I wanna design a new crypt coin, what features should be included in ?

milkman1

newbie

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Quote from: dolfcao on April 27, 2013, 10:41:43 PM

I wanna design a new crypt coin(based on or similar to btc or ltc), what features do u guys think should be included in this new coin?
Right now I think these little features should be included in the new coin:
1. no limit to the total amount of the coin, it's hard to generate as time goes by (similar to the real world);
2. transaction fees controlled to under 0.001% of total transaction, or maybe transaction fees is 0;
3. support borrow and lend coins (should pay transaction fees and interest fees);
4. at first, every block include no less than 1024 coins, every 10 years this goes half down, until after 50 years the coins in a block come to a stable number: 32.

I wanna implement the money liquidity and credit extensibility in this new coin like real money, and keep the good features that p2p bring to the coin.

Do you guys have any advice, please give me some advice.

you should call it India Coin INC

psybits

legendary

Activity: 1386

Merit: 1000

Enable merge mining that also supports projects like SETI@home and other BOINC projects like helping find a cure for cancer.

Integrate this with the GUI of your coin so that miner can drag and select a percentage of their hashing power to contribute to the BOINC network (from 0% to 100%).

Do it Wink

Explodicle

hero member

Activity: 950

Merit: 1001

In the long run, a stable nonzero subsidy means its relative %-of-total-supply decreases.

Would subsidy eventually be outpaced by growth, then the coin starts deflating?
Would subsidy eventually become insignificant compared to transaction fees?
Would lost coins cause the circulating supply to converge?

dolfcao

member

Activity: 98

Merit: 10

Quote from: Twerka on April 28, 2013, 09:54:25 PM

Quote from: dolfcao on April 28, 2013, 09:32:28 PM

I don't think so, it's not me who can create the coins with no limits, it's the network,

Doesn't matter who create the coin, no limit = inflation.

I don't think so, think about the real world, and at last, the money will be more and more difficult to generate.

Twerka

full member

Activity: 154

Merit: 100

Quote from: dolfcao on April 28, 2013, 09:32:28 PM

I don't think so, it's not me who can create the coins with no limits, it's the network,

Doesn't matter who create the coin, no limit = inflation.

dolfcao

member

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no, I mean every client or every wallet, not every true person.

Etlase2

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Quote from: dolfcao on April 28, 2013, 09:28:02 PM

your analysis is really valuable, the transaction fees will be 1/10000 in a fixed ratio after 100 transactions per user per day, do you think this is acceptable?

You can't keep track of users, this will be very intolerant of sybil attacks.

dolfcao

member

Activity: 98

Merit: 10

Quote from: Twerka on April 28, 2013, 09:05:16 PM

Do you want to create a Coin which is infinite and you can create it with no limits (inflation), which has borrow and lend support (banks)?

Man, we already have that since a long, long time ago, and that is the reason why BitCoin exist...

I don't think so, it's not me who can create the coins with no limits, it's the network, and I hate premine coins, borrow and lend support in anonymous is really hard to implement in p2p network, but anonymous borrow and lend is really a good feature.

dolfcao

member

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Quote from: pyra-proxy on April 28, 2013, 09:00:06 PM

http://en.m.wikipedia.org/wiki/SHA-3. Use one of these (a fast and likely candidate), these are being designed to replace the sha2 hashing bitcoin is currently using to prepare for the possible likelihood that sha-2 has a critical vulnerability in the moderate future timeframe. Also consider a 512 bit variant up from currently used 256 bit.

I think the FSB algorithm is a good one, http://en.wikipedia.org/wiki/Fast_Syndrome_Based_Hash#Description_of_the_hash_function

dolfcao

member

Activity: 98

Merit: 10

Quote from: Etlase2 on April 28, 2013, 08:59:36 PM

Quote from: Come-from-Beyond on April 28, 2013, 09:40:19 AM

Quote from: dolfcao on April 28, 2013, 08:38:35 AM

uh, u mean one user can at most send 1440 transactions under ur condition?

Yes. It's the same as http://en.wikipedia.org/wiki/Hashcash.

The problem with using a hashcash style spam-prevention is that it almost has the opposite effect on a distributed network. One user who can make 1,440 transactions per day can have the networks bandwidth multiplied by 1,440 txes X the number of network peers. "It shows work! I must pass it on to everyone I know!" Multiply this by a botnet and you have complete network collapse. In addition, providing a nonce as proof of work with each transaction will increase the size of each transaction by at least 32 bytes, perhaps 64 bytes or more. That is a significant increase in bandwidth to avoid paying transaction fees. Proof of work as tx fees is more easily DDoS'd and less scalable.

your analysis is really valuable, the transaction fees will be 1/10000 in a fixed ratio after 100 transactions per user per day, do you think this is acceptable?

Twerka

full member

Activity: 154

Merit: 100

Do you want to create a Coin which is infinite and you can create it with no limits (inflation), which has borrow and lend support (banks)?

Man, we already have that since a long, long time ago, and that is the reason why BitCoin exist...

dolfcao

member

Activity: 98

Merit: 10

Quote from: Ignore@YourPeril on April 28, 2013, 08:54:26 PM

Quote from: dolfcao on April 28, 2013, 08:48:43 PM

I read this message, but i don't get any suggestions.

Sorry, it is the one with a chart two messages above the one referred to:

https://bitcointalksearch.org/topic/m.1207805

I got it, thanks, I'm still thinking about new features.

pyra-proxy

hero member

Activity: 490

Merit: 500

http://en.m.wikipedia.org/wiki/SHA-3. Use one of these (a fast and likely candidate), these are being designed to replace the sha2 hashing bitcoin is currently using to prepare for the possible likelihood that sha-2 has a critical vulnerability in the moderate future timeframe. Also consider a 512 bit variant up from currently used 256 bit.

Etlase2

hero member

Activity: 798

Merit: 1000

Quote from: Come-from-Beyond on April 28, 2013, 09:40:19 AM

Quote from: dolfcao on April 28, 2013, 08:38:35 AM

uh, u mean one user can at most send 1440 transactions under ur condition?

Yes. It's the same as http://en.wikipedia.org/wiki/Hashcash.

The problem with using a hashcash style spam-prevention is that it almost has the opposite effect on a distributed network. One user who can make 1,440 transactions per day can have the networks bandwidth multiplied by 1,440 txes X the number of network peers. "It shows work! I must pass it on to everyone I know!" Multiply this by a botnet and you have complete network collapse. In addition, providing a nonce as proof of work with each transaction will increase the size of each transaction by at least 32 bytes, perhaps 64 bytes or more. That is a significant increase in bandwidth to avoid paying transaction fees. Proof of work as tx fees is more easily DDoS'd and less scalable.

Ignore@YourPeril

full member

Activity: 151

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Quote from: dolfcao on April 28, 2013, 08:48:43 PM

I read this message, but i don't get any suggestions.

Sorry, it is the one with a chart two messages above the one referred to:

https://bitcointalksearch.org/topic/m.1207805

dolfcao

member

Activity: 98

Merit: 10

Quote from: jimhsu on April 28, 2013, 02:03:23 PM

Use this hash function: http://en.wikipedia.org/wiki/Fast_Syndrome_Based_Hash

Back to CPU mining here.

I will consider the algorithm seriously.

Do you guys have any other algorithms?

dolfcao

member

Activity: 98

Merit: 10

Quote from: Come-from-Beyond on April 28, 2013, 11:38:47 AM

Quote from: Shad3dOne on April 28, 2013, 10:57:08 AM

I want a coin that randomly selects any miners gpu on the network and just blows it up everytime a block is found.

New block found on pool 0
Incoming!!!
ZAp!!.Smoke!!..a little spark and fire!!

Fun for all ages. Would make mining hell of a lot more fun.

oh, oh,...and dont forget a massive pre-mine..like 35%-100%... just for shits and giggles.

oh,oh,oh ...and call it something bird/weight related...like lintcoin, dodocoin, duckfeathercoin, extremelylitecoin.....

Cheesy

Try something more challenging. What about 146% of pre-mined coins?

While premined so much? I don't wanna break the rule.

dolfcao

member

Activity: 98

Merit: 10

Quote from: Ignore@YourPeril on April 28, 2013, 10:01:07 AM

I would very much like to see a coin generated like it is suggested by Adrian-x: https://bitcointalksearch.org/topic/m.1207871.

I read this message, but i don't get any suggestions.

jimhsu

sr. member

Activity: 364

Merit: 264

Use this hash function: http://en.wikipedia.org/wiki/Fast_Syndrome_Based_Hash

Back to CPU mining here.

Explodicle

hero member

Activity: 950

Merit: 1001

Quote from: Come-from-Beyond on April 28, 2013, 09:40:19 AM

Quote from: dolfcao on April 28, 2013, 08:38:35 AM

Quote from: Come-from-Beyond on April 28, 2013, 04:52:55 AM

Quote from: dolfcao on April 28, 2013, 04:46:43 AM

Quote from: Come-from-Beyond on April 28, 2013, 03:57:55 AM

Quote from: Explodicle on April 27, 2013, 10:57:00 PM

Quote from: dolfcao on April 27, 2013, 10:41:43 PM

maybe transaction fees is 0

You need some transaction fee to prevent spam.

No, you don't. Proof-of-work prevents spam too.

but people more send very big amount of little coins to attack the whole network.

They can't. 1000x transactions require 1000x calculations to be made. If 1 transaction requires 1 minute of calculations on average CPU then not more than 1440 transactions can be sent during 24 hours.

uh, u mean one user can at most send 1440 transactions under ur condition?

Yes. It's the same as http://en.wikipedia.org/wiki/Hashcash.

While that is technically a no fee system...
1) everyone still pays transaction costs (if not fees) in the form of hashes
2) hashes are one use only so that payment never recirculates, wasted heat
3) you'd need Brunic's hash algorithm (above) to prevent spammers from using GPUs
4) drained smartphone batteries
5) coins are just portable hashes anyways

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