Q-coin network starts 20/4/2014 21:00:00
Sources of Q-coin on Github https://github.com/wonabru/Q
Properties of Polish Mark (Q-coin)
- According to laws in physics as well as in Theory of Information (see also this post) the creation of new Q-coins should be proportional to 'mass of Q-coins' (amount of information in the Q-coins network)
- Q-coin is proportional to amount of information in Q-coin network, so is based on real value Informationism. This is in analogy of basing USD to gold before 1960. So we resolve the problem of nowadays real money that is based only on trust/thoughts people.
- Amount of Information in Q-coins network is the number of accounts.
- In order to create account that is visible in network, one has to join Peer-to-Peer network of Q-coin and 'mine' (operate transactions).
- It is not possible to create account by transferring money to this account, only by mining.
- To each account will connected name like is it with domain names and IP number, so if someone would like to send money to name of account this account has to be registered in network in other case wallet does not allowed you to send money.
- So all Q-coins all the time are in the network and there will be no dispersion. Only some stable inflation.
- One can have official accounts eg. google, IBM, ZUS ;) and also some anonymous when name will be like hash of account.
- Everybody can see how much money are in each account (now it is on each cryptocurrencies eg http://explorer.litecoin.net).
- Official accounts can be easily controlled by everyone in order to prevent corruption. So now people will have control on government and people on top. So realization of real democracy: bottom has tool to influence top :).
- The one who first mine on specific account will register this name on Q-coin network to his private key. This is similar to registering domain name addresses on the beginning of internet, so for sure will be a market of reserved names.
- Q-coins are open cryptocurrency, means important are only names not hashes of accounts. Network has power to grow to infinity (see why it is important here), just one can replace now encryption SHA-256 to SHA-512 or more. In nowadays all cryptocurrencies we have limited number of accounts. Also number of Q-coins are not limited and will be increased naturally with grows of our civilization (based on laws of physics and Theory of Information). Bitcoins are limited to 21Mio and Litecoins to 84 Mio.
- For each name/account will be associated private key (password). Everyone who knows this private key can change this for new one and registered in Q-coin network. This will prevent to overuse creator of account to manipulate money on account. When creator sell name, new owner can change private key for only to his known private key and stop the access to the account for others.
- Everything in Q-coin netowork will have logic consequence not artificial parameters.
- The value will be not only how much you have on account but also to possess the accounts (to have private key to the account). Worth of Q-coins will be based on real value, means on information content in private key.
- Each wallet will be encrypted by default. So everybody on beginning before installation of wallet will be forced to give password of his own. With this password it will be possible to change password and change private key, so possess full control on account, so the value of information content in private key will be given by person who set the password. In consequence the worth of Q-coin will be set on humans, individual humans.
- Everyone will be equal in Q-coin network. Principles will be set so that even founder will not have more priviliges than other people. We will give exact time when network will start so everybody may be prepered to join network.
- Everybody will have a chance to get account in network. It will be random distributed, so not only who will have computer power. The mining will be possible on beginning only on CPU and only one instance of wallet on one computer. So even now who have huge mining farm will not dominate on network. One instance of wallet will be stricty related only to one account. There will be no possibility two have more accounts in wallet. This is logic consequence that one password one wallet, one account. This will force people to give value to Q-coin network.
- Q-coin will be easy to use, so it will be difficult to create main account, but very easy to create subaccounts eg. 1.google, 2.google.
Fundamentals of Q-coin:
Q-coin [Q] is an open cryptocurrency based on fundamentals of Informationism.
- No one will dominate the Q-coin network, even founder, like it is in all nowadays cryptocurrencies (founder of bitcoins possess around 20% of all bitcoins).
When someone resolve block, he will only register account in Q-coin network but will not get any additional payment for this only commisions from transactions (value is having the account).
Q-coin network will pay 0.083Q per 2629743 seconds (about each month).
This gives stable inflation 2% yearly, so natural growth of economy of the World.
In litecoin network each year is generated around 10Mio litecoins and now it cost around 40$ for one litecoin.
So in order to have around 40$ for Q-coin, Q-coin network have to generate also around 10Mio in first year.
This gives that each block should be resolved each 10 minutes.
Equations: amount of Q-coins in network is given by 1/2 * (t*t -1) Q, where t is time.
- So how to enhance people to mine? Just they will reserve names and can resell (look point 10).
- It is not possible to create eg. million of accounts and in that way generate milion Q-coins per block. In order to create account one have to register account in network only by mining. So if you would like to create 1000 accounts you have to buy 1000 miners (GPU) and set to each miner one account and after you will have transaction to account it is visible by network. There is no other way. Nowadays cryptocurrencies need to have transaction to account in order to be visible in network becuase networks operate only on transactions. In Q-coin you will not be allowed to send money just to account in order to register name. Wallet does not allowed you to send Q-coin into not registered name because it will not know what the hash is under this name and hash is taken only from network.
- In order to register name in the Q-coin network you will be forced to resolve the whole block by miner with this account, because p2pool network will not be able to send partial amount to unregistered accounts, only to registered accounts. So on beginning it will be very easy to register account because difficulty of network will be low, but after sometime there will be needed a lot of power to register account. Power counted by Watts and real money. This will cause Q-coin worth, not limitations like it is now in bitcoins etc. When one have registered name/account then will be much easier, because he can join to p2pool network or public mining pool.
- Q-coin has the possibility to live eternal (see why it is important here), because network is not limited. Bitcoins or litecoins etc. do not survive more than 50 years, because they have limitations see point 11).
- The question is what should be inflation of Q-coin in order not to diminish value of virtual currency? Here we use just fundamental equations from Information Theory as well as Physics see 1). We would like to have natural grow of Q-coin in order to reflect amount of information in network (see also this post). So Q-coin will have stable value (1 bit of information in network is related strictly to some volume in Q-coin). It will also brings the stability of currency, means that eg. 1 bread will cost 1Q all the time in future.
- See post here.
Value of account in Q-coin network
Q-coin inflation yearly 2% and yearly one get 1Q on account to infinity, so the value of account is 50Q.
So one can easly calculate value of Q means how much Watts you need to use in order to have one account so 50Q.
When there will be one computer so in 10 minutes he will register 1 account so 50Q, so one computer in 10 minutes will use 50W, so around 0.0095 $ = 50Q.
When there will be 2 computers so in 10 minutes they will use 100W so 0.019$ and this is 50Q.
So 0.0095$ * No of computers = 50Q => 1Q = 0.0095 * No of computers / 50 USD = 0.00019 * No of computers USD.
In order 1Q=1USD in Q-coin network have to be 5263 computers.
Now in internet is around 1BLN computers, so if all will be in Q-coin network 1Q=190000 USD and 1 account is now worth 50Q=around 9.5Mio USD.
Soft will be under GPL License so everybody can see source and make modifications.
Project under developement....
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