Re: Solution for low bitcoin volume in India (FeatherCoin FTC)
Creating another fork of a alt coin is easy, but the usability , acceptance, and overall new users is hard to gain. if a desi coins is created, the first problem is the people using in india would be low. miners from outside the country would have a instant monopoly on the generation of the coins. hard for exchanges to accept the coin until a certain user numbers are reached. New alternative desi coin can only work once the user base of crypto currency increases. p.s - i'm not a ripple fan.
I took a look at the Litecoin code yesterday. It is about a months work for someone like me to fork with very minimal exposure to C ++.
Anyone else who can fork LTC to make an Indiacoin in a faster timeline would be awesome.
We can manage a strong marketing campaign to gain adoption of this as it is based on CPU/ GPU mining.
If it fails, would have atleast been a good project to try.
Lets discount the time taken , if you guys are serious , we can give it a shot. It does not harm any one to try, but we need to put in the characteristic that is required for the indian market. may be some thing like the number of coins that needs to be capped . how it is gona hash the transactions. , but before that how we are gona convince the miners in india, to mine for it in a larger pool, before foreigner miners come into the picture and limit the coin volume in India.
Strategy for success lies in the initial number of people involved in the project and the participation in the first phase. If we fail to get the numbers in india then the alt coin will fall. My only fear, is that marketing pulls in big time miners and the one especially owning bot nets , they will destroy the project before it can take off.
Am quite serious about giving this a shot.