Transaction

j"1LAnZuoQdcKCkpDBKQMCgziGMoPC4VQUckM"<div class="post"><div class="quoteheader"><a href="https://bitcointalk.org/index.php?topic=1790.msg27561#msg27561">Quote from: chaord on December 07, 2010, 01:29:02 AM</a></div><div class="quote">Honestly, I feel that something like DomainCoins is the "missing link" that this community is searching for.&nbsp; Because the data behind DomainCoins actually represents something (an IP address mapping), I think this could be the use-value that something like bitcoin needs to propel it to success!<br/></div><br/>I think you got the ideas down.&nbsp; The role that the "DomainCoins" (DCC) are playing here is to give a financial incentive to "miners" who are creating a cryptographically secure domain registration database.&nbsp; It is also a work-around due to the fact that we can't seem to figure out a way to accomplish the goals of getting Bitcoins directly to the miners, so instead we are going to be using an alternative currency which can be traded for mining.&nbsp; To me, the only reason for putting any sort of coin generation into the blocks is simply to "prime the pump" to get some DCC put into circulation.&nbsp; Hopefully what will normally happen is that DCC will be exchanged for Bitcoins in both directions:&nbsp; Some folks will "buy" some DCC with Bitcoins (or LR Dollars or whatever) so they can pay for domain registrations and the miners will "redeem" the DCC for Bitcoins as earnings.<br/><br/>Trade between DCC and BTC will be almost insanely easy by design and the exchange mechanisms may even be put right into the GUI interface.&nbsp; I could even see custom clients that might even combine transactions for both "currencies".<br/><br/>This same system could be used in a number of other similar situations, such as an idea I floated about <a href="http://bitcointalk.org/index.php?topic=2001.0">creating a Bitcoin-based Stock Exchange</a>.&nbsp; If such a stock exchange is set up, a similar parallel currency may have to be implemented to also pay for mining the transaction blocks.&nbsp; I can see many other kinds of "databases" set up which would require some sort of cryptographic time-stamping.&nbsp; Something I played with a while back that could be useful here would be "timestamping" police evidence (especially digital evidence such as a dashboard camera video feed from a police vehicle) in a chain of custody system.&nbsp; An engineering company could set up a custom "bitcoin" system to keep track of engineering documents to be used as a defense against a patent lawsuit to both show date of creation and prove that the document file hasn't been tampered with since its inclusion into the database.&nbsp; Seriously, this system is something that has a whole bunch of possibilities that I can't even start to describe the kinds of things that would be useful and we are just scratching the surface.</div> text/html