It's cool that you can set it up on a raspberry pi.
Cheapest mining rig ever!!
Topic: New(ish) Coin Idea: ViewCoin (Read 1250 times)
I've been running the TimeKoin server for about 4 weeks now and in that time the number of currency generating servers has gone from abuot 25 to 110!
There's a couple of forums talking about it now finally which I think is great as it addresses many downfalls of the other crypto currencies.
The biggest one for me is that is needs next to no PC resources. I run a mining PC 24x7 and I run the TimeKoin server on the same PC as it doesnt actually use up any extra electricity!
There's a couple of forums talking about it now finally which I think is great as it addresses many downfalls of the other crypto currencies.
The biggest one for me is that is needs next to no PC resources. I run a mining PC 24x7 and I run the TimeKoin server on the same PC as it doesnt actually use up any extra electricity!
So recently I've been interested in a coin that doesn't require resources to mine. Why? Because it would make the entry into mining that much lower. Anyone with any computer can join in on it as long as they have an internet connection. Searches on that subject have led me to some interesting discussions and coins I hadn't heard of before.
TimeKoin: https://bitcointalk.org/index.php?topic=88467.0;
Sybil Attack: https://bitcointalk.org/index.php?topic=359358.0;
And there was another good one from 2010 that I can't seem to find again that had some big bitcoin guys talking about it.
All the discussion seems to end when sybil attacks are mentioned. No one can solve the problem of identifying unique participants. Actually TimeKoin is an implementation of this and they seem to solve the sybil attack issue by making it hard enough to become a node on the network that it would be difficult to coordinate an attack on the network. I don't like that approach very much though because it kind of nullifies the entry into mining being easy.
So here is my proposition to solve this problem: Don't. In fact do the opposite, make the coin as vulnerable to a sybil attack as possible. Make it so everyone can hit it from a bunch of different identities and still get the same reward. Make it a competition between botnets in a sense. The issue here though is that at first glance it doesn't seem to be easy to setup a botnet to mine the coin with, but is that really true? What if the coin release came with a lightweight javascript miner? Any website owner could easily attach a miner to their website. It wouldn't inconvenience the website users because the cpu cycles involved are trivial, and the effectiveness of one botnet is severely reduced. Imagine if larger sites start adopting it. We would be dealing with billions of different clients on the network mining this thing. It seems like a cool idea to me anyway.
My biggest problem is that developing such a coin is currently way over my head. I have a decent amount of coding experience including javascript. I'm a Computer Science major in his last semester but am a complete newby in the world of security, cryptography, and bitcoin. Any bitcoin experts out there want to comment on the idea? Is there some glaring issue that I've overlooked? Anybody with experience want to help bring the idea to fruition?
TimeKoin: https://bitcointalk.org/index.php?topic=88467.0;
Sybil Attack: https://bitcointalk.org/index.php?topic=359358.0;
And there was another good one from 2010 that I can't seem to find again that had some big bitcoin guys talking about it.
All the discussion seems to end when sybil attacks are mentioned. No one can solve the problem of identifying unique participants. Actually TimeKoin is an implementation of this and they seem to solve the sybil attack issue by making it hard enough to become a node on the network that it would be difficult to coordinate an attack on the network. I don't like that approach very much though because it kind of nullifies the entry into mining being easy.
So here is my proposition to solve this problem: Don't. In fact do the opposite, make the coin as vulnerable to a sybil attack as possible. Make it so everyone can hit it from a bunch of different identities and still get the same reward. Make it a competition between botnets in a sense. The issue here though is that at first glance it doesn't seem to be easy to setup a botnet to mine the coin with, but is that really true? What if the coin release came with a lightweight javascript miner? Any website owner could easily attach a miner to their website. It wouldn't inconvenience the website users because the cpu cycles involved are trivial, and the effectiveness of one botnet is severely reduced. Imagine if larger sites start adopting it. We would be dealing with billions of different clients on the network mining this thing. It seems like a cool idea to me anyway.
My biggest problem is that developing such a coin is currently way over my head. I have a decent amount of coding experience including javascript. I'm a Computer Science major in his last semester but am a complete newby in the world of security, cryptography, and bitcoin. Any bitcoin experts out there want to comment on the idea? Is there some glaring issue that I've overlooked? Anybody with experience want to help bring the idea to fruition?
Jump to: