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NxtChg

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[ANN][SIM] Simcoin - A Simple Coin
« on: April 08, 2014, 09:58:45 am »
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Looking at the second generation cryptocurrencies, they seem to be locked in a race to develop more and more advanced and complicated features, like distributed exchange, Turing-complete scripts, etc., while we haven't mastered our core feature yet: transactions.

That's why I want to build upon ideas from Bitcoin, Ripple and NXT and create a simple coin with the goal of not adding more and more confusing features, but rather focusing on three S'es:



It will not be a clone of anything, but written completely from scratch.

("simcoin" is a temporary name and can be re-branded later).

----

As some of you know, I was the most vocal in NXT community about lack of checksums and helped develop Reed-Solomon protected addresses, which only recently been implemented in NXT. Well, in Simcoin they will be there from the start and will be shorter - 12 characters instead of 17 (while providing the same level of protection):

JOHN-DEAN-3J4S
or
FLOWERS-563KT

Because addresses are so short, there will be a built-in vanity generator in the client from the start.

There will be paranoid checksums on all levels of the system. There will be built-in strong passphrase generator and key-strengthening algorithm, as well as the ability to save passphrase as an encrypted wallet.

There will be no "darkNXT", i.e. no ability to send money to an arbitrary address and lose it. There will be no genesis account where you can send money to destroy it. There will be no reduced security for new addresses as in NXT.

There will be some form of account control to prevent big losses in case the passphrase is compromised and also to simulate multisig transactions. There will be assistance for cold wallets in the client from the start too.

For crypto, Ed25519 will be used, which is more logical choice compared to Curve25519 in NXT. Protection from 51% attack is done via PoS.

The server will be written in C++ with minimal dependencies and UDP as main network protocol. Database format will be as compact as possible to help with "blockchain bloat". From the start the transaction history can be arbitrary truncated or even turned off completely!

All clients will be "thin" clients, they won’t have to download the whole database and only cache what's relevant to you.

In NXT and Bitcoin the best way to handle customer deposits is to generate unique addresses for them. This increases the size of the database. In Simcoin transactions will be done similar to Ripple - with a short text field where you can put some special code to link this deposit to your account. Or you can register with your address as a username, which is possible because they are so short and mnemonic.

There will be ability to send messages, similar to NXT Arbitrary Messages, but it will be done right: there will be a type tag and all messages will be automatically and transparently encrypted. In fact, ALL traffic will be automatically encrypted to help with privacy, security and to make it harder for governments to filter our packets.

----

Since I've already developed an exchange (former NxtChg.com), I got this covered from the start. And there will be no trading fees.

There will be no mining, but instead all server owners will receive constant rewards for running their nodes.

I also will not repeat the same mistake BCNext did: he abandoned his creation to an idealistic vision of completely distributed and "headless" development. It was sad to see great ideas of NXT disintegrate like this. Instead, the source code will remain closed until my vision is implemented exactly as I planned it to be. I might be wrong in some decisions, but at least I will be coherent.

Transaction Speed

Transaction speed will be a priority. The goal is ambitious: to achieve <1 sec confirmation. Complete confirmation, no backsies. Either your transaction is confirmed and engraved in stone in less than 1 second, or it will be rejected and you will have to try it later.

I believe it is possible. Here's a network simulation video:



You can download the simulator and play with various settings in the ini-file if you are Ok with an exe file.

IPO

The IPO is closed.

There will be total 1 billion simcoins.

We split it like this:
  • 40% main auction IPO
  • 20% distributed, probably via worldcommunitygrid as well as bounties and giveaways. Probably put under community's control via committees, similar to NXT.
  • 20% distributed as rewards for server runners over the years to support the network
  • 20% left as developers reserve

To participate, go here:

https://simcoin.info/ipo/

create an account and deposit your bitcoins. You will get your share, proportional to your stake relative to all other deposits. I.e., if only 2 people deposit, each 0.1 BTC, they will get 200 million each. If they deposit 0.2+0.1, they will get 267 and 133 million respectively.

All deposits are non-refundable because they will be used to cover development costs, so think carefully.

The end date for the IPO will not be announced to prevent last minute deposits. It will just end one day without any warning.

Launch Date

UNKNOWN.

So far I've committed one year of my life to this project. Two months have already passed.

Test Net release (early beta) will be, let's say, somewhere in the middle :)

Nobody knows, really. We'll see. Just keep an eye on the progress.

Progress

Most accurate progress will be on Trello: https://trello.com/b/gscZWNn8/main

  • crypto code (95%)
  • network code (80%)
  • transactions code (5%)
  • native Windows client (10%)
  • exchange (100%)
  • initial servers setup (0%)
  • web client with JS signing (5%)
  • forum + wiki (10%)

Wiki: https://simcoin.info/wiki/Main_Page

Bounties: https://bitcointalk.org/index.php?topic=645679

Exchange: https://simxchg.com:555/

So, if you want to help create such a coin - join me. You will have to suffer my dictatorship for the course of initial development :) but once it's open source I will relinquish control to the community.

Do you have any suggestions or ideas? I'd love to hear them.
Tentacle Overlord, The Deranged Genius of The Abyss

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Re: [ANN][SIM] Simcoin - A Simple Coin
« Reply #1 on: April 08, 2014, 08:18:04 pm »
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Not to rain on your parade, but NXT TF will allow speeds like this as well.

Right. I'll believe it when I see it.

So far it looks like a very fragile and artificial construct (not to rain on your parade too :) )

Anyway, with block time = 1 minute, you cannot achieve 1 sec transactions. TPS is not equal to confirmation speed.


The Reed-Solomon solution already solved darkNXT, AM encryption is already exists, etc.

These are all afterthought patches. I want to take lessons learned from NXT and apply them to the design of the system.


The only claim I see noteworthy (at this time), is that every single client is a thin client? So there is no central ledger?

There are clients and there are nodes (servers). All clients are thin clients and they don't participate in supporting the network, thus lifting the O(n*n) burden and also freeing users from the need to download complete database.

It's similar to Ripple in this regard where a few powerful nodes serve all the clients. Except here anybody can run a server and it's not centralized.

So there will be like 200 or 1000 servers and they will handle all transactions and keep the ledger. And users will connect to them with thin clients.

I think BCNext vision was similar too and with web clients NXT will work the same way. It's inevitable, bitcoin's approach is not sustainable.
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Re: [ANN][SIM] Simcoin - A Simple Coin
« Reply #2 on: April 09, 2014, 08:13:15 am »
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how to achieve <1 sec confirmation?

Well, first of all, you abandon the concept of blocks. It's a ridiculous Bitcoin atavism in a PoS currency. It limits you both in time and space, i.e. in the number of transactions that fit into one block.

This is also not good for fees. As the number of transactions grows, they now have to compete for the privilege to be included in the next block. Why create artificial scarcity?

I don't know why BCNext went this way when Ripple already existed and boldly abandoned it. It looks like a step backwards to me.

This architectural mistake leads to the need for Transparent Forging – a fragile and artificial construction where the network has to decide which node will forge the next block.


Simcoin will use something similar to Ripple's ledger consensus, but without all the bloat – trust lines, distributed exchange, arbitrary currencies and whatnot.

Whether I will be able to achieve it we will see in a month or two when Test Net becomes operational.
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Re: [ANN][SIM] Simcoin - A Simple Coin
« Reply #3 on: April 09, 2014, 03:23:51 pm »
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Are you leaving Nxt??  :-\

I already left NXT community some time ago. One of the reason is that I was constantly arguing with people about how things should be done and that takes a lot of energy and puts a lot of stress on you. Here I will do things my own way right until release.

I've learned a lot from NXT and want to design a better system from scratch rather than patch an existing architecture.
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Re: [ANN][SIM] Simcoin - A Simple Coin
« Reply #4 on: April 09, 2014, 04:33:15 pm »
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That's not the response I'm looking for, I'd rather you don't avoid a real answer and stop the winking smiley faces, lots of those in the stackcoin thread if you get what I'm saying. I asked my question in a polite manner and I expect a real answer.

There was no question in your post.

If the question is "why don't you use escrow?" then I've explained it 3 times already.

The short answer is: because I don't have to.
 

I am not sure what kind of answer you are looking for.

"Aye, captain, I will setup an escrow right away just because you told me to!"
Or:
"Duh, how can I scam people with escrow?"


Just don't send any money if you find the lack of escrow suspicious.
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Re: [ANN][SIM] Simcoin - A Simple Coin
« Reply #5 on: April 09, 2014, 08:09:23 pm »
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I invested cause I think you are a smart & honest guy - don't disappoint us mate!

Thanks! I will try my best not to :)


No anomymity though in this  :-\

Anonymity is important and I will keep an eye on the zerocash guys, but in my opinion it should not be a default protocol, both for performance and transparency reasons.

"Privacy for individual, transparency for institutions." -- Assange


As for unique deposit addresses - they will still be possible, but I don't think that removing the comment field from transactions just to force services to generate them is worth it.

Comment field in transactions has other legitimate uses.
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Re: [ANN][SIM] Simcoin - A Simple Coin
« Reply #6 on: April 10, 2014, 08:17:16 am »
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1) Will the whitepaper come out before or after the IPO ends? I hope before, so I can make an informed investment instead of simply speculating.

Not a full whitepaper, but I will setup a wiki soon and start filling it with technical info and ideas for people to comment.
So you still have time :)


2) What is the BTC used for?

Bounties, what else. We will need logo, branding, apps, tools, etc. I can't pay people with simcoins at this moment, many wouldn't accept them.

Plus initial server setup - hosting companies don't (yet :) ) accept simcoins either.


TF will enable instant transactions (<1 second confirms), but I am definitely interested if you have a working model right now.

I don't see how that is possible with block time = 1 minute.

Or you mean that other BCNext idea, about N/10 limit for transactions? Maybe it could work. But again, this is just a kludge.
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Re: [ANN][SIM] Simcoin - A Simple Coin
« Reply #7 on: April 10, 2014, 12:21:20 pm »
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it'll be sha256 or scrypt? i cant see info. thx

Neither. It's a 100% PoS cryptocurrency, there will be no mining.


IMHO a built in anonymous, encrypted decentralized marketplace is the single most important thing a next gen cryptocurrency platform should include.

Sorry, I do not share this view. I think the most important feature is that it works, i.e. performs its core function as digital money.

Asset Exchange is a confusing, niche feature, only used by a minority of users. It's inferior in performance and simplicity to centralized services.

I am not saying it has no merit, but in my opinion it's hardly a priority.

We need a coin that works first.
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Re: [ANN][SIM] Simcoin - A Simple Coin
« Reply #8 on: April 10, 2014, 01:06:46 pm »
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- Give a date now before which you definitely won't close the IPO? E.g. IPO runs at least until 10 May.

Sure: IPO will not be closed until April 20.

Commit to giving at least 7 days notice of closing the IPO (e.g. in a few weeks time, write "the IPO will close sometime between 7 and 14 days from now")

As soon as people know the deadline and/or see something working, they might decide to invest big and thus will get a huge share.

Would you prefer the current style of distribution where several top investors all have roughly the same 0.5 BTC investments and have about 10% share each or one guy owning 90%?

I thought about closing it after the Test Net (i.e. a working prototype with basic client) is operational, but now I think it will be better to close it right before the announcement.

Best strategy for you is probably to put a small amount now, then increase your deposit gradually as you see things develop.
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Re: [ANN][SIM] Simcoin - A Simple Coin
« Reply #9 on: April 10, 2014, 02:32:16 pm »
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Well we definitely disagree then as people are screaming for decentralized exchanges so they no longer need to trust a third party web site.

There will be plenty of coins with distributed exchanges precisely because people think it will solve their problems.

So you don't have to worry, you can always use NXT or Etherium or eXo-coin...

Last thing I want is to be like everybody else.
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Re: [ANN][SIM] Simcoin - A Simple Coin
« Reply #10 on: April 12, 2014, 08:51:54 am »
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How do you plan to solve the problem where people will spend SimCoins.

Well, that's our Holy Grail, isn't it? To get out of this niche into mainstream. It's a problem every coin, and the ecosystem in general, faces and tries to solve. I don't think it can be solved by a single guy inventing a magic silver bullet.

But I do believe that simplicity in itself is a major factor in wide adoption - I'll take JSON over XML on any day of the week.

Another thing: watching Mt.Gox in disbelief, as well as some other incidents, like the recent Poloniex fiasco where the guy didn't seem to know that he is supposed to use database transactions (!), reveal the astonishing carelessness in many developers here. Probably because most of them are just college students.

"Hey, I'll just type a bunch of code here and see what happens."

NO. We need to be serious and pay attention to what we do.

Bitcoin is obviously trying to be serious, but it's a big, dirty steam engine in the age of electricity.

So by making Simcoin simple to understand, simple to use and simple to integrate with, and by focusing on security and reliability, I believe I  can significantly improve our chances of mass adoption.

My goal is to make a better mousetrap. It will be up to the community to promote it further.

I just want to give you something better to work with :)
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Re: [ANN][SIM] Simcoin - A Simple Coin
« Reply #11 on: April 13, 2014, 08:43:02 pm »
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Are you going to try to "compete" with them and release before/around the same time frame or are you not worried about those 2 coins.

Absolutely not. I don't care about any other coin, to me they are all wrong.

I will release it:



 ;D
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Re: [ANN][SIM] Simcoin - A Simple Coin
« Reply #12 on: April 13, 2014, 09:38:10 pm »
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Just make sure it doesn't end up like Duke Nukem Forever did. I'm in, and interested in where this coin is headed :D

Don't worry, I'm here to kick ass.


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Re: [ANN][SIM] Simcoin - A Simple Coin
« Reply #13 on: April 14, 2014, 08:10:58 am »
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What the hell? Yesterday it was 16 BTC, today I woke up and we have already beaten NXT with its 21 BTC?!

You, people, are way too gullible :)

I am going to move half into another wallet to decrease the risk of theft, don't freak out.


Why the TXID showed at IPO website is not the same with the blockchain?
My TXID: 4bb09c7d78c25371b99b7441bfa598c5b0086836dc20c7e22e20b8cbd8801c65
Can u confirm this?

Probably because blockchain.info forwards transactions from the address you deposited to.

Is this important? Is the correct amount displayed when you log in?
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Re: [ANN][SIM] Simcoin - A Simple Coin
« Reply #14 on: April 14, 2014, 10:51:16 am »
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;D  It's the time to end this IPO,

So you would have more people to dump to?

No way. This is not "get rich quick" scheme. It's "wait a bit, get very rich" scheme :)
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