Topic: please delete (Read 270 times)
This of course should be present but for now it makes no sense to think about it as the cryptocurrency is not so progressive and popular, unfortunately
I do not get your formula, if the coin does not charge transaction fee then how it will be able to pay the miners, your model seems to be more of like a ponzi scheme that results in the end of scheme when new investments stop, real and succesful models are already in the market like btc and eth and i think they are doing well, they just need to upgrade and be more efficient, transactions should be fast and cheap and miners should also get decent reward.
The design characteristics of Bitcoin makes it more suitable for use as a store of wealth rather than as a medium of exchange. To be more suitable as a medium of exchange, an altcoin must sacrifice some of these characteristics for ones more suitable for a medium of exchange.
1. Easier/Faster Mining
2. No transaction fees
3. A Small Portable Blockchain
Easier/Faster Mining
The difficulty of solving a block is not what protects the blockchain from a 51% attack, the hash rate of the network does. The difficulty only effects the block rate, which limits coin production and minimizes race conditions that threaten to compromise consensus. But an excessive difficulty prohibits miners from working competitively, resulting in a concentration of cooperative mining power and the potential for shenanigans by pool operators. The mining difficulty should be kept as low as possible without jeopardizing consensus so as to permit and encourage miners to mine competitively using less expensive hardware.
No Transaction Fees
If the block reward stays proportional to the mining difficulty, there is no need for transaction fees.
A Small Portable Blockchain
In order to keep the blockchain within a size limit that keeps it portable, old blocks must be deleted at the trailing end as new blocks are added at the leading end. Blocks will then have a lifespan that depends on the block rate. This introduces the possibly of destroying coins. Users will need to spend or recycle their coins before they get too old or risk losing them. This is precisely why a medium of exchange is unsuitable as a store of wealth.
I'm fine with everything. And some improvements are likely to be only after a couple of years,but not now. I do not think that such messages are generally something will change 1. Easier/Faster Mining
2. No transaction fees
3. A Small Portable Blockchain
Easier/Faster Mining
The difficulty of solving a block is not what protects the blockchain from a 51% attack, the hash rate of the network does. The difficulty only effects the block rate, which limits coin production and minimizes race conditions that threaten to compromise consensus. But an excessive difficulty prohibits miners from working competitively, resulting in a concentration of cooperative mining power and the potential for shenanigans by pool operators. The mining difficulty should be kept as low as possible without jeopardizing consensus so as to permit and encourage miners to mine competitively using less expensive hardware.
No Transaction Fees
If the block reward stays proportional to the mining difficulty, there is no need for transaction fees.
A Small Portable Blockchain
In order to keep the blockchain within a size limit that keeps it portable, old blocks must be deleted at the trailing end as new blocks are added at the leading end. Blocks will then have a lifespan that depends on the block rate. This introduces the possibly of destroying coins. Users will need to spend or recycle their coins before they get too old or risk losing them. This is precisely why a medium of exchange is unsuitable as a store of wealth.
It needs in a lot of time of course, in your attention and being smart and far-sighted to go over difficult situations and other problems like thes ones.
These descriptions are too useful, thank you so much. Perhaps I will use this list of types on my work in the nearest time, I consider that it will be very actual becasue of current cryptocurrency market's stagnancy and future restoring after that. I hope we'll see it very soon and earn money on this case.
An altcoin should be use advance blockchain technology because it can easily transaction completing and it is more reliable for their investor. Altcoin are want to be get crypto market they should faster mining and they should fee free of transaction method apply.
Altcoins above all need to have a clear use case that has not been adequately cover by previous ones. For example Litecoin aimed to make a easy to spend money.
The design characteristics of Bitcoin makes it more suitable for use as a store of wealth rather than as a medium of exchange. To be more suitable as a medium of exchange, an altcoin must sacrifice some of these characteristics for ones more suitable for a medium of exchange.
1. Easier/Faster Mining
2. No transaction fees
3. A Small Portable Blockchain
Easier/Faster Mining
The difficulty of solving a block is not what protects the blockchain from a 51% attack, the hash rate of the network does. The difficulty only effects the block rate, which limits coin production and minimizes race conditions that threaten to compromise consensus. But an excessive difficulty prohibits miners from working competitively, resulting in a concentration of cooperative mining power and the potential for shenanigans by pool operators. The mining difficulty should be kept as low as possible without jeopardizing consensus so as to permit and encourage miners to mine competitively using less expensive hardware.
No Transaction Fees
If the block reward stays proportional to the mining difficulty, there is no need for transaction fees.
A Small Portable Blockchain
In order to keep the blockchain within a size limit that keeps it portable, old blocks must be deleted at the trailing end as new blocks are added at the leading end. Blocks will then have a lifespan that depends on the block rate. This introduces the possibly of destroying coins. Users will need to spend or recycle their coins before they get too old or risk losing them. This is precisely why a medium of exchange is unsuitable as a store of wealth.
1. Easier/Faster Mining
2. No transaction fees
3. A Small Portable Blockchain
Easier/Faster Mining
The difficulty of solving a block is not what protects the blockchain from a 51% attack, the hash rate of the network does. The difficulty only effects the block rate, which limits coin production and minimizes race conditions that threaten to compromise consensus. But an excessive difficulty prohibits miners from working competitively, resulting in a concentration of cooperative mining power and the potential for shenanigans by pool operators. The mining difficulty should be kept as low as possible without jeopardizing consensus so as to permit and encourage miners to mine competitively using less expensive hardware.
No Transaction Fees
If the block reward stays proportional to the mining difficulty, there is no need for transaction fees.
A Small Portable Blockchain
In order to keep the blockchain within a size limit that keeps it portable, old blocks must be deleted at the trailing end as new blocks are added at the leading end. Blocks will then have a lifespan that depends on the block rate. This introduces the possibly of destroying coins. Users will need to spend or recycle their coins before they get too old or risk losing them. This is precisely why a medium of exchange is unsuitable as a store of wealth.
Lmao do you know much about blockchain at all??
Deleting old blocks... that undermines the whole concept of immutability. Real solution to the issues you raise in regards to blockchain networks is off-chain scaling. All of these are made possible when scaling off chain.
Bitcoin can be suitable for both store of wealth and medium of exchange. Bitcoin has a brilliant team which is continuously working to solve the issues regarding scalability and transaction fees. They are continuously working to make the transaction procedure faster. They introducing lightning network which will help to solve the scalability issues.
I am sure that it is impossible to control crypto at all. It is too independent system and everything we could do it is to consider probable changes.
Earlier, I used Ethereum regularly, but now I have problems with transactions. They are expensive and long.
Now I use Bitcoin Cash and I'm happy!
Now I use Bitcoin Cash and I'm happy!
The design characteristics of Bitcoin makes it more suitable for use as a store of wealth rather than as a medium of exchange. To be more suitable as a medium of exchange, an altcoin must sacrifice some of these characteristics for ones more suitable for a medium of exchange.
1. Easier/Faster Mining
2. No transaction fees
3. A Small Portable Blockchain
No Transaction Fees
If the block reward stays proportional to the mining difficulty, there is no need for transaction fees.
A Small Portable Blockchain
In order to keep the blockchain within a size limit that keeps it portable, old blocks must be deleted at the trailing end as new blocks are added at the leading end. Blocks will then have a lifespan that depends on the block rate. This introduces the possibly of destroying coins. Users will need to spend or recycle their coins before they get too old or risk losing them. This is precisely why a medium of exchange is unsuitable as a store of wealth.
1. Easier/Faster Mining
2. No transaction fees
3. A Small Portable Blockchain
No Transaction Fees
If the block reward stays proportional to the mining difficulty, there is no need for transaction fees.
A Small Portable Blockchain
In order to keep the blockchain within a size limit that keeps it portable, old blocks must be deleted at the trailing end as new blocks are added at the leading end. Blocks will then have a lifespan that depends on the block rate. This introduces the possibly of destroying coins. Users will need to spend or recycle their coins before they get too old or risk losing them. This is precisely why a medium of exchange is unsuitable as a store of wealth.
With the coming quantum technologies, the current market must experience many changes. To be more exact, many coins will leave the market, as there will simply be no demand for them, due to the same technological superiority. I managed to participate in several ICO, some I earned quite well, I can say with certainty, for a good project, it must have potential for the future, that it will be needed in five years. Unfortunately most projects do not have this potential. I was lucky and I came across a project focused on protecting against hacking quantum processors, and to maximize the use of all the advantages of new technologies, project Kelvin Blockchain, you need at least to consider, because not every day there is such a good option for investing money.
Kelvin Blockchain project itself is flexible to implementing cryptographic algorithms which will make it one of the safest blockchains ever existed with 10+ signature available from the start. This project does not rely on any particular signature algorithm and due to the multi-client use - on some single consensus. In case of any problems, it is possible to quickly locate the threat and prevent it’s distribution throughout the system. Multiple blockchains with different consensus algorithms, token types, and assignments will be available. The multichain technology allows creating almost an unlimited potential for speed and productivity. Kelvin Blockchain can launch up to 2^64 subchains - more available subchains will benefit in increased speed and security. Moreover, all the blockchains will be processed in one wallet so that the client could have fast transactions, secure investments and cheap smart contracts as well as a lot of other services at his hand.
Kelvin Blockchain project itself is flexible to implementing cryptographic algorithms which will make it one of the safest blockchains ever existed with 10+ signature available from the start. This project does not rely on any particular signature algorithm and due to the multi-client use - on some single consensus. In case of any problems, it is possible to quickly locate the threat and prevent it’s distribution throughout the system. Multiple blockchains with different consensus algorithms, token types, and assignments will be available. The multichain technology allows creating almost an unlimited potential for speed and productivity. Kelvin Blockchain can launch up to 2^64 subchains - more available subchains will benefit in increased speed and security. Moreover, all the blockchains will be processed in one wallet so that the client could have fast transactions, secure investments and cheap smart contracts as well as a lot of other services at his hand.
To my mind crypto needs in current increasing or even it is not increasing but development should be. Without any changes development is impossible.
there's this blockchain called nano. it has no transaction fees for sending out coins. due to this, there are only few miners due to less incentives. but I believe crypto should have very very low to no transaction fees in order for these cryptos to replace money in people's daily lives.
From my point of view rewarding mining everyone should participate evenly. For levying their fees and work you should repayment. It will create inflation problem if you want to decrease the profit.
An altcoin should be use advance blockchain technology because it can easily transaction completing and it is more reliable for their investor. Altcoin are want to be get crypto market they should faster mining and they should fee free of transaction method apply.
I think if you do not accept fees and want to reward mine for their work, then everyone will want to participate. Equally profitable mining, mining owners should not lose profits to stay with the coin.
I agree with the fact that it should have a portable blockchain but to say that it has to be fast and easy to mine but there are some problems that will occur, like market will get saturated and inflated. Same goes for reducing transaction fees, miners won't like to mine anymore as reducing transaction fees means you have to reduce miners' fees.
Bitcoin is proving its versatile usage as a symbol of wealth as well as in means of exchange since many companies in many country has started taking BTC and other altcoins as payment.Yes, I firmly agree altcoins should be like that you discussed. If altcoins comes with esier and faster mining with zero fees( relatively not available now) that will be a great startup to attract more people towards crypto-currencies.
I think your post will be helpful for the altcoin owners and producers. If altcoin sacrifices some of its characteristics, very soon altcoins will be popular among the users of crypto world.
The design characteristics of Bitcoin makes it more suitable for use as a store of wealth rather than as a medium of exchange.
wrong. everything about bitcoin makes it a medium of exchange or a currency instead of being a store of wealth. and everything that has been done to bitcoin so far has been done to make it a better and more efficient currency while keeping it decentralized such as addition of lightning network.Quote
1. Easier/Faster Mining
2. No transaction fees
3. A Small Portable Blockchain
these only look good in writing. when it comes to actually implementing these you will encounter real problems. and just saying it should be like this and that and listing things is not enough you should talk about HOW and What would be the downside of each thing you sacrifice.2. No transaction fees
3. A Small Portable Blockchain
Quote
The difficulty of solving a block is not what protects the blockchain from a 51% attack, the hash rate of the network does. The difficulty only effects the block rate, which limits coin production and minimizes race conditions that threaten to compromise consensus. But an excessive difficulty prohibits miners from working competitively, resulting in a concentration of cooperative mining power and the potential for shenanigans by pool operators. The mining difficulty should be kept as low as possible without jeopardizing consensus so as to permit and encourage miners to mine competitively using less expensive hardware.
you completely misunderstood what difficulty is!difficulty is a variable that is changing at predefined intervals (2016 blocks for bitcoin) to match the hash rate. which means if you have high hashing power your difficulty will go up and vice versa.
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No Transaction Fees
If the block reward stays proportional to the mining difficulty, there is no need for transaction fees.
ok, good in theory and works in a perfect world. but lets come back to the real world that we live in. If the block reward stays proportional to the mining difficulty, there is no need for transaction fees.
what will you do to prevent people from spamming the network? in less than 5 minutes you can write a script that keeps creating transactions and pushes them to the network constantly filling the blocks up. there is no fee in your coin and there is nothing preventing such people from doing so. your network is clogged and nobody can make a transaction anymore.
(there is NANO with 0 fees but you are talking about a mineable coin based on bitcoin here)
Quote
A Small Portable Blockchain
In order to keep the blockchain within a size limit that keeps it portable, old blocks must be deleted at the trailing end as new blocks are added at the leading end. Blocks will then have a lifespan that depends on the block rate. This introduces the possibly of destroying coins. Users will need to spend or recycle their coins before they get too old or risk losing them. This is precisely why a medium of exchange is unsuitable as a store of wealth.
this will not work simply because you are forcing everyone to make a transaction every X amount of time meaning you are limiting the number of users your coin can have. now with all those useless transactions they are filling the blocks, the blocks which were already being spammed by free transactions and they won't even get their tx confirmed so double problem. they can't confirm their tx and their time is running out because their coins will be invalid soon!!! In order to keep the blockchain within a size limit that keeps it portable, old blocks must be deleted at the trailing end as new blocks are added at the leading end. Blocks will then have a lifespan that depends on the block rate. This introduces the possibly of destroying coins. Users will need to spend or recycle their coins before they get too old or risk losing them. This is precisely why a medium of exchange is unsuitable as a store of wealth.
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