Why I had to create a new crypto-value and how it finished?

Why I had to create a new crypto-value and how it finished?
part I

What are the existed cryptocurrencies drawbacks?
First of all they are not decentralized! Even Bitcoin, governed by an small set of developers! How can we have a more democratic crypto-value? That is, In a democratic crypto space we must reach the slogan “one community member one vote”, So community can effect on the “Protocol” either explicitly or implicitly.
In my opinion, the community members are Developers, coin Users and Backers.
The backers are people who dedicate their computer to maintain blockgraph(will be explain later) and forming the network. They are not miners, since I am not the fan of mining! and I seriously believe the blockchain concept is misunderstood too much! particularly there are exaggerated emphasize on speed & PoW & hash-rate and most coins implementation didn’t get the point and just copied the Bitcoin.
Lets go back to Mining. One of the genius solution of distributing coins in a fairly equilibrium was PoW. It is (almost) random and (almost) equilibrium. Because Satoshi needed to solve this problem.
What if I propose another solution? imagine I start a new blockgraph and use PoS to secure the transactions, I have 1 million shares in start date and therefore I get all transactions fees and the minted coins because of coinbases. Let say you like to have some coins. How you earn coins? It is so easy. If you are developer you can help to improve software, hopefully since I am one, there are too rooms to developers to join project. Let assume I wrote the code, based on JavaScript, nodejs & expressjs for client and angular for interface & desktop wallet. By this there are a tons of possibility for an average software developers to join to project.
How the contributors get their wage? Still easy & straightforward. You helped the project by dedicating lets say 5 hours of your time to tweak some css files. You send a proposal about what you did and run a polling on blockgraph. The community members vote for your proposal. They can accept your effort or reject it. If you get approved, the new total shares of project will be 1000000 + 5 shares for you. In next coinbase the coins will be divided between 1000005 shares. 5 shares for you and 1000000 for me. Once your proposal be approved you have voting rights too. That is you have 5 shares and can vote for new proposals (including your proposals). As long as you (and others) contribute in project development you get more shares and relatively my share’s power decline.
To making it more interesting for contributors, every shares last 7 years, means you will earn coins for each approved proposals for next 7 years and you have voting power for next 7 years too.
I started with a “Benevolent dictator for life” BDFL and hopefully very soon became a real community driven crypto-value. This image may explain it better for a single contributer:

to bi continued…

and this image for several contributors:

The software license is/must be MIT or something more free and open. Therefor at any point of time you or/and a group of community can fork and make a new coin, if you do not like the project direction. You see how democratic governance is it?
How users can participate in and how they decide about forks? It is straightforward too but before delving into it I have to explain the network architecture.
Looking at image below

you will found some interesting facts about this imaginary crypto-value.
Unlike Bitcoin and all other altcoins, the mobile wallets can decide to connect to which node which is crucial feature in our coin. The wallet can connect to one or more node simultaneity. So can broadcast the transaction to more nodes. Even can split or clone a single transaction and sends to proper nodes (in sense of trx-fee, connectivity, trustfulness… will explain in details later). The wallet owner by choosing certain node can support what fork supported. Saying that, it is obvious the wallet app must be neutral and not biased to a particular company’s nodes. So the wallet-app is another opportunity to contribute project and get shares. Definitely the wallet license must be MIT or something more open & free. At the end of the day we will accomplish a powerful robust crypto-value software (client, desktop interface & mobile wallet) which has already a valuable coin for which people spend their valuable time to accumulate it. isn’t great?

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Lets take a more detailed look to blockgraph architecture. I intentionally using blockgraph instead blockchain. Because that is a graph and not a chain. That is Directed Acyclic Graph or DAG. So it has immense and unlimited throughput means unlimited TPS (Transactions Per Second). You may ask about famous double-spending attack.
cap-theorem
So let start with CAP theorem which claim in partitioned distributed system you can not have both Availability and Consistency features together and you can have only one of them. So I prefer to choose availability in spending maturated coins, and Consistency in spending not maturated coins. Therefor I make a 12 hour settlement time for transactions. That is all transactions are immediately recorded in blockgraph and they are absolutely irreversible. But the coins recipient can not spend coins before 12 hours. This 12 hours makes an powerful security for transactions.
And now about double-spend problem. If a cheater actor try to spend a coin double(or multiple) time, both (or all) transactions will be rejected and all coins engaged in double-spend transactions will be seized in favor of network’s treasury. So the cheater will hurt itself. In fact after a certain percent of confirmations the cheater even can not hurt itself and the second spending transaction simply will be dropped. Later I will come back to double-spend algorithm in detail. Since in last paragraph I talked about treasury, it could be good to talk a little about that.
Our imaginary ecosystem has a treasury and it’s incomes will be divided between shareholders too. The treasury incomes can be block taxation, seized double-spend coins, transactions & smart contract DataProcessFees, … entire incomes in a cycle will be divided between shareholders in next cycle.
The cycles are the period of 12 hours. Every 12 hours the network create a one coinbase block. Since the shares are definite and transparent for all node, therefor all node can create the coinbaseblock and the outcome will be exactly same values. So there is no need to miner. One random node creates the coinbase block and broadcast it to network. Each node can regenerate a local coinbase block and compare with what is received. They must have same outputs(fresh UTXOs). I will return back to treasury in detail soon.

Minting policies:
By every 12 hour cycle a coinbase block will be created (one at 00:00:00 and the other at 12:00:00) and in that block some coins will be created.
Let say the our imaginary coins called PAI. Minted PAIs for each cycle is not fix, it could be Maximum 2 power 52 micro PAIs, but actually it is 1 percent of that number. So in every coinbase block 45,035,996,273,704 micro PAIs are creating. It is equal to 45,035,996 PAI. So every 12 hours almost 45 million PAIs are creating.
As long as increasing the number of contributors (and in sequence hours of contribute) this percentage also grown until reaching 100 % of all 2 power 52 microPAIs .
This called “inflation rate” and The exact formula of that will be discussed later in this article.
In additional for each block there are another 4 blocks with same amount of minted coins which act as “anti-deflation reserve”. Which means the block can/will be released in case of share holders of that particular block, voted to release it and reserve-time-lock is exceeded. For all 4 blocks there are different time-lock. First reserve block, is releasable after 1 year of minting related coinbase block, second after 3 years, third after 6 years and forth after 11 years.
Last number I’ll mentioned in this part is halving time which is 20 years. It means every 20 years the mintable coins will be half. That is from 2020 to 2040 potentially minting coins will be 2 power 52 micro PAI. And from 2040 the potentially minting coins will be 2 power 51 micro PAI and so forth.

The numbers are intentionally big and periods are long to calming down and give hope to future to ALL PEOPLE in the world, and

wipe out fear and stress from human societies

Think it deeply, you have an steady income for next 7 years (even though in crisis) in type of money which is not inflationary and it is not deflationary too. It regulated by you and other shareholders. So you DO NOT HAVE TO spend it because of devaluation. And you also do not need to hodl it because of exaggerated increasing value. once you release reserved coins your income stretches even more. that is another 11 years. in other word you today do something useful for project (implicitly good for world) and you get payed 18 years in return. that’s why one of slogans is

fair effort, fair gain, win win win

The winners are World, Coin’s society and You

You probably have a bunch of question and doubt either technical or social…
please bare with me until end of article. Hopefully you’ll get answer about all and if still there were something ambiguous just write here and I’ll answer soon.

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At this point the question is what about other non technical people? How they can participate in project? Simply, we all are developer and some of us are software developer. That is, if you are a graphist or a UI/UX designer, or if you criticize a design or a feature in POV of a normal user you are a developer too. You are the vision developer. If you can translate the software content and user-created contents or if you can prepare educational content (for whatever you think is good for community/world) you are a developer too.

We are all developing the world to be a better place as it deserve.

The list is unlimited and you can add new activities too.

Just do not limit your creativity and horizon.

Each activity or proposal by default is approved unless some community members observe it as an unnecessary or irrelevant proposal. In this case everybody from community can/will vote for your proposal. At the end community’s decision indicate if your proposal is accepted or not. If your proposal get approved your “strive for making the world a better place” will be recorder in DNA of human liberation in our blockgraph forever.

How to calculate the coins value?

It has a simple straight forward formula. what you earn because of one hour of contribution, more or less should be equal to cost of buying one hour service from someone else. super clear. you do something and earn X PAIs and in return you supposed to spend x PAIs and buy one hour services from the other one. you must be able to save this amount of value for later, and consequently you must be able to purchase same services even after decades.
lets explain by numbers. every 12 hours 45,035,996 PAIs are minted and for a month will be almost 2,702,159,760 PAI. If you contribute 5 hours you will accumulate 5 shares, so in one month you will earn ( 2,702,159,760 / 1,000,005 ) * 5 PAIs. That is 13,510 PAIs. Since it will lasts for 7 years. so it could be equal to 13,510 * 12 * 7 = 1,134,840.
and for each block (which creates every 12 hours) will be 4 reserve coins with same coins & share that can be released by block’s shareholder majority consent.
so you can multiple 4 the coins. the final coins will be 4 * (13,510 * 12 * 7). so you probably earn totally 4,539,360 PAIs in 7 years because of only 5 hours helping. And if you consider your salary for one hour work (say 12$) so 4,539,360 PAIs worth 5 * 12 $ = 60 $. So every 1 million PAIs is equal 13.21 $. But it is not the right value. because

your are not the only one who contributes to project.

in fact every cycle the contributors number (and consequently the contribute hours) increases and because of that fact the movement will have more shareholders whereas there are fixed minted coins per cycle. it means as long as new contributors join the project your dividend will reduce and can not be monthly 13,510 for entire seven years. the decrease rate can not be calculate exactly but can be predict with a good approximate. there is a visual tool in Contributes. go and change the parameters and you will find some good insight of how dividend works.
but there are some good news! you can continuously contribute to project and accumulate more DNA-shares. in such a way you also increase your voting power. and more important fact is as long as more contributors join to project it means the project is more robust and complete and community is greater, and PAI is more welcomed by people.
and last but not least …
lets explain it later, we need some good experience and best practice on this model of economy. again, it is not something designated only for software improvement as a giant software company.
what we are creating is a culture and not a software. the software and its rights all are open and free and will be open and free for ever. But

the software, the shares and the coins without community worth nothing.

We care to create a community to save the world.

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Do what you LOVE to do. it is the main standard for me (and hopefully for our crypto-value community as well).

I love help people and also coding, so I do it disregarding getting paid or not.

this is my full-time mission, and probably can not be your full-time job. but you can dedicate some hours in week too. although if you think deeply about the idea behind it you will be a full-time supporter too. There are some facts which doesn’t consider properly.

A: the work which done voluntary by passion, desire and probably love have more quality and typically are done in more efficient way than the works which done by an 8 hours work person!

B: we have right to work less and get paid same. In fact

the standard work hours must be 5 days in week and 6 hours in day or even less.

This is normal working hours for a human. And it is achievable.

The problem is what we earn (even in an stable economy like US, EU) devalued at least 2 to 3 percent yearly. That is every 10 years you lose at least 20 percent of purchasing power means you have to work longer & harder, even more than 8 hour per day! It is the place that passion dies and the working process becomes a painful daily duties.
How much time you can spend for your family and hobby if you would be able save what you lose in entire carrier of 40 years of work because of an inflationary money as your salary?
We are all losing our money and precious time to do something irrelevant to life’s philosophy.

We are not born to pay bills and die!

Is feasible this crazy Idea?

Yes, in fact the software is ready, in last days I was working on client code to be more robust and efficient for booting up a new node and connecting to network. The source code is in Javascript. In client side I used nodejs & expressjs plus postgresql as database. And for interface for now I used Angular. The interface has a Basic Wallet by default supports multi-signature addresses (m of n Bech32), time lock for income or/and outgoing coins. Coin owners can even define who and how (in terms of who could be the receiver and how much is daily/weekly, … spend limits) spend the coins for a certain address (say parents for child accounts or CEO for company’s accountant). These all prepare an immense flexibility and usability to our payment system.
For now I just implemented a Basic transaction, but because of modular architecture of software, easily and in secure mode we can add new transaction types. Say you need a kind of absolute transparent & traceable transaction (e.g. for paying Taxes or Donations ) in order to follow how they will spend your generous payment?
So, the PAIs participated in these kind of translation will be transparently traceable until certain time (by minutes or changes between parties). e.g. after 5 time changing between people or/and 3 years. The output of this transactions, can not be used as input in any kind of transactions with les transparency features. Therefor the traceable transparent(TT) transactions recipient can not use received coins in a Basic transaction and deferentially can not use it in confidential transactions too. Until reaching a certain mentioned time and/or changing.
The “TT” was just a simple example of system flexibility. Imagine we can define more transaction types such as different type of confidential transactions(MW, zk-snark…) or specialized light transactions for IoT and micro payments, or some great ideas like RGB coins, whole in one Coin and one ecosystem.
Going back to code,

It will be public announced in next months.

Now I am working on last security issues to be more robust against the hackers and adversaries.

Does “imagine” supports smart contracts too?

We all know the smart money concept is an undeniable feature in a crypto-value. Although it is clear the most functionality of smart contracts are about if x signed and y not signed or z signed after a certain time then some money from j will go to k and so on…

OK, almost all of these functionalities are implemented and embedded in imagine’s multi-signature feature. So we have all even need to name it smart contract!

In fact imagine has more powerful feature which no other cryptocurrencies has! And it is the ability of having steady fixed (almost), guaranteed, long term income. Do you remember the contributors, shares and 7 years income & voting rights? It mentioned in first part of this document. Having this 7 years income give you the power of use it as a guaranty for loan & lending. You can buy some good and services and in return sign an “Generic Smart Contract” to schedule the paybacks. And after putting this document on chain, your cyclic income will be cut in order to doing repay backs. I emphasis on the word “Generic”, because the smart contract concept in imagine is a kind of hard coded program which is enough Generic to be used by more and more people. In fact they are not personalize-able at all. They are hard coded features which can be parameterized to fit to user’s need. I think this is an efficient and good approach to solve the real-world-problem by some real solution. Having fancy features is good but not necessarily solves the real-world-problems. BTW if some one needs these fancy features it is easily feasible to block imagine coins in an Ethereum contract and do something over there and after a certain situation return back to imagine chain and redeems the coins.

The main slogan in smart contract concept in imagine is

“if there is a generic problem, write the parametric-able generic code and put it in core code”

in such a way one time prepare one feature for ALL users and serve ALL users.

Return back to 7 years steady income, imagine supports pull-model too. All other cryptocurrencies support ONLY push model in which the coin owner signs a transaction and transfers coins to other one. It is good but short comes in most of business which the model is pull. Say you want to be a subscriber of an online magazine or a video channel. How can you do it with bitcoin where you have to pay monthly to the company and company need this guaranty of your payment in order to service you a cheaper cost service? Having this regular income empowers you to sign a “Generic Contract” to pay x coins on each cycle to the company. And now the company will get payed automatically for each cycle.

And as I mentioned before, imagine has an special transaction in which the signature until a certain time in future can not be considered as a valid signature. Telling that means if you sign the subscription contract, you can not cancel it before x months (or days or even hours) in features. Means you can subscribe a service for a couple of hours! Isn’t amazing?

Some Observations:

A: The blockchain concept is misunderstood too much! particularly exaggerated emphasize on speed & PoW & hash-rate. Most implementations didn’t get the point and just copied the Bitcoin.

B: The internet was developed & expanded very fast thus we couldn’t evaluate truly the way and span of sharing our private information. And now, we are stuck in a situation that EVERYTHING about our habits, interests, believes, financial history, … are known by governments and the companies (Banks, Search engines, Social networks) that always stand for their benefit even if it is against the societies and people.

C: Internet in early days was defined based on peer to peer communication and not a centralized structure. This centralization of the certification issuers and DNS, … is the one of the biggest flaw of current internet.

D: Money by itself is a tool to store the value and using this value in trading, to change some goods or services with something else. It is only a tool. Money must appreciate it’s value over time, and guaranty the purchase power of it’s owner even after decades.

E: The good sides of societies are forced to be separated islands with poor power and weak voice! They must have power and a glue to tightening and amplify each other’s efforts.

and the solution is Blockgraph for ALL!

By current classic internet infrastructure, Blockgraph technology, and Savor of cryptography we can rebuild the STANDARD internet which has not those drawbacks.

“ imagine ” is a solution. It is a network and a combination of DAG and an Open Public Ledger which is works on top of classic internet and prepares a security layer for communication and value transactions. It is not going to replace server-based websites, rather wrap up those with a one privacy layer.

In order to secure network “ imagine” uses PoS which I prefer interpret it to Proof of Solidarity. Means shareholders guaranty the network health. Shareholders are person who did something to improve ecosystem. There is no ICO, no exchanges, even no fiat money! imagine has it’s native coin ( PAI ) is not a cryptocurrency but it is a crypto-value or a value-presenter. it designated for far beyond the speculation. It cares to returns back serenity and solidarity and responsibility to human life, the values that wrong part of modernism stole from us. i magine is going to wipe out fear and stress from human life.

You do not need buy PAIs ! just do something good for the world and accumulate it. Let say you help the world for one hour and in return, you accumulate some amount of PAIs which by spending that, you can get more or less one hour service from the other one who -like you- believes in and strives for human prosperity; and good news is, this kind of people are far more than what you expect. if you need more PAIs do a favor for whom have PAIs in return of her/his coins.

we all are developer and some of us are software developer. We are all developing the world to be a better place.

At the moment, only the software developers who knows Java-Script & Node.js & Angular by that can run a full node can be contributors and help the imagine .

imagine starts with software developers but definitely does not stop over there.

In different stages different contributors can join to project.

Starting from software developers, all folk of open source movement, designers, content providers, translators, continuing with Hacktivists, then Activists, and the main stream, the list is unlimited and you can add new activities too. Just do not limit your creativity and horizon. There are tons of technical/non-technical issues to do. If you are agree & can & like to do some of them simply do it (or dedicate small amount of time to carry out, even small step) and be a contributor. Or if you think there is something more important to do, simply propose it and hopefully someone will do it for you (and implicitly for the world).

You like the idea? Good. Here you can find more information about project.

Open Money, a glue for accelerate “the openness”

An alternative monetary and wealth distribution model

Hacking “exchange rates” to an indication in “democracy term”

FAQ about Comen (imagine)
…