I agree with some people on here that say the coin can not be based on mining,
Because mining will end up being expensive in India. That is if we have enough electricity through out the day, India electricity goes out all the time when least expected.
Another good point people brought up before is, who will use it? not even who will use it but who has the technology or even the knowledge of acquiring crypto currency.
People in India do not believe in the banking system how are they gonna get into crypto currency ? Everyone deals with cash their.
But what do I know I am new to this Cryptocurrency game. How many Indians are in here? I am Punjabi from Canada
Topic: Indian Version of Bitcoin (Read 7438 times)
Guys,
I have started a thread for Laxmi Coin https://bitcointalksearch.org/topic/laxmi-coin-for-india-and-international-market-287485
need your support for Indian First Indian Digital currency Laxmi Coin
Please help me on this thread
https://bitcointalksearch.org/topic/laxmi-coin-for-india-and-international-market-287485
I have started a thread for Laxmi Coin https://bitcointalksearch.org/topic/laxmi-coin-for-india-and-international-market-287485
need your support for Indian First Indian Digital currency Laxmi Coin
Please help me on this thread
https://bitcointalksearch.org/topic/laxmi-coin-for-india-and-international-market-287485
Very soon they will be announcing on this and opencoin.in
and they signed up couple of ties with some of online shopping sites so this can be used online as well
and they signed up couple of ties with some of online shopping sites so this can be used online as well
Well that's great news. Best of luck.
Cheers
Very soon they will be announcing on this and opencoin.in
and they signed up couple of ties with some of online shopping sites so this can be used online as well
and they signed up couple of ties with some of online shopping sites so this can be used online as well
Just to update on this, We started working on this from April and almost ready to officially launch first Indian digital currency
Just FYI
As mining is difficult in Indian environment so this is not based on mining
Yes this highly secure and innovative concept specially design for Indian environment
Just FYI
As mining is difficult in Indian environment so this is not based on mining
Yes this highly secure and innovative concept specially design for Indian environment
LaxmiCoin lol 
After big success of CHINA Coin.......
A big success for 16 seconds on the exchange :p
I made 250BTC off of ChinaCoin so I consider it a success
I made 25
After big success of CHINA Coin.......
A big success for 16 seconds on the exchange :p
I made 250BTC off of ChinaCoin so I consider it a success
After big success of CHINA Coin.......
A big success for 16 seconds on the exchange :p
After big success of CHINA Coin....... We are waiting for INDIAN Coin.
alk coins are dead for now since they can make them in a matter of minutes. If you want to come out with IndiaCoin it needs to be different.. different algorithm would do it!
After big success of CHINA Coin....... We are waiting for INDIAN Coin.
Some thing like ripple will be better as mining coins is waste of resources and non technical people may not be able to mine
as only small portion of Indian people use computer
as only small portion of Indian people use computer
80% of College goers use computers.
But in India 80% of the population dont go to college.
Some thing like ripple will be better as mining coins is waste of resources and non technical people may not be able to mine
as only small portion of Indian people use computer
as only small portion of Indian people use computer
Vorksholk Coin: Project on hold
https://bitcointalksearch.org/topic/m.2012189
One of the ideas floating around.
https://bitcointalksearch.org/topic/m.2012189
Quote
The coin itself will have a block reward that increases with hashing power. While this doesn't benefit early miners as much as current alt coins, it makes the coin have a more foreseeable e future. While the details are still sketchy, I plan to program the coin to award the square root of the current difficulty times some convenient constant. For example (subject to change a TON), a block when the total network hashrate is 1MH/s would be worth one coin, however a block when the network hashrate is 2MH/s would be worth around 1.41, and a block when the network hashrate is 10MH/s would be right around 3.3. When hash rate gets to 100MH/s, the block reward is 10 coins per block.
The idea is to make coins have some hope of keeping up with increased adoption. A one-to-one ratio of hash power would cause trouble with pump-n-dump, or hyperinflation of the coin. However, increasing block reward as difficulty increases in a non-linear fashion allows the coin to not be so hard for latecomers to adopt, while still giving early adopters their fair share of earnings.
The idea is to make coins have some hope of keeping up with increased adoption. A one-to-one ratio of hash power would cause trouble with pump-n-dump, or hyperinflation of the coin. However, increasing block reward as difficulty increases in a non-linear fashion allows the coin to not be so hard for latecomers to adopt, while still giving early adopters their fair share of earnings.
One of the ideas floating around.
This looks very promising.
Vorksholk Coin: Project on hold
https://bitcointalksearch.org/topic/m.2012189
One of the ideas floating around.No coding done yet.
edit:
A new coin would be extremely hard to implement, so the view till now suggested elsewhere in some thread is a fork of FTC > LTC, with parameters adjusted, but it could easily be "51'd" on launch, considering the fact that Indian miners number in the hundreds(under 2000)
LTC: difficulty adjustment 2016 blocks
PPC/NVC: difficulty adjustment each block
I'd recommend you guys to look into a 51% attack resistant coin's fork. People have apprehensions about NVC because of the premining and subsequent destruction. NVC/BTC still trades >@.025, despite a large section(Western hemisphere) viewing it as a Russian scam.
1)Russian lineage and support.
2)PPC coins advantage: Hybrid (POS+POW):Long term efficiency + Diff Adjustment/block + Scrypt (LTC):ASIC resistance to a limit
3)Initial Checkpointing:: Additional 51% protection.
Technically the best coin in my view.
Assumption: A clean launch could easily gather support, and even external support, as people would really support a Novacoin alternative.
Just my initial views, hope to hear arguments against it.
https://bitcointalksearch.org/topic/m.2012189
Quote
The coin itself will have a block reward that increases with hashing power. While this doesn't benefit early miners as much as current alt coins, it makes the coin have a more foreseeable e future. While the details are still sketchy, I plan to program the coin to award the square root of the current difficulty times some convenient constant. For example (subject to change a TON), a block when the total network hashrate is 1MH/s would be worth one coin, however a block when the network hashrate is 2MH/s would be worth around 1.41, and a block when the network hashrate is 10MH/s would be right around 3.3. When hash rate gets to 100MH/s, the block reward is 10 coins per block.
The idea is to make coins have some hope of keeping up with increased adoption. A one-to-one ratio of hash power would cause trouble with pump-n-dump, or hyperinflation of the coin. However, increasing block reward as difficulty increases in a non-linear fashion allows the coin to not be so hard for latecomers to adopt, while still giving early adopters their fair share of earnings.
The idea is to make coins have some hope of keeping up with increased adoption. A one-to-one ratio of hash power would cause trouble with pump-n-dump, or hyperinflation of the coin. However, increasing block reward as difficulty increases in a non-linear fashion allows the coin to not be so hard for latecomers to adopt, while still giving early adopters their fair share of earnings.
One of the ideas floating around.No coding done yet.
edit:
A new coin would be extremely hard to implement, so the view till now suggested elsewhere in some thread is a fork of FTC > LTC, with parameters adjusted, but it could easily be "51'd" on launch, considering the fact that Indian miners number in the hundreds(under 2000)
LTC: difficulty adjustment 2016 blocks
PPC/NVC: difficulty adjustment each block
I'd recommend you guys to look into a 51% attack resistant coin's fork. People have apprehensions about NVC because of the premining and subsequent destruction. NVC/BTC still trades >@.025, despite a large section(Western hemisphere) viewing it as a Russian scam.
1)Russian lineage and support.
2)PPC coins advantage: Hybrid (POS+POW):Long term efficiency + Diff Adjustment/block + Scrypt (LTC):ASIC resistance to a limit
3)Initial Checkpointing:: Additional 51% protection.
Technically the best coin in my view.
Assumption: A clean launch could easily gather support, and even external support, as people would really support a Novacoin alternative.
Just my initial views, hope to hear arguments against it.
CNC is not really a 'China Coin'. It was a half hearted effort by a Chinese who most likely has sold out by now and is driving a Bentley.
Like the idea of an Indian Coin. However, I think we shouldn't rush into it and see how both FTC and CNC pan out to learn the lessons.
Also, I am not a programmer myself; so won't be a dev but would like to see some unique features involved. Currently any altcoin release follows the same trend:
1> Launch with low difficulty which generate literally millions on the first day itself.
2> Difficulty retargeting can't keep up with the 4x limit and so coins get produced hell of a lot faster for at least a week.
3>Difficulty spikes finally to make up for lost ground and miners leave en-masse.
4>Coin stuck at high difficulty while most of the earlybirds dump everything and laugh all the way to the bank. WIth blocks being generated extremely slowly confirmation takes ages.
Like the idea of an Indian Coin. However, I think we shouldn't rush into it and see how both FTC and CNC pan out to learn the lessons.
Also, I am not a programmer myself; so won't be a dev but would like to see some unique features involved. Currently any altcoin release follows the same trend:
1> Launch with low difficulty which generate literally millions on the first day itself.
2> Difficulty retargeting can't keep up with the 4x limit and so coins get produced hell of a lot faster for at least a week.
3>Difficulty spikes finally to make up for lost ground and miners leave en-masse.
4>Coin stuck at high difficulty while most of the earlybirds dump everything and laugh all the way to the bank. WIth blocks being generated extremely slowly confirmation takes ages.
Guys,
I have purchased opencoin.in domain, I am thinking to start ripple discussion form
and later I may start Indian version of Bitcoin
any suggestions???
I have purchased opencoin.in domain, I am thinking to start ripple discussion form
and later I may start Indian version of Bitcoin
any suggestions???
i am not even coming close to a chines based coin right now .
well i have pondering on this concept for quite some time.
the main problem i faced in india , was that people dont have access to bitcoin and to purchase it is real difficult . Transfering money outside is next to impossible. the government makes it hard to citizens to send money abroad . but makes it so easy for the corrupt people to transfer their millions to swiss banks. i had my account frozen for trying to send money to mtgox. they thought i was laundering $100 out of the country took me 4 weeks and a shouting match with my bank manager to get my account working.
What we face is the low volume of bitcoins in india. Mining rig owners dont want to sell bitcoin in india in bulk, one of my friend ownes a sweet gpu mining rig and he sell it outside. I dont know if there are an others who are mining for profit.
so either the mining operation in india needs to increase , may be get some investment on ASIC/FPGA rigs or try to develop it our self. there are many good engineers in india who can do a swell job designing these boards.
The other option is to Have another cryptocurrency launched have it mined in india on a mojority basis and have the maximum number of coins in india use that coin to convert the INR to crypto currency , and from there to either use this as a base line crypto currency in india, or use it as a trading currency for bitsoins.
Once an INR value is transferred to the alternative crypto currency , the same value can be used in a transaction for bitcoin. just like bitcoin to litecoin.
What i propose it the second option . create a Fork of the new Feathercoine, have the genessis block also mined in india and set the number of coins to about 4X of the number of litecoins. let the mining be done mainly in india at first and let market forces take over after that .
We need a fork of Feathercoin which is a fork of litecoin.
we need miners in india, alot of them
we need a mining pool . (Which should be easy to setup)
We need a exchange (which should not be a problem as it can accept inr payment of bank transfer online payments and cheque payments. )
Give it 6 months to mature to a stable currency.
PS the Chinese have their own coin now. CHNCoin .http://chncoin.org/
And by the way a name can come later. lets discuss concepts first.
the main problem i faced in india , was that people dont have access to bitcoin and to purchase it is real difficult . Transfering money outside is next to impossible. the government makes it hard to citizens to send money abroad . but makes it so easy for the corrupt people to transfer their millions to swiss banks. i had my account frozen for trying to send money to mtgox. they thought i was laundering $100 out of the country took me 4 weeks and a shouting match with my bank manager to get my account working.
What we face is the low volume of bitcoins in india. Mining rig owners dont want to sell bitcoin in india in bulk, one of my friend ownes a sweet gpu mining rig and he sell it outside. I dont know if there are an others who are mining for profit.
so either the mining operation in india needs to increase , may be get some investment on ASIC/FPGA rigs or try to develop it our self. there are many good engineers in india who can do a swell job designing these boards.
The other option is to Have another cryptocurrency launched have it mined in india on a mojority basis and have the maximum number of coins in india use that coin to convert the INR to crypto currency , and from there to either use this as a base line crypto currency in india, or use it as a trading currency for bitsoins.
Once an INR value is transferred to the alternative crypto currency , the same value can be used in a transaction for bitcoin. just like bitcoin to litecoin.
What i propose it the second option . create a Fork of the new Feathercoine, have the genessis block also mined in india and set the number of coins to about 4X of the number of litecoins. let the mining be done mainly in india at first and let market forces take over after that .
We need a fork of Feathercoin which is a fork of litecoin.
we need miners in india, alot of them
we need a mining pool . (Which should be easy to setup)
We need a exchange (which should not be a problem as it can accept inr payment of bank transfer online payments and cheque payments. )
Give it 6 months to mature to a stable currency.
PS the Chinese have their own coin now. CHNCoin .http://chncoin.org/
And by the way a name can come later. lets discuss concepts first.
Careful with the Chinacoin client.. It has a clipboard logger, I heard
well i have pondering on this concept for quite some time.
the main problem i faced in india , was that people dont have access to bitcoin and to purchase it is real difficult . Transfering money outside is next to impossible. the government makes it hard to citizens to send money abroad . but makes it so easy for the corrupt people to transfer their millions to swiss banks. i had my account frozen for trying to send money to mtgox. they thought i was laundering $100 out of the country took me 4 weeks and a shouting match with my bank manager to get my account working.
What we face is the low volume of bitcoins in india. Mining rig owners dont want to sell bitcoin in india in bulk, one of my friend ownes a sweet gpu mining rig and he sell it outside. I dont know if there are an others who are mining for profit.
so either the mining operation in india needs to increase , may be get some investment on ASIC/FPGA rigs or try to develop it our self. there are many good engineers in india who can do a swell job designing these boards.
The other option is to Have another cryptocurrency launched have it mined in india on a mojority basis and have the maximum number of coins in india use that coin to convert the INR to crypto currency , and from there to either use this as a base line crypto currency in india, or use it as a trading currency for bitsoins.
Once an INR value is transferred to the alternative crypto currency , the same value can be used in a transaction for bitcoin. just like bitcoin to litecoin.
What i propose it the second option . create a Fork of the new Feathercoine, have the genessis block also mined in india and set the number of coins to about 4X of the number of litecoins. let the mining be done mainly in india at first and let market forces take over after that .
We need a fork of Feathercoin which is a fork of litecoin.
we need miners in india, alot of them
we need a mining pool . (Which should be easy to setup)
We need a exchange (which should not be a problem as it can accept inr payment of bank transfer online payments and cheque payments. )
Give it 6 months to mature to a stable currency.
PS the Chinese have their own coin now. CHNCoin .http://chncoin.org/
And by the way a name can come later. lets discuss concepts first.
the main problem i faced in india , was that people dont have access to bitcoin and to purchase it is real difficult . Transfering money outside is next to impossible. the government makes it hard to citizens to send money abroad . but makes it so easy for the corrupt people to transfer their millions to swiss banks. i had my account frozen for trying to send money to mtgox. they thought i was laundering $100 out of the country took me 4 weeks and a shouting match with my bank manager to get my account working.
What we face is the low volume of bitcoins in india. Mining rig owners dont want to sell bitcoin in india in bulk, one of my friend ownes a sweet gpu mining rig and he sell it outside. I dont know if there are an others who are mining for profit.
so either the mining operation in india needs to increase , may be get some investment on ASIC/FPGA rigs or try to develop it our self. there are many good engineers in india who can do a swell job designing these boards.
The other option is to Have another cryptocurrency launched have it mined in india on a mojority basis and have the maximum number of coins in india use that coin to convert the INR to crypto currency , and from there to either use this as a base line crypto currency in india, or use it as a trading currency for bitsoins.
Once an INR value is transferred to the alternative crypto currency , the same value can be used in a transaction for bitcoin. just like bitcoin to litecoin.
What i propose it the second option . create a Fork of the new Feathercoine, have the genessis block also mined in india and set the number of coins to about 4X of the number of litecoins. let the mining be done mainly in india at first and let market forces take over after that .
We need a fork of Feathercoin which is a fork of litecoin.
we need miners in india, alot of them
we need a mining pool . (Which should be easy to setup)
We need a exchange (which should not be a problem as it can accept inr payment of bank transfer online payments and cheque payments. )
Give it 6 months to mature to a stable currency.
PS the Chinese have their own coin now. CHNCoin .http://chncoin.org/
And by the way a name can come later. lets discuss concepts first.
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