Cure Coin Interview with founder Maxwell Sanchez
What is Cure Coin, and why does it matter? What is it offering in the Bitcoin space, and how is it different than other altcoins and altchains? In this interview with ...
So I'm here on the south side of the conference and I'm talking to Cure Coin. And I wanted to ask them some questions, explore the project. And here we are with two reps. Why don't you introduce yourselves? My name is Josh. And I'm Maxwell Sanchez. Maxwell? Maxwell.
Great. Nice to meet you, Maxwell. Nice to meet you. So tell us a little bit about what Cure Coin is and what your project is about. So Cure Coin is a project about converting people to do a proof of work that actually benefits humanity and while doing so implements new features that Bitcoins or other coins may want to implement in the future, such as signing algorithms that are resistant to quantum computer attacks and also a proof of work system that works with proof of stake in tandem to create a higher level of network security. Okay, I have a passing familiarity with your project.
There is a number of questions I really wanted to talk to you about. Sure. So first and foremost, is this something you guys are making money with. Is it a de facto business, or is this a charity effort? Right now, we are not making money off of it. We spent our own money to get here, and in the future, it may make a good amount of money, just given our holdings in the currency, of course. However, it is registered as an LLC currently, and we are looking into 501c3 type licensing.
Okay. And tell me a little bit about the Cure Coin economy. Where does value enter and where does value exist, in particular? Sure. So the Cure Coin system is built on actually taking a proof of work system that we have proven to be very effective, SHA-256, and transferring that into being based on some kind of scientific or egalitarian system. So we are incentivizing people to do protein folding and other times of combinational research on the machines, so existing CPUS and GPUS, don't need to buy new hardware. And the idea is to transfer people over to a new system, where you can use a proof of work system that will benefit humanity, and in doing so, there is the entrance fee of electricity of [inaudible 00:02:10], so that gives some value to the currency, in that it takes money to mine it.
In addition, the currency we are looking at several backers who will offer some form of discounts in stores for using Cure Coin as part of their checkout, and that will provide some value-added service. It also behaves in a similar way, although without all the legalese to a carbon credit, in that you can buy it, and it represents some amount of combinational research or volunteer computing. And by doing that, it gives the currency additional value to people who want to enter the project and buy a bit, just to have a positive impact on humanity without having to get down and dirty with actual protein folding or some other types of scientific research. So I'm still a little confused. Who is actually going to buy Cure Coin from you. How do you envision that working, in terms of incentivizing people? Obviously there is the feel-good factor, which is great, but you got that spin on it.
So where does that enter into the equation? So we are hoping to, and we are actually in talks with several businesses that will accept Cure Coin as one of the currencies they accept. We are also looking at getting added into payment networks. And the hope is that eventually Cure Coin will be a college ecosystem-type currency, where on colleges or on campus you can use Cure Coin for various purchases. It's similar to the Bitcoin system. There is no, obviously, backing. There is no financial entity saying that Cure Coin is worth x number of U.
S. dollars or gold or anything like that, so the value really is drived by people's own utility with it. We are hoping to introduce, and we are introducing in a two months, some new systems into the Cure Coin network that will give it additional value as a store of currency, in that it will be resistant to quantum computer attacks, and it will have other innovations that we are working on that will make it a strong cryptocurrency competitor, regardless of the mining aspect. Now being resistant to quantum computing attacks, it seems very theoretical. It does. Is there really any way to actually guarantee that for somebody, other than that you tried hard and you think it will work.
Or do you think there is actually a formalized proof that you guys could do? There is currently no formalized proof. There has been actually a significant amount of work that researchers have done in looking into, because our signatures are based on one way hashes, SHA-256 or whatever, so there has been significant research that shows that a quantum computer can not effectively attack a hashing algorithm. Nothing is completely finalized. We don't have a quantum computer to play with. Right, right. Exactly.
The only thing that would be an attack vector currently for quantum computing would be to use Grover's Search Algorithm for attacking one way hashes. And the idea with Grover's algorithm is that it is a search algorithm that can search any one way function in n/2 time. So if you have 256 bits of security, normally a quantum computer would reduce that to under 128. So that's the highest theoretical advantage a quantum computer could offer. Nothing is set in stone, of course. It is a highly theoretical field, but as far as modern research has shown, ECDSA would be vulnerable.
And Bitcoin would transition over to a one use address system, which was kind of the original intention, but with Cure Coin, assuming hashes cannot be broken by quantum computers, which is promised pretty well by current research, the Merkel signature scheme would be resistant to any quantum computer attacksdoes. The Merkel signature does have 512 bits of security, and some parts of Ps, and so it will reduce it down to [inaudible 00:05:30], so 256 bits to attack. Let's talk about the proof of work system a little bit. So is it the proof of state based coin? Is it the proof of work? What actual work are you doing? Is it the computations that are providing the public benefit here, you are doing, as the actual proof of work component? Talk about that. Sure. So we are partnering with Stanford, their Planning Labs division, and also hopefully in the future a lot of projects on the Boink network in order to work with them to create this proof of work system.
The actual proof of work that you are doing is hashing on the network. That is your proof of work. In order to do that, you need a certificate, and those certificates are signed by these trusted authorities, these research institutes. There is a [inaudible 00:06:13] democratic system built in to vote people off the network, companies, research institutes that are abusing the power in signing certificates, so there is a democratic element to get rid of them off the network. But initially they are given some level of authority in being able to create these certificates, and each certificate contains this little secret key part. And so if you are folding proteins, for example, on your GPU for Stanford and you are getting these certificates, Stanford alone doesn't know that you will be able to mine a block with these certificates.
They are given to you. You reveal the secret part of that certificate that you submitted a hash to them of, and then from that, you will be able to mine on the network. And so each certificate would have a certain number of nonces that you are able to try, which would be your search space, which is based on how much work you contributed to the project. And then that certificate, if it won a block, would be submitted to the network, peers would be able to verify that the certificate was signed by one of the trusted research authorities, and then you would be able to create a block. Now, if people were abusing the system..
. Say, some university decided to attack the network and start producing blocks based on their signatures, people can view that. Yeah, everything is shown in real time in the client, and you will be able to democratically, based on balances, vote people off the network for abusing their signature power. Do you think there are any problems, though, where some universities are inherently less balanced than others, where some people will be making more Cure Coin than others for doing less work? Oh, for sure. So there is a couple of items in effect that will help that. Each university has a different difficulty, so a lot of people start folding for Stanford and there is some other world community grid or something that isn't getting as much love, Stanford would start reward less for the amount of work you put in because it's a fall-in distribution system.
So people will be economically incentivized to switch over to one of the alternate networks. In the future, we are thinking of having some kind of smoothing system, so that if you have a significant amount of work going to one research institute, they would be able to create certificates that would give either a higher block award or a higher chance of mining a block. However, at the current point, there isn't a consistent revamp or market for that. So the network tends to balance the work people are contributing based on their value. GPUs and CPUs will do different projects, so they will have different profitability calculations. You really have a very significant comprehension of block chains, and you seem kind of young to me.
I think I have heard that even you are very young. Where did you learn and how did you learn...? Why don't you tell your audience how you came to be the position you are in? So a few years ago, I read about Bitcoin actually in an article on some site that is now gone, and I thought the idea was cool. I didn't really understand much about it.
I was a freshmen in high school actually at the time. So I dabbled a little bit, played around with it, and I thought it was a cool system. And I decided to learn programming. I started looking through the source code, learning whatever I could, reading articles. And last year, when was it, some time around September? I found Josh online in September on the Bitcoin forums, and he was talking about this Cure Coin idea. At first, I was like, "Yeah, you're full of crap.
This isn't going to work." And I started talking about it more and more, and I got interested in the project and buffed up my computer skills and started working on learning more programming and looking through the source code, a lot more Bitcoin, and started looking into Pure Coin, which is where we draw our proof of stake system from. And the rest of kind of came out of there in the past few months. Yeah. One of the things that I have seen in the Bitcoin space, that I think is wonderful, it's really a meritocracy. Anybody can really join.
If they earn their seat at the table and put their time in and are contributing, you don't need credentials or any of these sort of preliminaries to really compete at the international level. And that is what you guys are doing, so I like seeing that. Where can people go to find out more about Cure Coin? So we have curecoin.net, which is just a website that provides all the information you will need. We have a Bitcoin Talk thread, which is also, I believe, linked to on the website. I'm not the web designer.
I don't know, in terms of website design. We are also, very soon, putting up another website that talks more about the actual technical side of Cure Coin 2.0 (posted behind me), and it will discuss the technical [inaudible 00:10:21] details and have a lot of source code for people to play around with. Thanks a lot. I really appreciate your time. Thank you.