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A user asked:
I was wondering whether a blockchain could be built to replace OneCoin’s SQL?
I appreciate it's a scam in its current form, but given that the architecture for a vast network global already exists, could it ever be used for a legitimate cryptocurrency?
Bjørn Bjercke answers:
A blockchain works by making data sets (blocks) of transaction data.
Example: "User A" sends 2,5 whatever to "User B" at 01.01.2010 10:10:10pm.
So to implement a blockchain we would need to punch in all transactions with correct date and time from the first transaction to today. So by the time you put 20 000 people or so to do all this work, make the blockchain up-to-date the blockchain the old system has to go down for the last bit and the users must receive public/private cryptographic key pair and a lot of users must have a copy of the blockchain (run nodes). If it is not decentralized it’s still a scam. There is NO visible cryptography in OneCoin. So there are no public/private cryptographic key pair wallets like in all cryptocurrency. Therefore OneCoin is not a cryptocurrency, nor has it ever been.
PubPri Sample.jpg
The user asked:
My question, in essence, is whether OneCoin is totally useless, or whether something can be made of it? I mean more the community and ideas of democratizing money because it seems that everything is there but the blockchain? I know you can't put a blockchain into the system as it stands, but if you were to treat everybody's number of 'coins' as a number (which is ostensibly what it is), ignored it and then gave them that many OneCoins in a wallet backed by a blockchain, could something not be built from here?
Bjørn Bjercke answers:

Only a certain amount of transactions fit into a block (measured in data amount - bites) for Bitcoin this is somewhere between 2500 and 3200 transactions per block... yes you could have it faster with more space in the blocks and so on but that will, in the cases I have seen, result in less security and/or more power usage.

So if you did 3000 transactions per block per 1 minute that's still 1250 blocks (21 hours-ish) before they are up to date. However, 1 minute is too fast for a global network. The blocks "collide" like we see a lot of in Ethereum that uses 15 seconds block time. Ethereum does not allow a lot of data in their blocks. In bitcoin its 10 minute block time, blocks do "collide" but only 3-4 times a year. It's called orphan blocks if you want to look it up. In Bitcoin 1 block mined is all that's needed to secure the transactions in Ethereum its 12 blocks. Most exchanges and services we have that accept bitcoin today demand a 5 or 6 block hold to make the transaction supersecure but in my mind value under $10 000 USD is secure by 1 block, $100 000 USD by 2 blocks $1 million USD by 3 blocks and so on.
So let’s play into your scenario:
  • 1st. I set up a secure blockchain for OneCoin and pre-mine in the current supply.
  • 2nd. I would distribute nodes all over the world and make sure they are receiving data to make it decentralized.
  • 3rd. I would distribute wallets to all the users.
  • 4th. I would punch in all the balances with the help of my 20 000 helpers while the olde system is down for a weekend.
  • 5th. By Monday morning, in theory, OneCoin would be a valid cryptocurrency
This would mean all the users would have to ignore the FACT that for the last 5.5 years there has been no blockchain and I could get their attention and communicate with all of them.
The magic of crypto isn’t really the blockchain, it’s the decentralization of nodes so everyone could see if someone cheats the system. Secure cryptography only gets you so far, the rest is up to the community. Starting a blockchain from scratch with only one user is very easy.
This is a node with a miner on top.
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