My concern of point 2 is that we'll loose coins from the whole system. People will die, fall ill, or forget etc... etc... etc... but if we have limited coins, coins will be reduced over time and someday it'll be 0.
Post updated with suggestions.
Of course we need a coins with all the features.
Topic: Ideal cryptocurrency features. (Read 576 times)
1) Sure of course, everyone wants that.
2) Security is the owner's own responsibility.
3) There's no such thing as limiting things to 1 hardware only. Everything is based on the algo the coin uses, and as long as someone can make a different piece of hardware to hash that algo, it will happen sooner or later.
4) Lots already have this, even down to 60 seconds or something
5) Lots already have this as well
6) No such thing, 51% will occur as long as someone controls enough hash power.
2) Security is the owner's own responsibility.
3) There's no such thing as limiting things to 1 hardware only. Everything is based on the algo the coin uses, and as long as someone can make a different piece of hardware to hash that algo, it will happen sooner or later.
4) Lots already have this, even down to 60 seconds or something
5) Lots already have this as well
6) No such thing, 51% will occur as long as someone controls enough hash power.
1) Energy efficiency -- In the long run, it should not waist energy by unlimited mining.
2) Lost coins -- Recovery of lost coins. Limited coins will be lost forever cause people will always loose their coins.
3) Dedicated hardware -- Limit this mostly to CPU, so only full blown computers can compute it, and one doesn't have to buy special purpose hardware. The hardware will be useless otherwise and after all coins have been mined (or unless there are unlimited coins which can be generated via mining) or mining is not profitable anymore, the miner will actually throw it away or sell it to someone else (who may be a cracker who's accumulating firepower for bad mining). This is partially true for GPU hardware, but they have a gaming purpose apart from computational purpose, and probably the miners will themselves use it in gaming. So all in all, prefer 1) CPU only, 2) CPU & GPU, 3) Special purpose hardware.
4) Fast confirmation times -- like 5 minutes (50 seconds block).
5) Quick difficulty change -- So upcoming of a sudden powerful miner doesn't take a HUGE advantage mining too many coins.
6) Protection against 51% attacks.
Which one fits the bill?
A few suggestions I propose --
1, 2, 6) We should have unlimited coins, but that'll violate point 1. I think the ideal method is that, after mining all coins, mined blocks will be rejected, and only proof of stake based coins can be mined. This'll also protect against 51% attacks, cause we need a lot of users instead of processing power.
1, 3) The algorithm should change with the difficulty (new cryptographic functions should be added/removed with difficulty) -- I don't know the OpenCL API, but this may help?
The algorithm should take up more memory with the difficulty. That'll shortlist systems with large amount of memory and cut out a lot of systems which would otherwise consume power trying to compute...
2) Lost coins -- Recovery of lost coins. Limited coins will be lost forever cause people will always loose their coins.
3) Dedicated hardware -- Limit this mostly to CPU, so only full blown computers can compute it, and one doesn't have to buy special purpose hardware. The hardware will be useless otherwise and after all coins have been mined (or unless there are unlimited coins which can be generated via mining) or mining is not profitable anymore, the miner will actually throw it away or sell it to someone else (who may be a cracker who's accumulating firepower for bad mining). This is partially true for GPU hardware, but they have a gaming purpose apart from computational purpose, and probably the miners will themselves use it in gaming. So all in all, prefer 1) CPU only, 2) CPU & GPU, 3) Special purpose hardware.
4) Fast confirmation times -- like 5 minutes (50 seconds block).
5) Quick difficulty change -- So upcoming of a sudden powerful miner doesn't take a HUGE advantage mining too many coins.
6) Protection against 51% attacks.
Which one fits the bill?
A few suggestions I propose --
1, 2, 6) We should have unlimited coins, but that'll violate point 1. I think the ideal method is that, after mining all coins, mined blocks will be rejected, and only proof of stake based coins can be mined. This'll also protect against 51% attacks, cause we need a lot of users instead of processing power.
1, 3) The algorithm should change with the difficulty (new cryptographic functions should be added/removed with difficulty) -- I don't know the OpenCL API, but this may help?
The algorithm should take up more memory with the difficulty. That'll shortlist systems with large amount of memory and cut out a lot of systems which would otherwise consume power trying to compute...
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