Post
Topic
Board Announcements (Altcoins)
Re: [ANN][XCP] Counterparty Protocol, Client and Coin (built on Bitcoin) - Official
by
Spekulatius
on 20/02/2014, 23:36:15 UTC
... I wonder if it is technically realistic?  How would this solution actually be implemented?  

Hard code into the next version, recognizing an address that PhantomPhreak controls as having a balance of 35,000 XCP on the first block. Then, PhantomPhreak sends this to busoni.  I would think it could be a 1 liner, not too hard?

I would hope that, if this is done, we can also set a date for when this type of fix is permanently "off limits". Maybe 6-12 months from now. In other words, a date where we all agree it is no longer Alpha software, but Beta.

And secondly, raise a pool of funds (controlled by PhantomPhreak?) to have a security audit done by an outside party, before we declare the transition from Alpha to Beta.  I would donate to this and I think many others would too.

That's completely defeating the purpose of PoB.


No it doesn't. Burning again doesn't defeat the purpose of burning, it just reestablishes value.

Im not sure what the "purpose" of PoB is for you but for me it solves the problem of the initial distribution problem in an altruistic way, unfortunately only among the comparatively small group of burners. Therefore creating some extra credibility for the project's creators for not taking everybodies money upfront. This purpose I see not impeded if we increase the total money supply evenly distributed among holders of XCP.

The problems with PoB on the other hand are the small size of initial holders aka burners vs. PoW or give aways.

Also, maybe most worrysome are the "burnt" BTCs to begin with because in opposition to the IPO model, like NXT, MasterCoin or Ethereum those resources are ultimately lost and leave the community without benefitting the project development. With MasterCoin et al at least the devs can set up bounties, work full time and hire additional gear and personal to move the project forward.

To ease out some of the problems associated with PoB, while retaining its values I make the proposition to have the vote on whether or not to increase everybodies holdings by a little margin, thus distributing XCP also to new holders of the currency, fixing the exchanges (Poloniex) and its users losses,

and

setting up a budget for the devs and furtherproject development!