Topic: Good Ideas for Successful Alt Coins - Read This Before Coding Your New Alt Coin! (Read 1659 times)

I have come up with another solution that will work for sure. Will post in a few minutes.

USSC Litecoin-P2P-Server - A Decentralized P2P Client-Server Application For Fast Transactions That Utilize The Litecoin Network

Application Features:

1. Directly and internally handles wallet.dat files and the Litecoin protocol.

2. Completely separate database for user accounts with decentralized replication to other P2P servers.

3. Utilizes banks of wallet.dat files that are not mapped to any specific user account. Evenly distributes coins to internal banks of wallet.dat files.

4. End-user client software accounts are assigned to specific server allowing transactions speeds comparable to a centralized system like Visa, MasterCard, and Pay-Pal.

5. End-user accounts and wallet.dat banks are replicated to other P2P servers.

6. P2P server network monitors each other for online or offline status. Virtualization server replication to replicate virtual servers across network in the event of physical server seizure or DDOS attack [virtual servers house wallet.dat banks].

7. Double spend attacks are mitigated by denying end-users access to wallet.dat files or banks. [Wallet.dat files are internally encrypted].

8. Uses Litecoin protocol as a lower level protocol like web-browser applications use the transport layer in the OSI model stack.

9. Uses Litecoin client and wallet.dat files as lower level application.

10. Eliminates need for confirmations by end-user clients and web-server or web based services.

11. No need for end-user to keep wallet.dat files on local computer or phone. Account is in the P2P cloud.

12. Account cannot be frozen or seized by anyone - even the server operator.

13. No changes to the existing Litecoin network or protocol. Utilizes existing Litecoin network and protocol.

14. End-user application plug-in to existing Litecoin client.

15. Government cannot track nor trace nor freeze your funds.

16. Funds cannot be traced.

17. Anyone can run a Litecoin P2P Server (it's decentralized). If the server goes offline or is seized, the virtual server, accounts, and wallet.dat files are still safe and reallocated to other P2P servers.

19. Completely Open Source.


This is how to best use cryptocurrency protocols

There is no need to write code from scratch. all of the above can do coded by combining the bittorrent protocol [for virtual server and wallet.dat bank replication] and onion router protocols [for P2P Server communication] with the existing Litecoin protocol [This would make a hybrid bittorrent/onion router/Litecoin application].

I will post on here design specs but I will not code it for you.

You have my permission to use the above designs. I will not make a patent or copyright claim against you so long as you keep it open source. I do not own any patents on the above system. It came from meditation and thought.

You don't necessarily have to use the Litecoin protocol, Bitcoin or Worldcoin will work as well. But I recommend the Litecoin Protocol [fast and secure].

I have been an Active Directory admin, and MS Exchange admin, Banyan Vines Street Talk Admin, And have supported everything from X.25 to X.400 and Protocols from RIP, OSFP, BGP, etc...

If you have any questions on how to design the application, I will post answers on here. You can PM me or just post your design questions here. I will help you. If you code an application for this then please give me credit for some of the design. That is all that I ask and maybe a little donations in Litecoin [PM me for address].

Get to Coding.

Thank you.

USSCFounder   
 

You cannot use a decentralized currency directly in the way you are suggesting. The number of confirmations and the amount of time they take are what make transactions secure and valid. Decreasing the number of confirmations required and the time per confirmations increases the risk of double spending. I'm not sure you understand this.

I am also sure that in time as more third party services as described become available they would become cheaper. There is nothing to stop larger business also developing there own software which provides this service. Each business would be in competition to provide the simplest and cheapest option.

Maybe you are suggesting that the developers of a new cryptocurrency should include such software as part of the package and at no cost to the user.

I know right, names like BlueBird(Amex) could never be used for long-term adoption. 

worldcoin still fucked up in the sense that starting difficulty was low and orphanville ensued. Also, for a coin called WorldCoin, it would have been nice to release it when the WORLD is somewhere between Saturday and Sunday so that actually most of the WORLD can participate in the mining process.

I think that at this point this board is so full of mining-hungry zealots that even a complete copy of litecoin (like feathercoin) would be very successful if some dev would FINALLY get the following criteria right without missing EVEN ONE OF THEM:

1) rename all fucking instances of the coin name in the software, and add your own stupid pictures. don't miss a spot.
2) announce it at least a day in advance and don't fucking miss the time.
3) start with higher difficulty OR let the first 12 hours of blocks give no reward, choose parameters so that it's no orphan clusterfuck
4) provide all forms of binaries/sources, with MIRRORS.
5) provide ports/settings/conf etc. in advance.

Bonus) choose a name that does not immediately make long-term-adoption more difficult, i.e. bbqcoin, feathercoin, firecoin may be funny names but they confuse the fuck out of my Grandma. Also, coins with the name of a specific nation are conflicting with the decentralized nature of cryptocurrencies.

I dare you to name a coin from the last two weeks that did not fuck up at least one of those.

You cannot use a decentralized currency directly in the way you are suggesting. The number of confirmations and the amount of time they take are what make transactions secure and valid. Decreasing the number of confirmations required and the time per confirmations increases the risk of double spending. I'm not sure you understand this.

I am also sure that in time as more third party services as described become available they would become cheaper. There is nothing to stop larger business also developing there own software which provides this service. Each business would be in competition to provide simplest and cheapest option.

Maybe you are suggesting that the developers of a new cryptocurrency should include software like this as part of the package and has no cost to the user.

You can also incorporate a passcode into step 2. that way if Walmart is part of a group of retailers sharing the same private key then I can keep a larger amount in p2p escrow for use with multiple retailers. the only retailers that could take money out would be those that I am present in with my passcode ready.

The system could also be used for e-bay and the postal delivery service:

1. a seller on e-bay want to sell you a mining rig for 100 altcoins
1. e-bay seller gives you his public key
2. You reserve into escrow 100 altcoins using the public keys of the e-bay seller, e-bay, and UPS delivery service. The altcoin client removes the 100 altcoins from your wallet and puts them into the cloud secured by the public keys of the e-bay seller, e-bay, and the UPS delivery service.
3. Upon completion of the sale ebay signs the transaction with their private key.
4. Upon delivery and inspection of the mining rig the UPS delivery man signs the transaction with his private key.
5. When all the transaction has been signed by all of the private keys (matching the public keys already incorporated into the transaction) the 100 altcoins are transferred to the e-bay seller.

anyone else have input?

[UPDATE] I created and announced a project post for this idea here:
https://bitcointalksearch.org/topic/annproject-p2p-escrow-coin-for-fast-point-of-sale-systems-pos-208393

POS for a shop called be solved. Look at the systems used on exchange websites. Instead of transferring your cryptocurrency directly from your personal wallet when buying a product, you place the currency in an on site account. Businesses could use an in store login service. Obviously this only functions if you know you are intending to shop at a particular store. There is nothing to stop business producing these services at zero expense to the customer and there is no need to wait for confirmations.

Is it such a big deal? I don't think it's realistic to expect that coins will ever leave the internet. Make online shops accept it first.

if the crypto-community really wants to see   crypto take off they are going to have to find a way for point of sale (POS) systems to use the coins. Yes, we know that Point of Sale systems can use a third party for bitcoin transactions

New alt coins are being released everyday. Some are useful; most are not.

Some Ideas for Alt Coins

1. A scientific coin
    People are complaining about an large amount of computer power going to waste mining bitcoins. Well develop a coin that can take input for proof of work. Universities or individuals could submit work to the p2p network to be used in place of the normal proof of work. The work could be distributed to miners in place of the normal proof of work. Afterward the results of the work could be sent back to the submitter. Kinda like SETI meets bitcoin.

How about an p2p escrow ledger with a Point of Sale Passcode.

For example lets say I am on my way to Walmart.

1. I tell my altcoin client to reserve 20 coins for walmarts use with a time limit of 24 hours.
2. I then reserve the amount using walmarts public key to reserve the amount in my wallet.
3. the altcoin network will remove the coins from my wallet and put them in escrow.
4. the coins cannot be sent to anyone or spent by anyone who does not have walmarts private key.
5. I goto walmart and spend 10 coins.
6. Walmart altcoin client sees that there is a reserve amount of 20 coins with walmarts public key signature.
7. Walmart then receives 10 coins from the reserve and using its private key releases the rest of the coins back into my wallet freeing up the remaining 10 coins for me to spend.

This is just an idea on how to speed up transactions.

Let me know what you think.  

Maybe there is another way to do it. Instead of saying impossible, try to figure out a way. If you cant do it let someone else try.

another love-in thread for worldcoin?   Yeah, it was great, except for the insanely low starting diff like every other coin, combined with the low block time causing orphan city and constant forks for the first 6-8hrs.

Honest question here to someone who knows something about coin development....is it really hard to change the starting difficulty in the code or something?  If any dev believes in their coin and isn't in it for just a quick pump and dump buck, why have we yet to see a recent alt-coin with a respectable starting difficulty?

Maybe there is another way to do it. Instead of saying impossible, try to figure out a way. If you cant do it let someone else try.