@anon68287401, yeah it’ll have to be a fork of a previously extant 'coin, I don’t currently have the programming skillz to create a new hashing function.
As for the value creation aspect, the ledger (containing project-specific sub-ledgers) would be centralised with debtor accounts in it so (as far as I can currently tell) the top limit of value for the market could essentially be unlimited… but perhaps that would require some form of recycling of inactive ledgers. (issues with patents arise here)
Remember this is a gift economy wherein contributors are generating value and gifting to the centralised projects they generate through community adhesion.
also edit: @anon68287401 yeah, a ‘graceful failure’ mode designed in from the start may be necessary.
It just struck me: The value of Boingcoin is really in the blockchain, because it provides a public notary. e.g. suppose you want to verify some fact that I assert, e.g. my public key is 67ed99cd3f167113a7045e288ee02103 - if there’s a blockchain which everyone verifies signs and re-signs, then publishing a public key on the blockchain, or a hash of a contract could be highly valuable.
Apparently the NSA deliberately intercepts PGP keys that are sent unencrypted over HTTP and substitutes them in order to carry out man-in-the-middle attacks. Apparently it’s not that difficult to hijack PGP keys, because the algorithm to determine if a key is valid will accept any path from a new key to a trusted key
If your public key is buried deep in a blockchain that everyone has agreed and hashed repeatedly, it’s essentially permanent. There is no way to make a man-in-the-middle attack against stuff buried deep in the block-chain. So, provided you publish your public key well before you become a “person of interest” to the government, there’s no way they can impersonate you.
Likewise, suppose A & B want to agree a legal contract. A & B could both submit a signed hash of the contract to the blockchain; A commits an entry
A: I’ve agreed the contract with hash 8c11fc28557b61efb59fa09ad57bc9e5
and B commits an entry
B: I’ve agreed the contract with hash 8c11fc28557b61efb59fa09ad57bc9e5
then if there is a dispute, either A or B can produce the contract and verify that the hash matches. The other members of the blockchain are “witnesses” to the signatures, who could number in the millions.
I’m thinking that the blockchain can evolve in such as way as to code for the work done on specific projects. It could be like ‘families’ of organisational chunks of the block chain, denoting job type and value or encoded like DNA; “What genes of intellectual copyright (bundle of ownership) are you allowed to publicly claim?”
It’s a public calling card and online Résumé. The value of having contributed to a well-known, value creating project would be verifiable to the public and the structure of the value derived would be readable from the publicly verified chain and would essentially constitute a kind of virtual reference.
I am interested in pursuing litecoin or mastercoin on lite as a basic model right now but please feel free to make any other proposals.
