Topic: The Benefits of Having a Universal Wallet - page 2. (Read 5008 times)

Good to know... I had heard from a couple of people that Litecoin was very intensive because of the quick blocks, and they couldn't successfully run both bitcoin and litecoin on a server.  Of course, the server had other tasks as well...

@markm - I think only Bitcoin does (Electrum), but I am not certain.  Regardless, it should be relatively easy to port Electrum (or whatever other lite client scheme develops) to other currencies, and then it's just a matter of finding people who want to host the servers.  How would open transactions help the case though?  Would people transfer coins by providing private keys through open transactions?  Seems silly and wasteful.  Is there another way to do it?

If all OP is looking for is a wallet that displays the balance of each type of currency along with market details that shouldn't be so complicated or as resource-intensive as you say.

My laptop uses Windows 7 64-bit with 3 gigs of RAM and it currently runs my BTC, LTC, NMC, PPC, LQC, IXC, I0C and TRC (a total of clients all at the same time. The amount of space used on my 350 GB HDD has been fairly negligent (maybe 10 - 12 gigs in total) and still has plenty of resources left for browsing the internet, streaming HD movies on Netflix, listening to music, etc... Hell, I even have an instance of minerd running 24/7 on that laptop... Pretty much the only thing I might have problems with are resource-intensive 3d applications or music production software...

And as far as adding market details, that should be fairly low-intensive as well since it would all be handled by api, which shouldn't use much in the way of system resources...

Okay, so which as-is cryptocurrencies have servers that support thin clients?

Seems to me either a multi-coin thin-client-server is needed or for each currency a thin-client-server is needed.

Until servers exist to connect to clients aren't much use...

-MarkM-

I don't see a reason to complicate things by adding open transactions into the mix... just use each cryptocurrency as it is.

So all the more reason to make Open Transactions clients more user-friendly.

All the technical differences between currencies, shares and other assets of value are abstracted away, letting the user deal with the two things about all such things that makes any of them of any interest: their VALUE and HOW MANY YOU HAVE of each.

-MarkM-

I agree with mark - a project like this needs to use lite clients, not full blockchain versions of each client.  Trying to run 8 different cryptocurrency blockchains off of one HDD would pretty much necessitate a dedicated computer for the purpose, or at the very least, a dedicated HDD.  It would make more sense to integrate lite clients so that a universal wallet could be used on anyone's computer.

That said, I think such a software would be really neat, and I would certainly use it.  It would increase popularity of alt-coins too - many people probably don't bother with them because they don't want to run another piece of software, or they don't want to use a command-line-only client.  If they were already running the software, though, they might be much more likely to give them a try.

Most normal people apparently have trouble even having one blockchain, let alone several blockchains.

So probably you need one of the thin client systems adapted to be able to work with any chain, along with its server-side system.

Once such servers are present for all chains, having just one copy of its client be able to work with all the different chains' servers should be do-able.

Or you can go the Open Transactions route, letting people deal with many many many assets, not just cryptocurrencies but pretty much anything, all from one client. Open Transactions abstracts away the problem of having to deal with all the many different servers serving all the many different blockchains, letting folk just directly deal with accounts much like having bank accounts denominated in many different currencies. It also has markets, so any time you come up with a new currency you instantly also have markets for it against all existing currencies.

Many people might not even bother running an Open Transactions server of their own to handle their own accounts, they might be perfectly happy just using other people's servers, maybe spreading their balances around across many many servers to distribute risk.

-MarkM-

If someone wants to get this started, perhaps we could get a devcoin endorsement for the project to help with the bounty?

Well I was assuming that the client would assoicate with all of them, and be merged into one file.
Instead of the annoying different open ones, like I have PPC, LTC, BTC opened atm
and separately. All using the same client, I wish they were all merged into one program,
and it looked like the following above.

Associating with all the folders in /appdata, of all the currencies, and wallet files.
Instead of one.

One thing is to progress to a universal client, to make it easier, and simplier.
Make it mine, show market prices, and have all the crypto-curriences merged
into one wallet. The mining part would have cgminer,guiminer,phoenix, etc.
All merged into a tab in the client. You go to the tab, click add graphic card.
Put in all the details, and type the pools, and click run.

I would vouch for a design like this.
And I wouldn't have to have 5 different programs open,
just one. It be easier for the average users out there.
And targeting it for the lower IQ, average population,
you will need a dumber version of it.

The average IQ is 100, but on bitcointalk.org
the average is properly around 120+
as bitcoin has a high mental barrier.
Everyone here is pretty much geniuses
compared to the average population.

Anyways I hope my idea,
or sketch leads us the right way
toward this design.

Best regards
Lightlord

Wait?    I was talking about a universal wallet,
and now your talking about gas?  

Wait does crypto-currencies somehow = Gases?
Weird way that topics can jump.
I guess before I know it,
we will be talking about multidimensional universes,
and crazy people in mental hospitals.
Just don't ask how that happens xD

Are you assuming a person would be running damons for all the coins they are interested in?

If so, there is a start in the test gUI of the Open transactions project.

It could do with some integrating into the rest of the functions of the gui, but it does at least let you tell it the ip address, port number, username and password to use to connect to the coin daemon's RpC port so you can use it with almost any altchain or with bitcoin.

Markets in which you can offer to buy any asset using any other asset to buy with, and at ny power-of-ten scale, are also in that GUI.

Since fellowtraveler regards the GUI as only a test GUI, and he can now do at the command-line anything the GUI can do, improving the GUI is no longer a main goal for him, so it is time for people who can make it more user-friendly to get to work on it.

Screenshots and source code: https://github.com/FellowTraveler/Moneychanger

-MarkM-

well i went back to my childhood of learning the elements from Tom Lehrer http://www.youtube.com/watch?v=DYW50F42ss8

Argon.  pffft....the All Retard Gas

Xenon is where it's at. 

I'll buy some Argon if u got any... i'm feeling noble

I would imagine it would have the same level of utility as a precious metals trading program that allowed trading of the whole periodic table of elements.  Nitrogen rally, buy now!  Buy helium too, it's got nowhere to go but up!

Care to sketch it out in more detail? What would the markets-tab look like, where you buy and sell currency? Would transactions be displayed together or ordered by currency? Etc.

UNIVERSAL WALLET BENEFITS

*Idea, If all of this is too much, perhaps having 5 mains,
BTC, LTC, NMC, DVC & PPC, and scrapping the rest.
This would give us a client with the main alts.
And it would increase alternative cryptocurrencies value.
Litcoin people, or others should be interested,
as this would greatly increase your alternative cryptocurrencies value.


MEMORY PROBLEM IS A MYTH

I alone run 9 or so clients with no memory and completely no problem,
therefore a universal client is possible. And also the person below.




Alternative cryptocurrency value increase

-The access to all coins in one wallet would increase the likeliness
of someone experimenting or generally using these. As now
people don't want to bother with the hassle of having 10 different clients.

Easier to use and more manageable

-Great for targeting a larger audience and for the success of bitcoin and/or alternative cryptocurrencies,

-Ultimately this leads to a single client that does everything, and the no need of any extra clients,
it would thus contain a miner section, linking to all wallets, etc. This would for the future
benefit Bitcoin, and make it easier for the general population. And its also beneficial to us,
it would be nice to have this all in one client wouldn't it be?

UNIVERSAL WALLET FEATURES

-Contain the balance of bitcoin and alternative crypto-currencies, the single universal wallet program
would associate with all of them.

-The contain of market pricing, and the know of each value

-The contain of a mining section, and a drop down box, of work-size, miner types, pools, etc.
It would then mine from the single universal client.

-There would be a profit section, and a graph, and a electric graph.
You input your power usage, card type and power usage, and a
graph that shows what's your profit rates.
 
BOUNTIES

If you like this idea, feel free to offer a bounty, they will
be posted in this section.


Example: (Do note: The below numbers aren't accurate, this is a representation of what a universal wallet
may look like. The miner tab isn't there, and market tabs, a lot of photo-shopping precision, and time consuming,
hopefully with these two pictures below you understand fully the implications of a universal wallet.)