Topic: research for new altcoin (Read 295 times)

That's a good idea, before you want to create a new altcoin, you must first prepare the framework that must be compiled so that it becomes a project. Then design a team that is experienced in their own field that can support the idea you are planning to get people interested in the project you will do.

if you are planning to create a new altcoin then you should be able to provide a project concept that can trigger investors to enter and provide support, currently only altcoins have clear projects and of course useful products many people can make these altcoins have prices in place exchange.

I think fast transaction time and low fee is also important. I've tested Cardano today, and fee is $0.40 at the moment per transaction, and I measured 84 seconds until my ADA showed up in a wallet, sent from another wallet (not an exchange, both wallets locally installed). Also minimum transaction amount is one ADA. So obviously I couldn't use it to buy a bubble gum in a kiosk. Is there a better altcoin which doesn't have such limits and with lower fees?

A coin with less than 1 cent transfer fee, no minimum amount, and less than 1 second transfer time could really replace fiat money. Also the number of transactions is important. VISA handles 1700 transactions per second, so this would be the goal. Cardano has been tested with 250 transaction per second and they are planning 1 million transactions per second, but if the other parameters don't change, then it isn't viable. And I don't need to mention the transaction fees for Bitcoin and Ethereum.

and also OP can make best use of market situation, I mean if OP is planning to develop his own project then OP can also use unique strategy. For example, an interesting concept, a blockchain game, a quality product. now that DEFI and NFT have caught the public's attention, maybe the OP can take this option for his project development material.

Ideas without proper funding and marketing will die even before implementation, it wouldn't go far and even if they get launched, they will get stress out because proper projects need proper marketing and promotion, its very essential in every business except a commodity that doesn't need advert but you and I know that new projects need proper marketing and influence, money has to be burn to see the public interest you know.
Capital comes along with strategic idea, it's very essential in planning a project.

A lot of new altcoins have been launched nowadays and almost all of them are just shitcoins in the cryptocurrencies space that has no price and no community. because the created altcoins do not have a clear direction and purpose and do not have products that are acceptable to commodity investors. so my advice is to make an altcoin with a direction and purpose and a product that can be offered to investors and other commodities.

I think I have a unique idea: Distributed and connected apps. Blockchains are big interconnected networks, and information is distributed to all nodes. But it is not used for useful communication, besides transferring the transactions of the blockchain. For example a multiplayer game could connect multiple users in realtime, or the network could be used for a chat application like Discord or Slack.

I would define an API on top of a blockchain, to send messages to one node, or a group of nodes in realtime. This would allow someone to write a server, which manages multiple nodes, and a client software which interacts with the API, for P2P or multiuser applications.

Additionally I would implement a way to start programs in a secure environment. For example someone writes a chat application. A user who wants to use the chat can then install the client part of the application on their computer, and on some other computer is the server installed. In general there would be a distributed computing concept: If someone wants to sell their CPU power, they can offer to run other programs on their computers, for a fee.

The blockchain Golem and iExec implements already such a distributed computing system. But it is heavy and needs a lot of resources. Both systems are using Docker containers as the environment where the applications are executed. So basically this needs to install and run a full virtual Linux system for each task. iExec even recommends to run the whole system inside a Oracle or Virtual Box virtual machine for security reasons (but interestingly, their manual includes steps to import the private keys of an Ethereum wallet inside the virtual machine for the billing process, nothing can go wrong with this). And I don't see an easy way for Golem or iExec to interconnect with other systems, as my system would allow it.

My system would implement a lightweight concept: Instead of emulating a full Linux system, it would be a limited custom virtual machine (VM), with high level custom services for accessing the blockchain communication and for local storage, maybe similar to the Java VM. A user can configure the amount of RAM, storage, and CPU usage they would give the VM. And everything built in one easy to use program with a web interface, which can be installed without problems on Windows, Linux and Mac (iExec and Golem recommend Linux and need WSL for Windows, because of Docker, and the setup is not easy).

Same as with Golem, I would allow to use long running services, or batch process tasks. A game server would be a long running service, but for example calculating a 3D rendering would be a batch process which ends after the calculation.

There could also be a fee to create an account for a multiuser game, or a monthly fee. Someone could implement a massive multiplayer online role-playing game with my system (if the network communication is fast enough for realtime playing), and trading of the items or characters could be integrated in the system. For efficiency and for the 3D graphics output, the game application would run as a native app in this case on the user's system. There would be libraries, or maybe a microservice to the node application, to communicate with the network.

There would be global high level services like a naming registry integrated in the system. This can be used for a messaging system. A user can register their name, and then someone can send them messages by name. But because it is integrated with the blockchain, there could be a fee involved to send a message. This would implement an eMail system where spam is unlikely, because it would be too expensive. Or a celebrity can set a high fee, and only fans who want to pay the fee can contact them.

Or a webserver could run at a named node. There could be a low fee to view the pages, which would give the author of the webpages a revenue for the content without ads.

Bunch of things that you mentioned over here is already offered by some other coins. You  are just trying to create a "All in one" coin, which isn't ideal at all. I doubt your project would survive. You  need to make something very unique. You need to have use cases that none other coins have. Maybe come up with a new mining algorithm that is far superior than the ones we have now without comprising any security and keeping it decentralized? And it's impossible to distribute your coin to each and every person in the earth.

To make more people aware of your product you definitely need to run a big marketing campaign. You can offer bonuses for those who follow your social media, share with friends about your projects. You can organize a bounty or an airdrop, but you should foresee this in your tokenomics. I don’t know how projects avoid multi accounting or bots, so maybe just put up with this.

to make this happen, at least you must have an experienced and competent support team, for example programmers, designers, community managers, etc. By having a strong team, you can achieve your goals. well, don't forget to show the functional side in the real world, mainstream functions if not really supported by good technology will definitely be difficult to develop, do in-depth research on community needs, competitors, etc. you can also take advantage of social media trends that are increasingly popular lately, try combining it with crypto, it will definitely be interesting.

There's that but also the fact that now the market is saturated with all these different types of projects, NFTs, games, memes etc. Only projects with real value behind their token will stand a chance but it will be harder than it was before to get the project lifted because the market isn't as accepting nowadays. Either way, for a good vision it is still worth a try...

Then is that hope not too good to be expected? because Cardano is also a very good and good coin, so it is very feasible if the blockchain can be decentralized, but there must be a smart contract first.

Now there are many new projects with almost the same concept as existing projects in terms of use cases, roadmaps, etc. Every new project that is launched must be with a unique concept and I see the potential in you to realize a new project with a very unique concept. ideas, you can also adopt the NFT trend to increase your project rating.

I'm a programmer with 30 years experience, I plan to start the project myself. Of course, I can't implement all the features alone, this would need many years. Maybe it could be developed in the spirit of other open source projects, like Linux, where other people contribute features.

And right, probably a good idea to have a new unique feature and clear goal. Then I could start with this as well to test it, and later add the more complicated things like smart contracts. On the other hand, if I have good smart contracts, nearly every unique feature could be just implemented as a smart contract

What is a fair distribution? I've seen with other altcoins that they are considered "fairly distributed", if there is no pre-mine, when the project goes live. Not sure how this can work with a PoS coin. Maybe everybody who runs a node could get a fixed amount of coins, when chosen. It might be safe enough at the beginning, if only one node per IP address is allowed, because it would be kinda expensive to use a lot of IP addresses (of course, only IPv4 address would be allowed for the initial process for the fixed amount, because they are rare. IPv6 could be easily created a lot for cheap). Later the fixed amount is negligible when it was running for some time, because then the most reliable nodes would stake more coins based on their previously earned coins. Or the fixed amount could be disabled after some block count as well.

But I think an initial distribution based on social network accounts would be fair as well. How to include China? Most social networks are blocked there. So maybe I should include Renren and Sina Weibo as well, this would add more than half a billion potential users.

i liked your ideas and I think you should make a full article on your project which you want to create so many people can know about it and suggest you more thing. Maybe you will meet some more people which will help you create your project. Best Wishes for your project.

But Ethereum is planning to use PoS. And Waves already uses it, with $1.6 billion market cap at the moment, so can't be that flawed, otherwise it would be worth $0 now.

Your idea is very good. There are various altcoins appearing every day, many of which are unreliable. I hope you can make a novel altcoin that people are willing to invest in, so that many people will participate. Your name will be remembered by many people, looking forward to your success

right, altcoins that have products will certainly be used not only for trading and investment. By providing convenience and good service, of course, this altcoin will continue to grow. so many altcoins are only looking for profit at the beginning, as if they don't think about their development later, so that altcoins eventually die by themselves

The coin you want to make must be a super coin.  I don't think a single coin should do all that you have listed,  you should rather focus on idea that is unique to your coin and the said Idea will stand out your coin in the sea of newly created coin.  As for distribution,  just let it be fairly distributed,  distributing to whole wide world is like building castle in the air!

Creating another new altcoin these days is extremely difficult, with all the current huge competitors and Ethereum next updates are huge like current competitors may get rekt.
Good to know that you are interested in creating another crypto, but my advice is another feature is/are problems that other altcoin can't be solved could be your key or winning recipe.

I think your idea is quite good and indeed creating an altcoin is not a difficult thing right now, but the problem now is that we need large enough funds to list these altcoins on the market and after the altcoins are listed of course we must continue to develop these altcoins until we can known by many people and one of them forms a clear fundamental to the altcoin so that the altcoin will have a strong community.
many of my friends have created several altcoins or tokens like your idea, but in the end the altcoins just become trash without any further development from those who created them.

How are you going to make it eco friendly? I guess you will be using Proof of stake instead of proof of work? POS is a flawed design and has already been exposed lots of times.

You will need to hire a blockchain engineer to do all of that, it won't be cheap. Your best bet would be to fork NEAR or Stellar and add quantum resistance or consider forking cellframe and using a L2 to speed up transactions.

If your goal is to create another platform for fast transactions, scalable networks etc, I guess you're out of luck. Too many competitors in this area and you need to be really unique to survive. That being said, why do you have to create a new one? The idea of profit-sharing is not new either, and that doesn't sound like a great feature that can attract users to use your platform. Profit-sharing should not be your unique feature, since if you don' have a product no one will bother with your token.

I suggest you start by finding a problem in the crypto space that is unattended or has little competition first. Start from there and then plan your product. Don't just create a token for the sake of it, else it's just another shitcoin.

I like your ideas and it will be a big pleasure for me if thanks to my comment, one more good token will become better. Concerning your question about the whales. Nowadays projects support a function of protection against big investors. It means that the system bans transactions that are bigger than 2%, for example. But actually what can deter them from buying it in different transactions or from different wallets? I don’t know.

You can make the airdrop as another altcoin did. there are too many altcoins out there that were done but you have to not be so optimistic, you will get fail and you will be lost the money. KYC is one to prove for identity person but is not good the solution. If you have enough time, you have to read all about altcoin sessions on this forum, you will get your solution and you will prepare to step back.

I find your idea pretty nice and everything is quite reasonable, but what do you think about the Blockchain trilemma? You said that it would be decentralized and scalable (because of Proof of Stake), so I can conclude that it will be insecure. As when blockchain works on Proof of Stake, a hacker can grab just one percent of the system and everything will be under the threat, compared to projects that work on Proof of Work, where a hacker had to grab 51% of the system.

You just need to package your ideas more neatly in a paper, become the basic framework of the project, then look for people who can support your project ideas to be more interesting.
In addition to the current DEFI project, projects that are currently in demand are projects about games that have a play to earn feature.

Good idea with the Facebook accounts. Maybe also use all the other big social networks, like Youtube and Twitter, so everybody could get some coins. Of course, would need to verify the account creation date.

You are right, there exist coins for all the features I listed. But I don't think there is no coin which combines them all. Isn't this sufficient for a successful coin? Any ideas for a unique new feature?

You are just planing a project that has already exist for a long time, if you have to create a token it's necessary to make it unique that an investor can distinguish your project that has a real purpose. You just named them in this post.

Anyway, if you will really create the project, there is no way you can distribute them to people as many as possible but to airdrop it to the holders of a widely distributed project like Cardano. Or distribute it to all facebook accounts that will verify when claiming. I think Stellar did this before. There may be a lot of cheaters in this process.

I plan to create a new altcoin. What features do you like for it? Some ideas I have:

- eco-friendly, so proof-of-stake for the consensus algorithm, like WAVES and Cardano already uses, and Ethereum plans to use
- quantum safe, like QRL
- high number of transactions per second, like one million per second as Cardano can do
- smart contracts, for creating your own tokens, assets, apps etc.
- low transaction fee

I also want to distribute it to as many people as possible, ideally to every person on Earth. How could I do this? Is there some altcoin who did this? How did they manage to prove the identity of a person, so that not one person creates a bot for it and gets lots of shares? This should be the coin for the 99%, and not just for the 1% rich investors

Another feature should be a voting mechanism. For example when a conventional signing algorithm is used instead of a quantum safe algorithm (for example because otherwise the high transaction rate wouldn't be possible), and the algorithm needs to be changed when quantum computers become available. Then there could be some proposals, and people can vote for one proposal, weighted by their coins. This will allow transparent democratic decisions for the development process, implementing what the majority wants.

The voting mechanism could be also used for example if there was a security problem or bug, and to decide if it needs a hard-fork to rollback the blockchain, like with the Ethereum DAO disaster. But instead of just a few people deciding it, it would be decentralized as well. Such bugs happen and if the majority thinks it is a good idea to undo it, then this would be the right thing to do. The voting mechanism could be just a smart contract.

Other features like NFTs etc., can be implemented with smart contracts as well.