Topic: Ixcoin TODO - page 174. (Read 631750 times)

I don't know much about Counter Party or Colored Coins and the built in fail-safes, but I wonder if we should install a cap on the number of, for example, different Colored Coins which can be created on top of iXcoin.  The cap could of course be increased if needed, but it would protect iXcoin from an exponential increase in Colored Coins, such as we've seen with crypto coins.  Such an explosion could all but choke iXcoin with all kinds of scam coins and threaten its own existence if iXcoin transactions can't be processed.  For that matter is there a way or is it even appropriate for the iXcoin community to filter scam coins from being created on top of iXcoin in the first place?  There are many questions like this we should probably be discussing before the upgrade gets released into the wild and we can no longer control it.  I'm all for these add on features, but we should probably think through how they will be implemented.

It's not necessarily true that the upgrade won't help price.  Adding Counter Party and/or Colored Coins will automatically bring more users into the iXcoin world.  New coins and other investments will depend on iXcoin for their very existence.  The groups who advertise their own iXcoin based creations will be indirectly advertising iXcoin.  It could become an huge marketing tool.  Just one very popular iXcoin based creation could increase iXcoin transactions many times over.

That's interesting, I really wasn't expecting that so soon.  I mean, who is really using iXcoin right now.

This code upgrade won't do much for the price.  We have a Ferrari in our driveway but everyone thinks it's a pinto.

We need to raise awareness somehow and that's how the price will start appreciating.  Without higher awareness the price will not go anywhere.

Using the iXcoin block explorer I notice over 50% of blocks now have mulitple transactions and fees paid to miners.  That's a promising development to encourage continued miner support even after the block reward ends.  Adding Counter Party and/or Colored Coins should increase transactions even more.

iXcoin is by no means dead.  It's just quietly building into a stable, dependable, massively secure crypto in its own right, and a great platform for add-on features!

I've been doing some reading on Colored Coins and Counter Party and it seems like they are basically the same thing so I don't think we'll need to integrate both.

My question is, are we choosing the best of the 2 options?  Cause I'm seeing some good arguments for using colored coins over Counter Party.  The main one being potential liquidity issues.

Friction, can you clarify this?  Is Counter Party indeed the best choice?

Thanks!

I didn't wanna be the one that came up with that symbol but that's exactly where I thought it was going.  I expect a variation of that to be chosen eventually.

Until X becomes the favored version that is [which I still think will happen down the road].

Jamaer,

How exactly would that 3rd option work?

It sounds like an IPO or a secondary offering for existing shareholders.  So are you talking about creating an additional instrument called IXCP or diluting IXC with IXCP?

Can you add some more color on how exactly that would work?

Thanks!


EDIT:  If that third option involves the use of a METAcoin, a token or a middle man then it's DOA.

Colored Coins does away with all that.  It's simple and there won't be any liquidity issues either down the road.  I really hope Counter Party is the best choice of the two. 

Yes, you are correct,  us developers always have full-time jobs.  That's why its always a matter of priorities in terms of what we do on our free time.   When I do ask for donations, its because I always have a better use of my time elsewhere.

I don't know how native colored coins were "originally planned" to be implemented. IMO the key here is to understand the difference between native (or "atomic", meaning that something is added directly to the IXC protocol) and something like Counterparty (which is just on top of regular IXC protocol/regular transactions). 

Having thought about this quite a bit, I think the "hybrid" scheme Friction is proposing (i.e., using atomic IXC transactions as a "native currency" for the rest of Counterparty protocol) is not working without a need to change the IXC protocol. That's something I think should be avoided at this stage (as it requires that majority of the miners accepting the new implementation). Also, if we start modifying the IXC protocol, then I think we should go all the way and implement the whole contracts/bets business as natively. From my reading of (a lot of) technical writing about bitcoin, I think the general concencus is that it is possible, but any agreement beyond that is lacking among experts. So it would be A LOT of work and testing.

Another possibility for IXC is simply to copy the Counterparty procedure, i.e., we create are new protocol currency (let's call it IXCP) by "burning" IXC similar to what they did in Counterparty. This would allow us pretty much directly copy the tools etc. what has been developed by Counterparty community, and requires no change (if our miners adopt to the new client which has the OP_RETURN enabled) to the IXC protocol itself. However, personally I do not like this burning idea. Moreover, since the market cap of IXC is not currently that much, one should really burn huge amounts of IXCs before it would be meaningful.

After thinking this issue a lot, I think there is a third option, I'm now proposing to the community. We could take the advantage of the fact IXC is very mature coin with most of it already out there. So we could take directly the Counterparty protocol, but instead of initially distributing IXCPs by burning, we could agree on a certain block on which every existing IXC address is awarded the same amount of IXCPs.

Any thoughts?

 

What if we add Native Colored Coins, like originally planned?  From what I remember, Colored Coins was best for Contracts and Escrow.

Or is that redundant or an overkill when adding CounterParty?

Speaking of dead, i0Coin died some 3 or 4 times, to iXcoin's ZERO deaths.

iXcoin is nearly 8 times more secure; that's one awesome good reason to choose iXcoin over most alts, including iZERO.

iXcoin is much more evenly distributed compared to i0 since i0 gave out such massive block rewards, in a relatively short time-span without merge mining (cause it kept dying while merge mined due to memory overload issues) and is most likely heavily hoarded by very few people.

i0 stands for iZERO And there's nothing cool sounding about that and it shows the lack of creativity of the devs which tells you a lot about any coin.

iXcoin has special hidden messages [most likely buried inside the code by the CIA or Aliens] where i0 is just a very confusing coin with no special, prophetic, illuminati messages.  Haha!

Finally, the biggest and most important reason:   I own a boatload of iXcoin but none i0Coin but I'm an educated, observant and objective guy, I'm sure there is no Confirmation Bias in my judgment.  

Haha.

But seriously, there are a lot more good reasons.  Like iXcoin is the only coin to show a long term positive correlation to Bitcoin where i0Coin has had nothing but troubles the entire time and can't seem to go up in price even when Bitcoin is rallying.

iXcoin is oldest of the 2 coins; where i0 is actually a [bad] copy of iXcoin.

The devs of i0 coin thought they were being clever [again] so they dropped the block time to 2 minutes; hence, making i0Coin very unstable compared to iXcoin [and Bitcoin].

iXcoin is the only exact twin of Bitcoin so it can literally take the leader, head on, like we're about to do with CounterParty - Whatever Bitcoin can do, iXcoin can do Better AND Cheaper (thanks Friction).  Why risk the time, work and money on a coin like i0 which has a history of instability when you've got everything you need in iXcoin?

There are other good reasons but these [off the top of my head] reasons should be enough.

Basically, i0 offers no advantages over iXcoin while i0 has some severe disadvantages compared to iXcoin.

And like I said last year:  When Wall Street comes in this year, they'll see the same thing I see and when you're putting your future, time and money into a coin you don't take any chances.  Chances like with a coin dying which then only leaves iXcoin and Devcoin for the best, time tested secured coin candidates.

In the Counterparty protocol, BTC is handled separately (btcpay) from all other assets, and it involves an extra step. Of course, that could be used for IXC in implementing assets, but it won't work for bets (which in Counterparty are in XCP). So unless you come up with something more clever for the IXC escrow, we can't have bets. 

The founder, Thomas has come back and he has been making some huge bounty payouts to devs who earned those bounties, like Friction.

So no, the premine was never dumped.

It's been 3 years and it was a small 3% premine; that dog needs to effing die.

Look at so many coins with massive premines and some 100% premines.   NOBODY says anything about it, yet, 3 years later, people are still talking shit about a mere 3% IXC premine even though the dev has made some large bounty payouts out of it.

If I had the money I'd just buy the remaining premine on the open market and set it on fire so people will stop talking about it once and for all!

No need to be that technical.

I know Friction has a full-time job outside of IXC.  If he finishes CounterParty by the end of this month I'd be thrilled.

Thanks Friction.

What happened to the premine coins, were they dumped or has someone still got them?

Why Ixcoin though? There was no IPO, but there was a premine of 565,000 coins. I'd say go with I0coin, if you're going to resurrect the dead.

Well that is indeed curious.  How is that 2 BTC escrowed?   If it can be escrowed, then of course the IXC can be escrowed.

Of course it has as XCP is only a protocol currency based on parsing the bitcoin blockchain OP_RETURN field. As the white paper clearly states:

So my question remains, how are you going to implement that using IXC as the native currency? Multi-signatures won't help here as the final recipient of IXC  (owner of the asset accepting the order) is not known in advance.

Friction, weren't we doing colored coins for their escrow abilities?

So no need for native colored coins then?

We should do it all at once, all of it now.

Friction is right.  IXC is just like Bitcoin.  New tech, innovations and features can be bolted on top of IXC with no need for a host or another coin launch.

No IPOs, iXcoin is it.  The real deal.

You want an IPO?  Here it is, iXcoin for under a dime all day long.