Building a new Cryptocurrency on top of DERO


#1

Hello there, DERO Community !

Im pondering the ideea of building a new Cryptocurrency on top of the DERO infrastructure.
Why not use DERO instead, one may ask ?,

Well, it is mostly because what i am trying to build will have some pretty unique features not only DERO doesnt have, (this way this Cryptocurrency will not even compete with DERO from this Point of view), but no other Cryptocurrency so far created has.

Trying to “fork” DERO or use its source code and adapt it to my Needs, would not only prove excedingly difficult, but also illegal, and in a world where People want stuff done “yesterday allready”, actually building the Cryptocurrency as a DERO Token, seems in the end the sanest and easiest way to do the Job. After doing some researched i learned that the DERO smart contract functionality has everything i need to create the Cryptocurrency, which in itself relies heavily on Smart Contract functionality.

There are some Caveats though:

  1. Since i imagined the cryptocurrency to be POW, i guess i will be stuck with the POW of DERO and be at its mercy.
    This is one of the problems i would see, as i wanted the Cryptocurrency to be POW with its own mining algorithm and with a Network of its own. However building it on top of DERO, i would have to make it so that those that mine DERO would also get this token as well.

  2. Dero has different Blocktimes, and Blockstructure than what i had envisioned for my coin, so i would need to adapt to this as well regarding Emission logic. This could probably be achieved either using time stamps, or average block times as I would need to stick to a certain coin Emission rate per Minute.

  3. In order to move my coin from address to address, one would have to use DERO to do it, since dero would function like gas. Probably a smart contract could be created/embeded to automaticall atomically change my coin for the required DERO gas fee, which would need to function without the users ever noticing…
    However if people mine my coin by mining dero, they would also have enough dero to move it around. But the functionality of converting a small Portion of my token to Dero, and then initiate the token transfer, would probably still be required, as there are going to definetly exists People/addresses which will only have my token and no DERO to use as gas.

Building on top of DERO does have its advantages though:

  1. I would be choosing the best Blockchain for the Job i could have ever hoped to use or build and wouldnt need to build anything from scratch.
  2. Inherit the Advantages of the BlockDAG infrastructure as well as DERO as of yet unrivaled Privacy and anonimity; as well as other Tools DERO will have as a Cryptocurency. more on that here:
    https://medium.com/@867cryptocurrency/dero-a-new-blockchain-technology-that-brings-cryptonote-privacy-together-with-smart-contracts-4cc4972c81f8
  3. Cutting production time enormously
  4. Getting help from People which are acquinted with DERO code to actually buil it.

One Thing of interest to note though:
Even though i have been working on the Whitepaper for the past couple of monts writing down ideeas, mechanics, Features, formulas, Guidelines, (wrote allmost 30 A3 pages so far) etc, i am on the lookout for People who can help me actually build this Coin, as i am in hardly in the Position to actually build it myself. Could take my sweet time learning myself all of the coding, but this would increase production time.

This is by no means a one man gig, as i am trying to involve several Cryptonote Developer Teams into banding together, and use this coin/platform as a common coin instead of theirs, while displacing their coins in the process, as everthing that they ever hoped to create or achieve or have created, can be used on a single unified superior platform.

Anyone who would like to help or wants to learn more about it, can contact me on discord and send me a direct message, my username is AncientHodler™#9706
As i said i would allready have some people that could help me with this endevour, but the more of us there are, the better. Also People who know how DERO actually works and functions are also needed, as i myself am trying to learn about some mechanics of dero i still need to learn about, in order to finish succesfully create this coin.


#2

I would love to see the white paper. Interested in what features you are trying to add. I do think building on top of Dero is safe. POW with DAG. Can you post white paper?


#3

Weel, i initially conceived the whole Thing as a standalone cryptonote based blockchain. Building it on top of dero, which is a Blockdag, with main blocks and side blocks, changes things.

Here are the Problems:

  1. Dero Block time is variable, and will go lower in the future. I calculated a fixed Emission per block (thus per Minute, since i had 1 Minute block time in mind) So i need to adapt Emission based on DERO’s block times; either using timestamps (to do a certain token Emission per Minute) or using average block times.
  2. I dont know how come main blocks and side blocks add to 108% according to dero Website. What relevance does that have for my token. Should i treat all blocks equal, or should i do a similar split. If so, why 100+8, and not 92+8 ?
  3. Monero uses an adaptive blocksize, wherewith the block can grow up to 100% of the mean blocksize between last 100 blocks. Larger than the median blocks incure a Penalty to block rewards. Value for M_0 is set at 350kb for Monero.
    More on that here:
    https://monero.stackexchange.com/questions/4562/how-does-the-dynamic-blocksize-and-the-dynamic-fees-work-together-in-monero

I had in mind a similar mechanic, Setting the M_0 at 1MB, and allowing an increase of up to 5 times, (400% increase) instead of 2x (100% increase) Monero has. Because my Emission is such that it would Need to have These adaptive blocksize parameters
I dont know what algorithm Dero employs, or how it behaves.
If there are lots of Transactions that Need to be propagated, does it create more smaller blocks ? or doe it create fewer larger blocks (that thus incur reward Penalty). Is there are similar to Monero mechanic built for adaptive blocksizes as well ? Does it have any other Limits.

Perhaps someone can tell me whats what.

This is stuff i havent figured out about DERO yet, and i still need to learn. As more Problems arrise i will update here.


#4

No wonder you “wrote allmost 30 A3 page so far” for a whitepaper. Do you have capital to attract/hire devs and marketing for your project?


#5

Nope, since its not going to te “my” Project, but rather an attempt to bring Cryptocurrencies together and unify them under a single Roof. Instead of working separately, they would work together. They still have their respective development funds on their platforms. Which would be translated into token here.
So it would be still more “their” coin than it would be “mine”.

There wouldnt need to be any capital involved. We pay work with the native token.

There is a plan to sell something at the begining to those interesting in “getting in early” but its not the native token, but something else.

We basically create money if you come to think of it, and we can use that to pay for stuff, and whatever we would manage to raise from the so called “initial sale”, which will not be a token sale, so it couldnt be considered an ICO;

Also i managed to secure listing on a DEX even before any work has started yet, but except from that, i would expect all exchanges that have These coins to list the new token as well. If not, the DEX acts the secondary backup.