Advanced checkpointing should be rewarded

panoramix

[quote]
Indeed! Isn’t currency competition great?
[/quote]

Depends. In the world in which there are 10 identical clones of Bitcoin with capitalization and hashing power evenly distributed among them, these can be attacked one by one with 5.1% of the total hashing power. Also, creation of new identical currencies means that the promise of the total coinage is broken at the holders’ expense, in miners’ favor. Alt cryptos are good and fun while they remain niche. As for Feathercoin, i see it to be to Bitcoin what Scholarpedia is to Wikipedia.

chrisj

[quote name=“panoramix” post=“42799” timestamp=“1386722559”]
As for Feathercoin, i see it to be to Bitcoin what Scholarpedia is to Wikipedia.
[/quote]

I have been looking for an alternative to Wikipedia for some time now, thanks so much.

Aside from what is mentioned here what other features would you like to see in Feathercoin?

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[quote name=“panoramix” post=“42799” timestamp=“1386722559”]
[quote]
Indeed! Isn’t currency competition great?
[/quote]
Depends. In the world in which there are 10 identical clones of Bitcoin with capitalization and hashing power evenly distributed among them, these can be attacked one by one with 5.1% of the total hashing power.
[/quote]
There are a lot of reasons for 10 identical clones of Bitcoin, and then 100 slight variations.

An efficient network only has to align at 10 - 50 times larger than it largest possible attacker, to be very secure. Less miners means more payment means more miners means less pay.

One criticism of Bitcoin is it is using a lot more power to do the transactions than is really necessary to secure the network.

Once crypto currencies are established, it will be in the interest of merchants to do some mining because, the tech savvy, will find they save transaction fees, that mining speeds up their transactions and customer confirmations. They will know they were helping secure the block chain, like shops do now checking for fiat currency forgeries.

panoramix

[quote]
Aside from what is mentioned here what other features would you like to see in Feathercoin?
[/quote]

There are 2 crucial features that Feathercoin needs.

1. Globally targetted SMS payment system for free to everyone (without any fees).
2. ACP security guaranty. That is, super secure backup of the master block.

Both are important, while only 1. is urgent.

As for 1., a payment gateway smsaddress.info already exists, but it has fees and gives a UK-centered (rather than global) impression at a first glance. Fees deter those who only bought a few FTCs just in case. The provider needs fees, but if ACP center offered such gateway, its relatively minuscule expenses could be covered from the proposed ACP reward. Easy payment is paramount for wide FTC acceptance.

As for 2., let me explain what do I mean by super secure backup. The master block should be printed out and carefuly manually checked for proper size and sanity. It should then be securely engraved (eg. by a laser) on metal foil and stored in a safe room with access limited to the ACP responsible person in each ACP center.

This second feature serves 2 purposes:

2.1 Safekeeping of the master block
2.2 Winning the trust of the users

On the long run, 2.1 is more important. On the short run, 2.2 is more important. For that reason, I suggest using platinum-irridium alloy foil for master block engraving (sounds good, used in SI standards). ACP block reward should be used to cover the costs of this backup. As for 2.1, it is important that before the engraved master block is deposited in the safe room, its contents should be checked one more time inside the safe room using a single-purpose intrusion-proof device. The technical details of such device can be discussed, but the details of its final wiring and software should be kept secret. Each ACP center should construct their own secure checking device independently after the basic guidelines for its construction are set forth.

panoramix

[quote]
There are a lot of reasons for 10 identical clones of Bitcoin, and then 100 slight variations.
[/quote]

I think that at least one of the miners discussing is this forum has performed or participated in the earlier 51% attack to prove that Feathercoin is bad.

Can’t it just be de-centralised without it been rewarded? Could that be possible.

Your rewarded for mining anyway…

To be honest, knowing your helping secure the network should be enough.

panoramix

[quote name=“Calem” post=“42995” timestamp=“1386768779”]
Can’t it just be de-centralised without it been rewarded?
[/quote]

You are right in a way. Having a currency that actually works might be a reward in itself. Yet someone has to cover the cost of really secure ACP (safe room, security and highly resistant backup of the master block). Establishing a master block reward would be a simple way of doing it.

[quote name=“panoramix” post=“43044” timestamp=“1386774424”]
[quote author=Calem link=topic=5718.msg42995#msg42995 date=1386768779]
Can’t it just be de-centralised without it been rewarded?
[/quote]

Yet someone has to cover the cost of really secure ACP (safe room, security and highly resistant backup of the master block). Establishing a master block reward would be a simple way of doing it.
[/quote]

To my understanding this is not de-centralised.

Kevlar

[quote name=“panoramix” post=“42819” timestamp=“1386727691”]
As for 2., let me explain what do I mean by super secure backup. The master block should be printed out and carefuly manually checked for proper size and sanity. It should then be securely engraved (eg. by a laser) on metal foil and stored in a safe room with access limited to the ACP responsible person in each ACP center.
[/quote]

The genesis block is of little use to anyone if they want to back up the blockchain. What is of use is the massive super-secure un-corruptable backup of the blockchain that lives on every node… it’s called the blockchain.

[quote]
This second feature serves 2 purposes:

2.1 Safekeeping of the master block
2.2 Winning the trust of the users

[/quote]

The genesis block is of no use to anyone. It’s kept safe on every running node, and users trust it because it’s verifiable in the absence of any authority, not because someone arbitrary says it’s valid.

[quote]
For that reason, I suggest using platinum-irridium alloy foil for master block engraving (sounds good, used in SI standards). ACP block reward should be used to cover the costs of this backup.
[/quote]

I’ve got a better idea. What if we use something that can’t be stolen, corrupted, forged, falsified, or destroyed instead? Something that requires zero cost to safe guard and verify? Foil has this whole problem of needing to be physically protected. That way, we don’t have to change the block reward and screw over existing coin holders and miners.

[quote]
As for 2.1, it is important that before the engraved master block is deposited in the safe room, its contents should be checked one more time inside the safe room using a single-purpose intrusion-proof device. The technical details of such device can be discussed, but the details of its final wiring and software should be kept secret. Each ACP center should construct their own secure checking device independently after the basic guidelines for its construction are set forth.
[/quote]

That sounds like a lot of work for zero benefit. At the end of all of this you have a very expensive operation to safeguard something which is of no value to anyone, least of all coin holders.

I can see you really don’t understand how blockchains work at all. Can I suggest you read Satoshi’s original whitepaper? I think it would save you a lot of time and energy: [url=http://bitcoin.org/bitcoin.pdf]http://bitcoin.org/bitcoin.pdf[/url]

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[quote name=“Calem” post=“42995” timestamp=“1386768779”]
Can’t it just be de-centralised without it been rewarded? Could that be possible.

Your rewarded for mining anyway…

To be honest, knowing your helping secure the network should be enough.
[/quote]

It isn’t but it will be soon…

[quote name=“wrapper0feather” post=“43787” timestamp=“1386941068”]
It isn’t but it will be soon…
[/quote]

Good news. That’s the assumption I was under (think I read it somewhere all ready)

From all the articles I’ve read that keep popping up, It’s the major criticism at the moment.

[s]I’m sorry but i responded to the wrong post with the wrong quote and statement i think.[/s]

[i]Never mind… disregard…[/i]