Blockchain is a ledger. You can throw the coins away and there would still be some value in the ledger that kept track of all the coins. Blockchains hold the hash information and is what makes cryptocurrency transparent. Transparent is a reference to nothing is hidden besides personal information. If a business is transparent, you could at any time view:
- company value spread
- earning segregation charts
- employees total
- company values, motto, etc
- all used hashes
Hashes allow for information to be in the open without giving any actual information. Only computers that are set up to decode a known hash can view the private information so it is viewable.
Blockchain technology is very simple and can be very versatile! For example, bitcoin works by having a computer with a copy of the blockchain for at least every pool that runs miners. The blockchain isn't a single server nor a single anything.
Why would you want many blockchains? If a computer receives cryptocurrency tokens then it can check more then one blockchain for confirmation that the received hash was meant to be sent to the received cryptocurrency wallet address. It's like asking all your friends if you look good for a night out instead of just one friend.
The real value in cryptocurrencies vary so let's use Bitcoins for this example. Bitcoin has value for these reasons:
- used to purchase pizza in real life in 2010
- previously traded for another fiat currency that's publicly viewable
- used to trade for goods/services (both physical and digital)
- used in non-criminal matters
- public view by its users
- number of transactions
- weight of system (estimated amount of fiat/goods/services used to purchase coins divided by the number of coins in circulation)
- what the coins are used for
The only points of value that involves the coins are in how many coins & what are they used for. What if we put a blockchain in the coins?
The blockchain is a very simple system and now-a-days can be implemented using javascript, APIs & stacked hashes. The coin would have a face hash, internal hashes & a core hash. The core hash has the information used to verify the Proof of Work, Proof of Mint & active ledger. The internal hashes are the Proof of Works which is used to verify against the core hash info. If the core hash and hash layers are equal (with no overeager or underage, aka "equal to zero" aka "=: 0") then the coin is legit, if either are above or below "equal to zero" then the coin has been tempered. The face hash contains the coin number, time stamp of last receiving & sending times, the next hash, last send hash (wallet address that sent the coins) & received hash (your wallet address). If any hash is not proper (perfectly setup as in accordance to the system) then the internal hashes cannot be seen and the coin is fake or has been tampered with. Meme pools and miners are still needed. If every user had their own meme pool device and a miner to process transactions handling their hashes then the transaction lag should be at a minimum to none.
Mining fees will both be there and not. If you use a wallet system by a company you'd have to pay a mining fee but if you ran your own miner and meme pool that only handled your hashes (transactions in/out) then you could send/receive transactions without fees. Keep in mind,if "person a" sends coins to "person b" through a company wallet you would probably receive left over miner funds. Also, since you could mine strictly for certain hashes, pools or sockets you could be hired by a company to mine their transactions, you could mine for a fee or you can run full open and handle any transaction. Having simpler systems and faster transactions with lightweight programming and more choices by the users, cryptocurrency would be even easier to use!
Welcome to the Self-Ledger Coin concept. I first came up with the idea in 2013 but it never really took off. Now with javascript & node.js having more sophisticated abilities like floating micro-functions, Self-Ledger Coins (SLC) can be faster, easier to set up...better.
Thank you for reading, if you like this blog please share.
If you want to help code and build the SLC system, DM me.
--Douglas "3D" Pihl