Topic: [LTC] [Discussion] LiteProtocol - A protocol built on top of Litecoin (Read 384 times)
April 02, 2014, 09:29:15 AM
Your projects are very interesting.
April 02, 2014, 08:07:54 AM
Too bad this didn't receive more attention.
For those who are interested the thread on litecointalk: https://litecointalk.org/index.php?topic=16962.0
FYI: a precursor of a distributed marketplace with the Master protocol is mentioned here: https://github.com/mastercoin-MSC/spec#listing-something-for-sale
For those who are interested the thread on litecointalk: https://litecointalk.org/index.php?topic=16962.0
FYI: a precursor of a distributed marketplace with the Master protocol is mentioned here: https://github.com/mastercoin-MSC/spec#listing-something-for-sale
March 18, 2014, 08:58:20 PM
I posted this over on Litecointalk and I was disappointed with the response I received. I am not getting much feedback other than "we need to promote Litecoin." Please do not tell me all we need to do is simply promote Litecoin, I'm trying to focus on how we can improve Litecoin in an extreme developmental/technical manner. IMO cryptocoin adoption is inevitable once people wake up and realize their FIAT is backed by nothing more than an empty promise, and realize there is a trust-free math based solution available. However, it will be a dog fight as to which cryptos stay on top and which one rises above them all. I would just like people in the Litecoin community to be more forward thinking and voice their opinions and ideas of how we can improve Litecoin as it is today. I am hoping maybe this will be better received over here. 
Most of these ideas already exist, or are currently under development in other cryptocoins. I hope this laundry list of features that are inevitable sometime this year or during the next few years highlights the need for Litecoin to innovate and stay with the cutting edge of P2P technologies. The reason for making a protocol on top of Litecoin is to entice developers to create these features for us through the use of bounties. I propose this be done in a similar way that Mastercoin was. Otherwise, through normal fund raising techniques, Litecoin would never be able to raise enough capital for bounties to create so many new features. Feel free to read my suggestions and make your own suggestions as well. Explain why something I already outlined should or should not be done, discuss logistics and technicalities, etc.
I personally would like to see something along the lines of:
A. P2P Distributed Exchanges (Already exists in Counterparty and Mastercoin)
A1. Exchange Cryptocoins for other Cryptocoins - To limit the amount of people that are likely to get Goxxed by an exchange going insolvent if they only trade crypto to crypto. A decentralized exchange is necessary.
A2. Exchange user-made Securities and other property - Think... a decentralized & more fair Ripple... a large company won't pre-mine the coins, they'll be split in between the community. Many securities exchanges have come in gone over the past couple years, scamming their users out of thousands of BTC at times. Decentralized security exchanges are also necessary. Mastercoin for example supports creating property tokens to be used for titles, deeds, user- backed currencies, and even shares in a company.
B. P2P Distributed Marketplaces (Doesn't exist yet as far as I'm aware.)
A1. Not Silk Road - Legal goods only
A2. Silk Road - I realize not many people in the Litecoin/Bitcoin/whatever community are going to be on board with this. However, the first person that makes this is going to be freaking rich. It is a matter of when, not if.. I have no doubt someone will come along soon and make this. Despite your views on drugs etc... if your decisions were based on making money, this would be one of the most valuable developments in the cryptocoin development world as far as making money goes.
C. P2P Distributed Dropbox (Mastercoin is planning on releasing this in Q2/Q3 of this year)
C1. P2P cloud storage- Users storing files on the cloud will get paid crypto for storing files for others. A distributed system could be cost-competitive with market leaders such as Drop Box, due to the ability for anyone to set this up in their home to earn a little extra income.
D. Rating System (I don't think a rating system exists yet)
D1. Rating System - Just got scammed? No problem, leave a bad review for the scammer for all to see. This will help deter scammers from scamming others. At the very least it will make it more complicated because they can only use an address once to scam.
D2. Gain rep - It would allow for others to gain a reputation within the community without any fear from 3rd party alterations of the reviews. Think... Bitcoin-OTC but fully integrated into the client and easier to use.
E. Private/Public Messaging (Messaging already exists in eMunie and Nxt.)
E1. Send and receive messages like email - Encrypted end to end using PGP, you don't have to worry about the government (or anyone else) spying on you and your personal correspondence.
F. P2P Forums (Doesn't exist as far as I'm aware.)
F1. Distributed forums with block chain-based elections for admins - censorship deterrent due to its P2P nature.
G. Special Addresses for Reversible Transactions (Mastercoin plans on implementing this)
G1. Both the buyer and seller would need to have some way to agree to doing a reversible transaction, one must not be able to force someone to receive such a transaction.
H. Distributed Betting (Planned for Mastercoin)
H1. Make peer to peer escrowed bets, alleviating the chances of getting scammed by the betting service provider and the person you're making the bet against.
H2. A voting system will be necessary to determine the fairest outcome of each bet. Each user should be paid a small fee for voting one way or another, to give incentive to people to keep the system working and fair. It will be a certain percentage of the bet or a set fee distributed to all voters.
I. Distributed Domain Name System and/or Web Hosting (distributed DNS exists in multiple Cryptocoins- Web hosting doesn't)
I1. Could be useful if the governments of the world decide to go on a huge censorship spree, it would ensure the right of freedom of speech to every person in the world via the internet.
I2. Pay users to host files for websites and allow them to generate extra income by simply subscribing to be a web host.
I3. A voting system should be implemented to keep bad actors off of the service (or not...? This could be a way of implementing a P2P silk road without actually doing it... leave the risk for someone else but provide them the tools necessary.)
J. More Attention To Anonymity (Already planned/developed for multiple ALT coins)
J1. Implement something similar to Coinjoin
J2. Implement Zerocoin
K. Anti-Hoarding Features (Already exists in Freicoin, planned in eMunie and other new coins in development)
K1. Introduce Demurrage - Litecoin can be like your savings account due to its deflationary properties, and LiteProtocol can be like your checking account.
K2. A lot of other things can be done to discourage hoarding.
L. Proof Of Stake (Already exists in multiple coins)
K1. Earn interest on your coin holdings and further secure the Protocol.
M. Reduce Block Chain Size (Exists in Nxt and eMunie, others in development)
M1. Implement a ledger system
M2. Good idea on how to go about it: https://bitcointalksearch.org/topic/building-the-next-generation-of-crypto-currency-developers-required-215936
N. Distributed Voting (Planned in multiple new cryptocoins)
N1. Hold fair and non-corruptible elections
N2. Vote on adding/removing/changing features to LiteProtocol or Litecoin
N3. Vote on anything your heart desires in a Random vote category.. can be used for fun or for research.
O. Built-in support for Charities to collect and solicit funds (Doesn't exist)
O1. Help make the world a better place
---------------------------
This is just what I could think of off the top of my head. Does anyone else have any ideas or feedback?
I realize we cannot implement all of these features because some of them are contradictory (such as adding all these new features while reducing blockchain bloat). I think we should prioritize them by their importance and/or the value the features would add to Litecoin.
Most of these ideas already exist, or are currently under development in other cryptocoins. I hope this laundry list of features that are inevitable sometime this year or during the next few years highlights the need for Litecoin to innovate and stay with the cutting edge of P2P technologies. The reason for making a protocol on top of Litecoin is to entice developers to create these features for us through the use of bounties. I propose this be done in a similar way that Mastercoin was. Otherwise, through normal fund raising techniques, Litecoin would never be able to raise enough capital for bounties to create so many new features. Feel free to read my suggestions and make your own suggestions as well. Explain why something I already outlined should or should not be done, discuss logistics and technicalities, etc.
I personally would like to see something along the lines of:
A. P2P Distributed Exchanges (Already exists in Counterparty and Mastercoin)
A1. Exchange Cryptocoins for other Cryptocoins - To limit the amount of people that are likely to get Goxxed by an exchange going insolvent if they only trade crypto to crypto. A decentralized exchange is necessary.
A2. Exchange user-made Securities and other property - Think... a decentralized & more fair Ripple... a large company won't pre-mine the coins, they'll be split in between the community. Many securities exchanges have come in gone over the past couple years, scamming their users out of thousands of BTC at times. Decentralized security exchanges are also necessary. Mastercoin for example supports creating property tokens to be used for titles, deeds, user- backed currencies, and even shares in a company.
B. P2P Distributed Marketplaces (Doesn't exist yet as far as I'm aware.)
A1. Not Silk Road - Legal goods only
A2. Silk Road - I realize not many people in the Litecoin/Bitcoin/whatever community are going to be on board with this. However, the first person that makes this is going to be freaking rich. It is a matter of when, not if.. I have no doubt someone will come along soon and make this. Despite your views on drugs etc... if your decisions were based on making money, this would be one of the most valuable developments in the cryptocoin development world as far as making money goes.
C. P2P Distributed Dropbox (Mastercoin is planning on releasing this in Q2/Q3 of this year)
C1. P2P cloud storage- Users storing files on the cloud will get paid crypto for storing files for others. A distributed system could be cost-competitive with market leaders such as Drop Box, due to the ability for anyone to set this up in their home to earn a little extra income.
D. Rating System (I don't think a rating system exists yet)
D1. Rating System - Just got scammed? No problem, leave a bad review for the scammer for all to see. This will help deter scammers from scamming others. At the very least it will make it more complicated because they can only use an address once to scam.
D2. Gain rep - It would allow for others to gain a reputation within the community without any fear from 3rd party alterations of the reviews. Think... Bitcoin-OTC but fully integrated into the client and easier to use.
E. Private/Public Messaging (Messaging already exists in eMunie and Nxt.)
E1. Send and receive messages like email - Encrypted end to end using PGP, you don't have to worry about the government (or anyone else) spying on you and your personal correspondence.
F. P2P Forums (Doesn't exist as far as I'm aware.)
F1. Distributed forums with block chain-based elections for admins - censorship deterrent due to its P2P nature.
G. Special Addresses for Reversible Transactions (Mastercoin plans on implementing this)
G1. Both the buyer and seller would need to have some way to agree to doing a reversible transaction, one must not be able to force someone to receive such a transaction.
H. Distributed Betting (Planned for Mastercoin)
H1. Make peer to peer escrowed bets, alleviating the chances of getting scammed by the betting service provider and the person you're making the bet against.
H2. A voting system will be necessary to determine the fairest outcome of each bet. Each user should be paid a small fee for voting one way or another, to give incentive to people to keep the system working and fair. It will be a certain percentage of the bet or a set fee distributed to all voters.
I. Distributed Domain Name System and/or Web Hosting (distributed DNS exists in multiple Cryptocoins- Web hosting doesn't)
I1. Could be useful if the governments of the world decide to go on a huge censorship spree, it would ensure the right of freedom of speech to every person in the world via the internet.
I2. Pay users to host files for websites and allow them to generate extra income by simply subscribing to be a web host.
I3. A voting system should be implemented to keep bad actors off of the service (or not...? This could be a way of implementing a P2P silk road without actually doing it... leave the risk for someone else but provide them the tools necessary.)
J. More Attention To Anonymity (Already planned/developed for multiple ALT coins)
J1. Implement something similar to Coinjoin
J2. Implement Zerocoin
K. Anti-Hoarding Features (Already exists in Freicoin, planned in eMunie and other new coins in development)
K1. Introduce Demurrage - Litecoin can be like your savings account due to its deflationary properties, and LiteProtocol can be like your checking account.
K2. A lot of other things can be done to discourage hoarding.
L. Proof Of Stake (Already exists in multiple coins)
K1. Earn interest on your coin holdings and further secure the Protocol.
M. Reduce Block Chain Size (Exists in Nxt and eMunie, others in development)
M1. Implement a ledger system
M2. Good idea on how to go about it: https://bitcointalksearch.org/topic/building-the-next-generation-of-crypto-currency-developers-required-215936
N. Distributed Voting (Planned in multiple new cryptocoins)
N1. Hold fair and non-corruptible elections
N2. Vote on adding/removing/changing features to LiteProtocol or Litecoin
N3. Vote on anything your heart desires in a Random vote category.. can be used for fun or for research.
O. Built-in support for Charities to collect and solicit funds (Doesn't exist)
O1. Help make the world a better place
---------------------------
This is just what I could think of off the top of my head. Does anyone else have any ideas or feedback?
I realize we cannot implement all of these features because some of them are contradictory (such as adding all these new features while reducing blockchain bloat). I think we should prioritize them by their importance and/or the value the features would add to Litecoin.
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