Topic: Spin-offs: bootstrap an altcoin with a btc-blockchain-based initial distribution (Read 53636 times)

Thanks Thread Starter,i see this coin would revolutionize the new alts lets say a developed 3.0 ALT will be live.I hope this will be a successful project for the  developers i will support this project.

Of course it is an overgeneralization. Actual price discovery is much more complicated, and is based off of many factors, such as:

Network Effect, usage, utility, quality of developers, quantity of developers, consensus mechanisms, features, hype, security, fungibility, amount of research at the protocol level by acadamia, emission curve, inflation properties, market/niche, road map, road map feasibility (time constraints and technical), competition, governance, wallet flavors (iOS, Android, Windows, Mac, GUI, light wallets, hardware wallets, etc.), reputation, volume, liquidity, historical performance, transaction capacity, transaction speeds, transaction fees, transaction privacy, metadata privacy.... and that's just off the top of my head.

Spinoffs are the new flavor of the week in cryptoland (first copy and pasta coins, then IPOs, then ICOs... now spinoffs). Just like almost all ALT coins, the value of the majority of them will tend towards zero. The network effect of Bitcoin will reign supreme.

2nd layer technologies and sidechains will be able to do just about everything any altcoin or spinoff can do anyways. By leveraging atomic swaps, Bitcoin can remain the epic store of value that it always has been meanwhile gaining all of the features of any ALT coin.

At the end of the day, spinoffs are simply a tool that scammers can utilize to fleece greater fools. As is being evidenced by the BCH, BTG, and BCD pump and dumps.

This is very interesting but, are you sure that you can apply this metric universally while disregarding all other factors? Amount of users holding a currency may not be the exact correlation between price. For example, it could just be a side product of another variable such as, the amount of merchants that accept a currency as a means of payment which would naturally equate to a wider network but would not mean that the price is correlated with the network size but rather, the range of use-cases currently available.

Likewise Peter

With Bitcoin Cash, Bitcoin Gold, and more spinoffs announced each week, it seems that this idea's time has finally come. 

Congrats to all the thoughtful people who contributed to this thread.

Byteball implements the idea of spin-offs in its initial distribution: https://bitcointalksearch.org/topic/obyte-totally-new-consensus-algorithm-private-untraceable-payments-1608859

https://bitco.in/forum/threads/bitcoin-maximalism-spinoff-technology.462/#post-6067

Can we have a link?

Note: I'm moving further discussion of progress to the other bitcoin forum site

I plan to create the snapshot at height 392222, but I'll wait until 392232 to create it, so that I'm reasonably sure it's in the longest chain.

Once the snapshot is created, I plan to launch ASAP. Because snapshot balances will be treated as coinbase transactions, they won't be claimable until height 100 of the blightcoin blockchain.

Yes. This approach should be applicable for pretty much any blockchain.

I kinda cheated for blightcoin, because the p2pkh and p2sh hashes can be signed against in the exact same way as bitcoin. For a very different cryptocurrency, I'd need to possibly create a different transaction type and have the bitcoin-spinoff-toolkit library be in charge of determining if the claims were signed correctly. But that should be easy enough.

blightcoin. That's lulzy.

Interested to see what happens. Is this approach applicable to spinning off all/most POW coins? POS? Others?

I am happy to announce that my spinoff proof of concept is nearing completion. I have chosen litecoin to be the base for this proof of concept, because it has the biggest market cap after bitcoin (excluding ripple, of course).

The code is at https://github.com/sfultong/bitcoin.git, in the "blightcoin" branch.

I was envisioning that a version of every cryptocurrency could be created with a snapshot of the bitcoin ledger, and named by prefixing it with "bts", for bitcoin-spinoff-toolkit. Using litecoin, that gives us "bts-litecoin", or "blightcoin" for a phonetic contraction.

And really, that's my intention here: to create a blight that gets rid of the idea of starting new cryptocurrency without bootstrapping it with an existing ledger.

This is not a release. I still have to change all the mentions of "litecoin" in the project to "blightcoin", build binaries for different platforms, maybe create a site for the project, find some people to be trusted seeds for the network, etc.

why link the alt-coin blockchain to the bitcoin blockchain? clam distributions have showned us it have serious problems too

If you are going to post, atleast post why.

Don't waste your time in that direction of pruning. Pruning is irrelevant [edit: bcz in a correct block chain design the nodes that need that info gain nothing from pruning and the other nodes don't need the TX data]. Sorry I don't have time to elaborate. My future actions will explain.

I've been thinking about it in a way of a POS to POS chain however I think pruning would be important for all Blockchains as if most Blockchains were compact, it would solve many space issues in holding chains on low powered devices. I would think that in order to be fluid that it would need to create states and lodge unspent blocks to addresses along with their ages, old unspents get rolled over to new states as old ones are discarded. I think what I am thinking may be similar to Cryptonite mini-Blockchain scheme http://cryptonite.info/files/mbc-scheme-rev2.pdf

I'm interested in this as well...

The first thing to do is to port libbitcoin to handle altcoin.
This isn't so trivial, as the chain parameters aren't in one
place. Quite a few of them can be found in
but not all. In particular, I've had a hard time locating the base58 prefixes
(PUBKEY_ADDRESS etc)

What particular things would I need to do if I want to clone from one Altcoin to another?

I think taking snapshots offers a pruning update method for future protocols of existing Altcoins, and eventually Bitcoin as a measure of keeping accounts and balances after a period.

Sure thing. Sorry I didn't answer earlier.

It's a bit of a convoluted process. Had I known what I know now, I'd have based my code around a standalone leveldb parser.

1. Build and install https://github.com/sfultong/bitcoin-spinoff-toolkit
   You'll need to install libbitcoin as a dependency

2. Clone https://github.com/sfultong/bitcoin, switch to the "prune-chain" branch, and build that.
   You'll have to edit lines in src/Makefile.am (change ones containing "sfultong")

If you wish to take a snapshot at a particular height in the blockchain, you have to reindex, and also pass a -reindexLimit=x option to bitcoind, where x is the height you want.

Finally, you can run "bitcoin-cli writesnapshot" to create the actual snapshot file. The first repository has code for loading data from that.

You'll probably have difficulties/questions. Does anyone know automake/autotools? Ideally I'd like it if one didn't have to edit the Makefile.am