BitShares Forum

Main => General Discussion => Topic started by: weiry on January 27, 2014, 07:56:21 pm

Title: PatronCoin
Post by: weiry on January 27, 2014, 07:56:21 pm
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.


To allow artists, writers, coders, and producers of media/things in general to generate funding without necessarily having to sell product.


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.
Title: Re: PatronCoin
Post by: AdamBLevine on January 27, 2014, 08:14:02 pm
I think you've got the right idea here, I've actually designed such a basic protocol and am working with the guys at Humint to develop it into a cryptocurrency agnostic platform that allows user created coins with flexible money supplies to lessen the volatility in the market (since you have two metrics that float, money supply and price instead of just price).

The idea isn't really a floated sorta thing, we're doing it.  I'm just looking for the opportune time to jump in and grab onto a technology.
Title: Re: PatronCoin
Post by: weiry on January 27, 2014, 08:35:44 pm
Right on. Count me in for some LTBcoin.

Have you published a white paper or anything I can read to learn more about this platform?
Title: Re: PatronCoin
Post by: AdamBLevine on January 27, 2014, 10:05:53 pm
Right on. Count me in for some LTBcoin.

Have you published a white paper or anything I can read to learn more about this platform?

Have I shared this with you yet?   It's a little out of date but should give you a general idea.
Title: Re: PatronCoin
Post by: weiry on January 27, 2014, 11:16:23 pm
First time I've seen it.

I like proposed coinbase distribution. It strikes a good balance between developing content and engaging the audience.

I agree that you shouldn't be a central point of failure for disbursal, but am not sure if scripting coin distribution based on a voting system is ideal. It very well may be the best option. But such a system seems prone to gaming to me.

Additionally I'm concerned (this comes from witnessing the digg and reddit communities) that as bitcoin becomes more mainstream a decentralized voting mechanism will result in thoughtful content losing to memes.

Decentralization is an amazing concept that I don't fully understand. I am fully supportive of decentralization when it comes to our ability to choose what to do with our own resources. However, centralization (in the form of cooperation and shared values) seems essential to me on a smaller community based level.

All of that to say, I think some form of moderation for content that gets rewarded isn't entirely distasteful. Perhaps a voting system that goes before a sufficiently distributed council of elders with a multi-sig transaction necessary to disburse funds for content?

We live in interesting times. Thanks for sharing the idea with me. I look forward to seeing what comes of it.