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Slimcoin is truly ASIC-proof.

The main point of Proof-of-Burn is that "superior and faster mining hardware offers no advantage".

With all of these ASICs coming out for Scrypt now, many people are coming up with "ASIC proof" algorithms. Those are simply patches since mostly anything can be implemented on a custom ASICs an it is wrong to claim any hashing algorithm is ASIC proof. The best ASIC resistance is to not need them at all. Slimcoin utilizes that exactly. It does not focus on proof-of-work that much. It uses a new method of coin generation called proof-of-burn. Long story short, competitive mining can be done with a Raspberry Pi (super-low-power computer), literally.

I decided to make this post as Slimcoin's development is coming near to a stable release. It will be released soon, most likely mid-May of this year. I want to spread the awareness of this proof-of-burn design that completely eliminates the need for ASICs. Here is a more specific explanation of how proof-of-burn works on Slimcoin's website: https://slimcoin.org/index.php/en/resources-en/proof-of-burn (https://slimcoin.org/index.php/en/resources-en/proof-of-burn).

Specifications of Slimcoin:

• Uses Dcrypt algorithm, an algorithm made to be difficult to implement on an ASIC.
                This is done so that by the time any ASICs are made, Proof-of-Burn hash became bigger than Proof-of-Wok
• Tri-Hybrid Blocks: Proof-of-Burn blocks, Proof-of-Stake blocks, Proof-of-Work blocks
• Block time is 1.5 minutes (90 seconds)
• Difficulty re-targets continuously
• Block Rewards:
  • Proof-of-Burn blocks: max 250 coins
  • Proof-of-Work blocks: max 50 coins
  • *I have not yet fully decided on these rewards, so they may change*
• Block rewards decrease in value as the difficulty increases
• Total 2 billion coins

Proof of Burn and Low Power Requirements:
        Proof-of-Burn mining is different from Proof-of-Work mining. More computers and higher computational power offers no advantage over slower computers. In short, how this is achieved is: when one burns coins, that transaction can be used to calculate burn hashes. There is also a multiplier that is multiplied to the raw burn hash to calculate the final burn hash. The greater amount of coins burnt by a user, the smaller the multiplier will be and the smaller the burn hashes will be. The smaller the burn hash is, the more likely the hash will meet the difficulty target (be accepted by the network as valid). Over time, the multiplier of a single burn transaction increases slowly, lowering the effectiveness of those burn hashes, acting like "decaying burnt coins". Per transaction, only 1 burn hashes is needed to be calculated per ~90 seconds. The reason low power can mine this is because basically almost any machine can hash a few SHA256 hashes in ~90 seconds.

This is a very interesting idea, do you have any code ready for it? Also when are you going to be releasing everything?

if/when this comes to pass i've got a pi or two that'd be dedicated

Interesting idea (also RT)

I can use some Raspberry Pi on this. Keep working,

Keep us posted.   :)

I have a stack of Raspberry Pi's I will put on it myself as well as an entire farm of older workstation computers. If you need any help with coding/promotion, please PM me, I think this is an amazing idea. I also have some friends that own pools that can make a custom pool for you.

The Slimcoin code is ready, only that I am doing extensive testing since I want a smooth launch. I plan on releasing it most likely in mid-May. The reason it can be mined (through proof-of-burn) with a Raspberry Pi is because in proof-of-burn, faster hardware offers no advantage over others.

You guys can find a more detailed explanation of how proof-of-burn is able to achieve this under the "How does Proof of Burn work?" article on Slimcoin's website:
https://slimcoin.org/index.php/en/resources-en/proof-of-burn

how does this coin differ from Counterparty?

Slimcoin differs from Counterparty in a few ways. From what I know, Counterparty is a protocol on top of bitcoin which also involves "proof-of-burn". Their proof-of-burn is different than Slimcoin's proof-of-burn. They use proof-of-burn as a way to make the initial coin distribution. In Counterparty, when one burns bitcoins they get XCP in return. In Slimcoin, when one burns SMC (Slimcoins), they can use them to "mine" as if they were a graphics card. Burning SMC models the buying of a graphics card. It costs money, but once you have spent (in this case burned) that money, it can be used for mining.

so this is like pure pos, but the stake will not be accessible anymore after the use

I was about to ask this.

Additionally, will there be an IPO for this coin? Pre-mine? What is the coin distribution scheme going to be like?

I forgot to mention, but Slimcoin is a tri-hybrid. It has proof-of-burn, proof-of-stake, and proof-of-work as block generation methods.

Proof-of-burn is not like proof-of-stake. PoB can be compared more closely to PoW. Burning coins does render them forever un-spendable again. Once some coins have been burnt, the miner can use them using a special algorithm to calculated hashes. Like regular mining, the hash has to meet a specific target before it can be accepted by the network. Unlike PoW, this hashing is not intensive what so ever. Only 1 hash can be calculated for proof-of-burn per every new PoW block (about every 90 seconds). That is what makes this coin minable by a Raspberry Pi.

There is going to be no premine for this coin and the initial coin distribution will be done through proof-of-work. As time passes, PoW will become less and less important as proof-of-burn and proof-of-stake gain popularity.

Interesting. FYI a pure proof of stake coin is also mineable on a Raspbery Pi.

Yes, but proof-of-stake acts more as interest, 1% per year. Proof-of-burn models proof of work but requires much less powerful hardware.

Interesting concept. It's good to see that there are developers out there looking to try new things, instead of re-hashing the same old algos over and again. It will be interesting to see where this goes.

If even Rasperberry Pi can mine Slimcoin, we can imagine how hackers with their botnets will dominate hashrate of this coin. Nah.

Through Proof-of-Burn, no matter how fast of a computer one has, effectively, they could do the same burn mining with a Rasberry Pi and achieve the same result.

i didn't know they'd moved Christmas to mid May   :D

getting more interested with every tidbit of info

If you are actually that interested, the website "slimcoin.org" has more information.

I have also written a white paper (semi-technical document) on exactly how the new designs implemented in Slimcoin work. I will have that up in the following week.

interesting
ipo or not slim boss?

There is no premine and no IPO for Slimcoin.

I hope this coin is not dead after mining it.

This coin aint dying.  :D

I'm deeply interested in this one! Could it even be mined by a PIC or an Arduino? It would rock the crypto world if you can pull this one, everyone could have miners and nodes up 24/7.

It could be mined by a very weak computer, it is not intensive at all. The only problem with Arduino and also Raspberry Pi mining is that they do not have an x86 chip set and the code that I have currently is for x86. That is not to say it could not be ported over; I used the Raspberry Pi as an example of how little resource would be needed.

I guess you could even run it on an OpenWRT router... ain't it? this could be a reason to revive lots of old devices i have laying around doing nothing but collecting dust :D Also, it opens up the floodgates to Mips and ARM mining... interesting

All it requires is a few SHA256 hashes every ~90 seconds, which practically any machine can handle.

POB sounds interesting, but you are not the first one

miners are not gonna like it... so let's all use a 386 computer if CPC464 won't work! :p

Interesting concept.

It's good to see that there are developers out there looking to try new things, instead of re-hashing the same old algos over and again. I

and there is no ipo and no premine..

hope it has a wonderful future.

 :D

Who will be the dev ? slimcoin ? Any other ?

Can you give us more informations about some kind of launch date or can you tell us how you will proceed for the launch of the money, number of coin, premine, etc ... If it is not precisily, give us some outlines.

i am that interested so i did first thing i noticed is you've abbreviated it as SMC but smartcoin uses that, how about SLM?

This is a very interesting idea, do you have any code ready for it? Also when are you going to be releasing everything?


but we should more information about this coin/

thanks so much

how to get coins initially?

this need his own miner if i'm correct, right?

Is "Proof of burn" really that "green"?

People will most probably build huge mining computers or even server farms running thousands of "POB mining" processes in order to increase their chance to obtain the block reward.

But what will the real ROI be if everbody can mine with its personal phone/tablet/computer/etc.?  Probably peanuts.

It will be interesting to see how it goes though.  Waiting to learn more about it.

Was just thinking about it: is it possible that, in case of too many people mining, more coins are burned than mined?

Have more information?

Here is some general information about Slimcoin:

If you guys have any questions, please ask.

Specifications:

• Uses Dcrypt algorithm, an algorithm made to be difficult to implement on an ASIC.
                This is done so that by the time any ASICs are made, Proof-of-Burn hash became bigger than Proof-of-Wok
• Tri-Hybrid Blocks: Proof-of-Burn blocks, Proof-of-Stake blocks, Proof-of-Work blocks
• Block time is 1.5 minutes (90 seconds)
• Difficulty re-targets continuously
• Block Rewards:
  • Proof-of-Burn blocks: max 250 coins
  • Proof-of-Work blocks: max 50 coins
  • *I have not yet fully decided on these rewards, so they may change*
• Block rewards decrease in value as the difficulty increases
• Total 2 billion coins

Proof of Burn and Low Power Requirements:
        Proof-of-Burn mining is different from Proof-of-Work mining. More computers and higher computational power offers no advantage over slower computers. In short, how this is achieved is: when one burns coins, that transaction can be used to calculate burn hashes. There is also a multiplier that is multiplied to the raw burn hash to calculate the final burn hash. The greater amount of coins burnt by a user, the smaller the multiplier will be and the smaller the burn hashes will be. The smaller the burn hash is, the more likely the hash will meet the difficulty target (be accepted by the network as valid). Over time, the multiplier of a single burn transaction increases slowly, lowering the effectiveness of those burn hashes, acting like "decaying burnt coins". Per transaction, only 1 burn hashes is needed to be calculated per ~90 seconds. The reason low power can mine this is because basically almost any machine can hash a few SHA256 hashes in ~90 seconds.

General Outline of Launch:
        The coin will have a pre-announcement before the official release. The initial meathod of coin distribution will be through proof-of-work mining. Slimcoin will depend on proof-of-work for the initial coins supply until enough coins have been generated for proof-of-burn and proof-of-stake to become possible.
        I have not yet determined a specific launche date, but I will make it clear when it will be launched. I will, however say, it will be sometime this May, possibly mid-May.

Code:
        The code for Slimcoin, and slimminer and a few other utilities are finished. I am currently extensively testing the code to have an as smooth as possible launch.

Other Comments:
        Naming: Thank you user: "CryptoHobo" for noticing that the abbreviation SMC was already taken, I will change Slimcoin's abbreviation to SLM.
        Miner: Yes, Slimcoin does require its own miner. I have already created a slimminer by forking cpuminer's code.
        PoB block rewards less than number of coins burned: Yes, this is possible. The users of Slimcoin will self regulate the amount of coins are burned. Proof-of-Work has a similar problem where people buy hardware to mine, but so many people start mining that the profits decrease. What I mean by self-regulation is, when the profitability decreases, less people will burn coins, the profitability will then increase, and then more people will burn coins, etc.... That process will continue until a balance is reached.

Thank's ! That seems to be very interesting specifications with not to much coins !! Keep watching :D

Hi, thanx a lot for all those explanations.  You should add them to the official web site btw.

One more question: is there a simple way to estimate how much miners will earn from POB mining as it is the case for POW (h/s*difficulty) and POS (percentage)?  We need this to know if we should stop or keep POB mining.  I feel like POB will burn a lot of coins and though won't be really useful/used.

The Proof of Burn Block reward can be calculated by the same way it is done in Peercoin. It has a maximum of 250 Coins as a reward and that reward halves (it follows a smooth curve) every 16x the difficulty increases. The difficulty for proof of burn is calculated differently from proof of work. It is calculated based on the amount of coins burnt in the entire network.

So Slimcoin aims to be a POS coin and POB and POW are only supposed to be used at the beginning just like Peercoin, am I right ?

I guess you will need centralized checkpointing like Peercoin, at least at the beginning.

It will be really interesting to see how it goes, thanx for all your work.

The main idea or goal of Slimcoin can be said to be a coin that can be "mined" without hardware as if it were proof of work. In other words, it would solve the issues of GPU shortages that occured Januarry and February of this year and the ASIC preorders, etc. If one wants to buy more mining power, they simply burn coins. The burning of coins costs money, and simulates the buying process. There is little waiting (only the waiting for the burn transaction to mature). There is no supply that could run out, solving the issues of hardware back orders.

Simply put, it is meant to be mined without powerful hardware.

Yep, the idea is great, that can make it.  I'll give it try while it's still cheap.

Hoping that all the mined coins won't have to be burnt just after ;-)

And I guess that's why you have to keep a bit of POW.

Too many Coins. Should have quicker confirmations

how will the pow phase be handled? I'm guessing gpu/cpu
hopefully X11/ Keccak, anything other than scrypt tbh

It uses a Dcrypt algorithm which is only CPU mineable.

bump

I really like that the aggressive ASIC's can't take over. Will be interesting to watch. When will the countdown start?

I plan on releasing this or next weekend. I will have a pre-release announcement a couple days beforehand.

tops  ;D

Slimcoin pre-release announcement is up!
https://bitcointalk.org/index.php?topic=613213.0