Topic: How to make an ideal altcoin (Read 249 times)

Market dictates the price. Based on the demand and offer the price will rise or fall. You can have extremely scarce coin with very high price that nobody can afford then the price would be less volatile but nobody will use that coin.
Price is not predictable nor subject of manipulation from within the coin code. Only market can drive this.

See the coins with little demand - there is very little volatility if price is sufficiently high. On other hand even large coins with high price suffer volatility.. Maybe emission curve could fix this - when price goes very high (no idea how this would be checked) the emission curve changes and there will be much more coins mined through next block.. Most people will want to sell them and make profit which will lead to increased offer and this lower price.

But they can also decide to keep it and in the end it's the same situation as before.

On other thought there may be a coin 100% owned by creator who emits the coin to the market to mitigate volatility. Something like central bank (which can be also distributed and holders can vote to buy/sell coins). When price go up, emitting new coins will lower the prices. When it falls, using income from initial emission can be used to bring it back. But that is heavy speculation and I think it would only work short term.

Volatility is not a problem when something has default price in crypto not in fiat. When a car costs 1 btc then it's always one btc. No volatility at all. But merchants use fiat and that's where volatility enters the big pictures. If they would be using only crypto there wouldn't be any volatility at all.

Would it make sense to create a coin, where it would be "somehow" possible to "regulate" the price, yet keep it decentralized?
By regulation I mean a mechanism that prevents the coin to pump or dump by $1000 over night. Keep the price relatively stabilized
and make gradual changes.
On one hand having a crazy fluctuation is great way to make a load of money, on the other hand it makes it very difficult for a retailer
or any company to employ cryptocurrency as a way of payment into their business and thus slows down or completely halts progress
in this area.
I think there's already enough pump-dump coins on the market where people make money. I doubt BTC will make it any further
in terms of daily usage, even though its price will go up due to high demand.

Just a thought...

Otherwise I am in, for starting a coin.

Gents these are all good points.

However to build a community around non-existing coin would be very challenging if not impossible. 
Yes I have a knowledge and want to build a new coin, ideally from scratch which would need a lot of time and money. Yes to do that you need funding. But I am surprised how much hate is shown when new coin starts and has a premine or any other way of gathering resources.
People call it scam immediately and leave.

So the vision is to collect all the properties first, set the right expectations and prepare for the development phase. Maybe fork a successful and working code to get the funding in place, then swap the coins when beta of the new code is ready and main net up and running.
I am also aiming for "easy-to-purchase" coin that can be obtained by any other way than mining. My opinion is that mining in the end is danger to any distributed system, as in the end it accumulates power in hands of a few.

Now regarding technical part. There is a software storage solution called ceph that uses algo named paxos to calculate location of the data. Something similar should be adjusted for blockchain. The nodes should hold just a fragment of the data. All nodes together would form a blockchain database. And multiple nodes would hold copy of the fragments.Hashing algo (paxos) would allow any client to locate the information within the blockchain and reach the data on particular node.
The aim is to ease the load, lower the bandwidth usage but keep the reliability and still be easy enough to use.  So called master nodes would hold the complete chain and parity information so that any eventually missing fragment could be restored easily. All of this magic would be of course hidden to merchants/clients and the resource allocated on wallet side would be minimal.

No ICO and no premine?
Good luck to find such altcoin today.

How should devs will pay for bills without money?
ICO and premine is a way to collect some money for development purposes too. I'll see how you will find a skilled developers for free.
And also skilled marketing team, advisers, community managers and so on

interesting way to start a conversation. do you know how to build a currency? of are you just tossing out "good ideas" i am interested in building a currency that works very differently from Bitcoin, no mining, or at least nothing like what they do, the coins would be relatively cheap and should never become super valuable, the value would be controlled by the retailers, not the speculators, I have the idea from a marketing perspective, but know nothing about the tech side. I wonder if there are people here with the skills to build a coin system?

A good coin needs the support of the community. So to start a coin, you need to build a good community first. Depending on the community, you can find members' opinions and suggestions. Where is the cut in point to find the coin demand? NO ICO, you can take the form of community airdrop to allow more people to participate in community building. In this way, the more the members of the community are spread, the value of the coin can be reflected. I think it makes sense to do this.

There's no doubt that bitcoin is amazing. However it was never designed for large scale usage and extremely volatile price.

So I was thinking what would be an ideal successor. As there is only one coin - bitcoin, that would be some sort of alt.

Now except technical perfection there should be couple of things.

1. the new coin should scale well. Used by few or a billion of people it should be suitable for all kinds of transfer no matter what amount that would be. So no block limitatio, no fees, no delays.

2. It should work on your grandmas phone. No fancy stuff but really it should be hw independent, lite version maybe together with full featured "big" version. But nobody wants to download gazillion of terrabytes of blockchain data. So no blockchain is ideal

3. There should be no premine, instamine, whatever way to make money on the coin. Or the community will turn the back on you. If you want to fund development, or want to put coin on an exchange, get a mortgage.

4. No ICO definitely. ICO is a scam.

5. Dev should be publicly know, ideally whole team with private cell numbers and addresses. If you disappear or don't deliver on time people can visit or call you. Abandoning coin aka Satoshi is a big nono. It cannot succeed.

6. All kind of media must be involved to build the hype. TV shows, websites, blogs and memes. Merchandise available (ideally for free)

7. Code must be reviewed by a group of independent experts and every commit must be discussed in a wide public forum. Developing new algo is ok, but only if it's public, documented and easy to understand. No black magic please.

8. Pools for mining, precompiled binaries for all OSes, github code, info website and announcements, together with few exchanges lising the coin on day 1 is not a must. No doubts this all comes for free.

9. If there is a problem, nobody is supposed to report it. An no fixing please. Test and fix on your own. But release immediately including compiled binaries.

10. The coin must be cheap. So everybody can buy it. Or mine it with anything. Lots of...

11. The plan, the roadmap, schedule or any other form of how the coin will develop including ETA goes without saying. Don't think that anybody is interested in randomly developed and secretly released stuff.

Yeah, sorry for irony but my impression is like everyone got crazy these days and community is looking for very unrealistic things. How are successful projects funded? How they are kept consistent, who does it and why? The expectations are enormous so making code just for fun doesn't provide what people want from coin. And nobody will care. Which is kind of sad, because this is the only way how it can work. I make a code, give it out for free, because it's a good thing and people will like it and help. But from thousands of coins announced here I don't see many like that, maybe none. Hey dev, do this and do that, and if you don't do it for free, you are scammer.

I want to start a coin for free. A good one. I appreciate any feedback what would work. Even the things above if they fit. And how to keep it running. For free