed BY the system. No entity in the system can ever possess a controlling stake of the currency unless they have acquired it via a transaction. Hoarding of a large amount of currency is only possible if it is purchased, hoarding of generated coins does not pose a risk to the value of the currency as a whole.
5) The system as a whole encourages trade, trading in the currency results in all participants of the network obtaining some form of reward by the system at some point in time.
They are the main USP's of our alternative, I'd be happy to go into further details if required, and would love to hear others thoughts and whether they feel that us continuing the development of this is a worthwhile considering all the altCoins being created at present.
Thanks in advance
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