I havent figured out how exactly to create a coin on top of NXT. It is supposed to be easy, so that is why I started bounty with 25000 NXT. My hope is that someone that knows how to do this (hint, hint) will publish a reference coin on top of NXT. Then we can extend it by adding customization, etc.
I am thinking that a new coin would simply be an Asset inside of NXT AE. So the community gateways should be able to provide a turnkey coin creation service. However I am not clear on how to enforce any sort of proof of work mining....
Oh, of course! I think I just saw how it could be done. Let it percolate for a bit in my head. I will disclose the method to any community gateway providers. Still need 3 more.
I think we can create a mechanism for anybody to issue a new "coin" that will trade within NXT AE. Any type of proof of work, proof of stake, proof of whatever, could be specified. Of course the more complicated it is, the more work it will be to implement, but somebody familiar with bitcoind should be able to create a PoW coin on top of NXT. Not that we want to encourage such things, but the beauty of NXT is that there is nobody that will prevent you from doing a PoW coin on top of it. As long as 1 billion coins is enough, NXT AE seems to be a pretty good platform for customized coins.
James
CfB was nearly complete with his PoW coin that uses NXT AM as its base. I dont think a coin based on NXT AE will be feasable unless people will be ok with centralization of whoever creates it. or unless you come up with some 100% distribution scheme to release them all upon asset creation.
Not 100% sure, but I believe a coin based on NXT-AM would simply write signatures of generated blocks into AMs, since AMs would be pruned anyways. It would be up to the nodes themselves to keep their real blockchain in RAM and/or in some local DB. I think.
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