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Geo-Coin Blackpaper
March 08th, 2018
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In 2013 I had a conversation with a coworker about Bitcoin. What
is it? I asked. No, no, I mean, how does it all work? I repeated.
We went on like this for a few days before he eventually just told
me to read this whitepaper [0]. Ahh, now I get it... well mostly.
It makes sense from a logical point of view: how do you build
a platform that can naturally prove things true without needing
a 3rd party? Well, you build truth into its very existence. What
if the universe were nothing but a giant ledger?
At that time my coworker had become involved in a community
takeover of an alt-coin, a crypo-currency which had become
abandoned by its creator. He had some grand plans but the coin
failed to gain traction. In a sense theirs was a precursor to
Z-Cash and Dash in the anonymity space. It had great plans and
lofty goals, but no clear path to reach them.
Around that time I also gave some thought to another
crypto-currency which I thought had potential to be meaningful
from an economic point of view. My premise was a coin with a value
that relative to its transaction-point geographically. In short:
Geo-Coin
A crypto-currency designed for the development of local markets.
At the heart of the Geo-Coin system is the addition of geographic
proof to proof-of-work. Every mined coin is done so with
a specific geographic location attached to its identity.
Wallets, as points of reception in a transaction, also hold
geographic location as part of their identity. A wallet can hold
coin values without degradation if they share geographies. As
the wallet and coin increase distance, part of the value of the
coin is lost. In this way, the further a coin "travels" the less
its net worth in the system.
Why didn't I pursue this idea, you might ask (unless you're
already prepared to tear the idea apart, you vicious bastard)?
Well, I'm not sure it's sound, first-of-all. It's possible that if
you expend a great deal of resources you could create wallets
using a false location shared by the source coin, hold it all in
trust in a billion little wallets, and then trade without loss.
That is, assuming that the proof of geography is something that
can be spoofed.
That's surely part of the reason. The other big factor is that
it's a lot of work, and I don't care all that much. Great ideas
(if this even counts) aren't worth 1% of success. Well over 99% is
the effort you put in. I don't need to spend that amount of time
in crypto. The idea makes me feel gross.
Finally, I could never crack the big problem. How do you prove
location? Give it some thought and see if you can come up with
something that can't be manipulated. With that piece of the puzzle
the rest should be doable. If you can make it work, take it and
run. More power to you. All license or copyright or other legal
shenanigans is hereby revoked.
Enjoy (you vicious bastard)
[0] - Satoshi Nakamoto Bitcoin Whitepaper
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