I see that the two main benefits that people have to BTC with altcoins are the transaction time and trading potential. I think, these two alone are good enough reasons to have altcoins, but I appreciate that some altcoins demonstrate additional innovation too like...
ZEIT
No ASICS miners needed,
Our Energy requirements are less than a video game.
Our Number of coins run in the Billions so we will never lose the ability to process micro-transactions like BTC has.
Takes only 3 workstations to keep ZEIT network alive forever, plus it is economical to do so.
BTC has to run to ~$1300 per coin for me to double my money, ZEIT only has to go to 2 satoshi for me to double my money,
5 sat and I made 5 time my money, BTC does not have that potential.
That's an interesting concept. So, you do not have miners, but direct investments into ZEIT's price? Why do nodes work for then at ZEIT?
Proof of Stake
hashProofOfStake <= [Coin-age] x [Difficulty Target]
[Coin-age] = [amount of coins] x [days in stake]
Coin-Days = Coin-age * block size.
weight = coin age * balance
So basically the blocks compete against other blocks to determine the next entry into the chain.
The Block with the most coins that have the most age , will win, and this generates more coins which is added to your block.
It will be another 20 days before this block is allowed to stake again.
ZEIT interest explained:
https://bitcointalk.org/index.php?topic=487814.msg14873082;topicseen#msg14873082Advantages to
ZEIT PoS Specs compared to others,
earliest a block can stake is 20 days, this makes sure that large owners can not monopolize the coin generation and keeps their compound interest at a reasonable rate.
Users can place all of their coins in 1 block and only stake monthly or keep their coins spread out in multiple blocks so they stake more often and increase network security.
FYI:
We also hold registrations once a year , to allow New
ZEIT Knights to join,
each
ZEIT Knight will hold 100 Million coins and pay a yearly 10% tithe on the interest which is donated to the Knight Fund to be used for Charity in the future when our price is higher. About the Tithe
https://bitcointalksearch.org/topic/m.15175598Becoming a
ZEIT Knight is optional and should only be done if you have a strong desire to support
ZEIT and its future charitable works.
Currently 15 Knights, Total # of Knights worldwide will only be ~300 .