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