Topic: [PRE-ANN] Burn All Coins (BAC) (Read 3561 times)

@borzalom Well I guess it didn't work out?

 @borzalom you are a  great  coin dev ,i will  support  you ,hope  Proof of signature  successed

Yes it will be a new algo and mineable from what I understand. Been working with him for quite a while. It will take time.

Proof of signature?? Is this a new algo first time I read that and how it works,does it needs a gpu or an specialized software and run it in our computer,i hope you can explain further for newbies like me in mining ..

@borzalom Maybe it's time to change it to mining with proof of signature.  And we need a good ticker for it.

Yes absolutely true. borzalom should change it.

Nice. I hope this will be soon.

I thought it's all about burning coins from other altcoins just like what Barr is doing,there are mining disscussions dev should have change the tile to mining instead of burning,because this is not a proof of burn coins anymore.

Yes, mining for the TRUSTED miners.

Ok Will you have mining for the miners?

Concept is not fixed yet. I want try my new idea the "proof of signature" algo. If POSi ( proof of signature ) test will successful then don't needed burn coins.

Yes exactly and burn any coin is closer. And if I understand it correctly it's any coin even BTC to this asset I think.

this is good to change the name but according to my search for the name is a very difficult thing because the name is a meaning for us all.

It looks good.

# cat kamiyama.pub.pem
-----BEGIN PUBLIC KEY-----
MIGfMA0GCSqGSIb3DQEBAQUAA4GNADCBiQKBgQDkGMNcxGJB7XHrGRrJ0DYXWeG6
/nWFw4OV849trmS847IqT6lnQR/4QGJI3JzgOwVDUwo9ANHaweVX0tjwPWH21ijS
jIbG1QzajXc42XplpWme+jfYTapF/ENzoSeSXvTS/1aAXpoXaeq4l1Iuc6h7mqCS
uOs7/28+W9uCFnBC1QIDAQAB
-----END PUBLIC KEY-----
# echo "Hello, this is a BAC pubkey test." > plain.txt
# cat plain.txt | openssl rsautl -encrypt -pubin -inkey kamiyama.pub.pem > cipher.txt
# cat cipher.txt | base64
bvHyI8KXiAmaQNQAWaMos1pO16nol/fWBq5eayRFE9Q+oFcezG4j5eBTrLnWFUqh7FZCOOXZqBbQ
z+Erg+rR8AfxynY8g7Ek+hrcKh/xrDR27LP6ysdxyoG14/iTbFJfPMlYAL6rq7vE/Fd/2KUAUCNi
qWyK0PEeYaDSzvYSDxc=

If anyone want to do a node in the first phase then firstly need generate own public key and need submit here. This nodes will early adopters nodes. I will append the submitted public keys to program code. See my own publickey example above.

Online RSA Key Generator available here: http://travistidwell.com/jsencrypt/demo/

Works very well.

-----BEGIN PUBLIC KEY-----
MIGfMA0GCSqGSIb3DQEBAQUAA4GNADCBiQKBgQCV+5B73Fq2OpM6/GQPiU3B2f+O
51VnR8EGuVa6pXP7m3KxxRjPfwpqvNWLKpgaLuOu706L9Xg36ZoaFli0UdHWdw2O
FYfcRH/4CdyFMCx1SWAyJHN95Zf/A9Q93wzSwhyeIOQ0AEieqkIP6QkzbBCkiT2k
3Fa0/Jtc61eIXBM5mQIDAQAB
-----END PUBLIC KEY-----

borzalom and I have been working on a good name for this and for now we have BAC ticker Burn All Coins.

But we need a better name and everyone can help out to name it.

I agree. Good name should convey the expertise, value and uniqueness of the coin we have develop. The BAC name come from first idea. Later we need choice a very good name.  Other coins has very good marketing strategy but I'm programmer therefore I has good coding ideas but the marketing strategy is wrong. The coin team need some good marketing and communication specialist.

why name is Burn All Coins?looks not good

-----BEGIN PUBLIC KEY-----
MIGfMA0GCSqGSIb3DQEBAQUAA4GNADCBiQKBgQDkGMNcxGJB7XHrGRrJ0DYXWeG6
/nWFw4OV849trmS847IqT6lnQR/4QGJI3JzgOwVDUwo9ANHaweVX0tjwPWH21ijS
jIbG1QzajXc42XplpWme+jfYTapF/ENzoSeSXvTS/1aAXpoXaeq4l1Iuc6h7mqCS
uOs7/28+W9uCFnBC1QIDAQAB
-----END PUBLIC KEY-----

Is this OK?

Sounds good borzalom. I need to learn how to do a node but I can't find it anywhere.  Thx

Unfortunately, my English is poor. If you do not understand the answer, you can try ask again ;-) Or help the correct translation :-D
Proof of work, stake etc ... is to prevent denial of service attacks and other service abuses such as spam on the network.
The goal is the same the proof of signature too. If all nodes use the same method to generating the new blocks then does not require the effort
and all newly generated block will same. Each member of the network has a public and private key pairs.
Some members of the public key is trusted. These public keys stored in network. All trusted online node sign the accepted blocks.
The trusted keyless nodes help the transaction validation processes and preventing abuse. Untrusted nodes collect "node bounty" from trusted nodes.
If enough "node bounty" collected the reward is switched node to trustworthy.
Of course if any trusted node try abuse then the trust will revoke. The block reward and transaction fees will shared between online trusted nodes.

I've seen proof of work,proof of stakes and proof of storage,proof of burn but have not encountered a proof of signature,can you elaborate it for us to understand it,this is something new to me and we want to explore further.
I know that you started as a proof of burn but why the change of algo,there are only one proof of burn that I know which is Barr..

Here is the example of my public key.

I announce the first public key of the BAC:

-----BEGIN PUBLIC KEY-----
MIGeMA0GCSqGSIb3DQEBAQUAA4GMADCBiAKBgGHVTKsPV25i+qLiCzcHNjkrTIaJ
BnvenkSIEnQ6HEzqbntkhf6y2e+GOpB0mMyNjTLcc/1SJKJ54mHa1yUEr0MMFF8j
gDQMAUCT9pqBgj44JxUVELi/Oy7uBYiUqh9ndFk6PwllstTrvp8jbaPLP5gvWhml
67C7Iv8QC43tRzfLAgMBAAE=
-----END PUBLIC KEY-----

This is a call to join a new decentralized network.
BAC is not anonymous it will be the pure Proof-Of-Signature cryptocurrency.
I'm looking for active and trust participants of this project. There is no specific number yet but the helper stakes are reserved for BAC helpers.
This means that if the BAC blockchain officially starts, it will be fair ( contribution dependent and not equal) to all concerned share.
I would welcome others developers/ helpers to join me and make BAC a success.
If you can run a BAC node, it will help me stabilize and secure the network.

If you want run a BAC node then require a 1024 bit RSA private and a public key.

Public key registration deadline is end of the 2016 year + some days.
After public key registration expired, I will launch the BAC.
After launch the BAC then future public / private key pairs must mined inside the network.

Online RSA Key Generator available here: http://travistidwell.com/jsencrypt/demo/

Show you public key here and keep your private key secure.

Ok i will keep watching this goodluck

I like the idea, but in the end it will be a shitcoin I guess.. To bad honestly...

Since a particular point of view and leaving out the technical aspects coin/asset/token/Etc..   could be considered like,  Cause you can buy/sell its on an exchange of the same way.

In a similar way, it certainly worked for Shapeshift.io

Have a wheel or hammer crushing old coins for display and spitting out new BAC with your image.
What do you think and maybe change the wording order from all coins  burn to  burn all coins. With burn all at the top and all coins at the bottom.

If you haven't even thought about the details, how do you know it will work?  

You don't even know what you're going to do, but you're doing it anyway?

How will you prove burn for cryptonote coins?  They don't have burn addresses.  Even if they did, you wouldn't be able to prove how many coins were sent.  There are a lot of cryptonote coins.

How will you prove burn for coins that don't have a block explorer?  Can you host block explorers for 200 different coins, just so you can exchange them?  Or are you not really going to accept every coin?

If a coin's price changes every day, will you change your exchange rate every day for all 1200 altcoins you accept?

If a coin is delisted from all exchanges, how will you determine the exchange rate?

How many millions of dollars would your coin have to be worth to exchange it for every altcoin?  If you're using your coin to buy all other coins, then you're saying it can do what Bitcoin does on every exchange.  Do you honestly think your coin can replace Bitcoin? 

Can I launch a new coin, premine 100 Billion of them, and then exchange them all for your coin?  Can I do it with a new coin every day?  What about 10 times a day?

What about forked coins?  Some altcoins have multiple forks, so you'll need to have an explorer for each fork.  You'll also need to honor the same person's coins on each fork.  

What if people burned coins last year for another reason, will you honor those burns?

What if they just burned their old NAUT in exchange for the new NAUT - they still burned coins, and you say you accept all coins.  Will you honor burns for all coin swapovers to new blockchains?  

What if they just do a snapshot, and they get their new coins without burning the coins from the old blockchain.  Those are coins, and you accept all coins.  Will you trade your coin for old worthless coins everytime a coin does a snapshot process?

Will you merge-mine with BARR, when people burn their altcoins with BARR's process that already works and is launching in 3 days, already listed for trade on the NXT exchange?

If you want to see how a serious project works, this is our ANN:  https://bitcointalk.org/index.php?topic=1219460.0

We will burn old and new coins for an asset ....not a coin. And it should be mineable also.....not sure he is still working out the details.

It has potential but we will see.

This concept is somewhat alike the new released coin - BARR, but without the running the node part. Looks like proof of burn is the new trend now. 2 coin in a same week. Anyway, will wait for this as this has some potentials

bump
yes this seems to be a riff/rip off the BARR and Cryptoclub concept
only with vague details and no clarity on process :/

Really bad idea burn a coin for another.    He took idea of BARR I guess. Cryptoclub another example.
 

To me is not approved.

"NOTE: This forum is self-moderated in order to keep discussion productive."

Nice, when is launch, i have some coins to burn

Interesting.

Ok, I will bite. How do you propose maintaining any sort of value when you will accept anything? There has to be some sort of requirements involved or you'd just be trading crap for crap.

Any. Including dead coins too. ( If possible send.)

can you expand on this:

"- Buy issued assets ( any coin accepted )"

does that mean ANY coin? or will it just be a lot of accepted coins?

English isn’t my first language, so please excuse any mistakes.

It's a pre-ann jimlite... he's working on it still.



RESERVED

No info, no mining, no English?

see the source code ;-)   
https://github.com/borzalom/bac/commits/master ( Adding base crypto functions )
SHA-256 and Curve25519

Algo?

Pre Announcement: Burn All Coins (BAC)

Fair Mining, Fair Launch, No ICO
This coin will be a good coin to learn how to make one from scratch.

The official source code repository is https://github.com/borzalom/bac at Github.

Developement in progress...
Public test launch coming soon.

Lead Developer: borzalom

Technical specifications:
- open source code (MIT)
- only secure basic functions ( send and receive coins )
- very easy usage
- blockchain is completely decentralized
- issued all available coins in the genesis block
- coins are stored on the network
- fees earned by miners
- mixed mining system
- no local wallet the coin uses a "brain wallet"

Temporary functions ( After distribution out these functions will be removed )
- long and fair distribution
- centralized asset issuing
- decentralized asset exchange
- automated asset buying system
- automated node bounty

How do I get my first coins ?

- Contribute to the community and earn some coins for your work.
- Running nodes and you will get node bounty
- Buy issued assets ( any coin accepted )

Exchange available only after all coins distributed.

If you have any ideas then let me know !

NOTE: This forum is self-moderated in order to keep discussion productive.