Working on a Cryptocurrency project
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Hello feathercoin team,
i am currently going to start on a new type of cryptocurency project, the goal is about using blockchain technology for a new founded foundation that creates a cryptocurrency and backs it up with productive riskaverse assets. The coins name will likely be “cryptoasset”
since the foundation that is operating the currencies wealth is using its income to buy back cryptoassets at exchanges the coin will be backed and stable for long term. The cryptoasset will legaly be not just currency but also a share of the thethered foundations assets. this way a foundation can be created that can invest create jobs and social structures.since i have created till now for this a small startup team, and we are working ourself through this especially getting the website ready, to go public and attract more interested members.
i thought some of the experts here could use this additional chance generating wealth. since you are doing very basic work anyway.
i have some questions:
is it better to use ethereum or have an own mining network?
which open source code would be the best to use for this?
how can 51% securly attacks be avoided, because an asset backed coin would basically be destroyed by one?
i hope we can have a fruitful discussion here
thank you and regards
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@KingScorpio said in Working on a Cryptocurrency project:
is it better to use ethereum or have an own mining network?
which open source code would be the best to use for this?
how can 51% securly attacks be avoided, because an asset backed coin would basically be destroyed by one?
i hope we can have a fruitful discussion hereI’m only here for feathercoin :-) - I would love to have a discussion about you using Feathercoin for your service :-)
I will, however try to answer your questions …or atleast give you some information.
is it better to use ethereum or have an own mining network?
This really depends what the goal of your project is. Feathercoin is a currency/Digital Asset. The main problem I see with Ethereum is that the ICO’s (which are the only “smart” contracts" running on the ETH blockchain) are set up like a pyramid scheme… You have to buy ETH in order to buy the ICO token, thus raising the price of ETH… I would suggest you do heavy research on ETH and if you’re project is new maybe go for ETC which uses the same codebase but they have a slightly different philosophy…less politics and also costs less.
Disclaimer: I couldn’t care less for ETH and don’t hold/follow/support it. i liked the idea of ETH in general and I’m semi interested to see where ETC go…I dont hold any ETC or support them in any way.
which open source code would be the best to use for this?
Again depends what your end goal… I would say the Opensource project that is quite active and has a large amount of support.
how can 51% securly attacks be avoided, because an asset backed coin would basically be destroyed by one?
Depends on how you designed your asset and what code you used to protect it.
i hope we can have a fruitful discussion here
I hope so too.
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theank you for answering so early,
This really depends what the goal of your project is. Feathercoin is a currency/Digital Asset. The main problem I see with Ethereum is that the ICO’s (which are the only “smart” contracts" running on the ETH blockchain) are set up like a pyramid scheme… You have to buy ETH in order to buy the ICO token, thus raising the price of ETH… I would suggest you do heavy research on ETH and if you’re project is new maybe go for ETC which uses the same codebase but they have a slightly different philosophy…less politics and also costs less.
jes ethereum has many problems i dont like, for example that it has become an object of speculation. the high price of ether made it quite exclusive to use, i have no idea where it will end, and weather eteherum will suit. since i am developing a team with bigger blockchain experts, i hope we can later do good decisions about that. but i have a good feeling that buterin will make the total ammounts of ETC unlimited because it doesnt make sense to keep it limited…
I’m only here for feathercoin :-) - I would love to have a discussion about you using Feathercoin for your service :-)
i know u are hard workin on feathercoin, and hoping to upvalue it. i also dont want to demotivate it.
my problem is that from a merchants perspective cryptocurrencies are just empty IT Data-systems, and only the believes of anonymous indefinate people are keeping it valuable.
for a coin that is tethered by invested productive assets i need a special adapted miner reward structure and a different premine. the premine will have a fixed price per coin. because the coins will become shares. its currency value security will be backed also by believes and logomarketing like feathercoin, but also will have a currency security backed by obligations and the risk averse productive investments that the social and legal foundation of the coin runs.
the coin will have basically own its own treasure that is run by a foundation. this will be very good for the value securityso i cant use feathercoin for this but i could use your awesome skills and give you the opportunity to be also members of a sistercoin that has quite different characteristics, with different socio-economic impact, and that is an innovative financial product.
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@KingScorpio said in Working on a Cryptocurrency project:
my problem is that from a merchants perspective cryptocurrencies are just empty IT Data-systems,
This is not true at all…You just need to understand the power of the blockchain.
One small example: Feathercoin has an OpenName DNS service with a ton of possibilities…
Even Basic things like OP_RETURN allow you to store data directly on the blockchain…
You are only limited by your imaginationand only the believes of anonymous indefinite people are keeping it valuable.
Are you describing Fiat or Crypto ? ;-) The very same can be said for the US Dollar or the “Great” British Pound…
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Projects is for Feathercoin related projects, so I have moved this thread to Off Topic.
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This is not true at all…You just need to understand the power of the blockchain.
i understood the blockchain, that is why i want to use it for something valuable, like a coin-debt obligation
One small example: Feathercoin has an OpenName DNS service with a ton of possibilities…
Even Basic things like OP_RETURN allow you to store data directly on the blockchain…
You are only limited by your imaginationjeah i belive its a nice IT system as dash is, and you work a lot for it, but money once started as debt the bankers had towards people that trusted them, not with a nice zertified sheet of paper…
Are you describing Fiat or Crypto ? ;-) The very same can be said for the US Dollar or the “Great” British Pound…
maybe for us Dollar or the british pound, but there is more behind it, the banking elite uses the money for strategic goals like using their army to keep up regimes in the middle east to secure the oil standard.
the us dollar is valuable not because its a great uncopyable certification its because u can guarantely buy oil with it.
in other countries the bankers are beeing trusted with managing the countries limited ressources.
