[ANN][SIM] Simcoin - A Simple Coin

[NxtChg]

Although I said that there will be no Account Control in v1.0, we still need some mechanism to deal with the supply problem.

So I've implemented time locks: now any account can be locked for a certain period of time with unspendable amount and a spending rate (max 42 M SIM / day).

In addition to that, txs from Genesis will require approval of one or more "senators" - elected accounts with delegated stake. They will decide when to spend, how much and which account to forward the money to. To approve Genesis tx a certain quorum of senators must co-sign it.

Txs from Genesis account will have additional powers, for example they will allow senators to revoke any NODE status in case some node starts misbehaving.

The initial idea was to allow direct governance by popular vote, but this is both overly complicated and not particularly wise. So the new idea is to use representative democracy with senators.

This will allow you to delegate your stake to whomever you think represents your interests best. Senators power should probably be limited, for example they won't be able to block any money transfers or accounts.

[Titulaer]

I've got some questions:

So I've implemented time locks: now any account can be locked for a certain period of time with unspendable amount and a spending rate (max 42 M SIM / day).

Who decides about the locking of accounts? Senators?

In addition to that, txs from Genesis will require approval of one or more "senators" - elected accounts with delegated stake. They will decide when to spend, how much and which account to forward the money to. To approve Genesis tx a certain quorum of senators must co-sign it.

Are you not afraid of sockpuppets and other forms of corruption? And don't you think people will disapprove the centralized aspect of using just a few people who can make decisions?

This will allow you to delegate your stake to whomever you think represents your interests best. Senators power should probably be limited, for example they won't be able to block any money transfers or accounts.

Does that mean SimToy will use the DPoS mechanism for consensus?

Can non-senators submit proposals as well?

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Will you create a separate 'ANN' post for SimToy?

[NxtChg]

Who decides about the locking of accounts? Senators?

Initial accounts will be locked by me before release.

Anyone can lock their own accounts and also anyone will probably be able to assign a special status to their accounts, which will require senate vote to send txs from it.

Are you not afraid of sockpuppets and other forms of corruption? And don't you think people will disapprove the centralized aspect of using just a few people who can make decisions?

The whole point of PoS is to avoid Sybil attacks by using stake.

And I don't see any problem with representative democracy, indeed I think it's superior to popular vote.

If we had an unelected politburo, that would be a problem; instead you will be free to delegate your stake to whomever you think represents your interests best.

Does that mean SimToy will use the DPoS mechanism for consensus?

I am not yet sure about that. I was against DPoS before and am still mostly against it. Delegation solves the problem of limited stake in nodes, but on the other hand increases the risk and also allows people to monetize their power. So still thinking about this... For now power can only be delegated to senators.

Can non-senators submit proposals as well?

There are no proposals. The only power senators have is to send txs from Genesis accounts (and any other with the special status).

This allows them to spend Genesis money and to recall account statuses, for example revoke the NODE status in case a node is proven to be malicious. They can also change some system variables that are stored in the ledger.

Will you create a separate 'ANN' post for SimToy?

I view SimToy as v1.0 of Simcoin. It will eventually be improved to match the original Simcoin specs.

[vader]

hi guys, back again after a few years. did i miss something? 

thank you nxtchg for helping with my old account.

[bitcoinpaul]

Dudes, what‘s crackin?

[Titulaer]

Are you still alive, NxtChg?

If so, any progress on SimToy?

[NxtChg]

It's summertime, things are a bit slow. It also doesn't help that I am getting constantly sick from A/C's. Something is seriously wrong with my immune system...