MeinCoin Progress and Ideas

Aug 2 12:55

MeinCoin broadcast BM-NBTGv2RvTythPjAkro36ps8WjS1QogZD '''''''''''''''''''''''''''''''''''''''''''''''''''''' I made some progress on the MeinCoin protocol last weekend. Questions: * How many people are subscribed to this bitmessage broadcast? Please PM me a +1. * Where would be good places to query altcoin afficionados for ideas on what would make a truly viable economic alternative to fiat currencies? I ask the last question because I'm not interested in creating yet another altcoin that has the purpose of funneling US Dollars. I want to implement a coin that is a real, workable alternative to fiat money, that anyone can use without technical knowledge. Bitcoin is *not* and never will be an alternative currency. It is merely a laundry system to enable power-users to get U.S. currency. MeinCoin must not be allowed to turn into such a system. If it gets pegged to the Dollar, the dollar will control it, plain and simple. Most of my progress consisted of mathematical research seeking answers to these problems: * How to design the protocol so it can be run with scripting languages like Python. * How to design the protocol so faster languages won't really give an advantage to miners. * How to design true (as in real) memory hard functions that are too complex to implement in parallel in GPU an customized hardware. * Maintain a network state where all individual nodes mine individually, making pools ineffective. What I have so far: * Draft notes and some graphics of the memory hard functions (I came up with several, and I intend to combine all of them for security). * Protocol rules that penalize nodes for attempting to mine too quickly. * Some initial Python functions and code fragments that test some of the ideas. Other problems I looked at but did not solve yet: * Hashing functions that operate in any baseN system, for allowing mine rewards in any fraction (important for legacy and low-power hardware).

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