Post
Topic
Board Altcoin Discussion
Re: MC2 ("Netcoin"): A cryptocurrency based on a hybrid PoW/PoS system
by
_ingsoc
on 29/05/2013, 17:19:23 UTC

I would shy away from having anything "closed" in this project.. as soon as you do that, you alienate everyone that isn't "in the club" and that's the last thing this coin needs.

Agreed. NetCoin needs to be open source from the start I believe, otherwise it will lack legitimacy. I believe as well that a Netcoin clone would be seen through by the community, with people gravitating to the "real deal" because of it's innovator advantage and strong development community.

From my very limited technical understanding, I believe there are security concerns with having it completely open source from the very beginning. I might be wrong though. I do believe it was elaborated on in this thread, but I'm too dumb to try and explain it. The way I look at it is that someone came on here and produced a whitepaper full of real improvements to advance the current state of the field. There's been peer-review, and that speaks to how they operate in a huge way. There's been a surprising lack of openness in the crypto-community with all the scams going around. Netcoin is different in that way. The ideas in this coin are some of the necessary advancements to strengthen cryptocurrency as a whole.

I do know that TacoTime completely supports open source from what I've read here. I also know that there are special considerations that one must take even with open source projects. We need to accept that the crypto-community has a malicious streak, and there are people that will attack and seek to destroy the things others have built very openly. If keeping it secure in the developer's hands until we are strong, then that's reasonable to me. At the end of the day, it's simple. If a coin screws everyone over, people won't mine it. It comes back to the point on peer-review. Anyone who opens an idea like that is going to take into consideration the security of the project and balance it with its openness, regardless of how that works from a temporal stance. I say bravo and forward to the new world!