On creating SAFE alt-coins

Yes without some other method a modified binary search would seem to be the only real option

What I was very much more interested to know is if my list of steps is right. If not then my understanding of what @Seneca wrote is wrong.

Yes it’s correct, but you’d be looking for the maximum unused identifier rather than the minimum. Higher identifier -> higher difficulty target. Higher difficulty target is easier to mine.

I think serious miners will generally buy a large set of coins in advance to mine them. It would also be possible for non-miners to buy high ID coins to sell them to miners later on. Might not pay off though.

@seneca how to identify the highest ID coin?

Or that presale part sets the maximum ID value, and then
Then it becomes a race to get the valid nonce with the lowest Identifier
and only less than presold-highest ID value == almost like how genesis block works…

Then you would fill the content of the STructured Data with the parameters, and future people and applications and validate that this coin was in fact properly mined. Since the STructuredDAta at that spot is consumed and can’t be duplicated by others since it is an owned “domain” already.

Then person can send forward to someone else interested in that coin, and validate it is a legitimate coin.

Lower Identifiers are harder to get because that’s the obvious place to start and also highest id coins on the way down, I think so.

Very much enjoying where things are going; @seneca, Using bitcoin keys can generate a script that could be used in the content of StructureData and passed around and validated by others; I am seeing that this will be happening, this mining spec, this is awesome!!

Now a way to have unique

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Brilliant stuff, Seneca!

If there was a way to adjust difficulty based on minting rate too, it would be the icing on the cake!

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And… buying more safecoins.

You’re doing the lords work. haha.

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Essentially, people could participate in the forum in an example… people can participate in the forum using coins they generate from their own motivation. No one would have to sell coins to the people; coin acquisition can take place locally, personally.

And the algorithm distribution would give a meaninful quantity based on participation; more coins potential could indicate more demand;

and could they also be visibly consumed, and continuously be regenerated

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Which is why I thought you would start at the highest and work down. Thus finding the identifier that is one less than the current lowest. Because all the higher ones are taken and the highest available is the one to get which is one lower than the highest.

Of course that assumes that there are no gaps. Good luck finding those in unbought gaps, 512 bit idents is a lot to linearly search through for some that were missed.

Now if I am not mistaken then the difficulty will only increase slowly since a range of 512 is a lot. Even a million coins bought/mined a day would still have the difficulty increase very slowly. Is that right?

Also there is more than one solution to make the coin valid, the user only has to find one. Is that correct.

BTW: you can tell I new to mining and have never gone into the maths of bitcoin (at least not yet)

BTW: great idea and the best idea yet for this sort of thing.

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I can see people who only have phones needing to buy them since it maybe impossible or incredibly slow on their device. Not all phones are fast&powerful.

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If this works… it would turn alt-coin creation & distribution on it’s head!

There’s so many game changing benefits, I don’t know where to start. It would be amazing to crowd fund our farming co-op, using SAFE alt-coins.

This also increases Safecoin’s utility, and value… because it is needed to create the alt-coins.


Here’s a video segment where @dallyshalla talks about it from 1:07:40 to 1:10:56

I think this will be a very interesting topic for the next hangout. Alt-Coin creation is a very popular trend in crypto currency culture.

Most popular use cases

  • Crowd Funding
  • Shareholder (Dividends)
  • Consumable (Liking, Voting, Commenting)
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Just a question please

I can see the Consumable

But for Token shares, would not the creator just create the “alt-coin/token” and distribute them as they see fit (by selling, exchanging, giving away or whatever)???

And crowdfunding? if giving the “alt-coin/token” in exchange for the amount given then again why wouldn’t the creator create the “alt-coin/token” and give them to the people funding???

I really must be missing something :frowning:

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If you don’t want a 100% pre-mine.

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Yes.

I was speaking about the “general” benefit of alt-coins inside the SAFE Network.

The actual mining solution in the OP was specific to an infinite supply.

So in the case of Shares, the creator wouldn’t need to mine. They would “pre-buy” 100%.

In some cases of crowd funding, not involving ROI (dividends), the alt-coins are used in exchange for other things like: signed book copies, special shirts, backstage passes… first access to a new game… etc.

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But then the person could get the token without supplying funds to the project, couldn’t they. Not trying to be difficult, just don’t understand.

I think it depends on what the (alt-coin creator) is trying to accomplish. Most will probably pre-buy 100% and sell it or give it away.

In the case you’re asking about, the alt-coin creator wants to randomly distribute the coin more than collecting revenue for their project. So this provides a way for early adopters to acquire some coin without funding. At the same time, it gets harder to acquire over time.

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Do you forsee this technique being used for a currency-type application or only for contributions - “likes” or (as @dallyshalla suggested) “posts on a forum”.

Much like Counterparty or Omni protocols, I see this feature being used for a huge number of applications, including access tokens, gift certificates, micro-currencies . . . It’s up to the imagination.

Safecoin is given “inherent” value because of its ties to and functions in the network. Such altcoins/tokens will have to be given value in other ways.

A good example of how such is being built out is Adam B. Levine’s project, Tokenly. The applications are limitless, and can easily include currency types. Our views and uses of “money” are changing.

In another post you expressed an distaste for altcoins. There’s no reason to dis them, I think. They WILL exist, in abundance. No avoiding it. But I think that’s a healthy thing. They will be as useful as they are given value by their creators and users.

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Yes.

We’re entering into token society. Everything we use will be exchanged with tokens. It’s more than “likes.” Reputation tokens. Business tokens. etc

The exciting part.

For stable society we need stable currencies, could this become reality for the first time in history. There is an obviously coordinated plan to move to 100% digital money worldwide (for tracking purposes)…but it’s scary thinking what centrally planned system they are intending to utilize.

So a question would arise, if a government wanted to issue it’s currency on top SAFEcoin, could it be made traceable? I’m sure this would be pre-requisite for the planner class. Not desirable from a libertarian viewpoint, but as maybe a transition to a better system…would it make better sense than their intended system.

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Yes.

They simply write the Applications to make it so. It would be easier than blockchain since immutable ledgers in SAFE are as secure as the block chain.

Time can be implemented by using a set of “time” servers that encrypt the “Time+recID” using their private key and can be validated with the time server’s public key.

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So were ok with parasites on the SAFEnetwork, with the knowledge they have no means to eat their host.

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