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.

A property management company that handles listings, reputation management, security deposits, documentation/messaging, payment processing, repair tickets, and arbitration.

Reputation Management:

This would allow Lessors, Lessees and Maintenance Entities to develop reputations over time. This would enable market participants to only engage with other participants who have a history of fair participation.

I initially imagine that this would be based on Payment History, Speed of Service, Arbitration Results, Etc.

Security Deposits:

Security deposits would be held by the blockchain with conditional full or partial release based upon the consensus of the Lessor and Lessee. In the event of a disputed outcome the Security Deposit release is determined based on arbitration.

Documentation:

The blockchain would hold Leases and communication between Lessor, Lessee and potential third parties.

Billing & Payment Processing:

The blockchain could automatically generate invoices, hold record of payment, allow for downward adjustment of monthly rents at the landlords discretion, increase according to lease schedule of payments, etc.  Fees here would be one portion of the DACs funding model.

Repair Tickets:

Could be automatically sent to landlords preferred maintenance entity. Invoicing and Payment processing could be a feature here that would allow for fee generation.

Arbitration:

An arbitration system could allow for high reputation entities to provide anonymous decision making in disputes. This is a complex area, but I'm envisioning a system in which three entities vote on two outcomes proposed by the parties with the dispute. A fee here would be paid to arbitrators.


Thoughts?

I'm not a programmer. But I could help think it through, develop specifications and would work on marketing. As someone who's lost thousands of dollars due to incompetent and unethical property management companies I'd be quite interested in seeing something like this come to market.