|Description|| We'll outline a proposal for a peer-to-peer electronic currency which has learned some lessons from bitcoin. Faster and less resource hungry. Most importantly: asset-backed money more adept to faster circulation.
I hope to get some discussion going about the pros and cons of different concepts for electronic currencies. Maybe start a project to carry it into effect.
|Keyword(s)||social, political, network, coding|
|Language||de - German, en - English|
A-Coin: asset-based, fast & efficient Alternative to Bitcoin
Bitcoin is a peer-to-peer distributed system designed to allow payment transactions without the need to trust a third party. Askemos is a peer-to-peer distributed system designed to allow arbitrary transactions - explicitly including financial transactions - without the need to trust a third party.
Both provide the required non-repudiation of transaction - the overlap is rather obvious.
Alternative payment systems based on implementations compatible with the principles of Askemos (A) will have several advantages:
- faster transactions
- better privacy
- less traceable
- higher security (long term and per transaction)
- readily enjoys legal backing ("Wechselgesetz")
- economic backing of value
The most important difference lies in the way new money is created. This process is essentially a lottery in Bitcoin (which some critiques even denounce as a Ponzi scheme).
The herein proposed A-Coin scheme model is closer to traditional schemes. It creates actual, asset-backed money following established processes and laws.
Measurements against money laundering could be applied, yet the resulting money would still be more akin to traditional cash insofar as there is no public ledger of all transactions required, which is often seen as a privacy violation.
The resulting system would be more adept to support a stable, valuable electronic currency. Not only operates it faster than Bitcoin it requires much less resources to operate.
Aim Of The Session
- As the author of Askemos and first fan of the A-Coin I like to discuss with decent fellows the implications of the alternatives.
- Should electronic currency encourage fast cycling? (In contrast to bitcoin.)
- Do we need alternative electronic currencies (as the bitcoin wiki suggests)?
- Would it be worth to start an project?