MicroCash - den nya P2P-valutan

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Ok so some big news. We've been working very hard on the next version and been coming up with many great ideas (many provided by general users) to put into the next version.

We have decided to break compatibility with v2 of SolidCoin and restart the chain with all of the existing coins. We won't be re-adding the 10 trust accounts, so the only coins at the start of the new chain will be the 2.8 million normal coins owned by everyone. This means we have also removed the trust node concept and trust blocks. We have developed an alternative 51% mining attack solution.

The reason for this restart and compatibility break is it's too much work supporting the dead horse that is the Bitcoin protocol. The version we had was working fairly well with SolidCoin v2 but making a thin client with that protocol is a major pain-in-the-behind and completely inefficient. The restart will take place when we've gone through a beta or two of the next version, and the v2 chain will be kept running until the switch over point. So there is no need to panic, all existing SolidCoins at that point the switch happens will be moved over, no coins will be lost!

Perhaps the biggest news is the fact we are changing names with the next version. The name will be announced when Beta is released. Because we are no longer the Bitcoin protocol and the fact we will have gone through 3 major versions, we decided a new name could represent the project better. The SolidCoin name was chosen only by myself back when I started the project in August, and it was chosen to have the word "coin" in it so people could know it was like Bitcoin but alternate. The reality is we don't want to be associated with Bitcoin, this is why we rewrote nearly all the code from scratch and have implemented a new, ultra efficient protocol . Think of this next version as how we are using our experience of the ~9 months of working on SolidCoin to create the next big thing.

So some dot points. There is still more to announce but I'll leave it to the beta for a lot of them.

1. New name that is more business friendly and tells people who know nothing about the project exactly what we are doing

2. Peer-to-peer decentralized crypto-currency with currency creation reward based on energy used (same hash roughly as in use right now)

3. Resistant against 51% mining attacks. Money is used to help solve block disputes but now nearly everyone can contribute to this process instead of only a few trust nodes.

4. New difficulty retarget algorithm. Looks at the last 12 hours of blocks and works out the average block time for this period. It then adjusts every new block to attempt to meet a 2 minute block time.

5. An address (pubkey and privkey) is now looked at like an account. Each transaction involves the moving of one balance to another account. No inputs required, fixed transaction size, one signing per transaction maximum with the standard transaction type.

6. There are no physical transactions added to the blockchain as a result of a new block. Instead a new block is treated as 2 separate transactions. One to the creator (who gets 100% of a blocks value) and one to the CPF (that gets 5% of the block value)

7. Block header is now 104 bytes, with room for the address of creator and optimization of other fields

8. Address format is now much smaller and easier to read (will be announced at beta)

9. Custom database engine that is extremely fast at looking up every transaction, every block and every account

10. Thin clients are now the preferred way of sending and receiving funds. No blockchain needed yet still secure from fraud. Still some basic account activity from the RPC for those that don't want to use a thin client or for businesses.

11. All SolidCoin v2 coins (currently 2.8 million) will be brought into the chain

12. No IRC client needed to find other nodes

13. New C++ codebase that is easy to extend and has been heavily optimized

14. Easier for businesses and websites to use. Low resource usage. URL Callbacks when their accounts are involved in transactions, no need for constant polling or creating a new address for every customer.

15. Transactions are now a fixed size and will have a very tiny fee (or perhaps no fee if we can find an alternate solution). They are also heavily optimized and easy to create for thin clients.

All in all I am very excited about this release because it means once it is done I and everyone else will be able to use it to easily offer products and services. Compared to the last version we will have a very nice payment platform we can begin heavily advertising, not to mention a way to pay for those products and services which is as easy as online banking is to the hundreds of millions of people doing that every week.

So, we have a new name for the project. MicroCash. The site is going to be put up at http://microcash.org, which will resemble the current site with changes.

Some important notes
*) MicroCash is going to include every SolidCoin in it,
*) When MicroCash launches there is going to be a "Launch Bonus" , meaning mining rewards are going to be MUCH higher than normal for a week or so. Total inflation from the bonus will be 100K
*) MicroCash will not have trust nodes
*) MicroCash will have a similar hashing and pool mechanism as SolidCoin
*) MicroCash will not have trust accounts. Meaning the only coins brought forward will be the 2.8 million user coins
*) MicroCash will have an alternate 51% mining protection mechanism which will mean the power of the network is more in the users hands
*) MicroCash will have a different address format. It looks like micro(QSM3PKS3EOZBUZO4A)cash

Here are some potential new logos

http://i.imgspc.com/J4zcx.png

http://i.imgspc.com/jS3y3.png

And here are a list of most of the changes over SolidCoin v2 :-

*) A new way to send/recv funds securely over the MicroCash network, meaning you can download the client and be sending/receiving cash within seconds. No blockchain download required
*) Can now get paid merely for running a node
*) MicroCash Accounts now gain a form of "interest" which is collected from all network fees and redistibuted to accounts based on their total MicroCash holdings. Increase your MicroCash amount and get more interest
*) Chain donation address added. Send money to this address and it redistributes it evenly to every MicroCash account
*) Every account on the network has a daily fee of 0.005 MC or a half cent. Meaning 1 MC provides enough account fees for 200 days.
*) Dual signature accounts allowed. Meaning you can now have two devices with 2 keys able to confirm a transaction. ie You create a transaction on your PC and your mobile phone confirms it. If your PC is ever hacked your funds can't be removed without your phone confirming it.
*) Transaction fees reduced to a fixed 0.005MC (half cent) for a normal transaction and 0.01 MC for dual signature
*) Transaction size is now much smaller, which means we can fit more in a block and have less disk/memory usage
*) Much improved custom database to store all blocks and transactions. Resulting in about 25% of the disk usage compared to v2.
*) Extremely fast transaction/block/account lookup, resulting in less CPU usage running a node.
*) Improved Proof of Work hash and handling. Now reference previous blocks with a SHA256 to improve disk loading
*) Increased mining income to match $1-$2 range instead of $3-4 range
*) Powerblocks are removed
*) Trust nodes and trust blocks are removed
*) The 10 trust accounts are removed
*) Improved P2P handling
*) Much shorter address format and new hashing mechanism for them. Accounts store public keys so that once set it's more secure than ripemd160
*) Denial of Service code added, can now ban nodes that flood the network
*) Ability to donate MicroCash to nodes for passing on transactions and blocks
*) URL and email callbacks for accounts on a node. Allow developers to get transactions pushed to them instead of constantly polling
*) Trading on exchanges will be possible within the client
*) Ability to add labels or information to transactions you send to others
*) Can create payment codes that clients accept with amount, address and information tags already filled out.