YarkoL
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LanguidLemer thanks for putting the problem in such concrete terms!
This kind of localized currency that gets value by representing amount of time I’m willing to work for you is really something to aspire towards as there is a huge demand for some kind of decentralized currency that can be easily moved around, implemented and adjusted to local circumstances.
However we are only beginning to understand the dynamics of weights and rewards that can be operative in such system, and the idea of cryptocurrency itself is very much focused on situation where no one knows each other and nobody trusts nobody – it’s quite a mental feat to try to see how these things can fit together…
The leading style of PoS that originates from Peercoin has some issues, mainly vulnerability to certain types of attacks and propensity to fork. Because of this, it is usual for developers to publish checkpoints periodically and this is a form of centralization, because the chain with most weight is supposed to emerge from network consensus and not from a “royal decree”.
There are other styles of PoS, such as the one in Nxt, where everyone knows who will be eligible to mint the next block (whereas in ppc it is a lottery), and systems like “delegated PoS”, but I don’t know how they actually work. AFAIK they are not entirely free from centralization pressures either.
In my opinion a true decentralized proof-of-stake would be the holy grail of crypto. All forms of proof-of-work tend slowly but surely to miner centralization (and huge consumption of energy). There are some individuals who think that a decentralized cryptocurrency is a pipe dream, but let’s hope that is not the case.
If I understand correctly, there is an initial “treasury” of hourcoins that is distributed among those who agree that one coin represents one hour of labour, right?
Then I suppose this would require pure proof of stake, so that those who buy into social agreement (i.e that coins represent time) are the ones who protect the network by keeping their wallets open. If you used proof of work, then processing power would be awarded with ability to command someone’s time and I’m not sure if that would work out.
But what prevents some one opting out and putting her coins to a cryptocurrency exchange where you could by hourcoins with BTC? How would that affect the system?
Well I could upload a pdf of the document, if you tell me how to do that? it is very, VERY bare-bones at the moment, I’m about to publish a much comprehensive and meatier sequence of posts detailing the process here in my new blog
https://yarkol.github.io/cryptocurrency/peercoin/altcoin/2017/05/19/cryptocoins-1.html
YarkoL, thank you for sharing this information. I’ll be sure to take a look next week, and would not be surprised if other members of this group will find it useful as well
I was unclear 🙂
You could have some idea of the cloning process by following the commits, but what I meant is that I wrote an annotated text document explaining the whole thing from the scratch, Shakezula-stýle.
When I have reviewed and edited that a little, I’ll share it here.
Well I have a kind of unique altcoin project that is still in very much in early stage. Right now a whole lot of stuff is happening, so meanwhile I’ll be happy to chip in whenever I can concerning the PracticeCoin.
I did clone peercoin the other day,
https://github.com/avosuo/stanislaw
and made quite comprehensive notes on the process, so maybe you could find that useful?
Hi I became kind of obsessed with crypto in late 2013
and started studying what made it work. I was involved
in few altcoin projects, some paid freelance work, some because
I found them interesting.I have in mind a few altcoin ideas of my own that I’d like
to test out, and I’m also involved in VR development these days,
it can become quite hectic but I hope I can contribute every
now and then.I’ve always wanted to see a friendly open enviroment for mutual
appreciaton of Nakamoto’s genius and everything proceeding from
that, immune to greed and power politics, maybe this is that kind
of place. Love, Yarko
