Today there was much discussion about the next step, bytemaster made a few proposals that were met with mixed responses. As users, miners and investors you should all speak up and let your vies, concerns and questions be heard.
Now, on to Business. I see that protoshares have started to settle in, Powershares are on the drawing board, but i'd like to ring attention to my previous idea. Powershares is an experiment so it can't really be a step forward. My previuos idea was met with resistance yet i failed to get a real reason why. People mentioned the whole DAC stuff, but i think they are confusing currency and business. Either way, i re-propose (Now with a name) Metashares.
With the success of bytemasters' algo that onlly suffered due to unexpected interest, i intend to normalize money supply by imposing more dynamic restrictions. By observing a period of 2 hours of mining, if blocks were flying by at twice the target time, then block reward is lowered by half. If the blocks were moving slower, say at a third of the target time, then block reward is tripled. This period can be reduced to 1 hour or even the steep 30 minute window in order to ward off users of instances.
Coupled with this would be a high starting difficulty that should reduce the extreme differences seen in most coins between early adopters and the guys who come in after a few days. With relatively faster block times we'll see a reasonable increase in tx time but we'll try remain in range of what is considered adaquately secure.
was asked what this currency is for. I maintain that it should be a speculative one in the beginning, perhaps later it may be used for a project by Invictus or anyone else that wants a chain that is already in motion. Value is something we as users bestow on an item, I cannot come out of the box and declare a price for Metashares. To one, they will try to jump in and mine then dump. To another, they will spend 0.1 BTC buying some on the chance that they may become worth 10 BTC in the future or perhaps even more.
i think to use a crypto as a medium of exchange, it has to be an established one with users ready and a secure network. even if it is just a few hundred nodes, it is a starting point. Many DACs will fail due to issues of raising capital. Myself i have spent an excess of money attaing a banking license and the necesarry articles, but for the forseeable future there will be little or no movement at all.
I have no huge expectations.