Re: The Cypherfunks[FUNK]: a coin for a global band! Talking v2. Join! 80+ songs
I just want to weigh in on this with a slight opinion. Ok, I don't have slight opinions 
I'm not terribly impressed with the idea of a token. Sure, they're easier to make than an actual coin, and sure, they are backed by the Ethereum blockchain, but think about those two things for a moment.
second things first, the Ethereum blockchain faced and failed to overcome the scaling obstacles that Bitcoin is dealing with RIGHT NOW, the day it launched. They don't have a real plan to deal with it, either.
And tokens ARE easy to make. How are you gonna differentiate FUNK from the others? Cloning a satoshi coin requires quite a bit more knowledge than making a token. That being said, EVERYTHING ELSE about Etherium is much more difficult than BTC/Satoshi based coins. From cold storage to multisig, Eth is a fucking mess. It's ugly, inelegant, and prone to failure.
OTOH, you could with relative ease fork Funk as it stands, either modifying or eliminating KGW, and/or switching to a less ugly algorithm. Scrypt is going to continue to cause the recent problems, because any dink with a couple grand can buy an L3+ and hang the chain. Sure, it does eventually catch again, but it can be (and twice in the last four days HAS) been more than a day between blocks.
I see two easy ways to solve these, and one is a soft fork. The other is hard.
The first is to steal some code from BTC testnet, and make it so that if a certain defined time has passed, the difficulty drops. In BTC Testnet 3, it drops to one. I think that is probably too much of a drop, but it is the right idea, but perhaps make it incremental.
e.g. it drops to 10 diff if an hour has passed, 5 at 2 hours, 2.5 at 3 hours, and then to one if it still hasn't broken a block. This would correct the excess of KGW throwing the brakes on it, but it's a bandaid. If the coin gets popular, it becomes an avenue of attack.
So, instead, leave KGW, but change to a CPU or at least GPU hard algo, like Prime or X15 or the like. I favor CPU hard, because that makes it so EVERY person holding FUNK will have incentive to contribute to the network.
Well, there's my 2 satoshi's worth I'll back the team either way.
I'm not terribly impressed with the idea of a token. Sure, they're easier to make than an actual coin, and sure, they are backed by the Ethereum blockchain, but think about those two things for a moment.
second things first, the Ethereum blockchain faced and failed to overcome the scaling obstacles that Bitcoin is dealing with RIGHT NOW, the day it launched. They don't have a real plan to deal with it, either.
And tokens ARE easy to make. How are you gonna differentiate FUNK from the others? Cloning a satoshi coin requires quite a bit more knowledge than making a token. That being said, EVERYTHING ELSE about Etherium is much more difficult than BTC/Satoshi based coins. From cold storage to multisig, Eth is a fucking mess. It's ugly, inelegant, and prone to failure.
OTOH, you could with relative ease fork Funk as it stands, either modifying or eliminating KGW, and/or switching to a less ugly algorithm. Scrypt is going to continue to cause the recent problems, because any dink with a couple grand can buy an L3+ and hang the chain. Sure, it does eventually catch again, but it can be (and twice in the last four days HAS) been more than a day between blocks.
I see two easy ways to solve these, and one is a soft fork. The other is hard.
The first is to steal some code from BTC testnet, and make it so that if a certain defined time has passed, the difficulty drops. In BTC Testnet 3, it drops to one. I think that is probably too much of a drop, but it is the right idea, but perhaps make it incremental.
e.g. it drops to 10 diff if an hour has passed, 5 at 2 hours, 2.5 at 3 hours, and then to one if it still hasn't broken a block. This would correct the excess of KGW throwing the brakes on it, but it's a bandaid. If the coin gets popular, it becomes an avenue of attack.
So, instead, leave KGW, but change to a CPU or at least GPU hard algo, like Prime or X15 or the like. I favor CPU hard, because that makes it so EVERY person holding FUNK will have incentive to contribute to the network.
Well, there's my 2 satoshi's worth
I'll back the team either way. We are keeping it very simple. Tokens are easy to create. Applications built on top of smart contracts are not as easily implemented.
Eth tokens enable interchangeability between blockchains. You can send tokens from one chain to another. It's a fantastic way to build applications, because you can build in a sandbox without fear of consequences to the other chain. Smart contracts allow for new applications built on top of blockchains. This is what BTC lacks, is an application layer with smart contracts.
The technical and economic problems with the FUNK coin will be solved with the launch of the new token.
Also, just because BitCoin lacks doesn't mean it is not a solid medium. It's as rock solid as SHA-256, not a shabby algo.