Technical aspects

[W4G1]

Some technical aspects we have to think about:

• The primary use case of this currency (Payments, store of value, application platform for DApps/smart contracts etc.)
• Technical trade-offs (e.g. Simplicity over performance?)
• Algorithm/validation (When and how are transactions validated?)
• Consensus (Probably best to take a look at other cryptocurrencies out there for this)
• Token distribution

And probably a lot more, but these are the ones I can think of on top of my head.

[finwo]

Simplicity

About the simplicity vs. performance: I'd prefer to have simplicity over performance, so anyone with the specification we'll eventually write up would be able to build a client for the network themselves.

If we truly keep it simple, performance should come for free due to less work for the participants of the network.

Uses

• Payments (transfer of value)
• Ownership (transfer of tokens)

The smart-contracts I've not yet been able to wrap my head around. You know anyone who's able to implement that?

Validation

• Weighing each transaction
  • Low-power nodes take a long time creating transactions
  • Can both be asymmetric and hash-based
• Hash-based 2-step with weighted validation miners
  • Allows low-power nodes to operate without relying on a public system doing the work for them
  • Addresses cannot be re-used after payments have been made if copied from fawkescoin

Consensus

This should be replacable. Therefor, we need a way of identifying which algorithm was used, allowing us to replace broken ones in the future (let's say we use SHA-256, we'd probably need to replace it within 10 years).

Token distribution

I'd prefer mining for this, as it makes the distribution somewhat honest instead of just generating income for us.

Here I want to do mining different: Having a short mining cycle, granting each mined message the same value (let's say: 1) until infinity. I'd set it up this way to make sure lost funds (crashes, lost passwords, etc) don't damage the system in the long term (like lost bitcoins do).