eduffield
Core Developer
Hello Everyone,
In a free market, the best crypto-currency should win by it’s merits and the alt-coin ecosystem should eventually resemble a competition of the best ideas. Alt-coins in the past have been platforms of testing various strategies of improving the overall design of Bitcoin. In the future, I believe we’ll have a diverse ecosystem of many coins. Not one coin to rule them all.
In fact, if Bitcoin is the only cryptographic currency, it poses a significant risk of eventually being controlled by over-reaching governments and other entities trying to derail it’s original goals. What would the legacy financial system look like if there was no Mastercard and only VISA?
I am very happy with the way development is going. We’ve been able to refine our privacy technology, successfully released InstantX and have developed the Masternode network into a strong and truly decentralized platform. We’re building the complete solution for crypto-users in different key area and making crypto much more suitable for real world adoption.
Because of this I believe we’re currently approaching a very important phase of the development of Darkcoin. We have a vastly different architecture that is capable of many things Bitcoin is not. It’s time that we start exploring some of the ways we can become a true competitor to Bitcoin. In fact, I believe the 2-tier architecture might actually be able to solve the ultimate problem Bitcoin faces: Scalability. However, if we’re going to be fixing the scalability issues Bitcoin has, we’re going to need a friendly branding that’s compatible with mass adoption.
Because of this I no longer feel the name Darkcoin reflects the true essence of the project and have decided to rebrand our product.
I’d like to announce now that the foundation is presently working on doing a complete rebranding of Darkcoin so that we can achieve this goal. Currently we’re investigating the name “Dash”, which would stand for digital cash. Dash represents the goals that we’re trying to achieve, to be a fast, friendly and scalable online payment system.
Originally, I made Darkcoin to address a few specific issues that Bitcoin has and compete against it. There’s some misconception in the crypto-community at large that Darkcoin’s primary goal is to be a underground currency and support the black markets. This simply isn’t true.
When we started we saw a few issues that Bitcoin has and have attempted to solve them. One of the main issues we were trying to fix was fungibility. Fungibility is defined as the property of a good or a commodity whose individual units are capable of mutual substitution. That is, it is the property of essences or goods which are "capable of being substituted in place of one another."
Bitcoin isn’t perfectly fungible. This means that over long periods of time, Bitcoin will lose it’s fungibility due to coins being tainted by their use. Coins in the Bitcoin system carry their history around with them and that will make them “tainted” as compared to other coins.
While solving this problem, I eventually found we could create a secondary network within Darkcoin, this network would provide services to keep all of the coins fungible and at the same time could offer other services as well. Services such as protocol 2 factor authentication, instant transactions and now scalability.
Personally I believe the 1-tier approach used by Bitcoin and other currencies isn’t as powerful as a 2-tier approach. I also believe the no one besides a few people have even yet to understand what a 2-tier cryptographic currency is capable of.
The Bitcoin developers and community are talking about expanding the maximum blockchain size to 20MB. Currently the Bitcoin network can handle 7 transactions per second. This will allow their currency to 140 transactions per second, but will also result in up to 1TB per year in blockchain storage (until they successfully implement pruning).
Eventually Gavin Andresen sees blocks getting to 100MB+, with tens of thousands of transactions per block. See http://gavintech.blogspot.com/2015/01/twenty-megabytes-testing-results.html and https://docs.google.com/spreadsheets/d/1CuOEM9uwO5w-RwWGCCZpVGVFwhHHHegxJZqTP5KyapI/edit#gid=0.
After giving it some thought, I came up with a scalable architecture that supports billions of transactions per day.
Specifications of this strategy:
I make no promises about this idea working though, I’m very early in the research stages, but it does look quite promising. If it works, it means we have solved the ultimate problem with Bitcoin and have made this technology accessible to the whole world. This strategy is just too good to let sit for very long and I need to do some exploratory coding to prove it works.
---
Followup:
https://darkcointalk.org/threads/rebranding-followup.4266/
In a free market, the best crypto-currency should win by it’s merits and the alt-coin ecosystem should eventually resemble a competition of the best ideas. Alt-coins in the past have been platforms of testing various strategies of improving the overall design of Bitcoin. In the future, I believe we’ll have a diverse ecosystem of many coins. Not one coin to rule them all.
In fact, if Bitcoin is the only cryptographic currency, it poses a significant risk of eventually being controlled by over-reaching governments and other entities trying to derail it’s original goals. What would the legacy financial system look like if there was no Mastercard and only VISA?
I am very happy with the way development is going. We’ve been able to refine our privacy technology, successfully released InstantX and have developed the Masternode network into a strong and truly decentralized platform. We’re building the complete solution for crypto-users in different key area and making crypto much more suitable for real world adoption.
Because of this I believe we’re currently approaching a very important phase of the development of Darkcoin. We have a vastly different architecture that is capable of many things Bitcoin is not. It’s time that we start exploring some of the ways we can become a true competitor to Bitcoin. In fact, I believe the 2-tier architecture might actually be able to solve the ultimate problem Bitcoin faces: Scalability. However, if we’re going to be fixing the scalability issues Bitcoin has, we’re going to need a friendly branding that’s compatible with mass adoption.
Because of this I no longer feel the name Darkcoin reflects the true essence of the project and have decided to rebrand our product.
I’d like to announce now that the foundation is presently working on doing a complete rebranding of Darkcoin so that we can achieve this goal. Currently we’re investigating the name “Dash”, which would stand for digital cash. Dash represents the goals that we’re trying to achieve, to be a fast, friendly and scalable online payment system.
Originally, I made Darkcoin to address a few specific issues that Bitcoin has and compete against it. There’s some misconception in the crypto-community at large that Darkcoin’s primary goal is to be a underground currency and support the black markets. This simply isn’t true.
When we started we saw a few issues that Bitcoin has and have attempted to solve them. One of the main issues we were trying to fix was fungibility. Fungibility is defined as the property of a good or a commodity whose individual units are capable of mutual substitution. That is, it is the property of essences or goods which are "capable of being substituted in place of one another."
Bitcoin isn’t perfectly fungible. This means that over long periods of time, Bitcoin will lose it’s fungibility due to coins being tainted by their use. Coins in the Bitcoin system carry their history around with them and that will make them “tainted” as compared to other coins.
While solving this problem, I eventually found we could create a secondary network within Darkcoin, this network would provide services to keep all of the coins fungible and at the same time could offer other services as well. Services such as protocol 2 factor authentication, instant transactions and now scalability.
Personally I believe the 1-tier approach used by Bitcoin and other currencies isn’t as powerful as a 2-tier approach. I also believe the no one besides a few people have even yet to understand what a 2-tier cryptographic currency is capable of.
The Bitcoin developers and community are talking about expanding the maximum blockchain size to 20MB. Currently the Bitcoin network can handle 7 transactions per second. This will allow their currency to 140 transactions per second, but will also result in up to 1TB per year in blockchain storage (until they successfully implement pruning).
Eventually Gavin Andresen sees blocks getting to 100MB+, with tens of thousands of transactions per block. See http://gavintech.blogspot.com/2015/01/twenty-megabytes-testing-results.html and https://docs.google.com/spreadsheets/d/1CuOEM9uwO5w-RwWGCCZpVGVFwhHHHegxJZqTP5KyapI/edit#gid=0.
After giving it some thought, I came up with a scalable architecture that supports billions of transactions per day.
Specifications of this strategy:
- The blockchain will automatically become much more anonymous than Bitcoin is.
- Fees per transaction will be very, very low. Let the micro-payment revolution begin.
- Zero-centralization
- Scalable to billions of transactions per day
- Requires a 2-tier network
- Very low blockchain bloat
I make no promises about this idea working though, I’m very early in the research stages, but it does look quite promising. If it works, it means we have solved the ultimate problem with Bitcoin and have made this technology accessible to the whole world. This strategy is just too good to let sit for very long and I need to do some exploratory coding to prove it works.
---
Followup:
https://darkcointalk.org/threads/rebranding-followup.4266/
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