Topic: MC2: A cryptocurrency based on a hybrid PoW/PoS system - page 45. (Read 195188 times)

http://www.everythink.eu/netcoin/

Who has a better mirror of the latest version of the paper?

( dont forget a mac wallet for netcoin please  )

Hello, had to stop posting in these forums to ration my time and brainpower. However, I'm impressed and excited by your paper. I'm believe you can accomplish something here.


COMMENTS:

The ticketing system seems basically solid. I like it.  But ...

1) Let's Review Yay/Nay voting?

If I vote Nay and the block is accepted, then my stake gets used and the reward is confiscated. If I vote Yea and the block is accepted, I get a stake reward.
If I vote Nay and the block is rejected, then my stake gets used and the reward is confiscated. If I vote Yea and the block is rejected, then my stake gets used and the reward is confiscated.

Voting Yay is the dominant strategy. Therefore, why have Yay/Nay voting at all? Why not just require unanimous Yay's or reject the block?

2) Have you have specified what happens when winning ticket holder(s) abstain?

Does this mean no block is mined? That's what should happen I think.

3) Ticket extensions

You also do not want afk tickets to accumulate, so the extension thing worries me a bit. Accumulation of afk tickets eventually converges to a breakdown of the blockchain. To avoid this you need to purge afk ticket holders from the voting rolls. Perhaps you plan to have predictable auditing of afk ticket holders via the extension process? That's a good start, but random auditing provides stronger incentives and saves blockchain space. My suggestion is to add one optional signature to each valid block. If you provide it, then the subsequent block gets a PoW difficulty subsidy. If you fail to provide it, the block is still valid, but the afk ticket gets invalidated.  (The difficulty subsidy provides an incentive for PoW miners to recognize his signature if it appears.)

4) Inflation voting for the distant future
 
PoW voting does not have a precedent and worries me. Why wouldn't PoW voters continuously vote to up the PoW rewards, redistributing all the wealth to themselves. This could be a huge problem.

PoS voting has a precedent in corporations and I am comfortable with it. PoS voters benefit by voting down PoW issuance below the optimal level (market cap maximizing). You are not letting them mess with the PoW/PoS issuance ratio much, so they will do this by voting against inflation. This a very minor issue. PoS voters wouldn't do anything that threatens the currency. Therefore, I think PoS voting will work well even if the incentives are not quite perfect.  

If you mix the two voting types, let PoS voters have a majority of votes (say two-thirds or more).

5) Lightweight blockchain.

http://www.bitfreak.info/files/pp2p-ccmbc-rev1.pdf seemed like a good, well-organized idea. Maybe this could influence your lightweight client in some way. Have no expertise here.

thks guy. i'm waiting

I'm reading the paper right now!

Just out of curiosity, any estimated time frame for the funding...development? Can you give us a projection?

Yet another "Get rich quick" guy 

Excellent. Things are proceeding apace. Soon, the coin shall launch, and I shall place an exceedingly large amount of hashpower upon it, become wealthy, and then, once I have taken over the world, I shall have every jock who ever ripped up one of my DnD character sheets transported to the moon!


MUWAHAHAHAHAHAHAHAHAHA

/evil laugh

when time i can't run mc2

ah whats wrong with Mega its working perfectly ?

I will have an actual host within the next couple of days, sorry.  Where do you want it?

Again with the shitty MEGA host choice, can we get another mirror?

New version of the whitepaper is out.  Download from the front page.

Changes:
- New consensus-model PoS system added, old PoS system removed
- Section on Coloured Coins added
- Section on lightweight client added
- Lots of typos fixed

I have not had a chance to read over it yet and fixed typos in the last couple of sections, so forgive me if you find a bunch (they are probably present).

My brain is toast from working on this for almost 10 hours straight, so I'm going to go relax.

BILLIONS OF PEOPLE MESSAGING ME VIA PM -- I HAVE NOT HAD TIME TO REPLY TO MESSAGES BUT WILL GET BACK TO YOU ASAP.  THANKS.

Then you will hate my logo design, which is 100% inspired by Netscape
(and I was influenced by the color choices of Guggenheim)

I'm a sucker for "old school pixelated" graphics. So I attempted to emulate that. Plus Netscape, which was browser I first used as a kid for quite a while. So yeah it's biased, but still cool.

Netcoin Double Slash (Good currency logo) (My Personal Favorite)

Netscape Version


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Netcoin Flat-8-bit Look

Netscape Version


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Netcoin Pixelated 8-bit Look

Netscape Version


Album (same images above)
http://imgur.com/a/sUjXc

Reminds me too much of NetScape 

Anyway of making it bot net resistant?

Yes, lets ask everyone to accept this coin. That's a great idea but it's not so simple. Bitcoin is still barely accepted. It'll take one or two big corporations to accept BTC before anything major will happen with altcoins, simply because BTC is well know and the rest is just for us geeks.

Your second idea ; buyer protection. You should read up a bit on what happens with chargebacks. In my opinion ( and most people here, i'm sure ) it's a great thing, on of the best things about crypto currency : when you've sent it, you've sent it. No fraud possible after confirmations.

YEP - one of the best altcoins to date imho

I've been watching this one for a while. Gotta say I am impressed! I'll be on board once it goes public, since this seems to be the best chance at a long-term alt-coin that isn't just a pump-and-dump waiting to happen. The improvements Tacotime is proposing are fantastic, really. Sadly, I'm not enough of a coder or have enough interest in web dev to really help out the development, but I will definitely throw some hash at it when it comes out.

BTW, Netcoin is an awesome name.

I'm very interested. Add me to the list of someone that can run a pool, help with some development in some way, etc.