Sythe-based Scrypt Coin [Suggestion]

If any administrators are interested in this notion, contact me through PM. I can set up a Scrypt coin (Qt-binaries, source code included) that could ideally become a medium of exchange dedicated for MMO currency trading on Sythe (and possibly abroad if this goes well).

Note, this is an early stage proposition, but if there is enough interest from the community and admins, I'd like to proceed with their good graces.

Some general information about the coin (open to suggestions/revisions before release)

• Algorithm: Scrypt
• Maximum Coins: 1,000,000
• Block Reward: 20
• Block Halving: Every 25,000 blocks
• Block Time: 10 Minutes
• Retarget Difficulty: 6 hours
• No pre-mine.

Coin Name: Sythe
Coin Abbreviation: SYE
Possible Uses: Site competitions, exchange medium for various MMO currencies / services, promote Sythe as a pro-cryptocurrency MMO marketplace (something that is lacking in large scale at the moment.)
Value: Derived from a free market exchange rate of RSGP/SYE.

*There is no specified time frame for the start / completion of this project, but if I get the go-ahead (and some assistance), the aim is to complete it by Summer when commerce on Sythe tends to increase as folks are out of school by then.

I'm open to all suggestions, I would like this to be an integral part of the Sythe community, so it will take each one of you to contribute ideas/improvements to make this a successful endeavor.

 

I like this idea, tough I have some questions.

How would we get this 'SYE'?
Do we upload cash trough pp/mb/... to sythe in return for this new currency?

Also is it possible to become hacked? Looking to the recent BTC/Silkroad hack (yes I'm a newbie) ^^

 

SYE would be acquired through mining initially just as with any cryptocurrency. The diference here is that if it is supported by a relatively stable asset (RSGP) and not tied to he volatility of BTC, the market would quickly adjust to its proper value. I have not discussed any matters with admins yet, as this is still only a rough outline of how I would like to approach it. But yes, eventually there should be a donation / coin redeem / purchase coin option implemented on via Sythe.org directly or through admin-appointed escrows in the future to give it a foundation of legitimacy.

Redgarding the hacks of bitcoin exchange sites, this only happened due a security breach in the sites themselves, not the coin's protocol. If Sythe is secure, then so should these coins.

The reason behind this idea is that in an intangible market such as Sythe, fraud and chargebacks are a huge concern to both sellers and clients. Folks that use services such as Skrill, WU, MB, Paypal have to go through the inconvenience awaiting payment processing, fraud/chargeback, frozen accounts , limiting funds, and a whole plethora of other issues. A well established cryptocurrency should help alleviate many of these issues as well as streamlining commerce, a win-win situation in my eyes.

 

Sythe is currently working on a Sythe wallet, there wont be room for either this suggestion or the wallet if both were implemented.

 

Seems like a good idea, but AFTER the whole of the sythe wallet.
If that project is 100% online and secure I would say admins have the time to develop such a coin.

It's a nice suggestion, but I would say the upper admins would develop it, instead of you.
No offence

 

A cryptocurrency is safer than a wallet, imho I'd prefer this.

 

If this were to ever happen I don't think it should be a strictly mined coin. There should be an initial pre-mine and distributed throughout the community maybe by competition or loyalty or something. I also agree with Cas that it should be an admin project.

 

How do you propose this be mined/distributed from the start? I could see many tech-savy users having a huge advantage over those who aren't, creating unrest and malcontent with the currency.

 

I am in no way trying to undermine the efforts that Sythe has been putting in with the Sythe Wallet in recent months. An online wallet can work in conjunction with a coin's qt-client and as Tux stated, if there is ever a security issue with the site, then those coins may or may not get compromised. The most surefire way is to keep them safe is utilizing cold storage, the next safest being the wallet in the qt-client.

The specific parameters of the coin are definitely not concrete at the moment, all of them can be modified. To both your suggestions, after thinking it over some, I believe a small pre-mine should be initiated and distributed in this manner: Majority stake of the pre-mine should go to the site to self-promote its usage, as well as coming up with website services, donation processing, community events, etc, while some should go into a site-wide giveaway. An idea to consider would also be to have an IPO for potential investors as some coins have done in the past to raise funds. This could be used towards purchasing a large RSGP reserve, hosting fees for the coindaemon, contests, etc.

Also, due to the nature of how the coin would be valued, there should be a grace-period after the Genesis block that members cannot redeem en mass so as to collapse it early on.

Still open to suggestions and comments.

 

The issue I see with this is having the RSGP held. RSGP isn't as 'safe' as a backing currency really should be. No one can go in and wipe a person's HD of BTC, but Jagex can go in and wipe accounts of gold. Then there is the logistics of holding large stocks of gold across mules that all have a decent risk of getting banned then there has to be people available at times for users to cash in the coins. I just don't see RSGP as a good way to value/back a coin. What happens when a new dupe is found and the game is pumped with gold again? I mean there are way too many variables at the moment that needs to be worked out.

 

You are obviously new to crypto's if you think they need to be backed by anything.

 

And this.
Being backed by and supported by are 2 completely different things.

 

Which is why you just accept Bitcoin / Litecoin.

 

I would do 100K coins. We could value them at $1 each and it'd be more fit for the market size

 

Not particularly. By having the coins freely exchangeable to the site for RSGP it is essentially being pinned up by the RSGP market. Meaning that it is essentially just a medium of RSGP trade.

I could be misunderstanding the OP, but that is how I read this:

and


Because I don't know why Sythe as a market would need to have a large reserve, but to exchange to the site. It sounds to me like RSGP would be a backing. You'd do an initial pre-mine and could buy in with RSGP that'd be held by Sythe for value exchange down the road. I don't see any other way to have the coins valued by the RSGP market. I mean of course you'll be able to buy it with any freely exchangeable currency, but the price is going to be derived from the RSGP market. That sounds a lot like a backed currency to me.

Then again I could be misinterpreting OP here and I very well could be.

 

But at least if you just use bitcoins or something you aren't touching actual money and don't have to deal with everything that goes along with that.

 

Going to deny this suggestion until further notice.
Sythe has seen it, and if he wants to implement it, he eventually will.

Thanks