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 7436 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.
Good names, Guys any suggestion for a more open discussion form for Ripple/ Bitcoin
where no restriction on newbies or anyone
Here are my suggestions for more Indian Coins
Punjabi based:
- CDPCoin (Chak De Phatay Coin)
- BhangraCoin
- BBCoin (Balay Balay Coin)
- JWMCoin (Jab We Met Coin)
and some Bollywood Coins:
KKHHCoin (Kuch Kuch Hota Hai Coin)
BBCoin (Big Bachchan Coin)
K420Coin (Khiladi 420 Coin) [ be careful of this one ]
GSCoin (Gabbar Singh coin) - very volatile
DDCoin (DevDas Coin) - tragic
K3GCoin (Khabhi Kushi Kabi Gham Coin)
DhoomCoin (obvious).
SKJCoin (Sheila Ki Javani Coin)
what do you guys think?
where no restriction on newbies or anyone
Here are my suggestions for more Indian Coins
Punjabi based:
- CDPCoin (Chak De Phatay Coin)
- BhangraCoin
- BBCoin (Balay Balay Coin)
- JWMCoin (Jab We Met Coin)
and some Bollywood Coins:
KKHHCoin (Kuch Kuch Hota Hai Coin)
BBCoin (Big Bachchan Coin)
K420Coin (Khiladi 420 Coin) [ be careful of this one ]
GSCoin (Gabbar Singh coin) - very volatile
DDCoin (DevDas Coin) - tragic
K3GCoin (Khabhi Kushi Kabi Gham Coin)
DhoomCoin (obvious).
SKJCoin (Sheila Ki Javani Coin)
what do you guys think?
I can invite the founder of Ripple to our thread.
Good names, Guys any suggestion for a more open discussion form for Ripple/ Bitcoin
where no restriction on newbies or anyone
Here are my suggestions for more Indian Coins
Punjabi based:
- CDPCoin (Chak De Phatay Coin)
- BhangraCoin
- BBCoin (Balay Balay Coin)
- JWMCoin (Jab We Met Coin)
and some Bollywood Coins:
KKHHCoin (Kuch Kuch Hota Hai Coin)
BBCoin (Big Bachchan Coin)
K420Coin (Khiladi 420 Coin) [ be careful of this one ]
GSCoin (Gabbar Singh coin) - very volatile
DDCoin (DevDas Coin) - tragic
K3GCoin (Khabhi Kushi Kabi Gham Coin)
DhoomCoin (obvious).
SKJCoin (Sheila Ki Javani Coin)
what do you guys think?
where no restriction on newbies or anyone
Here are my suggestions for more Indian Coins
Punjabi based:
- CDPCoin (Chak De Phatay Coin)
- BhangraCoin
- BBCoin (Balay Balay Coin)
- JWMCoin (Jab We Met Coin)
and some Bollywood Coins:
KKHHCoin (Kuch Kuch Hota Hai Coin)
BBCoin (Big Bachchan Coin)
K420Coin (Khiladi 420 Coin) [ be careful of this one ]
GSCoin (Gabbar Singh coin) - very volatile
DDCoin (DevDas Coin) - tragic
K3GCoin (Khabhi Kushi Kabi Gham Coin)
DhoomCoin (obvious).
SKJCoin (Sheila Ki Javani Coin)
what do you guys think?
KhotaSikka
Here are my suggestions for more Indian Coins
Punjabi based:
- CDPCoin (Chak De Phatay Coin)
- BhangraCoin
- BBCoin (Balay Balay Coin)
- JWMCoin (Jab We Met Coin)
and some Bollywood Coins:
KKHHCoin (Kuch Kuch Hota Hai Coin)
BBCoin (Big Bachchan Coin)
K420Coin (Khiladi 420 Coin) [ be careful of this one ]
GSCoin (Gabbar Singh coin) - very volatile
DDCoin (DevDas Coin) - tragic
K3GCoin (Khabhi Kushi Kabi Gham Coin)
DhoomCoin (obvious).
SKJCoin (Sheila Ki Javani Coin)
what do you guys think?
exactly, we can distribute through pan waala, Milk man, like SIM cards
Well guys with good reaserch backgrounds could still make a coin, which can survive the competition, there are lots of alt coins including bitcoins with small and large flaws in them.
bitcoin with 10 minute confirmation time is not designed with ecommerce in mind. Current e-commerce systems handle millions of transaction a second without confirmation delay. Bitcoin can handle the million transcation per second rate if scaled. But the 10 minute confirmation delay will remain. Double spend is another problem.The scope for alt coins remain.
Bitcoin is just the stepping stone, version 1.
I`d like to see a Desi coin worked and backed by at least a few researchers , a whitepaper and a thorough peer review. Any thing less than that might end up a dump.
bitcoin with 10 minute confirmation time is not designed with ecommerce in mind. Current e-commerce systems handle millions of transaction a second without confirmation delay. Bitcoin can handle the million transcation per second rate if scaled. But the 10 minute confirmation delay will remain. Double spend is another problem.The scope for alt coins remain.
Bitcoin is just the stepping stone, version 1.
I`d like to see a Desi coin worked and backed by at least a few researchers , a whitepaper and a thorough peer review. Any thing less than that might end up a dump.
Another feature that we need for Indiacoin is a leveling of technology. We know that hardware always reaches India late.
How can we bridge this gap to ensure that even late adopters due to circumstance can make some cryptos.
Well guys with good reaserch backgrounds could still make a coin, which can survive the competition, there are lots of alt coins including bitcoins with small and large flaws in them.
bitcoin with 10 minute confirmation time is not designed with ecommerce in mind. Current e-commerce systems handle millions of transaction a second without confirmation delay. Bitcoin can handle the million transcation per second rate if scaled. But the 10 minute confirmation delay will remain. Double spend is another problem.The scope for alt coins remain.
Bitcoin is just the stepping stone, version 1.
I`d like to see a Desi coin worked and backed by at least a few researchers , a whitepaper and a thorough peer review. Any thing less than that might end up a dump.
bitcoin with 10 minute confirmation time is not designed with ecommerce in mind. Current e-commerce systems handle millions of transaction a second without confirmation delay. Bitcoin can handle the million transcation per second rate if scaled. But the 10 minute confirmation delay will remain. Double spend is another problem.The scope for alt coins remain.
Bitcoin is just the stepping stone, version 1.
I`d like to see a Desi coin worked and backed by at least a few researchers , a whitepaper and a thorough peer review. Any thing less than that might end up a dump.
Hi All,
How is the idea ... Indian version of bitcoin .. Laxmicoin?
How is the idea ... Indian version of bitcoin .. Laxmicoin?
Why would you need an indian version?
Because it is in our blood to copy the western trend and make a cheap copy of it and tag it 'Desi'
Personally I dont see a reason why should there be any more new 'types' of crypto coins. It will be utterly useless ..
Yes and we can have tie up with different bitcoin, ripple or other form of virtual currency traders
Because Bitcoins are so limited
The rate of currency inflation is limited (currently just under 11% per year on an annual basis). That is what allows a bitcoin to hold its value.
and 90% of Indian will not have access to real bitcoins
A digital cryptocurrency does require computing hardware and connectivity, but either $40 android devices or dedicated hardware wallets will extend bitcoin to even the poorest regions of the world. Additionally, there will be innovations such as inexpensive scratch-off prepaid cards allowing bitcoin value to be stored and carried by even those with no technology.
so we need a desi version which can be converted to bitcoin
Bitcoin is a proof-of-work based cryptocurrency. It is vulnerable to a 51% attack, however the prerequisite to such an attack is accumulation of tens of millions of dollars of hardware. (though if just ASIC, that amount is still under $10 million today but ASIC hardware is not available in quantity yet, so it will be tens of millions of investment by the time excess ASIC capacity is available).
But alternative proof-of-work based cryptocurrencies (like Litecoin, and especially a new one like you suggested with a desi version) are more vulnerable to a 51% attack. The thickness of the walls of a bank vault need to be the same whether inside is just $1 million or $2 billion. The same issue exists with proof-of-work based cryptocurrencies.
Now Ripple might be something to look at. With Ripple, one might extend an INR loan to another person through Ripple -- a family member perhaps, or even a member of the local community with repayment of the INR loan informally backed by some gold jewelry.
Or Open-Transactions might be the enabler. With open transactions, contracts for any type of asset can be issued and traded. A specific Open Transaction node could even be tailored to a specific community (versus a larger region or nation even).
Yes I like opencoin/ripple concept where you don't have to mine
Should try setting up a server for Ripple in India.
Yes I like opencoin/ripple concept where you don't have to mine
I am infact thinking lets not keep mining because that's just waste of time and resources
rather we have different algorithm
rather we have different algorithm
I agree that mining is quite inefficient in the original Bitcoin model. That is what the PPCoin model was set up to address by making it more efficient. Aside from pre-mining all the coins and just giving them away, how do you intend to secure the coins any way that is different or better than these? The mining is not a waste in the original design because it is the basis for the security of the coins. Having the network devote such great computer resources to mining prevents all but the strongest attacks (51+% of your total network power or coin ownership would be needed).
The mining aspect is basically required by the decentralized model with no trusted 3rd party. Since you can't count on any one person (or their computers) to keep it fair, the whole group is being asked to keep it fair. That's what mining is.
I am infact thinking lets not keep mining because that's just waste of time and resources
rather we have different algorithm
rather we have different algorithm
Watching this topic. Seems interesting.
I am infact thinking lets not keep mining because that's just waste of time and resources
rather we have different algorithm
rather we have different algorithm
Sounds like it might be possible. Create a new coin and an exchange that only accepts Indian currency by design. Popularize it only in Indian languages and forums. Contact only Indian businesses to accept the coin. However, it would not be easy to prevent other people from actually using the coin, even if you try to place geographical restrictions on it.
Elsewhere I have suggested that your coin should use a combination of proof-of-work and proof-of-stake, meaning it should be based on PPCoin. Also, I think a new coin should feature a constant, high rate of coin creation, such as 1 billion coins per year forever. That way you don't favor early adopters. Indian people can learn about the coin for years and it can gain acceptance. They can still sign up and mine some coins, instead of them all being hoarded in someone's account or lost. Lost coins would be automatically replaced with new ones. The inflation would be tolerable, since it would decline over time, and would only be 10% after 10 years, and so on. Further, more people using the coin would bid up the value of the coin and compensate for the inflation. See more discussion in Coin Complaint List thread (https://bitcointalksearch.org/topic/coin-complaint-list-183256).
Elsewhere I have suggested that your coin should use a combination of proof-of-work and proof-of-stake, meaning it should be based on PPCoin. Also, I think a new coin should feature a constant, high rate of coin creation, such as 1 billion coins per year forever. That way you don't favor early adopters. Indian people can learn about the coin for years and it can gain acceptance. They can still sign up and mine some coins, instead of them all being hoarded in someone's account or lost. Lost coins would be automatically replaced with new ones. The inflation would be tolerable, since it would decline over time, and would only be 10% after 10 years, and so on. Further, more people using the coin would bid up the value of the coin and compensate for the inflation. See more discussion in Coin Complaint List thread (https://bitcointalksearch.org/topic/coin-complaint-list-183256).
Because Bitcoins are so limited and 90% of Indian will not have access to real bitcoins
so we need a desi version which can be converted to bitcoin
so we need a desi version which can be converted to bitcoin
You can easily start one, but really it is not worth, because you will really need to work very very very hard to get enough hashing power in to save it from 51% attack.
Cheers
Because Bitcoins are so limited and 90% of Indian will not have access to real bitcoins
so we need a desi version which can be converted to bitcoin
so we need a desi version which can be converted to bitcoin
Hi All,
How is the idea ... Indian version of bitcoin .. Laxmicoin?
How is the idea ... Indian version of bitcoin .. Laxmicoin?
Why would you need an indian version?
Hi All,
How is the idea ... Indian version of bitcoin .. Laxmicoin?
How is the idea ... Indian version of bitcoin .. Laxmicoin?
it will be Lamxicoin
My key aim is to uncomplicate Bitcoin for the Indian and make its entry as frictionless as possible.
Bitcoin having any perceptible usage in India would be of benefit for those using it in India and for Bitcoin itself. Good luck in your endeavors.
Lets start Indian version of bitcoin
Hindcoin ? or Sanskoin ? KamaKoin ? Omcoin ? Namastecoin ? bharacoin ? Sikka Coin ? lol
Ok jokes aside, try & keep this thread just to say 'hi's * "hello's" as newbies ^_^ (suggesting)
My key aim is to uncomplicate Bitcoin for the Indian and make its entry as frictionless as possible.
Bitcoin having any perceptible usage in India would be of benefit for those using it in India and for Bitcoin itself. Good luck in your endeavors.
Lets start Indian version of bitcoin
Jump to: