The other evening Adam Levine floated the idea of having an alt-coin that powered the Let's Talk Bitcoin network. The following idea is my attempt to theorize how you could create a DAC that would allow for anyone to easily create their own alt-coin to fund their endeavours while only having to get one coin on exchanges.Purpose
To allow artists, writers, coders, and producers of media/things in general to generate funding without necessarily having to sell product. Functionality
The coin would have one main blockchain with a limited coinbase generated either through mining or an exodus address.
The client would have basic bitcoin-qt features. Additionally it would allow for users to generate their own unique coinbases that can be traded from within the client against the primary coinbase or, potentially, any of the user generated coinbases.Use Example
John makes sound beds, cues, and music in his spare time. He releases his media without a license and while he would love to do this as his main gig still has to keep his family housed, fed, etc. He’s experienced modest success in getting his media featured in various creative commons projects and is quite talented.
John generates a custom coinbase using the PatronCoin client. He decides that his coin should have 10,000,000 coins generated over a course of 50 years. These coins will be automatically added to his John.PatronCoin address using a supply release model similar to that of bitcoin.
John continues to make music, puts out a press release regarding his PatronCoin, and occasionally releases special edition media available for purchase only with John.PatronCoins. He occasionally trades his John.PatronCoins for PatronCoins which he converts to Bitcoin to upgrade gear, produce physical media, take his wife on dates, etc.
If John continues to release quality media and can grow a following the value of John’s coinbase should increase, allowing him to put more effort into his passion. Those people who appreciate and believe in John’s value can trade their PatronCoins for John.PatronCoin’s allowing John the ability to trade for Bitcoin/USD/Gold/Gear thereby supporting his artistic endeavors. As John's popularity and catalog grow the value of his PatronCoins grow as well rewarding those patron's who have supported John by trading for his coin. Development Funding
I think using some kind of exodus address funding model to generate the initial coinbase would be ideal. If the initial funding period ran for 2-4 months by the time the funding round is complete you’d have considerable codebase to be inspired from in Bitshares, Mastercoin, Ethereum, Nextcoin, Open Transactions, etc.
If the Let's Talk Bitcoin crew were to take on management of getting the project to release I for one would be more than happy to see 10%-20% of these funds go to support the LTB network as well.
Being a protoshares holder if the initial coinbase honored the III social contract I would certainly be pleased and even more incentivized to promote the coin. ;-)Potential Problems
User generated blockchain spam?
Is this idea just a different version of devcoin?
I'm sure there are plenty.