A local-focused social-capital cryptocurrency experiment

Inspired by Dauphin, Manitoba experiment


* Transparency
* Freedom (to participate, or not)
* Onymous (having a name, opposite of anonymous http://en.wiktionary.org/wiki/onymous)
* local control and local resiliance (priority for local geotagged transactions)
* integrated distributed futures contract exchange

The mincomed (or mincomed-qt) software is based on the Bitcoin, Litecoin,
Freicoin, and PPCoin families of cryptographic currency, using the Block
chain and proof-of-work concepts developed in other systems, and attempts
to resolve some important issues with these other systems.

Notable (proposed) structural changes:

0) BETTER TESTING. proof of work for finding bugs and security holes?

1) Live birth/birth certificate is considered proof-of-work for a mincome
receiving address and a death certificate invalidates that person's mincome
receiving address.

Or, another way:
An individual natural person[A1][A2] can announce one, and only one 'mincome'
address which will be credited with a portion of the demurrage fees. The
software will include template common-law legal documents to allow neighbors
in the same legal jurisdiction to file theft claims for any person who
makes use of any more than one demurrage revenue mincome address.

2) algorithmic money supply determination, based on a commodities/consumer
price index approach, such that if 1 unit of 'mincome' is enough to buy
basic food, shelter, and rent say 500 sq foot of living space today, it
will be approximately the same next year, in 5 years, and in 500 years.

3) futures contract templates and contract recording. Futures contracts
will have 3 parties: The seller, the buyer, and the insurance agent.

3a) There will be two initial 'agents', one consisting of all mincome
receiving addresses and the other funded from network-wide demurrage fees.
(referred to as the 'mincome' and 'demurrage' agents, respectively)

3b) The buyer and seller may choose alternative insurance implementations,
which may be handled by existing insurance models, or by an aggregation
system acceptable to both buyer and seller. alternative implementations
will be specified via DNS names, or git/mercurial hashes for code 

3c) mincome/demurrage insurance will be implemented with a 'pending'
transaction in the blockchain where a buyer must pre-allocate guaranteed
funds/coins. If seller and buyer both broadcast confirmation of delivery
at the agreed upon time and geolocation, the transaction is completed,
with NO demurrage charges on the pending transaction.

3d) If buyer and seller confirm and broadcast 'unable to deliver', BOTH
seller's and buyers address will be debited the demurrage fee for the 
amount and time period of the contract, and the buyer's 'pending'
transaction coins will be returned to buyer, minus demurrage fees.
(this is effectively 'double demurrage' on unable to deliver futures)

3e) Seller's account could in theory go negative from failure to deliver
demurrage. TODO: make a clear mechanism to handle this, as well as if 
buyer and seller do not agree on delivery. May need to formalize escrow/
insurance agent role to handle disputes.

4) blockchain forks are encouraged. If you do not like the rule about
mincome, or the algorithm for determining the money supply, fork the chain,
and change the code (and legal templates, if you wish).

5) human-usable proof-of-work. This is going to take.. well, some work..
to figure out, but the goal is that a computationally intensive problem
like protein folding or theoretical computational chemistry can be used
as a proof of work for mining and authenticating the block chain(s).
Solarcoin has MWH as a proof-of-work

6) proof-of-stake must reward **small** holders much more than large
holders. See 
where various minimums and confusion and whatnot basically make
proof-of-stake something only large holders and early-adopters 
benefit from. This reduces the long-term investment of the coin.
Its not pre-mining, and it's hard to imagine it was intentional,
but it's a very bad second-order side-effect of trying to protect
the blockchain from dust spam.

The unique feature of mincome requiring a connection to one and only
one human should prevent this.

6a) How do we reward individuals saving their mincome? Cap the stake
reward at 7 mincome per address per year, and give say 50% reward for
staked coins?

Some other thoughts:
* 1 mincome unit per year, 8760 mincoins per mincome, 3600 micromin per mincoin
* Mincome block chain uses proof of work that takes days/months
* mincoin uses hash? like bitcoin/litecoin/etc.. one block per hour
* micromin (T/τ/tau .. trust/Tesla/etc benchmark of T/s) uses network+trust like ripple
* why three chains? Tesla liked 3



[A1] pedantic, but important detail: a 'person', in this context, is defined
as a free being capable of making informed choices about how to allocate
resources rightfully or naturally under it's control. This implies something
which may have some natural or legislative rights to own other somethings, but
which is, in no way shape or form, owned by anything else. What constitutes a
'person' is also likely something best left up to a local government. It might
be possible and reasonable that a corporation could be considered a person, but
only if it is one that is free from slavery to owners. I have not yet observed
such a thing which is not encapsulated in a human form, although I expect to see
one in my lifetime.

[A2] Free sentient individuals (persons) may choose to allocate their mincome
demurrage fee rights to some form of a collective, such as a 501c3 non-profit
charity, a church, or a for-profit corporation if they so wish.

[A3] Satoshi's bitcoin paper http://bitcoin.org/bitcoin.pdf

Scratchpad notes

1: identify a mobile wallet that supports multiple cryptocurrencies
2: understand 'comment' and 'comment-to' fields in json-rpc sendtoaddress
3: standardize format for 'who' and 'where' in exchange wallet concept,
and how that gets into the 'public comment' (see 
https://bitcointalk.org/index.php?topic=47283.msg566119#msg566119 )

(not-so) crazyness:
modify ppcoin proof-of-stake: you do proof-of-stake and keep it moving
and get half the stake reward, other half gets distributed to all mincome
addresses. Coins that don't move get demurrage
^^^ keep the 'wow, my wallet grew' coolness that BTC has
* shuffling stuff gets you a transaction fee

big questions: How do determine 'mincome' cost of living to do stake
reward value calculation, and demurrage fee (and make it work reliably
with no round-off errors)

** convert this nonsense to big-endian **
Made with 7 Elements using Vim on a q3u.be running Debian