Project Nemesis - Alt-coin project - page 4.

Benson Samuel

legendary

Activity: 1890

Merit: 1000

Landscaping Bitcoin for India!

Quote from: techguy on February 05, 2014, 10:57:31 AM

Quote from: subvolatil on January 31, 2014, 06:36:25 AM

Ok starting a project thread to discuss the creation of a alt coin specifically to increase volume and use in india.

phases to the project

Phase 1
Discuss the properties of the altcoin.
Discuss problem and solutions.
Implement Solution to check viability.
Discuss and look into impact and viability
Whitepaper release

Phase 2
Development
Testing

Phase 3
add support systems. pools, Block Explorer, Exchanges, backup nodes, newbie guide
add services Faucet, giveaways, games.

Phase 4
logo design, wiki, webpage.
IRC channel

Phase 5
Release

I would like to see the following things by launch time
1. Youtube / Reddit tipper bots
2. A private mining pool restricted only to indian/asian ips
3. An existing exchange like cryptsy / An open source exchange( Eg: Buttercoin exchange - which we can host ourselves) to list this coin.
4. A merchant accepting this coin ( Highkart - what do you say ? )

3. - I do believe that we request coins-e and cryptsy. The open source Buttercoin code is buggy and can't be used reliably.
4. - I did ask him about alt coins. He has a problem getting a processor to use alt coins.

techguy

sr. member

Activity: 378

Merit: 250

Quote from: subvolatil on January 31, 2014, 06:36:25 AM

Ok starting a project thread to discuss the creation of a alt coin specifically to increase volume and use in india.

phases to the project

Phase 1
Discuss the properties of the altcoin.
Discuss problem and solutions.
Implement Solution to check viability.
Discuss and look into impact and viability
Whitepaper release

Phase 2
Development
Testing

Phase 3
add support systems. pools, Block Explorer, Exchanges, backup nodes, newbie guide
add services Faucet, giveaways, games.

Phase 4
logo design, wiki, webpage.
IRC channel

Phase 5
Release

I would like to see the following things by launch time
1. Youtube / Reddit tipper bots
2. A private mining pool restricted only to indian/asian ips
3. An existing exchange like cryptsy / An open source exchange( Eg: Buttercoin exchange - which we can host ourselves) to list this coin.
4. A merchant accepting this coin ( Highkart - what do you say ? )

techguy

sr. member

Activity: 378

Merit: 250

Quote from: Benson Samuel on January 31, 2014, 06:57:30 AM

Quote from: G K G on January 31, 2014, 06:50:34 AM

We can even use Momentum algo like in protoshares- that way its more cpu friendly than scrypt - though even it has a gpu miner released but not much adv over the cpu
not much alt-cryptos are under this algo - to be accurate only 1. but don't know for sure
Invictus Inovation's have much varying and interesting ideas - maybe we can start from there

I looked at it, would it not invite botnets like crazy?

Botnets is a big problem for CPU algo. So I suggest Scrypt Adaptive N-factor algo which is ASIC proof (will be for atleast few more years).

See the following infographic from Symantec about botnets effect.

G K G

sr. member

Activity: 280

Merit: 250

Here The block reward gets reduced by 10% every 60 days(2months) - This give a gradual decrease in the supply and doesn't create any sudden stir in the market.

Scenario 3 - Approximate Money supply - 345million

block time : 60sec
blocks per day : 1440
Block Reward : 400

Total Money Supply:
1 year : ~161.93million (Blk.Rwd - 236.196)
2 years: ~247.99million (Blk.Rwd - 125.524)
10 years: ~344.97 million (Blk.Rwd - 0.798)
20 years: ~345.59 million (Blk Rwd - 0.001)

Scenario 4 - Approximate Money supply - 1.726 Billion

block time : 60sec
blocks per day : 1440
Block Reward : 2000

Total Money Supply:
1 year : ~809.66 million (Blk.Rwd - 1180.98)
2 years: ~1.239 billion (Blk.Rwd - 627.621)
10 years: ~1.724 billion (Blk.Rwd - 3.993)
20 years: ~1.728 billion (Blk Rwd - 0.007)

here is the spread sheet for every 2months https://mega.co.nz/#!GpZFxBRD!cEIZ1SZiRtLZCKz9AHXSxEdXfEaIb1fhNgk3pQCpEU8

G K G

sr. member

Activity: 280

Merit: 250

i've these ideas inspired by the protoshares.

I've also taken the view of Benson about the total pop of the 7 countries
Total Population: 1726890000
Total Families : 345378000

The block reward gets reduced by 5% every 60 days(2months) - This give a gradual decrease in the supply and doesn't create any sudden stir in the market.

Scenario 1 - Approximate Money supply - 345million

block time : 30sec
blocks per day : 2880
Block Reward : 166.6

Total Money Supply:
1 year : ~100million
2 years: ~165million
10 years: ~330 million (Blk.Rwd - 8.079)
20 years: ~344.5 million (Blk Rwd - 0.372)
30 years: ~345 million (Blk Rwd - 0.017)

Scenario 2 - Approximate Money supply - 1.726 Billion

block time : 30sec
blocks per day : 2880
Block Reward : 833

Total Money Supply:
1 year : ~502 million
2 years: ~826 million
10 years: ~1.650 billion (Blk.Rwd - 40.395)
20 years: ~1.723 billion (Blk Rwd - 1.861)
30 years: ~1.726 billion (Blk Rwd - 0.085)

here is the spread sheet for every 2months https://mega.co.nz/#!rgBCiBTA!LDQ8G3wfcrZVtOH8gTXDk6Nse1GTBlCBRGSSTOmtXpw

Benson Samuel

legendary

Activity: 1890

Merit: 1000

Landscaping Bitcoin for India!

Quote from: subvolatil on February 03, 2014, 07:01:00 AM

Benson would you want to be on the Coding part , i think even Mahin would want to do that too.

I can help with bits of the ecosystem as well like faucet, explorer, etc..

subvolatil

hero member

Activity: 546

Merit: 501

Cypherpunk and full-time CryptoAnarchist

Benson would you want to be on the Coding part , i think even Mahin would want to do that too.

subvolatil

hero member

Activity: 546

Merit: 501

Cypherpunk and full-time CryptoAnarchist

Quote from: G K G on February 03, 2014, 06:35:52 AM

of-course i"m in but i'm not in the coding side. any other part i can help.
I was in the discussions of day1 but after that i don't know what all advances you had . any news? when is the next discussion about this?
I have come up with new ideas for the numbers

All the discussion was done on Friday, weekends was a bit to bussy for me but we had all decided to get our own spec, and post it so that we chose which one would be better to go with.

Freenode IRC is facing a DDOS attack so its kind a unstable should be ok tonight. i hope.

I will submit my specs tomorrow. https://bitcointalksearch.org/topic/project-nemesis-spec-and-alog-submission-444656

Benson Samuel

legendary

Activity: 1890

Merit: 1000

Landscaping Bitcoin for India!

Quote from: G K G on February 03, 2014, 06:35:52 AM

of-course i"m in but i'm not in the coding side. any other part i can help.
I was in the discussions of day1 but after that i don't know what all advances you had . any news? when is the next discussion about this?
I have come up with new ideas for the numbers

Do share the numbers. That is not a part that I want to get into unless necessary.

G K G

sr. member

Activity: 280

Merit: 250

of-course i"m in but i'm not in the coding side. any other part i can help.
I was in the discussions of day1 but after that i don't know what all advances you had . any news? when is the next discussion about this?
I have come up with new ideas for the numbers

subvolatil

hero member

Activity: 546

Merit: 501

Cypherpunk and full-time CryptoAnarchist

Please post if you want to add yourself to the team, you skill and what part of the project you want to contribute on .

sambiohazard

hero member

Activity: 840

Merit: 1000

I don't know much about all this but I have read about scrypt-jane algo (Yacoin and microcoin use it) which uses something called nfactor which increases memory req every few weeks or months making it difficult to mine as time goes by. this makes it difficult even for GPUs to mine it like crazy let alone ASICs.

thenoblebot

sr. member

Activity: 364

Merit: 252

damn dont know how i missed this .. will try to be in the irc soon .

mohammedfaiz143

sr. member

Activity: 322

Merit: 250

I think going for scrypt algo isn't a great idea because they are just too much of scrypt algo coins..

So it would be better to go Blake-256 or Skeincin sha3 or any other which is cpu and gpu friendly....

allcoinminer

hero member

Activity: 784

Merit: 504

An India only coin first then release to other countries in the future?
Think it will help to avoid some legal issues?

Quote from: G K G on January 31, 2014, 07:15:45 AM

Ok. Now! i might be deviating from the initial idea... what about a coin exclusive for BRIC - the name is cool

G K G

sr. member

Activity: 280

Merit: 250

Quote from: BitCoinDream on January 31, 2014, 09:29:04 AM

Quote from: subvolatil on January 31, 2014, 06:36:25 AM

Ok starting a project thread to discuss the creation of a alt coin specifically to increase volume and use in india.

phases to the project

Phase 1
Discuss the properties of the altcoin.
Discuss problem and solutions.
Implement Solution to check viability.
Discuss and look into impact and viability
Whitepaper release

Phase 2
Development
Testing

Phase 3
add support systems. pools, Block Explorer, Exchanges, backup nodes, newbie guide
add services Faucet, giveaways, games.

Phase 4
logo design, wiki, webpage.
IRC channel

Phase 5
Release

At the moment we can use the #taproom as the main channel for discussion.

Will keep this thread updated with every new development.

This will be a completely decentralized project, every one is invited to contribute, any thing from skill, advice, solutions, servers and workspace, time, or even the occasional troll

in a few days we can come up with a working model on how the coin should look like.

So, what is the purpose ? PROFIT ? Wink

experiment-fun-community

BitCoinDream

legendary

Activity: 2394

Merit: 1216

The revolution will be digital

Quote from: subvolatil on January 31, 2014, 06:36:25 AM

Ok starting a project thread to discuss the creation of a alt coin specifically to increase volume and use in india.

phases to the project

Phase 1
Discuss the properties of the altcoin.
Discuss problem and solutions.
Implement Solution to check viability.
Discuss and look into impact and viability
Whitepaper release

Phase 2
Development
Testing

Phase 3
add support systems. pools, Block Explorer, Exchanges, backup nodes, newbie guide
add services Faucet, giveaways, games.

Phase 4
logo design, wiki, webpage.
IRC channel

Phase 5
Release

At the moment we can use the #taproom as the main channel for discussion.

Will keep this thread updated with every new development.

This will be a completely decentralized project, every one is invited to contribute, any thing from skill, advice, solutions, servers and workspace, time, or even the occasional troll

in a few days we can come up with a working model on how the coin should look like.

So, what is the purpose ? PROFIT ? Wink

Equate

hero member

Activity: 770

Merit: 500

Why not use Scrypt-jane ? , all the new coins are adopting it , and it will be Scrypt ASIC proof against the upcoming Chinese Scrypt ASICS that will be launched in upcoming months and some of them are even functional.

Benson Samuel

legendary

Activity: 1890

Merit: 1000

Landscaping Bitcoin for India!

Quote from: G K G on January 31, 2014, 07:55:22 AM

Quote from: Benson Samuel on January 31, 2014, 07:18:51 AM

Quote from: G K G on January 31, 2014, 07:12:41 AM

Population:

India- 1.25Billion
Srilanka- 21million
Nepal-27.5million
Pakistan-180million
Indonesia-247million
Mauritius-1.3million
Seychelles-90000

OK Undecided

Thats not much. only less than 2 billion

1250000000
2100000
2750000
18000000
24700000
1300000
90000

1298940000 total Pop
259788000 Total Coins - Pop/5
- Why 5? Average Indian family size.

Taking india as it is a large part of the demographic.

you made a mistake. millions should have a additional zero

The total comes to 1,726,890,000

Ughh, you are right.

G K G

sr. member

Activity: 280

Merit: 250

Quote from: Benson Samuel on January 31, 2014, 07:18:51 AM

Quote from: G K G on January 31, 2014, 07:12:41 AM

Population:

India- 1.25Billion
Srilanka- 21million
Nepal-27.5million
Pakistan-180million
Indonesia-247million
Mauritius-1.3million
Seychelles-90000

OK Undecided

Thats not much. only less than 2 billion

1250000000
2100000
2750000
18000000
24700000
1300000
90000

1298940000 total Pop
259788000 Total Coins - Pop/5
- Why 5? Average Indian family size.

Taking india as it is a large part of the demographic.

you made a mistake. millions should have a additional zero

The total comes to 1,726,890,000

Topic: Project Nemesis - Alt-coin project - page 4. (Read 12648 times)