Author Topic: Lets build the Blockchain! *Important* FEB 3, 2014  (Read 1506 times)

Crestington

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Lets build the Blockchain! *Important* FEB 3, 2014
« on: January 31, 2014, 12:02:12 AM »
Ok everyone lets get on to building the new Blockchain!

Lets decide exactly how the Blockchain will function and how, how fees are collected etc. I think we may have to skip the wallet fix and go straight for the Blockchain.

Devcoin uses Proof of Work where as in mining the fees, 90% go to a particular address.

Devcoin

This is a copy of devcoin block 1 taken from a devcoin block explorer. This example is here to view in case all the block explorers are down.

Short Link: http://107.20.193.62:2750/t/6WUYM5KYEs

Hash: 915a18475d5250447322ef35d4dce4613801bc7dda68035c33c5739b3627aaf5

Appeared in Devcoin 1 (2011-07-22 05:20:30)

Number of inputs: 1

Total in:

Number of outputs: 2

Total out: 50000

Size: 168 bytes

Fee: 0

Inputs
Index: 0

Previous output: Generation

Amount:

From address: Unknown

ScriptSig: 4:ffff001d 1:02

Outputs
Index: 0

Redeemed at input: Not yet redeemed

Amount: 5000

To address: 1D4ZLt5YyCHGGRZqLxr7rRMN1Gvp3F5Qrs

ScriptPubKey: 65:048d…c836 CHECKSIG

1
Index: 1

Redeemed at input: Not yet redeemed

Amount: 45000

To address: 1FyMZskjC9fXSYATVXP3TH3NNeD9E1Pynp

ScriptPubKey: DUP HASH160 20:a43a…cc07 EQUALVERIFY CHECKSIG

Nxtcoin
http://www.thenxtwiki.org/wiki/Current_Features

Proof of Burn
https://en.bitcoin.it/wiki/Proof_of_burn

Colossuscoin

What I envision for Colossuscoin is that fees are collected through transactions but I also want fees to be able to be added to a particular address where fees are mined and distrubited among those within who own the currency.

What I want is an address in which even additional Colossuscoin can be sent to and distributed through Proof of Stake. The reason for this is that through a type of exchange, fees can be charged for trading all other currencies, sold to buy Colossuscoin and sent to the address to be redistributed through Proof of Stake.

Proof of Stake would also need to offer the original Block generation reward to offset fees charged through transactions.

So we can have 2 outputs, proof of stake which generates new coins and varifies balances and an address which is coded into the blockchain that pays out all fees collected to the foundation wallet and all addresses according to participation in proof of stake. Staking remains the same percentage increase based upon the amount of coins you own but distribution of fees is based upon the amount of coins you are staking in relation to all coins participating in staking during that given time so if there are less people staking, there are higher rewards from fees for those that do.

Having a payout address such as that would also allow for an exchange whereby all fees collected by the exchange are sold to buy Colossuscoin at the best market price and sent to the payout address to be redistrubuted to the foundation wallet and all those participating in staking.

This assumes that there will always be someone wanting to sell at some price which if the price is constantly going up, there will always be someone who wants to sell.
« Last Edit: February 03, 2014, 12:37:12 AM by Crestington »
BTC: 189A74yHTNH78ct32yrm8g7yMxUJTShQUe
COL: 2A4QNtiKCNwiPX1xoYk17jxXBES3k2oszg

Sudo23

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Re: Lets build the Blockchain! *Important*
« Reply #1 on: February 01, 2014, 02:46:49 PM »
Let's take a look at Memorycoin:
> 5% of Memorycoins block rewards are paid to special development and promotion addresses. Coin owners vote like shareholders as to how the funds are distributed. It has resulted in big development efforts <

Maybe we can implement that a certain percentage of ColossusCoin PoS block rewards are earmarked for Colossuscoin development and promotion.
Donation Addresses:

BTC: 1GGF7vjv1dLEu2oYg9AsRxWavAKSguv6Jh
DOGE: DFyxgUTvA2dVDTNnWH5e2Y2Wat7TSJcHRB
Litecoin:LKodWSwYG45oE8WyDMyZ8osvc2hy9R9hfL
ETH: 0xbd86fdb353cdc900584ff49c1bed03cecf637f44

Crestington

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Re: Lets build the Blockchain! *Important*
« Reply #2 on: February 01, 2014, 03:10:25 PM »
If we can do it the way I proposed, I think it will be much better as there will be more incentive to stake which safeguards the network, plus we don't have to change the blockchain for the trade app. More people staking causes more funds to be held off the exchanges resulting in more fees being added to the development fund and to stakers.

Jeauscoin has implemented a fee system similar https://bitcointalk.org/index.php?topic=443355.0;topicseen
« Last Edit: February 01, 2014, 03:12:13 PM by Crestington »
BTC: 189A74yHTNH78ct32yrm8g7yMxUJTShQUe
COL: 2A4QNtiKCNwiPX1xoYk17jxXBES3k2oszg

Crestington

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Re: Lets build the Blockchain! *Important*
« Reply #3 on: February 03, 2014, 12:35:59 AM »
What we could do is make Colosssuscoin a POW/POS Hybrid where you can enable POW in the client to mine fees collected.  Staking could work where you are just varifying the last 30 days of transactions but don't start getting paid from fees and staking until coins have been in your wallet for 15 days.

POW could use about 1-10% of your CPU to donate your hashing power in varifying all past history of Colossuscoin transactions and in turn you recieve 1-3% of fees collected based upon the amount of Col you own relative to the maximum float and can always mine with POW (using POW as a POS function).

Mining of fees through POS can be about 20-25% of fees and relative to the amount of your amount of Colossuscoin in relation to all Colossuscoin currently staking, you always stake but don't start to recieve payouts until your coins have been in your address for 15 days.

Staking for coin generation for interest is POS and is a percentage of interest on your coins at a steady rate but you can only generate coins after your coins have been in your wallet for more than 15 days.

With an address built in where fees are paid out to development fund and all people within the foundation, we can create a proxy exchange whereby people can trade through all exchanges for all coins for a small fee. All these fees collected can be sold to buy Colossuscoin and sent to the fee distribution address where it is distributed to the Development Fund and all people staking and supporting the network.

If we have POS where it just verifies the last 30 days of transactions we could have the wallet sync through POS and POW verifies the entire history. This would make syncing always take the same amount of time and by making the rewards high for holding off the exchanges, it would create less transactions, more payments from fees and we could also code in better security measures.
« Last Edit: February 03, 2014, 12:38:01 AM by Crestington »
BTC: 189A74yHTNH78ct32yrm8g7yMxUJTShQUe
COL: 2A4QNtiKCNwiPX1xoYk17jxXBES3k2oszg

mouseman

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Re: Lets build the Blockchain! *Important* FEB 3, 2014
« Reply #4 on: March 27, 2014, 02:45:36 PM »
Th following really caught my attention:

" With an address built in where fees are paid out to development fund and all people within the foundation, we can create a proxy exchange whereby people can trade through all exchanges for all coins for a small fee. All these fees collected can be sold to buy Colossuscoin and sent to the fee distribution address where it is distributed to the Development Fund and all people staking and supporting the network.  "

I for one would really like to hear additional thoughts how this could be implemented and an enumeration of how/who could/would benefit holding/using COL. Interesting stuff.

R19Feew

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Lets build the Blockchain Important FEB 3 2014
« Reply #5 on: December 11, 2014, 05:53:31 PM »
Another fantastic Parvum build, I love the contrasts youve created with it. Which fittings and tubing did you use for the build?