1. A local-focused social-capital cryptocurrency experiment
2.  
3. Principles:
4.  
5. * Transparency
6. * Freedom (to participate, or not)
7. * Onymous (having a name, opposite of anonymous http://en.wiktionary.org/wiki/onymous)
8. * local control and local resiliance (priority for local geotagged transactions)
9. * integrated distributed futures contract exchange
10.  
11. The mincomed (or mincomed-qt) software is based on the Bitcoin, Litecoin,
12. Freicoin, and PPCoin families of cryptographic currency, using the Block
13. chain and proof-of-work concepts developed in other systems, and attempts
14. to resolve some important issues with these other systems.
15.  
16. Notable (proposed) structural changes:
17.  
18. 0) BETTER TESTING. proof of work for finding bugs and security holes?
19.  
20. 1) Live birth/birth certificate is considered proof-of-work for a mincome
21. receiving address and a death certificate invalidates that person's mincome
22. receiving address.
23.  
24. Or, another way:
25. An individual natural person[A1][A2] can announce one, and only one 'mincome'
26. address which will be credited with a portion of the demurrage fees. The
27. software will include template common-law legal documents to allow neighbors
28. in the same legal jurisdiction to file theft claims for any person who
29. makes use of any more than one demurrage revenue mincome address.
30.  
31. 2) algorithmic money supply determination, based on a commodities/consumer
32. price index approach, such that if 1 unit of 'mincome' is enough to buy
33. basic food, shelter, and rent say 500 sq foot of living space today, it
34. will be approximately the same next year, in 5 years, and in 500 years.
35.  
36. 3) futures contract templates and contract recording. Futures contracts
37. will have 3 parties: The seller, the buyer, and the insurance agent.
38.  
39. 3a) There will be two initial 'agents', one consisting of all mincome
40. receiving addresses and the other funded from network-wide demurrage fees.
41. (referred to as the 'mincome' and 'demurrage' agents, respectively)
42.  
43. 3b) The buyer and seller may choose alternative insurance implementations,
44. which may be handled by existing insurance models, or by an aggregation
45. system acceptable to both buyer and seller. alternative implementations
46. will be specified via DNS names, or git/mercurial hashes for code
47. implementations
48.  
49. 3c) mincome/demurrage insurance will be implemented with a 'pending'
50. transaction in the blockchain where a buyer must pre-allocate guaranteed
51. funds/coins. If seller and buyer both broadcast confirmation of delivery
52. at the agreed upon time and geolocation, the transaction is completed,
53. with NO demurrage charges on the pending transaction.
54.  
55. 3d) If buyer and seller confirm and broadcast 'unable to deliver', BOTH
56. seller's and buyers address will be debited the demurrage fee for the
57. amount and time period of the contract, and the buyer's 'pending'
58. transaction coins will be returned to buyer, minus demurrage fees.
59. (this is effectively 'double demurrage' on unable to deliver futures)
60.  
61. 3e) Seller's account could in theory go negative from failure to deliver
62. demurrage. TODO: make a clear mechanism to handle this, as well as if
63. buyer and seller do not agree on delivery. May need to formalize escrow/
64. insurance agent role to handle disputes.
65.  
66. 4) blockchain forks are encouraged. If you do not like the rule about
67. mincome, or the algorithm for determining the money supply, fork the chain,
68. and change the code (and legal templates, if you wish).
69.  
70. 5) human-usable proof-of-work. This is going to take.. well, some work..
71. to figure out, but the goal is that a computationally intensive problem
72. like protein folding or theoretical computational chemistry can be used
73. as a proof of work for mining and authenticating the block chain(s).
74.  
75. 6) proof-of-stake must reward **small** holders much more than large
76. holders. See
77. http://yacointalk.com/index.php?topic=407.0
78. where various minimums and confusion and whatnot basically make
79. proof-of-stake something only large holders and early-adopters
80. benefit from. This reduces the long-term investment of the coin.
81. Its not pre-mining, and it's hard to imagine it was intentional,
82. but it's a very bad second-order side-effect of trying to protect
83. the blockchain from dust spam.
84.  
85. The unique feature of mincome requiring a connection to one and only
86. one human should prevent this.
87.  
88. 6a) How do we reward individuals saving their mincome? Cap the stake
89. reward at 7 mincome per address per year, and give say 50% reward for
90. staked coins?
91.  
92.  
93. Some other thoughts:
94. * 1 mincome unit per year, 8760 mincoins per mincome, 3600 micromin per mincoin
95. * Mincome block chain uses proof of work that takes days/months
96. * mincoin uses hash? like bitcoin/litecoin/etc.. one block per hour
97. * micromin (T/τ/tau .. trust/Tesla/etc benchmark of T/s) uses network+trust like ripple
98. * why three chains? Tesla liked 3
99. τ
100.  
101. Appendix
102.  
103. [A1] pedantic, but important detail: a 'person', in this context, is defined
104. as a free being capable of making informed choices about how to allocate
105. resources rightfully or naturally under it's control. This implies something
106. which may have some natural or legislative rights to own other somethings, but
107. which is, in no way shape or form, owned by anything else. What constitutes a
108. 'person' is also likely something best left up to a local government. It might
109. be possible and reasonable that a corporation could be considered a person, but
110. only if it is one that is free from slavery to owners. I have not yet observed
111. such a thing which is not encapsulated in a human form, although I expect to see
112. one in my lifetime.
113.  
114. [A2] Free sentient individuals (persons) may choose to allocate their mincome
115. demurrage fee rights to some form of a collective, such as a 501c3 non-profit
116. charity, a church, or a for-profit corporation if they so wish.
117.  
118. [A3] Satoshi's bitcoin paper http://bitcoin.org/bitcoin.pdf
119.  
120. ***
121.  
122. Scratchpad notes
123.  
124. tasks
125. 1: identify a mobile wallet that supports multiple cryptocurrencies
126. 2: understand 'comment' and 'comment-to' fields in json-rpc sendtoaddress
127. 3: standardize format for 'who' and 'where' in exchange wallet concept,
128. and how that gets into the 'public comment' (see
129. https://bitcointalk.org/index.php?topic=47283.msg566119#msg566119 )
130. http://libbitcoin.dyne.org/doc/blockchain.html
131.  
132. (not-so) crazyness:
133. modify ppcoin proof-of-stake: you do proof-of-stake and keep it moving
134. and get half the stake reward, other half gets distributed to all mincome
135. addresses. Coins that don't move get demurrage
136. ^^^ keep the 'wow, my wallet grew' coolness that BTC has
137. * shuffling stuff gets you a transaction fee
138.  
139. big questions: How do determine 'mincome' cost of living to do stake
140. reward value calculation, and demurrage fee (and make it work reliably
141. with no round-off errors)
142.  
143. ** convert this nonsense to big-endian **