Proposal for a new altCoin: Blendercoin!

Some of you are likely familiar with Bitcoin and it’s procedures for tracking transactions and generating wealth by doing so.
Unfortunately a lot of that power is wasted just solving the hashes.

There’s a new coin called Gridcoin that is tied to BOINC and the World Community Grid that is working on making it so that those doing mining are contributing to research efforts, and not just solving hashes.

This new coin variant opens up a promising future for altcoins. Imagine if we had a Blender coin where the miners were part of a pool that acts as a giant renderfarm, using individual frames as confirmation of transactions rather than just hashes alone. The more you contribute to the render pool, the more coins you earn. Which you can then spend within the pool for rendering power from the other users, or sell to those who want access to a worldwide farm of thousands of users.

If BOINC can be tied to the Gridcoin wallet, then the above scenario is entirely possible. All we’d need is a couple of coders who know their stuff. :slight_smile:

I’ve read in an article that so many all-digital currencies are coming out that they might, in the end, all destroy each other through competition.

Think about it, the coins have no support from any central bank and are not backed up by any powerful entity, how are they supposed to maintain their value without this considering the fact that they’re already unstable?

In the end, it might be that these coins that supposedly allow tremendous wealth generation by doing nothing in a physical sense (let the computer do all the work which is a teenager’s wet dream), will end up being worth well…nothing. You might think, it’s going to make everyone wealthy, but when everyone gets wealthy, the market will compensate by raising prices due to the dilution of value and everyone suddenly becomes poor. The only way out is to remove money to the point where everyone on Earth can get a free palace lined with 24 karat gold.

It’s good that there is competition with these virtual coins. Hopefully the competition will drive the price down for the bitcoin which was at $1200’s last time I watched the news. Not that I intend to buy any of these virtual coins, but it’s an amazing study for the supply and demand curve.

It will be interesting to make sense of this in the decades to come.

The difference with this system is that it wouldn’t really be a for-profit currency. It would be a way of trading contribution to the render farm for a return in horsepower from other people many times your original contribution when you need it.