A few months ago I created a new kind of coin, an "Abstract Coin". The main idea behind Abstract Coin was that I basically declared that I had the one and only Abstract Coin and simply posting in the thread saying that I give so and so 0.1AC made it so, people would quote and confirm posts that sent Abstract Coins from one person to another. We developed the protocol, and because we could all look back at the "quote chain", we could all agree who had how many coins.
for more info on Abstract Coin, see this thread https://bitcointalksearch.org/topic/experiment-abstract-coin-030-224873
All in all the idea worked, we were able to assign some value to these coins, a few of them were traded for LTC. But the main difficulty was that verifying a claim on Abstract Coin had to be done manually , users had to manually look at the quote chain to figure out if an Abstract Coin TX was valid. Another major concern was that the quote chain could be modified or even completely deleted by the admin accounts on this forum. we thought about implementing the protocol on a different platform ( twitter ) but it seemed like a moo point. Everyone accepted the risk that our quote chain could be compromised by forum admins, and this limited Abstract Coin's ability to grow greatly, everyone knew if it would become at all valuable the scheme would fall apart.
A new innovative solution has been found!
Inspired by MasterCoin, I plan on reworking my Abstract Coin idea, it will work in much the same way, but instead of having the database of transactions embedded on this forum, we will piggyback our transactions on bitcoin's blockchain! A windows client will be developed to scan the block chain for these special AbstractCoin transactions and compute them. At first the client will only be able to send AbstractCoin, but many many new funky functions can be implemented.
I believe this will give AbstractCoin new life, and i look forward to seeing it in action, and adding to the protocol.
Do not worry,when the new protocol is ready for launch the AbstractCoin0.3.0 coins you own will be transferred over the new protocol, like we did on the previous upgrades; after the genesis block, i will create all the TX's necessary to give everyone who had Abstract Coins the correct amount Abstract Coins back.
