Topic: How to clone Bitcoin to create your own crypto currency / crypto shares system - page 4. (Read 48027 times)

It is trivial to create yet another merged-mine-able blockchain-based currency.

There are numerous capable coding-businesses in which one could invest some "quid" to obtain a new blockchain "pro quo".

It might not be as dirt cheap as getting DeVCoin created was, but then again there is no indication yet that you are going to do as much of the actual coding work yourself as Unthinkingbit, who commissioned DeVCoin (yet actually did most of the coding himself, as it turned out) did.

"Investing" in a business that so far seems singularly lacking in coding capability seems a rather obtuse method of promoting the creation of code.

-MarkM-

I seriously advice against helping OP. He really doesn't know much on this topic.

It is like "Hey, I have a vague idea, implement it for me and I'll give you maybe 10% of profit." (Spoiler: there won't be any profit.)

While a script which would create merged-mined alt-chains on demand would be cool, it definitely shouldn't be developed under OP's guidance.

By the way, there was a client mod which allowed creation of unlimited number of crypto-currencies: MultiCoin https://bitcointalksearch.org/topic/new-release-of-multicoin-client-a-branch-of-the-bitcoin-client-24209

But I doubt it supported merged-mining and also it seems to be dead.

Also, um, you say "please invest today" and give your bitcoin address? How is that an investment? Where's contract? Will you pay dividends?

Investing into a can of beer has a better payoff, you know.

I'm glad to hear that so much work is being done to create an exchange system.

What I need most urgently right now is a way for me to easily create my own crypto currency producing software.

Could anyone help me with this? I offer commission, contact me for more info.

I will also try to update this thread with instructions about how to do it.

Expiration is necessary to be able to drop old blocks and improve scalability. User/apps are expected to 'refresh' data before its expiration. For example, you can 'spend' your old output which is about to expire and create a new transaction for it.

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it would be nice to be able to keep "keys" ("names") you don't own from expiring. That would make the handling of bonds and stocks a little easier.

Namecoins though can broadcast arbitrary data? Or only arbitrary strings?

If only strings, then any normal coding libe base64 or whatnot can be used to render data as string.

So in namecoin it should be possible to broadcast offers and partially completed transactions as well as complete transactions.

You just have to stick what you want broadcast into some field associated with some address.

It probably even has fees already implemented to discourage spamming of insincere offers.

-MarkM-

I have proposed an auxiliary transaction feature (https://bitcointalksearch.org/topic/ppcoin-aux-transactions-proposal-113615) with ppcoin to natively facilitate distributed storage of key-value. Auxiliary transactions/blocks are deleted after expiration thus addressing the block chain bloat issue with a namecoin/bitcoin solution.

I plan to start implementing this feature in a couple of months but I would love to hear comments as to what app writers would need (such as your proposed exchange). If I got time I might consider doing a simple web-of-trust app prototype to test out the auxiliary transaction feature as well.

Suppose A wants to exchange his coins for coins B has. I think minimal version is this:

1. A publishes an offer which has information on what coins A has, what he wants to receive, A's address, A's contact info.

2. B discovers A's offer, accepts it, creates a transaction and signs his input. But this transaction doesn't have A's signature. So it is again published somewhere.

3. A discovers B's incomplete transaction, signs his input and broadcast this full transaction into coin network.

Bitcoin nodes relay only correct transactions, so you cannot use this protocol to broadcast offers and incomplete transactions.

On the bright side, it's possible to use something as simple as IRC or email to do trading. (I plan to use HTTP for this.)

challenge accepted  

This would be very nice but also more complex.

this is good news indeed. So I could broadcast a half tx and whoever completes it is the partner in trade?

Namecoin is not rocket science either but it is running already and waiting for someone to play with it.

Yes, divisibility. Also, less blockchain bloat, I think.


Colored coins are also available and running right now. How so?

• they can "run" on top of any blockchain, particularly, Bitcoin and Namecoin
• basic implementation already exists
• implementation is not released to public yet, but neither is your hypothetic script

So I'd say right now colored coins are closer to becoming a real thing.

As for advantages of Namecoin, nobody stops you from using colored namecoins. So you can grab colored coin implementation, apply it to Namecoin client and then integrate it with Namecoin's advanced features.


"Truly decentralized but automatic exchange" are possible without WoT too, as atomic coin swaps are 100% secure. Some reputation system might be needed to prevent order book spam, but I doubt that WoT is needed here since there is no way for people to lose their money.


Atomic coin swap can make trade 100% secure: https://bitcointalksearch.org/topic/atomic-coin-swapping-112007

As for order announces, it can be done over a simple p2p network. It's not a rocket science.

I like the colored coins idea (and the name) but pretty much the only advantage vs namecoin that I see is divisibility.

Namecoin has other advantages:
* it is available and running right now
* it can be used for many other things like: wot, newscast, aliases, ...

With a wot established it could be used for a truly decentralized but automatic exchange. You could just offer your shares by setting the value field to something like: "ask:42.0nmc". A buyer can then send the money to the name and will receive the name in return. of course you have to trust the person holding the name.

It really isn't just an idea anymore, concrete implementation is currently under development. There is a prototype which is demonstrated to work.

It is vouched for by some members of core development team, particularly Jeff Garzik. See here: https://bitcointalksearch.org/topic/m.1225948

You cannot simply not believe in it, it's already a reality.


It's certainly your right to prefer one thing over another, but it would be more constructive if you listed concrete cons/pros of different methods.

You can find a discussion of colored coins vs. merged mining here: https://bitcointalksearch.org/topic/m.1231210

I don't believe too much in the colored bitcoin idea.

I prefer the idea of a multitude of bitcoin clones with variable parameters.

With regard to the mining issue, I have a hunch there might be a way around it.

Well, this is quite similar to colored coins, aside from namecoin integration.

I've even mentioned your thread on colored coin project announcement: https://bitcointalksearch.org/topic/chromawallet-colored-coins-issue-and-trade-private-currenciesstocksbonds-106373

   
[Idea] Arbitrary bonds (fiat, gold, options), shares, votes - via Cryptocurrency

to be more specific:

* register a thousand namecoin names like ncs/yourcompany_000 to ..._999
* trade shares on bitcoin-otc like a boss or directly - decentralized
* send dividends to shares in nmc
* let share holders vote via name values if you like

Namecoin is being merge mined and currently has 42% of bitcoin difficulty.

This operation is not 100% free but will cost $2 or so


http://namecoin.info
http://nx.bit  ( http://bitcoinx.com/charts )


I am thinking about throwing together a script to make handling multiple names easier.

this problem you still need to solve.

You fail to understand that Bitcoin is secured via proof-of-work.

Miners do that work to get a reward.

What reward will they get if they'll mine your share alt-chains?

Yep, that's right, no reward at all.

Your alt-chains won't be secure through proof-of-work, so you'll end up with something equivalent to OpenTransactions in the best case.

On the other hand, colored coins run on top of Bitcoin system and do not require any additional mining power.

Also you can exchange different colored coins (particularly, buy coins which represent shares for BTC) via atomic coin swap, which is secure, unlike cross-chain trade. (Which is both very complex and insecure.)

So, the GLBSE is down.

I predicted this would happen.


Now, I don't have a shadow of doubt that the main problems with GLBSE were as listed below:

-It was centralized
-The shares could only be exchanged through the platform
-It was not open source
-It was vulnerable to attacks by governmental agencies

My solution is THE solution. We should ALL start working on this.

-My solution is decentralized
-The shares can be exchanged freely between everyone everywhere
-My solution is open source
-This system cannot be taken down by so called authorities due to the same reasons that the bitcoin platform cannot be taken down (p2p, can be made anonymous).

Let's set up a project on GitHub right now, today.

The purpose will be building software that can release software which in its turn can create new crypto currency/crypto share units (just like the bitcoin client)  with variable parameters.

Setting up a crypto stock exchange will then be super easy. Here's a very basic example:

A website owner writes on his website: I sell [name of his particular crypto share units] for x BTC, I buy [name of his particular crypto share units] for x BTC.

That is, in essence, a very basic crypto stock exchange.

The important thing is that we give everyone the possibility to create their own client similar to the bitcoin client. With millions of web site owners running their own clients and micro crypto share exchanges, there will be absolutely no possibility whatsoever for the so called authorities to take us down. It shall be the start of a new world order.

This thread can be found at: https://bitcointalksearch.org/topic/how-to-clone-bitcoin-to-create-your-own-crypto-currency-crypto-shares-system-114336

What's being proposed has nothing to do with P2P, which is the core concept of bitcoin network.

The proposed "cloned networks" are more like numerous Paypal servers, each filled with monopoly money instead of USD. No one would participate in such a system unless he's either a con, or incredibly dumb.

Took the first step to building a wiki for the purpose of creating instructions for cloning the bitcoin software. Please feel free to comment and provide feedback:

http://bitcoinfreelancing.t15.org/wiki/how-to-clone-the-bitcoin-software-to-create-new-cryptocurrency-crypto-shares-systems/