Post
Topic
Board Altcoin Discussion
Topic OP
alternate cryptocurrency idea
by
peak
on 11/09/2011, 08:13:41 UTC
I just come out these ideas this weekend and found the forum down...

1. 10s to generate 1 block and 100 coins. All coins(~20M) will be found in 1 month.
2. Different from current xxxcoins, this coin will not save all the transaction and sum them up to get ballance of a certain account. A globel sum up bill for every none zero account will be updated hourly. Only most recent globel bill and transactions are needed to calculate balance for a certain account. So, only recent bill and transaction are nessary for the whole net.
3. For the generation of every globel bill, every account will be charged 0.0005% of his/her balance, this fee will give to the one who succesfully generate the bill, that will be about 100 coins.
4. Every transation will be charged .5%.
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Advantages:
1. Light database. Only a globel bill and maximum 720 blocks are useful.
2. A nearly instant transaction, every transaction will be processed in 10s and confirmed in 1 min.
3. No dead account. For every account, The annual globel bill fee will be about 4.3%. If an account with 100 coins sleeps about 15 years, it will be only ~50 coins left, and if this account sleeps over 400 years, there will be nothing left.
4. All the coins will be found and spread in 1 month. The return of minning will suddenly becomes very low(36000->100 per hour, neglect transaction fees) to cool down digging rush.
5. Because of large amount of generation and low minning cost afterwase, there will be very little value of the coins. The value will increase only if it spreaded and there is really some use of it.
6. .5% transaction fee to restrict transaction between multi-account of one person and to keep the data file slim.

To make the coin spread, maybe it will be better to give half of the coins freely via a website like bitcoin faucet. And if there is a JS client that common users can specify certain private key(although its not as safe as current method), it will be more easy to make the coin popular.

For example: If I'm a newbee of this coin, I can sign up with my email address to the faucet website, and I can specify a private address "tangbohu9527", for example, to generate private/public key pair with JS client and the website will send 50 coins to the public address automatically. I do not need to do any thing(install a local client, update block information, save my wallet...), the only thing I need to do is to remember the string "tangbohu9527". If I want to spend my money to some one else, I just need to  provide this private address "tangbohu9527" and receivers account to any website with JS client of this coin.

It is true that I will take a risk that others might find the same string and transfer my coins, but it will really help to spread when the value of the coin is low. And after long term of use, if this coin become popular, people will learn to use more complex string as there private address. If someone really want to make his/her accound safe, he/she can use additional tools to generate private address complex enough by him/herself.
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So, is there anything possible above?