Which is why I thought you would start at the highest and work down. Thus finding the identifier that is one less than the current lowest. Because all the higher ones are taken and the highest available is the one to get which is one lower than the highest.
Of course that assumes that there are no gaps. Good luck finding those in unbought gaps, 512 bit idents is a lot to linearly search through for some that were missed.
Now if I am not mistaken then the difficulty will only increase slowly since a range of 512 is a lot. Even a million coins bought/mined a day would still have the difficulty increase very slowly. Is that right?
Also there is more than one solution to make the coin valid, the user only has to find one. Is that correct.
BTW: you can tell I new to mining and have never gone into the maths of bitcoin (at least not yet)
BTW: great idea and the best idea yet for this sort of thing.
I can see people who only have phones needing to buy them since it maybe impossible or incredibly slow on their device. Not all phones are fast&powerful.
But for Token shares, would not the creator just create the “alt-coin/token” and distribute them as they see fit (by selling, exchanging, giving away or whatever)???
And crowdfunding? if giving the “alt-coin/token” in exchange for the amount given then again why wouldn’t the creator create the “alt-coin/token” and give them to the people funding???
I was speaking about the “general” benefit of alt-coins inside the SAFE Network.
The actual mining solution in the OP was specific to an infinite supply.
So in the case of Shares, the creator wouldn’t need to mine. They would “pre-buy” 100%.
In some cases of crowd funding, not involving ROI (dividends), the alt-coins are used in exchange for other things like: signed book copies, special shirts, backstage passes… first access to a new game… etc.
I think it depends on what the (alt-coin creator) is trying to accomplish. Most will probably pre-buy 100% and sell it or give it away.
In the case you’re asking about, the alt-coin creator wants to randomly distribute the coin more than collecting revenue for their project. So this provides a way for early adopters to acquire some coin without funding. At the same time, it gets harder to acquire over time.
Do you forsee this technique being used for a currency-type application or only for contributions - “likes” or (as @dallyshalla suggested) “posts on a forum”.
Much like Counterparty or Omni protocols, I see this feature being used for a huge number of applications, including access tokens, gift certificates, micro-currencies . . . It’s up to the imagination.
Safecoin is given “inherent” value because of its ties to and functions in the network. Such altcoins/tokens will have to be given value in other ways.
A good example of how such is being built out is Adam B. Levine’s project, Tokenly. The applications are limitless, and can easily include currency types. Our views and uses of “money” are changing.
In another post you expressed an distaste for altcoins. There’s no reason to dis them, I think. They WILL exist, in abundance. No avoiding it. But I think that’s a healthy thing. They will be as useful as they are given value by their creators and users.
For stable society we need stable currencies, could this become reality for the first time in history. There is an obviously coordinated plan to move to 100% digital money worldwide (for tracking purposes)…but it’s scary thinking what centrally planned system they are intending to utilize.
So a question would arise, if a government wanted to issue it’s currency on top SAFEcoin, could it be made traceable? I’m sure this would be pre-requisite for the planner class. Not desirable from a libertarian viewpoint, but as maybe a transition to a better system…would it make better sense than their intended system.
They simply write the Applications to make it so. It would be easier than blockchain since immutable ledgers in SAFE are as secure as the block chain.
Time can be implemented by using a set of “time” servers that encrypt the “Time+recID” using their private key and can be validated with the time server’s public key.
I’m pretty sure this wouldn’t work. The untraced use of the coin would only depend on using a different wallet app, which doesn’t “report home”. The key to usage is not the SD itself, but the app that manipulates it.
So yeah while the gov’t and banks COULD use SAFE and COULD create a traceable coin they couldn’t force people to use it and would face competition from people that wanted their privacy.
