The new coin shouldn’t be necessarily an scam. If emerged some project to fix Bitcoin drawbacks and extend the features, it will be the next Bitcoin. Believing that, I wanna list some of good features of Bitcoin and shortcomings too in order to address a next Bitcoin, or better word
matured Bitcoin.
No ICO, No IPO: No one bought Bitcoin from Satoshi, nor from a company or corporation. People mined Bitcoin, because of their willingness to have an open, peer-to-peer money. It was the success secret of Bitcoin. If a new coin is going to distributed through ICO, IPO most probably has nothing to tell except if it has a great idea or functionality behind and unfortunately most of them have not. Even Ethereum after years didn’t succeed the promises. By investigate on hundred different project, their white-paper and the coin prices, it should be clear most of them have nothing to tell. They are failed. Simply because they did monkey business.
Monetary policy: now a day we all know the maximum coin supply for Bitcoin will be 21 million, But this fix number doesn’t work well. We need another type of fix supply or better, we need a predictable coin supply which can be regulated but not freely printing money out of thin air. What about if the coin supply be a number between 50 to 100 coins and each round the community decides about the minting coins? Maybe 50 or maybe 61 and in case of hyper deflation 100 coins per cycle. In such a way while the coin appreciate it’s scarcity -therefor it’s value- the pump and dump can not shock the market. So the coin became more valuable “gradually”.
Decentralization: Bitcoin came with the idea of “one CPU one vote” which is not the case any more. The next Bitcoin must find a solution to be more democratic and decentralized. Now a day a small set of miners (mining pools) with investing millions can govern the “PROTOCOL” which is not bad but definitely is not the Bitcoin’s promises. There is also another anti-democratic aspect of Bitcoin. dominant of an small set of developers, particularly a corporation (Blockstream) . In fact the Blockstream controls what feature must be added/removed to/from Bitcoin.
Functionality: Bitcoin introduced itself as a peer-to-peer payment system and not more. Having this feature as a first cryptocurrency is awesome, but having only this feature after 10 years is not that great. Time by time developers found new possibilities and created new coin which has more features... finished to Ethereum which addresses flexible smart contract feature. And who know, the new system can offer even more practical features! Some features to addressing the real-world problems instead of fancy fantastic hypothetical solutions.
Usability & Applicability: Bitcoin as a coin, didn’t distributed well. So if the narrow set of people have the coins and most of them Hodle it, the coin never will be a good medium of exchanges. Look at fiat currencies. Governments by creating the demand (in form of Tax) runs their national currencies while in Bitcoin despite speculators, there is not any real demand. Businesses do not want Bitcoin because of their margin profit is usually less than volatility of Bitcoin. New coin must create demand alongside the coin emergence.
Complicated to participate: it is a serious barrier of popularity of cryptocurrencies. Since the early movers on this technology (despite the speculators which typically have no technical skills) could be developers with deep understanding the promises (and not greed to be millionaire over night) and spreading the core values of Bitcoin, Bitcoin was not enough successful to educate and convince the community about the reason of emerging. And because of that now Bitcoin is controlled by miners and exchanges. They do Pump/Dump over and over until you lost your last cents and leave the market. You as a normal user have no power to govern it, if you mind it. So the next Bitcoin have to have a simplest programming language and more welcoming policy for developers and community.
This post will be too long if I continue, but let stop it and introduce a new coin. It could be the
matured Bitcoin, eliminating the flaws and supporting more functionalities, concentrated to solve “
real problem” of “
real world”. That is “
supporting Open movement” including Open software, Open internet, Open science, Open technology, Open money and finally Open societies.
By having Open societies we can
fight with poverty and inequality in the world.
Having an
store of value which appreciate it’s value by time and not de-valuate.
These are main promises of new coin called “imagine” emerged to address better world and human prosperity. It is open to participate and make it better. It id open to gain from it. It is open to benefit humanity.
You like to join the imagine’s network? Good, You can download project from this link.
http://s000.tinyupload.com/index.php?file_id=59898319367204937352 [nofollow]If you haven’t enough technical skills to run a node, please ask help from your friends/professionals… I think it worth. For you, for us, and for our children.
Some technical notes:
- The software is & will be open and free
- imagine does not use Prof of Work(PoW), instead uses PoS which I prefer interpret it to Proof of Solidarity in which who dedicates more time for community and world, earns more.
- The data structure used by imagine is DAG, so it is better to call it a graph-chain instead of blockchain. Using DAG empowers imagine to be scalable and validate million of transactions per seconds. The famous double-spending problem is resolved by customized CAP theorem. You can read more on imagine’s wiki.
- at the moment imagine supports M-of-N-Multi-Signature-Transaction which is imagine’s general transaction. Regards to imagine’s architecture it is easy to add new type of transaction supporting. e.g. MimbleWimble or ZKSnarks...
- in order to being really censorship-resistant, and really decentralized, imagine uses email as a carrier (not TCP/IP and port connections). It looks crazy but it works perfectly, and in our customized implementation it is even more scalable than TCP/IP! Thanks free speech defenders we still can have anonymous email without reveal our identity which is not possible with static IPs or even dynamic IPs.
- again in order to being really censorship-resistant, and really decentralized, imagine has it’s own Flexible name service (FleNS, by which you can register any combination of letters e.g. email, nickname, weird IDs…) and use this address for payments, sending messages, wallet communications, redirect visitors to a host IP address… these registered iNames can not be ceased by no authority and will be ONLY under your control for ever.
- also imagine has it’s embedded distributed wiki and embedded distributed discussion forums.
- once again in order to being really censorship-resistant, and really decentralized, imagine uses block-graph to maintain source code history (pretty much like a source version control software) and planned to have it’s own full-fledged decentralized version control software as an optional plugin for clients. So imagine does not use GitHub or any other version control system as repository. Developers can download code changes by exploring block-graph and can use whatever version control on their local machine.
- entire communication between nodes are encrypted by iPGP (user friendly implementation of PGP).
- because of the way imagine is designed, users can register any type of data(text, media, binary, BLOB...) in block-graph.
- imagine is implemented in JavaScript in order to have more code readability and vast contributors community. The related technologies are Node.js, Angular(probably will be replaced by vue.js), postgresql(can be changed to other relational DBs). So the installation and running a full-node will be very fast and easy, even for non experienced C++ developers.
- by running an imagine full node, you will have a client which communicate to imagine’s network through imagine’s protocol, and a web interface to manage your wallet and explore blocks/transactions/documents, vote for proposals or propose an idea, register your desired iName, participate in discussions...
- imagine planned to develop it’s mobile app, which will support entire desktop functionality, specially messenger and discussion Forums.
Some links to read more:
https://www.reddit.com/r/defi/comments/g1yb68/defi_as_a_tool_to_amplify_humanity/ [nofollow] https://community.hackernoon.com/t/why-i-had-to-create-a-new-crypto-value-and-how-it-finished/34372/12 [nofollow]https://www.reddit.com/r/cooperatives/comments/g2q16i/cooperative_moneyvalue_presenter_to_amplify/ [nofollow]
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Topic: Next Bitcoin or scam? (Read 77908 times)