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Offline fuzzy

Cloud Mining DAC -- Project Camelot
« on: December 17, 2013, 01:39:52 PM »

After a long and, at many points heated, discussion with regard to Angel Shares' implementation I sat and thought about it.  Now I'm not a high-end miner so maybe i'm mistaken, but it feels like I might have thought up a potential solution that would cover the middle ground between forcing a centralized mining service along with proof-of-stake for protoshares.  This may only be a partial solution, or worse, none at all...but it seems worth posting. 

Distributed "Cloud" Mining DAC.  This DAC would be formed by clusters of heavy-duty and little miners (like pools) who want to put their Hashing Power up for bid/sale.  The DAC would be made up of many "little" miners to form a service similar to Amazon AWS and DigitalOcean, with one chief difference.  This would already have a GUI Interface with embedded and most up-to-date miners for each specific coin available.   

DAC Services Provided (with great emphasis on non mining-savvy individuals)

   -- Mine BitCoin/Altcoins of choice with just the push of a button
   -- A simple interface for calculating profitability of each coin based off feeds from popular exchanges
   -- Support Merged Mining of Coins where applicable
   -- Pay with Credit Card for services and thus giving another, trusted method of attaining coins
   -- Pay with BitCoin and/or Community-Approved Altcoins
   -- Provide Businesses with extra computational capacity to utilize that capacity to aid in the mining of coins through a direct connection to the Cloud Services (IT departments would then earn value from otherwise-wasted computational capacity during down hours. 


Income Proposal:
   
   -- Credit Card or Bank Wire via Mining Service Users
   -- Receiving small donation of all coins mined (users can choose between amounts to contribute--but they must contribute--and can choose areas and percentages of their donation would like a percentage ithin future DAC layers). 
   -- Would except Faucet/Advertisement Donations from other Altcoin-development teams to create a built-in faucet feature for any Altcoin Donated to faucet address (a percentage of these will go directly into funding future DAC Development----NOT necessary, but good idea from coin-dev's point of view)
   -- Would receive a small percentage of mined coins from Businesses contributing to the mining DAC (or they would earn shares in the DAC for farming, which could then be traded for other Altcoins on a Market)
   -- Offer Escrow Services for selling coins (take a percentage off the top)?
   -- The service would also mine shares that could be openly traded for other crypto-currencies


ProtoShares holders would receive 5% of total shares in the profitability (pulling that percentage from somewhere dark and foul)


Invictus Innovations could then contribute the mining hardware they have in a competitive market where decisions are even further decentralized.  The Benefit Invictus has here over AWS is that it leverages the skills of a community who has spent a GREAT DEAL of time mastering the art of mining and can create the front end while expecting Altcoin-Devs to contribute mining software plugins for the service, or the DAC's team of developers would do this work. 


Hope this makes sense and I hope everyone finds this helpful.  I am certain there would be much more to this and I am writing this with about 23 hours without sleep so I may have missed a point or two.  Please lets start a conversation about this and lets break and fix this idea until we come up with something workable as a community team. 

Invictus would create a PLATFORM to perform all these tasks, would participate in the mining and would be rewarded for whatever % they contribute to the "pool" of miners-for-hire.  This provides Invictus with Profits from renting miners, would only be ONE income stream and would Invictus would be competing against other miners (keeping the system decentralized).  However, the donations from both Client and Enterprise levels would be used to develop Invictus DAC's based on a percentage chosen by the donater (for a similar system see Humble-Bundles and their game-purchasing apparatus)
« Last Edit: January 06, 2014, 08:29:22 AM by fuznuts »
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Offline phoenix

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Re: Cloud Mining DAC -- Project Camelot
« Reply #1 on: December 17, 2013, 07:06:56 PM »
I don't see how this would be any different for the miners from using the hash-cow mining pool to automatically switch between the most profitable coins. Here, the miners would be guided by people buying computing power from the DAC, and making less than if they just mined the coins directly. If you could put them to work on various projects with the BOINC protocol, then you might be onto something.
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Offline fuzzy

Re: Cloud Mining DAC -- Project Camelot
« Reply #2 on: December 18, 2013, 02:19:35 AM »
The one thing here is that it would allow people who do not want to learn how to mine to mine...
It would also potentially offer the ability for companies to mine using their excess capacity.  At least that was the thought.  Please continue giving constructive criticism and ideas.  This is not something I have the technical expertise to create, but in my mind the concept could work and hit a market that has not yet been able to be included in mining. 

Imagine how much an IT department could save each year by contributing computing capacity during down hours or low-traffic hours.  Imagine how many potential Users who otherwise might have no clue about how to mine might be willing to use this to mine altcoins profitably. 

Yes, they would not receive the same returns as mining directly for a pool, but then again the two user demographics would likely be willing to eat that cost because it would cut out the guess work and, for one of the demographics, would just be used to help offset unused equipment costs (a secondary benefit for a business not directly working in the crypto-space). 

You know what I mean?  This would make it so my Mom could Mine Bit/AltCoins...or anyone else for that matter who has the psychological barrier to going out and downloading a client from a dev on their forums and running it from home computer...or who doesnt want to set up AWS and find ways to automate this. 

MUCH MORE can be done to get a larger base of people mining--though most assuredly there would be a cost associated with the ease.  The more people participate in ANY way in the crypto industry, the stronger it becomes ;)
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Offline fuzzy

Re: Cloud Mining DAC -- Project Camelot
« Reply #3 on: December 18, 2013, 02:22:45 AM »
I don't see how this would be any different for the miners from using the hash-cow mining pool to automatically switch between the most profitable coins. Here, the miners would be guided by people buying computing power from the DAC, and making less than if they just mined the coins directly. If you could put them to work on various projects with the BOINC protocol, then you might be onto something.

Amen on the BOINC protocol, too, btw.  I am just trying to think of new ways Invictus could use decentralized means to gain more cash-flow with minimal effort. 
WhaleShares==DKP; BitShares is our Community! 
ShareBits and WhaleShares = Love :D

Offline luckybit

Re: Cloud Mining DAC -- Project Camelot
« Reply #4 on: December 18, 2013, 09:01:44 AM »
After a long and, at many points heated, discussion with regard to Angel Shares' implementation I sat and thought about it.  Now I'm not a high-end miner so maybe i'm mistaken, but it feels like I might have thought up a potential solution that would cover the middle ground between forcing a centralized mining service along with proof-of-stake for protoshares.  This may only be a partial solution, or worse, none at all...but it seems worth posting. 

Distributed "Cloud" Mining DAC.  This DAC would be formed by clusters of heavy-duty and little miners (like pools) who want to put their Hashing Power up for bid/sale.  The DAC would be made up of many "little" miners to form a service similar to Amazon AWS and DigitalOcean, with one chief difference.  This would already have a GUI Interface with embedded and most up-to-date miners for each specific coin available.   

DAC Services Provided (with great emphasis on non mining-savvy individuals)

   -- Mine BitCoin/Altcoins of choice with just the push of a button
   -- A simple interface for calculating profitability of each coin based off feeds from popular exchanges
   -- Support Merged Mining of Coins where applicable
   -- Pay with Credit Card for services and thus giving another, trusted method of attaining coins
   -- Pay with BitCoin and/or Community-Approved Altcoins
   -- Provide Businesses with extra computational capacity to utilize that capacity to aid in the mining of coins through a direct connection to the Cloud Services (IT departments would then earn value from otherwise-wasted computational capacity during down hours. 


Income Proposal:
   
   -- Credit Card or Bank Wire via Mining Service Users
   -- Receiving small donation of all coins mined (users can choose between amounts to contribute--but they must contribute--and can choose areas and percentages of their donation would like a percentage ithin future DAC layers). 
   -- Would except Faucet/Advertisement Donations from other Altcoin-development teams to create a built-in faucet feature for any Altcoin Donated to faucet address (a percentage of these will go directly into funding future DAC Development----NOT necessary, but good idea from coin-dev's point of view)
   -- Would receive a small percentage of mined coins from Businesses contributing to the mining DAC (or they would earn shares in the DAC for farming, which could then be traded for other Altcoins on a Market)
   -- Offer Escrow Services for selling coins?


ProtoShares holders would receive 5% of total shares in the profitability (pulling that percentage from somewhere dark and foul)


Invictus Innovations could then contribute the mining hardware they have in a competitive market where decisions are even further decentralized.  The Benefit Invictus has here over AWS is that it leverages the skills of a community who has spent a GREAT DEAL of time mastering the art of mining and can create the front end while expecting Altcoin-Devs to contribute mining software plugins for the service, or the DAC's team of developers would do this work. 


Hope this makes sense and I hope everyone finds this helpful.  I am certain there would be much more to this and I am writing this with about 23 hours without sleep so I may have missed a point or two.  Please lets start a conversation about this and lets break and fix this idea until we come up with something workable as a community team. 

Invictus would create a PLATFORM to perform all these tasks, would participate in the mining and would be rewarded for whatever % they contribute to the "pool" of miners-for-hire.  This provides Invictus with Profits from renting miners, would only be ONE income stream and would Invictus would be competing against other miners (keeping the system decentralized).  However, the donations from both Client and Enterprise levels would be used to develop Invictus DAC's based on a percentage chosen by the donater (for a similar system see Humble-Bundles and their game-purchasing apparatus)

This is actually a great idea. I hope more people review this.
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Offline fuzzy

Re: Cloud Mining DAC -- Project Camelot
« Reply #5 on: December 18, 2013, 12:18:29 PM »
I am wondering if there would be a way to create a share through this process (I'm assuming it would be possible as a DAC) as a merge-mined coin so users can choose to sell the Shares they earn, or trade them (for a fee) to other coins.  This would effectively complete the income stream proposal should the other method (that of donation) be seen as unpalatable. 

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Offline MrJeans

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Re: Cloud Mining DAC -- Project Camelot
« Reply #6 on: December 18, 2013, 06:55:23 PM »
It would be nice to replace the payment system with a system more familiar with DACs.

Instead of allowing credit card payments or bitcoin payments, let people pay in Cloudshares. The value of Cloudshares will increase as the value of the service backed by it increases.

Cloudmining, DAC sounds cool. I dont think I have the expertise to see how it will work though. But where there is a will, we will find a way

Offline fuzzy

Re: Cloud Mining DAC -- Project Camelot
« Reply #7 on: December 18, 2013, 10:14:38 PM »
It would be nice to replace the payment system with a system more familiar with DACs.

Instead of allowing credit card payments or bitcoin payments, let people pay in Cloudshares. The value of Cloudshares will increase as the value of the service backed by it increases.

Cloudmining, DAC sounds cool. I dont think I have the expertise to see how it will work though. But where there is a will, we will find a way

The thoughtful and careful planning of the community can help provide insights and answers to issues Invictus Encounters along the way.  ByteMaster said he hoped the community will spend time trying to find answers to the problems instead of simply knocking ideas Invictus comes up with...we all have our roles to play, but thinking as a community will help us to increase the viability of this. 

That is why I made this thread, so please continue offering your opinions, critiques and most importantly improvements.  Lets hope this helps them overcome some of the obstacles ahead :)

P.S.  REALLY like the name CloudShares
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Offline phoenix

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Re: Cloud Mining DAC -- Project Camelot
« Reply #8 on: December 19, 2013, 02:03:47 AM »
I don't see how this would be any different for the miners from using the hash-cow mining pool to automatically switch between the most profitable coins. Here, the miners would be guided by people buying computing power from the DAC, and making less than if they just mined the coins directly. If you could put them to work on various projects with the BOINC protocol, then you might be onto something.

Amen on the BOINC protocol, too, btw.  I am just trying to think of new ways Invictus could use decentralized means to gain more cash-flow with minimal effort. 

The BOINC protocol would allow cloudshares (I really like that name) to perform more services, but would it be possible for people to trick the miners into running some sort of a virus? I doubt it would be economical, since they would have to out-bid everyone else on the network. Also, perhaps you could have the DAC charge customers based on computing time, since the BOINC protocol already has a computing time based credit-claiming system built in.

Potential use for this DAC: rendering 3D animations in the cloud.
Protoshares: Pg5EhSZEXHFjdFUzpxJbm91UtA54iUuDvt
Bitmessage: BM-NBrGi2V3BZ8REnJM7FPxUjjkQp7V5D28

Offline fuzzy

Re: Cloud Mining DAC -- Project Camelot
« Reply #9 on: December 20, 2013, 08:49:32 AM »
I don't see how this would be any different for the miners from using the hash-cow mining pool to automatically switch between the most profitable coins. Here, the miners would be guided by people buying computing power from the DAC, and making less than if they just mined the coins directly. If you could put them to work on various projects with the BOINC protocol, then you might be onto something.

Amen on the BOINC protocol, too, btw.  I am just trying to think of new ways Invictus could use decentralized means to gain more cash-flow with minimal effort. 

The BOINC protocol would allow cloudshares (I really like that name) to perform more services, but would it be possible for people to trick the miners into running some sort of a virus? I doubt it would be economical, since they would have to out-bid everyone else on the network. Also, perhaps you could have the DAC charge customers based on computing time, since the BOINC protocol already has a computing time based credit-claiming system built in.

Potential use for this DAC: rendering 3D animations in the cloud.

Can BOINC be used as a layer on top of any form of coin?  Not sure I understand what you mean.  I am listening :)
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Offline phoenix

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Re: Cloud Mining DAC -- Project Camelot
« Reply #10 on: December 20, 2013, 01:34:11 PM »
I don't see how this would be any different for the miners from using the hash-cow mining pool to automatically switch between the most profitable coins. Here, the miners would be guided by people buying computing power from the DAC, and making less than if they just mined the coins directly. If you could put them to work on various projects with the BOINC protocol, then you might be onto something.

Amen on the BOINC protocol, too, btw.  I am just trying to think of new ways Invictus could use decentralized means to gain more cash-flow with minimal effort. 

The BOINC protocol would allow cloudshares (I really like that name) to perform more services, but would it be possible for people to trick the miners into running some sort of a virus? I doubt it would be economical, since they would have to out-bid everyone else on the network. Also, perhaps you could have the DAC charge customers based on computing time, since the BOINC protocol already has a computing time based credit-claiming system built in.

Potential use for this DAC: rendering 3D animations in the cloud.

Can BOINC be used as a layer on top of any form of coin?  Not sure I understand what you mean.  I am listening :)

BOINC is a protocol for solving problems using multiple computers all around the world. Currently, it relies on a central server to distribute the smaller tasks that make up the full task. In order for it to become part of a DAC, somebody would have to figure out how to run it in a distributed manner. One useful feature it has is that it can solve problems that are hard to verify by sending the same problem to multiple computers, then making sure that the answers are the same
Protoshares: Pg5EhSZEXHFjdFUzpxJbm91UtA54iUuDvt
Bitmessage: BM-NBrGi2V3BZ8REnJM7FPxUjjkQp7V5D28

Offline fuzzy

Re: Cloud Mining DAC -- Project Camelot
« Reply #11 on: December 21, 2013, 08:10:51 PM »
Anyone have experience in this area?
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