Topic: Who know OpenUDC? (Read 475 times)
i dont understand it.
This isn't a clone coin and it has been in development since June of last year but I don't find it particularly interesting as I don't believe the trust model will work on a large scale. It has more in common with ripple than Bitcoin. Unlike ripple the coins are given away to all members as a "basic income" instead of being sold by the ripple corporation. Also unlike ripple it is actually open source.
It uses OpenPGP for identity and transactions.
New members must have their PGP key signed by an existing member (this I think is fatal, it destroys psuedo anonymity and provides a weak defense against sybill attacks).
Accepting a new member requires 2/3rd approval of eixsting members.
Periodically all members receive "free money" minted from nothing as part of a basic income.
Transactions are performed by the sender signing a message indicating transfer to the receiver's PGP key.
Transaction servers generate lists of new members, dividend income, and new transactions.
All members have the ability to sign these "lists" and it requires 2/3rds approval of members to update the consensus.
There is no computing power used to secure transactions against double spend instead it relies on the security of people/identities.
There is no need for a blockchain as the "blocks" are essentially ledgers which contain the current status of the network.
I don't find it particularly interesting because it doesn't appear to be completely decentralized, and the trust model will fail under any large scale adoption. Still it certainly isn't a clone-coin, it doesn't even have mining in the traditional sense. It has more in common with Ripple than any crypto-currency.
It uses OpenPGP for identity and transactions.
New members must have their PGP key signed by an existing member (this I think is fatal, it destroys psuedo anonymity and provides a weak defense against sybill attacks).
Accepting a new member requires 2/3rd approval of eixsting members.
Periodically all members receive "free money" minted from nothing as part of a basic income.
Transactions are performed by the sender signing a message indicating transfer to the receiver's PGP key.
Transaction servers generate lists of new members, dividend income, and new transactions.
All members have the ability to sign these "lists" and it requires 2/3rds approval of members to update the consensus.
There is no computing power used to secure transactions against double spend instead it relies on the security of people/identities.
There is no need for a blockchain as the "blocks" are essentially ledgers which contain the current status of the network.
I don't find it particularly interesting because it doesn't appear to be completely decentralized, and the trust model will fail under any large scale adoption. Still it certainly isn't a clone-coin, it doesn't even have mining in the traditional sense. It has more in common with Ripple than any crypto-currency.
Ok, give me tl;dr version please?
Is this just another copy&paste shit clonecoin or ?
(also atm I'm not interested if it has new algo, instant messaging or other useless stuff) Is there something fundamentally different
Is this just another copy&paste shit clonecoin or ?
(also atm I'm not interested if it has new algo, instant messaging or other useless stuff) Is there something fundamentally different
There is no noise in this forum about this cryptocurrency but that seems a serious and fair project.
OpenUDC aims to define a set of open protocols and standards to exchange new currencies, and to provide a free software implementation of them.
UDC means Universal Digital Currencies or Universal Dividend Currencies. Both definitions are fair since a currency in line with the Universal Declaration of Human Rights HAVE TO apply the Universal Dividend.
The OpenUDC project has a theoretical reference to the Théorie Relative de la Monnaie (TRM) which can be read to understand why OpenUDC uses Universal Dividend Money System.
The Universal Monetary Dividend as defined in the TRM is more precise than the Basic income as it specifies where the money comes from, how it is created, and why so. But the TRM is not a technical description of how such a money system can be developed concretely, and so the choices of OpenUDC technical tools are totally independent of the TRM.
OpenUDC implementations allow human members to exchange in a spirit of equity, digital goods and services in space, between members, and time, between members and future members.
http://www.openudc.org/
OpenUDC aims to define a set of open protocols and standards to exchange new currencies, and to provide a free software implementation of them.
UDC means Universal Digital Currencies or Universal Dividend Currencies. Both definitions are fair since a currency in line with the Universal Declaration of Human Rights HAVE TO apply the Universal Dividend.
The OpenUDC project has a theoretical reference to the Théorie Relative de la Monnaie (TRM) which can be read to understand why OpenUDC uses Universal Dividend Money System.
The Universal Monetary Dividend as defined in the TRM is more precise than the Basic income as it specifies where the money comes from, how it is created, and why so. But the TRM is not a technical description of how such a money system can be developed concretely, and so the choices of OpenUDC technical tools are totally independent of the TRM.
OpenUDC implementations allow human members to exchange in a spirit of equity, digital goods and services in space, between members, and time, between members and future members.
http://www.openudc.org/
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