Introduction
Yesterday, I was talking to my grandfather about the future of cryptocurrencies. He told me that, in his opinion, their future is very uncertain. I was surprised because I think totally (differently) than him. His point of view is influenced by a lot of bad news which are shown on TV. “Some guy, lost $100 000 with bitcoin” or even “A malware asks for $500 which has to be paid in ethereum”. Generally (on the scale of my little Belgium), cryptocurrencies are bad seen. Although they have very great potentials that we must exploited. And to be able to exploit them, certain characteristics must be erased and others must be added. We are going to name our perfect cryptocurrency “Baisum”. If you think that this name is weird/funny/ugly/good, don’t forget to add a comment. Without forgetting that I’m not omniscient, please shout in the comments when I make a mistake :-P.
Map of the document
The document will be organized in a hasty manner. In my opinion, there are three sectors where we can use virtual money. I classified them in order of utility.
Primary - Original purpose
Originally, money is used when two persons want to make an exchange of goods or service. They use money when they want a universal form of goods that can be exchange in the local region. For example, if person "A" wants to get some bread by giving some sugar to person "B", it’s possible, but we aren’t sure that person "C" will accept the market. In short, the currency makes everyone agrees by proposing a stallion.
Secondary - Mining
I’m sure, you know what is mining but I’m sure that somebody reading this article doesn’t know. So to be clear, when a person A sends an amount of money to a person B, there is always a person C to check if the transaction isn’t fraudulent. And by doing that, the person C will earn a small amount of money as a reward. That is the ultra basic explanation.
Tertiary - Trading
Depending on the trust that people have in such currencies, depending on the use, supply or demand of such currencies, the value of one currency will fall or increase compared to another currency. And with these ups and downs traders manage to make money by buying and selling at the right time.
First characteristic - Stability
A strong currency is a currency having a great stability on the long term. People will be able to use it to store their capital or to use it as a reference. That’s why we must force the value of our cryptocurrency to be as stable as possible. But how to do that ?
According to the primary use, money is used for the exchange of goods and services, we just have to calibrate the value of our currency on that. We can assume that one unit of our virtual currency equals one hour of work. No $20, no €12, just 1 hour of work. So, you work during 2 hours for me, I will pay you 2 BSM (Baisum).
However, the tertiary use will be partially broken because traders won’t be able to count to Baisum to make profit. But again, they could use it as a stallion.
Second characteristic - Polydisciplinary
The blockchain technology is just awesome and it is mainly used in cryptocurrency. But ! We can use it for other items that has to be stored in a database. Therefore, our cryptocurrency's blockchain will store monetary transaction (basic), encrypted message (not bad) and classifieds which empowered the cryptocurrency (good !). With these three tools, it will be easy to create a complete ecosystem around a unique blockchain.
Third characteristic - Easy and efficient mining
Nowadays, mining is a purely energy-consuming process and relies far too much on chance and luck. Several minors/pools can launch on the same block, however only one will get the reward at the end (attention to the big generality here, it is not valid for all the cryptocurrencies). Therefore, one miner/pool mined for nothing and consumed electricity to make the race and not to mine. In order to avoid wasting energy, the proof-of-stake has to be chosen and the proof-of-work has to be erased. About the encryption algorithm, we have to take the m7m hash algorithm because it’s very lightweight and it can be very efficient on many low-end hardware. And we have to set a variable difficulty, adding that will increase the security level of the blockchain.
Fourth characteristic - Freedom and portability
Our future cryptocurrency has to be coded in haxe language. Why ?
Haxe is an open source toolkit based
on a modern, high level, strictly typed programming language,
a cross-compiler, a complete cross-platform standard library
and ways to access each platform's native capabilities.
-- haxe.org
So with a unique source code written in haxe, you can export and compile it to many other programming languages and many operating system.
Conclusion
In my opinion, these characteristics will make Baisum easy to use
- on the long term
- every day
- by everyone
Did I miss a characteristic ? Did I make an error ? Did you like it ? Please comment and upvote.