What People Thought About Bitcoin Years Ago: The Coin That Never Launched

My fantasy coin idea that never happened based off trying to brainstorm ideas for a better Bitcoin. Revised article with whole plans for the canceled unnamed coin.

Origin

I first heard about Bitcoin back in my later school years. Was reading up on a Ron Paul Conservative website and heard about something called Bitcoin. Some cryptographic money not owned by any government. Many Libertarian websites promoted this as an alternative to investing in Gold or Silver.

I didn’t support Bitcoin until around 2017 but I did ask my friends and random classmates what they thought about Bitcoin.

What My Classmates Though?

Person 1: “Cryptography is not money, the government will outlaw it just like they did to Liberty Dollars”.

Person 2: “The government will not allow any form of alternative currency aside from their own. It going to get outlawed and you’ll lose funds”.

Notarized Arbitrator Transactions (NATs)

I coined this term for smart contracts that would be signed with a person’s signature using a touch screen device. The transaction would have a middleman such as someone in the banking field or a person unrelated to both parties.

Centralized Mining Farms

I believed my Coin would have a very centralized Mining Farm system, maybe using more advanced Antminers that would be invented in the future.

Oligarchy

Coin would be ruled by founders, whales, programmers, and cryptographers. The coin will pre-mine a very small amount and increase via dividends. The dividend reward would slowly go down after a good amount was in circulation.

Sadly this would make the coin a registered security and would be outlawed or heavily regulated by Securities and Exchange Commission (SEC).

Algorithm

It sounded like I was plotting to make a coin with Proof-of-Correctness (PoC) Meets Proof-Of-Work (PoW) which I called Tiered Governance Agreement (TGA). There would be tiers of miners would control a shard from the ledger (or blockchain).

Account Based over Addresses

The coin would have accounts with static address that remain the same and just have two transaction ID numbers so the transactions could be identified.

Hardware ID numbers

My coin was proposed to generated a hardware hash number to use instead of an IP addresses to stop people from snooping into the physical location of the parties transacting with each other.

Name Resolver

I have mulled the idea of a name resolver system for forwarding payments to the hashed account numbers.

ICOs

Turns out Securities and Exchange Commission doesn’t like ICOs anymore which I believed this coin might be forced to launch as due to Algorithm nature.

Talked it over

Told a friend of mine about the idea. He told me this sounds doable in the next 5–7 years I should draft my White Paper and build a development team. If all went well he would get would become an early supporter at launch.

Turns out years later there is a ton of governance coins with smart contracts (scaled down NATs)

Sorry guys my big White Paper drafting day is likely not coming. I’m not a whale and can’t fund my own coins launch. Also my stance on Oligarchies power has changed as many have given them a bad reputation.

Closing Statement

Revised the article with more information as I’m not following thru with launching this coin. No need to hide the ideas, anyone could pick up where I left off with this ideas.

Bitcoin SV

I’m fulling on board with Bitcoin SV now. Sure I had some interesting ideas, but I’m sure as time passes Dr. Craig Wright, will prove that he’s got something better planned.