- Nov 19, 2015
- 94
- 191
I have this idea for an altcoin, this post will be for discussion of this idea. Microcoin is the working name for the altcoin, there already is a coin called "microcoin" so a better name has to be found before the launch. Essentially, microcoin is a clone of bitcoin unlimited with a new genesis block. The bitcoin core developers are going to do everything in their power to resist the blocksize limit from being raised, so I think the best course of action is to create a new coin that is specifically designed to handle massive number of transactions per second.
The three biggest changes between Bitcoin and Microcoin is:
1) Microcoin has the 1MB blocksize limit removed from the protocol.
2) Microcoin UTXO's older than 6 months are invalid.
3) Microcoin will have a "Scaling Constitution" published that lays out what exactly can be changed and not changed. This is to avid the situation Bitcoin is in today with half the community thinking the bloksize limit is for one reason (temporary), while another portion of the community thinks the limit is there for a completely different reason (permanent).
Essentially all nodes on the network can discard blocks after 6 months. All wallets that handle microcoin will have to have a feature to "tumble" coins once they get close to the 6 months. Microcoin trades store of value for onchain scaling.
The Scaling Constitution basically says that a node should always be ran on a VPS that costs $30 a month. As time goes on and the microcoin blockchain gets too big to fit on a $30/month, then the document will spell out how the system needs to be changed in order to maintain the $30/month cost. Maybe that means raising the $30 cost to $40, or maybe that means changing the 6 month prune window to 5 months. The document should sell out the exact procedure. Microcoin is not intended to be ran on home computers; datacenters only. If home users can't run a node, then thats too bad, they were never meant to in the first place.
Wallets should have the ability to automatically exchange bitcoin for microcoin via an "onchain exchange" like shapeshift.io or similar. People are encouraged to exchange their microcoin for bitcoin as often as possible.
Does anyone else have any thoughts regarding a coin like this? Its surprising to me that despite all the hoopla around bitcoin's blocksize drama that there aren't any altcoins rushing in to fill the gap of unlimited capacity.
If anyone wants to go forward with this idea, I can help with implementing a bockexplorer and a wallet and maybe an exchange. I don't have the experience to build the node part though. Someone with experience with Bitcoin Unlimited's codebase will have to handle that part.
The three biggest changes between Bitcoin and Microcoin is:
1) Microcoin has the 1MB blocksize limit removed from the protocol.
2) Microcoin UTXO's older than 6 months are invalid.
3) Microcoin will have a "Scaling Constitution" published that lays out what exactly can be changed and not changed. This is to avid the situation Bitcoin is in today with half the community thinking the bloksize limit is for one reason (temporary), while another portion of the community thinks the limit is there for a completely different reason (permanent).
Essentially all nodes on the network can discard blocks after 6 months. All wallets that handle microcoin will have to have a feature to "tumble" coins once they get close to the 6 months. Microcoin trades store of value for onchain scaling.
The Scaling Constitution basically says that a node should always be ran on a VPS that costs $30 a month. As time goes on and the microcoin blockchain gets too big to fit on a $30/month, then the document will spell out how the system needs to be changed in order to maintain the $30/month cost. Maybe that means raising the $30 cost to $40, or maybe that means changing the 6 month prune window to 5 months. The document should sell out the exact procedure. Microcoin is not intended to be ran on home computers; datacenters only. If home users can't run a node, then thats too bad, they were never meant to in the first place.
Wallets should have the ability to automatically exchange bitcoin for microcoin via an "onchain exchange" like shapeshift.io or similar. People are encouraged to exchange their microcoin for bitcoin as often as possible.
Does anyone else have any thoughts regarding a coin like this? Its surprising to me that despite all the hoopla around bitcoin's blocksize drama that there aren't any altcoins rushing in to fill the gap of unlimited capacity.
If anyone wants to go forward with this idea, I can help with implementing a bockexplorer and a wallet and maybe an exchange. I don't have the experience to build the node part though. Someone with experience with Bitcoin Unlimited's codebase will have to handle that part.
