Topic: Some ideas for really cool altcoins (Read 792 times)

Or who has access to the routing tables of a large Internet Exchange.

There's no need for that. I suppose you mean block chain rules, not network protocol. If a big disconnect was really needed, we could just say 'from block XXX on, use this new rules and system' and program the clients accordingly.

See also https://en.bitcoin.it/wiki/Hardfork_Wishlist

IP coin is a really, really bad idea. Everyone with a botnet could trivially execute a Sybil attack.

IP Coin won't work in IPv6-world.

It's not that I'm trying to solve any certain problem with super coins but rather throwing out an idea that there can be a crypto coin that depends on other coins and does not have its own "proof of work" needed for mining.

The fact that there can be infinite amount of PPCoins for example doesn't change anything because the share is calculated from the currently existing coins rather than the maximum limit. Destroying the input coins is crucial to avoid circular allocation of new super coins.

Also, let's say bitcoin developers come up with a new and much better protocol for bitcoins. How would you transfer the old bitcoins to the new system? One possibility is creating v2.0 bitcoins only if the corresponding amount of v1.0 bitcoins get destroyed.

As I don't really like the idea of destroying coins, I'd use the coins in supercoin (metacoin?) probably rather as 100% fee transactions...
Also, which problem do you want to solve with this?

I understand that PPC are going to be produced indefinitely, LTC and BTC are not - that means supercoins would loose value over time just by themselves, even if some other chains are finished with handing out/creating money.

1. IP Coin
The coin would be made so that it would distinguish between the IPs that originated new blocks. If a block is found from the same IP several times in some time period then it would be somewhat banned for finding new blocks until some certain time passes. This would make using mining pools pretty much useless and also having a garage full of ASICs. The 51% attack would be less likely and the key for mining is not only having a great processing power but also finding IPs that are not yet used for mining.

2. Super Coin
This coin would combine a set of existing and valuable coins. To mine super coins one must mine all the supported coins. Each coin it supports, provides one dimension to the user's coin vector. For example, if the super coin contained Bitcoin, Litecoin and P2P Coin then the coin vector would have 3 dimensions.
If the user has 3 bitcoins, 3000 litecoins and 10000 P2P coins then the super coin looks how many bitcoins, litecoins and P2P coins are out there currently, so if the total number of these coins is as follows:
BTC: 10 000 000
LTC: 40 000 000
PPC: 100 000 000

then in that context the user has:
BTC: 3 / 10 000 000 = 0.0000003
LTC: 3000 / 40 000 000 = 0.000075
PPC: 10000 / 100 000 000 = 0.0001

The share of super coins would be the vector length of the user's coin vector:
Sqrt( 0.0000003*0.0000003 + 0.000075*0.000075 + 0.0001*0.0001 ) = 0.000126491

This would be multiplied with some constant to make it look human friendly, so for example the amount of super coins that corresponds to the given coin vector would be: 126.491 SPC

Or ( 0.0000003 * 0.000075 * 0.0001 ) * 1 000 000 000 000 000 000 = 2250
1 000 000 000 000 000 000 is just a constant

To get supercoins one must have all its component coins. To spend super coins, the component coins will be destroyed and the super coins will be sent to the receiver as normally coins are sent.

Having said that, these are just ideas. Feel free to propose corrections or generally discuss what you think of my ideas.