Bitcoin Forum

Main features of Bitcredit

- Implementation of a (for the moment) one way "soft" sidechain.

- Bitcredits are claimable from Bitcoin; up to 90% of the total Bitcoin monetary supply at any given time can be used to claim bitcredits. Bitcredit runs in parallel with Bitcoin and connects directly to the Bitcoin network, as well as running a separate network. This feature currently do not exist in any other system and will allow a migration path for any Bitcoin user. Bitcoins are NOT spent to claim Bitcredits; instead bitcoins will act as a ticket for claiming. Bitcredit will track the bitcoin network for the coming five years. This means that Bitcredit is effectively integrated with the Bitcoin mining system for the same period.

- Unique combined proof-of-work/proof-of-deposit mining algorithm. The pow/pod mining algorithm solves among other things one major problem with Bitcoin, namely the direct relation between inflation, Bitcoin value and mining costs. It can also be argued that it provides a higher level of security, where the system is dependent mostly on itself. In the absolute start-up phase, approximately the first six months, only proof-of-work mining will be possible and once initially mined coins will become available for deposit the system will gradually and automatically shift toward the combined pow/pod algorithm.

- Supply is released over an S-curved distribution plan. Early startup phase will have coins released at a slower rate and once adoption starts to pick up the rate will increase. Coins are released in relation to the total monetary supply, to compare with Bitcoin where the supply is released at a rate that is tied to the depth of block chain. This type of distribution puts emphasis on actual demand rather than focus on early adopters.

- Total monetary supply is 30 000 000 bitcredits. Half of the supply will be kept in deposit at any given point in time. This means that only 15 000 000 bitcredits will be available for spending, making the effective supply slightly less than the Bitcoin supply. Initial distribution is also faster, which means that 90 percent distribution will be achieved at about the same time as Bitcoin.

- The deposits for the proof-of-deposit system can be created offline, minimising the risk when participating in the mining system.

- Multiple parties can take part in a mining effort, with different roles for depositor and miner. Instead of contributing to mining pools this may instead cause the rise of deposit pools, shifting the focus of the mining process from mining power to deposit power.

- Claims can be generated offline, and in a way that guarantees the claiming party not to put their bitcoins at risk.

- The future possibility to use bitcredits as coloured coins has been taken into consideration when the protocol was created.

- Bitcredit has a higher block limit from the start, 4MB. Block limit will be increased in line with the planned Bitcoin block limit raise.

- Safer transfer of bitcredits ownership. Verification sign-off is built into the protocol to enable a receiver to verify that a transaction is correct before it gets finalised.

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How do I get started?

Software and further information can be found at http://bitcredit-currency.org.

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Why a new coin type?

It can be argued that there are several drawbacks to a sole proof-of-work system. One is the relation between coin valuation and mining costs, where the mining cost effectively limits the total value of the system. In short, if a system has a ten percent inflation rate per year the cost of mining will gravitate towards ten percent of the whole value of the system. Or, looking from the other side, the total value of the system will gravitate towards the mining costs. With a system that mainly depends on entities proving that they have control over system assets, the direct connection between mining and price will be removed.

It is also quite difficult to measure the security in a proof-of-work system apart from being able to tell that the difficulty is at a certain level. Any entity can take part in mining and also without notice add a lot of resources in an attack, whereas a combined system that also requires resources internal to the system mitigates that type of attack. If the parties taking part in the mining system also are invested in the same system, the will act in self-interest to preserve the system. This type of self-enforcing behaviour has been discussed in Satoshis original white paper on Bitcoin.

Once a large enough blockchain has been established an external brute force attack done solely through mining power will not be possible.

Bitcoin also suffers from a problem with several unknowns with regards to a relative high number of coins in existence. There exists both so called zombie coins, coins that have not been touched in a long time, and a large amount of coins mined initially by Satoshi, the initial creator of Bitcoin. These two sets of coins have been estimated to be approximately 3 000 000 in total. This is not a problem in and by itself, but if and when any large amount of dormant coins starts to move, it can potentially cause problems, ranging from fear to price collapse. This may even be more true for the coins belonging to Satoshi himself, which have been estimated to be in the range of 1 000 000 coins. If a controlled migration path to a new system is offered, this will either force dormant coins to move, or prove that they are in fact stale.

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What are the main drawbacks of Bitcredit?

- More moving parts means a more complex machine. The dependency on Bitcoin could potentially prove to be troublesome, this dependency will exist for approximately five years.

- If a fatal flaw occurs in Bitcoin it will (probably) also affect Bitcredit. The Bitcredit system is however not dependent on on-going mining in the Bitcoin blockchain.

- The dependency on the Bitcoin blockchain means that initial download is the download of the Bitcoin blockchain, plus the initial sync between the Bitcredit blockchain and the Bitcoin blockchain. This will naturally cause more overhead. Initial sync may take a lot of time. There are three distinct steps in the initial sync; the Bitcoin blockchain sync, the Bitcredit blockchain sync and the alignment between the two. Initial time to download and setup the blockchain can range from a day on a modern computer, or on a slow system, up to a week.

- So far the implications of using half the monetary resources of the system to secure the other half is not known. This may cause the incentive to mine to drop, and it may also cause uncertainty with regards to the valuation of one single bitcredit.

- With a direct dependency on the Bitcoin blockchain the system needs to be kept somewhat aligned with Bitcoin development. Some of the coming requirements that needs to be addressed are increasing transaction volumes, "headers first” initial download and the increasing block size.

- Storing two blockchains and keeping them synchronised requires more disk resources. For the moment an initial setup requires somewhere around 40 GB as compared to Bitcoin, which requires around 30-35 GB as of March 2015. Decreasing this difference is a high priority.

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Claiming

How does it work?

The easiest way to go about and do it is to download the Bitcredit application and start it. Once it has been started and is syncing the Bitcoin blockchain, you can take any wallet from Bitcoin and add it into the Bitcredit working directory. The wallet will be scanned for transactions as the Bitcoin blockchain download progresses. A rescan can also be invoked manually once the full blockchain has been downloaded.

The Bitcredit blockchain tracks the state of the Bitcoin blockchain approximately three months back. This means that the safest way to make a claim of bitcoins into the Bitcredit blockchain is by first making a copy of a wallet. Store the copy in a safe place. Once the copy is done, all bitcoins in the original wallet should be transferred to a new address that you have control over. After this you can import the copy of the wallet created in step one into Bitcredit and claim the coins.

Since the tracking of the Bitcoin blockchain is three months back in time you will be able to claim the coins using the copied wallet but still have a guarantee that the original bitcoins can not be touched once they have been transferred to the new (previously unused) address.

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Q&A

Does the name Bitcredit have anything to with credits as in creditor?
- No. The name relates to the concept of “credits”, first made popular in Isaac Asimov’s Foundation series, and after that a common theme in movies and literature. There are no other intended associations.

Is this a sidechain?
- Yes and no. It is NOT a sidechain implemented through a two-way-peg that removes coins from the Bitcoin network with the possibility to return them later. It is however, a working implementation of a one-way claiming process that taints the bitcoins that already have been claimed. This is a process that in practical terms makes Bitcredit a side chain. Sidechains that actually can move coins back and forth between chains can not be implemented in Bitcoin without major updates to the Bitcoin protocol. It can also be discussed if this actually is what one wants to achieve in a sidechain implentation, instead of giving Bitcoin users claiming possibilities in a new currency that has different properties, thereby enabling a safer transition to a new system. The Bitcredit implementation can be considered this type of "soft" sidechain implementation, since it does not destroy bitcoins. It is, to be more precise, a variant of what is described under section 3.3. Assymetric two-way-peg in the blockstream white paper on side chains. http://www.blockstream.com/sidechains.pdf.

What do you mean by proof-of-deposit?
- Proof-of-deposit communicates what is actually happening, coins are added as a deposit to a block to prove that a miner is dedicating resources to the mining process. Adding resources as a deposit means actually locking them up for an agreed period.

Could you explain a little more about the proof-of-deposit system?
- The core of the block creation system is a normal proof-of-work system with an extra requirement added on top, proof-of-deposit. What this means in practical terms is that you not only have to contribute mining power but also a deposit for each block that you intend to mine. If you do not contribute a deposit that is large enough, two things will happen; the reward given for each block will decrease and the mining difficulty will increase. This means that each miner has a strong incentive to add deposits up to the required level. Each deposit will be held for approximately three months and once the time has passed the coins are released to be reused as deposit or otherwise. Under ideal circumstances at least half of all coins available will always be locked in deposit at any given point in time. Deposits are not held by any external party but are added to the blockchain itself. The proof-of-deposit system uses the total known monetary base as a parameter for calculating the deposit required for each block. The demand for deposits will grow in the same pace as new bitcredits are created.

What might the benefit of this be?
- The traditional mining system of Bitcoin acts as a cap on the total validation as long as there is significant inflation in the system. To be more specific, if there are an inflation of ten percent per year, ten percent of bitcoins total value will have to be expended on mining. This induces a practical cap of the valuation of Bitcoin in direct relation to its inflation. Once the inflation drops low enough the system may instead become unstable due to low incentive for the miners.

As a contrast, with a system where large stakeholders are the key players the incentive for them will be twofold; first and foremost large stake holders will want to use their coins to produce a return and second they have an incentive to keep the system stable simply because they are large stakeholders.

What about the “nothing at stake" problem?
- The Bitcredit mining system is a combination of proof-of-work and proof-of-deposit. There will be a cost involved in mining, the efforts put into mining will just be much less than for Bitcoin. The nothing at stake problem affects Bitcoin to the same extent as any other coin. If each coin has a low valuation nothing, or little, could be said to be at stake. If each coin has a higher valuation, a higher value is put at stake. Once part of the initial distribution of Bitcredit has been achieved, the nothing at stake problem probably do not apply anymore. Since the first six months are solely dependent on proof-of-work, the problem is mitigated for the initial distribution period.

What happens if no one wants to contribute enough deposits or mining power?
- If not enough deposits are contributed two things will happen, the difficulty will rise for the miners not contributing enough and the reward for mining a block will drop. Entities providing enough resources will not be affected. In practice this means that if not enough resources are contributed the monetary base will not grow as fast as otherwise, and the block creation process may become slower. This will probably not occur on normal circumstances and the system will still work as intended.

Won’t the proof-of-deposit process concentrate voting power simply to large resource holders instead of large miners?
- Yes, maybe. In an ideal world, the power to control the Bitcredit system will be spread across approximately 15 000 entities. When a system where coin holders can contribute with parts to the deposit (the protocol allows it today, in a safe manner), this figure could be increased to approximately 150 000 entities. Large stakeholders also have a strong incentive to keep the system stable.

Will proof-of-deposit prevent the miners from moving to specialised hardware?
- Probably not. The incentive to create specialised hardware will be lower since deposits will be required, but there will still be a competitive advantage in having hardware that hashes faster.

Won’t tracking of two chains impede performance?
- Maybe. At the moment there seems to be no performance issues though and the Bitcoin core developers have shown that a Bitcoin-like system is able to scale quite well.

Isn’t the connection to the Bitcoin network an extra complexity, causing extra risk?
- Yes it is. However, the Bitcredit network isn’t depending on on-going mining of new Bitcoin blocks. It only requires an initial chain that is internalised once downloaded. If the creation of new Bitcoin blocks would stop, Bitcredit will continue to work independently.

What are the implications of using half of the monetary base for deposit?
- Simply put, we do not know that yet. A best guess is that it will partly affect the price of one single bitcredit, but it will be quite difficult to say to what extent or how.

Does the claiming process mean that the fungibility of Bitcoin will be affected?
- Yes. The claiming process will “taint” all coins that have been claimed. The claiming process is the electronic version of writing “this coin has been claimed” on a physical bank note. This tainting of coins will only be done in the Bitcredit system and do not touch the Bitcoin blockchain in any way.

What is fungibility?
- Fungibility is one of the properties that make something suitable for use as a currency. More specifically, it is the interchangeability of one individual unit of a currency for another without affecting their respective value.

What do you mean by monetary base or monetary supply?
- The monetary base in financial terms is roughly equivalent to all units of a currency that has been issued by a government. In the context of Bitcredit it is simply the amount of coins that has been created through mining and claiming.

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Disclaimer

Bitcredit is an experimental system. Any problems may occur, including the loss of all bitcredits. Even if the Bitcoin blockchain is used solely for reading state and all other interaction with the Bitcoin system has been disabled in the client, issues may occur here as well. These issues include possible loss of some or all bitcoins used. Care must be taken when testing and it is highly recommended that ONLY small amounts are used for all testing purposes. It is also highly recommended that any bitcoins used are moved to a new address as soon as possible after testing.

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Support and development

Contributors are quite welcome. There’s currently demand for the following roles.

- Developers. Catching up with the current state of the Bitcoin client is urgent. For the moment, the version of Bitcoin used internally is 0.9.1.
- Peer reviewers.
- Seeder nodes and fixed nodes to establish a more robust network.
- Graphic artists.

mmmh.. reading

If I read that correctly you want users to put their bitcoin wallet.dat into your bitcredit directory ?!
Doing so would be totally insane - the users would risk using their whole wallet.dat ...

you must change name

name in use other coin

December 17, 2014, 03:24:18 AM
https://bitcointalk.org/index.php?topic=896133.msg9862884#msg9862884

Yes but first you must move your BTC to new wallet.dat
But another thing what about privacy your past transaction.
And how high is the reward for wallet.dat ?

Claiming can be done in a way that guarantees the safety of the bitcoins. The Bitcoin blockchain state that is tracked is approximately three months back in time. This gives the user a possibility to move all Bitcoins to a new address, take a copy of the old wallet and use that for claiming.

this clamcoin clone?

where source?  only binaries?

wtf???


Actual Bitcredit is here :- https://bitcointalk.org/index.php?topic=896133.0 (https://bitcointalk.org/index.php?topic=896133.0)

Instructions on installation of clients, how to claim Bitcoins from Bitcredit and instructions on how to start mining with deposits have been added to the board.

http://bitcredit-currency.org/viewforum.php?f=18

Find a different name bud.

Don't change the name. Its not the same.

Bitcredits - BCR

Bitcredit - CRE

Can you read?

Also what is the point in causing such confusion?

Seems like a hack attempt to attract attention.

Just get a different name, this is silly.

I won't be supporting this coin as I take issue with coins that use the same name as other coins.

+1

i wonder how many btc wallets this guy has ;)

beware

why would i send my wallet.dat to anyone lol

Nobody would do that.

The distribution is like CLAMS. He even gives instructions on how to do this without any risk of loosing your coins.

1. Make a copy of your Bitcoin wallet, alternatively export the private keys you want to use from the Bitcoin wallet.
2. Move the Bitcoins that you want to claim to a new Bitcoin address. Preferably this new address is a paper wallet. Information on how to create a paper wallet can be found by a Google search, the most common site used to create paper wallets is https://www.bitaddress.org.
3. Take the copy of the Bitcoin wallet that you created in step 1 and add it to the Bitcredit client.
4. Initiate a rescan of the wallet from Bitcredit.
5. Claim the coins.

That was taken from his forums.

- Updated announcement naming standard, to avoid confusion.

- Updated section on sidechains, for clarification.


Is this a sidechain?
- Yes and no. It is NOT a sidechain implemented through a two-way-peg that removes coins from the Bitcoin network with the possibility to return them later. It is however, a working implementation of a one-way claiming process that taints the bitcoins that already have been claimed. This is a process that in practical terms makes Bitcredit a side chain. Sidechains that actually can move coins back and forth between chains can not be implemented in Bitcoin without major updates to the Bitcoin protocol. It can also be discussed if this actually is what one wants to achieve in a sidechain implentation, instead of giving Bitcoin users claiming possibilities in a new currency that has different properties, thereby enabling a safer transition to a new system. The Bitcredit implementation can be considered this type of "soft" sidechain implementation, since it does not destroy bitcoins. It is, to be more precise, a variant of what is described under section 3.3. Assymetric two-way-peg in the blockstream white paper on side chains. http://www.blockstream.com/sidechains.pdf.

Thank you for the clarification.

As noted above, there is no sending of wallets involved in claiming. Claiming can be done in a complete safe fashion and a full instruction on how to do it safely can be found here:
http://bitcredit-currency.org/phpbb/viewtopic.php?f=18&t=19

Claiming does not even need to involve the wallet file. It can be done on a key by key basis, and in a way that is provably safe.

With regards to CLAMS - as it seems from their site - there is a similarity but they seem to use a snapshot of each coin that they are integrating. Bitcredit is, as a comparison, fully integrated with the Bitcoin network and the ongoing mining of Bitcoins.

Some more notes on side chaining:

The other half of a two-way sidechain currency, the destruction of bitcredits and following "de-tainting" of bitcoins may be implemented in the not too distant future. It is for the moment however unclear whether such a two-way process serves any purpose

Checking it out and looks like binaries are available on the forums.
Very interesting coin. Hopefully my old addresses have some BitCredit in them and I can figure out mining.

Can you send a few over to test the mining on this? I wanna see how it works before I put a wallet into it.

Bitcredit address: 1AsjqcD5hKNoDYmk6LcYskfKFZk9UpyGgy


Thank you

Yet some more notes on side chaining:

With regards to the Blockstream white paper, http://www.blockstream.com/sidechains.pdf. The main type of sidechaining discussed there should destroy (lock) coins on the sending side and create them on the receiving side. It is difficult to understand the rationale for an individual to ever put their coins at stake in such an untested system, thereby minimising their incentive to move their coins.

It neither creates a higher level of security or gives a possibility of a transition to a safer currency. If a fatal flaw occurs in either of the two "Blockstream" sidechains, all coins that for the moment resides in the faulty chain will be lost.

It should also be noted that moving coins into several different sidechains do not solve the problem of overburdening one single worldwide system with transactions. It would only create isolated islands of different coins, disallowing most of the interchain transactions. In other words, coins from a local chain for Brazil would not easily be sendable to for example Argentina.

With a system where possession of coins instead gives the opportunity to claim a corresponding number of coins in another chain, a soft and less risk-prone transition to a new system can be achieved.

Is their anyway I can use a bootstrap for the bitcoin blockchain download? I didn't realize I needed to have the whole damn thing downloaded. :/

For clarification - this coin is NOT related to https://bitcointalk.org/index.php?topic=896133.0. The shortname for that coins is BCR, the one announced in here is called Bitcredit/CRE.

Sorry if any confusion may have occured. With regards to your other question - see related reply.

As to figuring out mining - you are welcome to ask any questions on the board. It is actually quite simply, once the blockchains are in sync you can start mining from the built in command line in Bitcredit-Qt. Instructions can be found here http://bitcredit-currency.org/phpbb/viewtopic.php?f=18&t=18 and will be updated with some simplified instructions on how to start mining from inside Bitcredit-Qt instead of via bitcredit-cli.

Unfortunately for the moment, no. It could probably be (partially) achieved by downloading a bitcoin blockchain bootstrap and replacing some of the directories in the working directory. There is however no bootstrap specifically for Bitcredit for the moment. This issue should definitely be addressed.

what algo is this coin? ???

So in theory I can just download the bootstrap.dat and stick it beside blockchain and it should work..? Or do I have to rename things?

I do have a question about the "Claiming" process, what is the ratio for bitcoin to CRE? Like one of my wallets has about 300 transactions and a "total received" of 4.4697 BTC ... would I only get 4.4697 CRE, or what is the deal there?

Do you have a local up to date copy of the Bitcoin blockchain? Although this hasn't been tested recently there should be a way for you to be mining in a few hours in that case.

Make a copy of the "Bitcoin" directory, named "Bitcredit". Remove everything except the "blocks" and "chainstate" directory. Rename them:
"blocks" -> "bitcoin_blocks"
"chainstate" -> "bitcoin_chainstate"

Start the Bitcredit client. If all goes well you should get straight to the Bitcredit blockchain download. The inital sync between Bitcredit and Bitcoin blockchain still takes a few hours but you should cut down on download time significantly.

See this instruction for verifying that the client is in sync. http://bitcredit-currency.org/viewtopic.php?f=18&t=17

The first difficulty adjustment will happen in a few days, up until then you will be mining at lowest difficulty.

Get back to me on progress if you need it.

I do not. I was thinking maybe download bitcoinqt and the bootstrap and see if I can get miner faster.. I think eitehr way its gonna take a bit.
I seem to be downloading the BTC Blockchain at almost 1MB a second so it may take a while.

Very interested in this coin. Neat to see implementation of the BTC sidechaining idea like this. Hopefully I can be mining in a few hours.
Would be neat to catch around its release and help build it up.

I also do graphics design if you were looking. Shoot me a PM if you need something done. :)

Whenever I launch the bitcredit QT, I keep getting "Bitcredit: No block source available..." "2 weeks behind"
What's that about o.O

the bitcoin is synching just fine, 4 yrs 3 weeks behind right now

Give it time to connect to the network.. Mine took about 2 minutes before it say peers on the bitcredit network.

I've had the QT launched for about 15 minutes now :/
Bitcoin sync is at 3 yrs 30 weeks now ----- 8 active connections to the network
Bitcredit still No block source available ----- 6 active connections to the network

Strange. Mine says 2 weeks behind but it hasn't moved as I assume that its waiting to downlaod another 2 and a half years of BTC Blockchain first.. lol
Let it download the  BTCb blockchain. It seems to have priority over the Bitcredit blockchain off startup.

True true, And I asked a question but idk if anyone knows yet---but what is the Bitcoin to Bitcredit claiming ratio, for example, for one of my wallets I had like 300 transactions and like 4.XX bitcoin total received since I made the wallet, and I got like, 15 CLAMS.
Will it be similar to that, a small number?

By the look of what I saw its 1:1 of amounts sent and recieved... Eitehr way should be fine for most BTC users..

Seems like mining costs a little over .001 CRE at teh moment.

Graphic designer here, if you need some graphics or logo, pm.
www.logocreator.us

When I synced up I had to wait for the bitcoin blockchain to sync before it would sync the bitcredit blockchain.

Will you be making it possible to claim coins without downloading the bitcoin blockchain?

It's the same algorithm as Bitcoin, SHA-256 proof-of-work, with a requirement to add deposits to each block. The deposits are not spent in any way, they are locked with the block for approximately three months and after that released to be reused by the depositor.

A more detailed explanation about the mechanics of Bitcredit mining and deposits will be added to the forum today.
http://bitcredit-currency.org

Yes, that is correct. The ratio between the coins are 1:1. There will be a maximum of 30 million bitcredits at the most. 15 million of those are claimable from Bitcoin. Considering that the block creation process is driven by a combined proof-of-work/proof-of-deposit algorithm, you will increase your chances of getting block creation rewards with help from your claimed coins.

Due to that the mining difficulty at the moment is at it's lowest, and will adjust upwards in a few days, you should probably try out mining if you want to gain some more bitcredits.

This is not an error, it is due to that the Bitcredit blockchain is waiting for the Bitcoin blockchain download before it can start synching. Unfortunately the ui progress for Bitcredit-Qt needs improvement with regards to displaying the initial download.

The initial sync of the two chains are unfortunately a pain right now. Will look into possibility of distributing a torrent or bootstrap.dat.

Open debug.log in the Bitcredit working directory to see the progress more clearly. See this thread for some more information:
http://bitcredit-currency.org/viewtopic.php?f=18&t=17

See other reply. Bitcredit blockchain will not start synching until Bitcoin blockchain is downloaded. Once that is done, the very first bitcredit block being downloaded will cause a VERY long (hours) intialisation of the bitcoin-bitcredit chainstate.

Post here or on http://bitcredit-currency.org if you need more help.

You are probably experiencing the initial interchain chainstate sync. For the moment that sync can take several hours on a normal pc. It is unfortunately a pain, and can be avoided with an up to date working directory download. Will look into possibility of distributing one. See link for more info on syncing process.
http://bitcredit-currency.org/phpbb/viewtopic.php?f=18&t=17

May I ask if you did get it to work eventually?

Yes it started working after about 1.5 days of syncing (bitcoin), I was able to start mining shortly after.

I had some issues with a memory leak or maybe just the client using alot of memory while syncing the BTC bockchain.

I just want to add, this is an interesting coin. I think I'll keep mining it with one of my computers.

I am currently using the BitcoinQT wallet to sync my bootsrap to attempt to mine this.. It's taking almost 500MB of ram.
The Bitcredit on the other hand was only taking around 325MB while running.. Not bad.

That is very good to hear. Keep an eye here and on the board http://bitcredit-currency.org/. It will continually be updated with more information and detailed descriptions on usage and on the Bitcredit protocol. Source will be published eventually.

Would you mind giving an explanation on how you have used the bootstrap to get the client running, in the "normal" bitcoin way or some other way?

And do you mean that you have gotten a miner started?

See link to forum. bootstrap has to be renamed bitcoin_bootstrap.dat, this specific functionality also untested.
http://bitcredit-currency.org/phpbb/viewtopic.php?f=12&t=21&p=143#p143

Can you give an estimate to how many coins you are mining per hour///per day, and with what does it mine, CPU or GPU?
CPU I have Intel i5 4670 @ 3.60 GH/z
GPU I have Gigabyte Radeon HD 7970Ghz Edition @ 1.2 GHz

Only 24K BTC blocks behind.. Then going to attempt to transplant the BTC blockchain to Bitcredit. WIsh me luck.
Hope this works or it was a whole day wasted. :/

how to mine this?

Download the Bitcredit client. Sync it to both the BTC and CRE blockchains and it mines from what I have heard.

I am *this* close to attempting a BTC blockchain transplant and seeing if it works. Really hoping it does.

You did see that if you are going to go the bootstrap.dat route it have to be named "bitcoin_bootstrap.dat", apart from that it should be done the same way? And that it is an untested feature?

For the moment, no, there are no way to make a claim unless the whole blockchain is downloaded. In time online sites will probably appear that can help you with such a process but for the moment, unfortunately no.

You can find full instructions on the coin board:
http://bitcredit-currency.org/

More specifically, in the getting started section there are instructions on how to download and install, get the blockchains in sync and then start mining:
http://bitcredit-currency.org/viewforum.php?f=18
Install: http://bitcredit-currency.org/viewtopic.php?f=18&t=13
Verify that blockchain is in sync (takes approx 1.5 days, unless you bootstrap the process): http://bitcredit-currency.org/viewtopic.php?f=18&t=17
Start mining: http://bitcredit-currency.org/viewtopic.php?f=18&t=18

New section added on the mechanics behind deposits:

http://bitcredit-currency.org/viewtopic.php?f=18&t=24

Attempting a BTC Blockchain transplant into the Bitcredit client.. Hopefully this works.

I'll post back here with an update once things are done moving around. :)

Not many people are mining right now so its the best time to get on this. If I had to estimate I would guess about 4000 - 5000 coins /day with your CPU at the current difficulty. Its wallet mining only so you can point your GPU to something else at the same time. Just make sure to leave a CPU thread for the GPU mining program.

As mentioned before, your best bets are either:

a) creating a bootstrap.dat file that you rename to bitcoin_bootstrap.dat and initialise Bitcredit with it the same way that you initialise from a bootstrap.dat in Bitcoin.

b) Taking an up to date Bitcoin working directory, rename it to Bitcredit, while keeping it in the same directory. Then remove everything except "blocks" and rename the directory to "bitcoin_blocks". Then start the client (assuming you start Bitcredit-Qt in Windows) with the -reindex parameter:
> Bitcredit-Qt.exe -reindex

If you go the b) route, make sure to keep a copy of the Bitcoin working directory so that you don't have to download it again if the initialisation fails.

Both of the methods above should work in theory. None of them have been tested extensively though so for the moment you are a bit on your own.

You are probably estimating correct, just a note with regards to your comment. A difficulty adjustment will occur at block 4032 that probably will move the difficulty upwards.

OK. So the BTC Blockchain transplant appears to have been a success!

What I did was use the BitcoinQT (newest) and then downloaded the bootstrap.dat and copied to the places you said.
Now I am waiting for the sync on the Bitcredit side.. But it says "No Block sources available"

Not sure what the heck to do at this point.. Been almost 2 days trying to get this damn thing to run. :/

*edit: Trying the -reindex command as mentioned above. Really hoping I can get in on this coin before difficulty goes up.

*edit2: So running it with -reindex seemingly doesn't let the GUI pop up..?

Well, that is very good to hear.

As long as the Bitcoin blockchain is doing inital sync or reindexing, no Bitcredit blockchain will be downloaded. That is the reason that the client is saying "No Block sources available", simply because they have not appeared yet.

A reindex will rebuild the whole of the Bitcoin blockchain and the Bitcredit blockchain. This process will take a few hours as well, but you are well on your way now.

Check the debug.log output, you can see what is happening more clearly there. There are some detailed explanations with regards to the log output under this topic:
http://bitcredit-currency.org/viewtopic.php?f=18&t=17

I am convinced that you will be up and running soon. Let's see if we can find some way to compensate you for your trouble if it continues.

ok. Had to run -reindex 3 damn times to get the GUI to pop up but it appears to be re-indexing the BTC blockchian. I'm getting excited.
It has certainly been a quest thus far to get this beast running.. Tons of bandwidth used and time spent.. But I think this coin has great potential.
I will update as they come. Gonna go out for coffee and let this client do its thing.

Lets hope it works this time!

Ok, you need to have some final patience, a reindex takes several hours, for Bitcoin as well as for Bitcredit. DO NOT invoke -reindex again unless you want to start the reindex process from the beginning again. Which I assume you do not want to do.

whe are download walet?

Look at OP.

I don't quite understand the question, but the main wallet of Bitcredit is named bitcredit_wallet.dat and sits in the working directory. The one you should replace if you want to claim Bitcoins is named bitcoin_wallet.dat.

See instructions here for getting started http://bitcredit-currency.org/viewforum.php?f=18.

Where is source?

The source has not been released yet but will be in stages over the coming months when deemed suitable.

I noticed there are two Bitcredit wallets. The primary wallet and the deposit wallet. I'm assuming we need to back up both and keep them paired up? The reason I ask is because backup wallet from the pull down menu only backs up the primary wallet.

Do you have any plans for marketing this coin?

Thank you for your input.

The short answer is that it is only the primary wallet (bitcredit_wallet.dat) that needs to be backed up. I would however recommend you to create a back up of both bitcredit_wallet.dat and deposit_wallet.dat, especially if you have encrypted bitcredit_wallet.dat. In that case some (used and disposed) keys will be stored in deposit_wallet.dat since new keys cannot be created in an encrypted wallet. If you haven't encrypted bitcredit_wallet.dat there is nothing in deposit_wallet.dat that is needed to back up.

The primary wallet is just what you describe, the primary wallet.

The deposit wallet is only a "working state" wallet. Deposits created from "Prepare miner deposits" view and shown in the "Prepared deposits" view are stored in the deposit wallet. The deposit transactions stored in the deposit wallet are only temporary and only used, included in the block, if:
a) The mining process finds a block and
b) Coinbase as deposit is disabled (it is not disabled by default) or
c) The coinbase reward is not enough to cover the deposit requirements for the block. This situation will occur in approximately four months

A more detailed explanation about how manual creation of deposits work will be written soon since users need to start including manually created deposits in a about four months.

Regarding marketing - yes, marketing is much needed. If you have any thoughts on good ways to do that you are quite welcome with input. As a starter, within a week more detailed information of the inner working of the coin, with regards to coin distribution, deposits and a complete description of the protocol will be published.

Article on reward and coin distribution principles has been added to the board:

http://bitcredit-currency.org/phpbb/viewtopic.php?f=24&t=510

I downloaded the BTC blockchain (2nd time now) and had it hang up trying to get bitcredit synced.
I shut the client down and restarted and now I cannot get past the splash screen.. :(

You've had some serious trouble with this. What does the log output look like now?

I'll send you a .torrent file so that you can download a blockchain synched and ready. Does that sound reasonable?

There is no chances unless dev with his team allow us to mine( they change the wallets with bug)
It is impossible to sync wallet. After bitcoin bloks downloaded wallet crashes.
I spend many hours in many ways to figure out how to sync and nothing.
So my question is WHO was able to sync and mine that coin from that downloads.
IT IS IMPOSSIBLE TO SYNC WALLET.

I suppose the only persons were able to mine that coin from 19 march were dev and his taem.
Congratulations...
https://i.imgur.com/LyLoWK8.png
https://i.imgur.com/U5IP79J.png

It is a bit unfortunate that you haven't voiced your problems earlier, help could have been given here. There are of course no intent whatsoever to prevent people from starting mining. On the contrary, an even distribution of coins is vital for the success of a new coin.

However, a torrent is just being created to enable download of a pre-setup working directory. If you are still interested info will be posted here as soon as it's done. That should get you started in under an hour, once you have downloaded the torrent.

I'm sorry to hear that, as mentioned above, had we've heard about this before all support possible would have been given. See reply above regarding other ways of downloading a pre-setup working directory.

Doing validations right now. Will post as soon as it's done.

TORRENT WITH UP TO DATE BLOCKCHAIN DISTRIBUTED!

There have been some serious problems with the initial synching of the blockchain for some. The problem with long initial sync times will be addressed soon in the coming releases of the client.

To ease the transition period, an up to date working directory is distributed here to speed up installation and sync times. This should get sync times down to under half an hour once the torrent has been downloaded and unpacked.

Torrent file with instructions can be found here:
http://bitcredit-currency.org/viewtopic.php?f=18&t=517

The torrent has been tested on two separate windows 64 bit stationary installations after uploading and downloading the torrent.

!!!!NOTE!!!
For some reason some files may come out as read only after extraction. To make sure that this does not cause problems, right click the Bitcredit working directory and select Properties. Deselect the Read only checkbox and click OK. Make sure that the update is applied recursively to the whole directory.
!!!!NOTE!!!

It is not recommended for use with any other operating system for the moment.

If you have any questions, direct them here to get a quick reply.

Everything should be in place now. See separate post.

Several users have been able to get the client started and have been mining from the beginning, for example MisO69, so block creation has been fairly quick from the start. It is at a slower pace now that the difficulty has adjusted accordingly.

As is described in the post below, the distribution of coins is also S-shaped, meaning that the reward will be smaller in the beginning to reach a max in about two years. This is to give a fairer distribution by not giving early miners an unproportional amount of coins. I hope this lessens your concerns.
http://bitcredit-currency.org/viewtopic.php?f=24&t=510

Got it running!

So, I've got the wallet synced fully now (from the torrent download) and have successfully mined my first block!
Very excited to see where this coin goes.

Gabriel has been very helpful in assisting me get the Bitcredit client going. A top notch coin developer!

Having a bit of an error..

I restarted my client and tried to claim bitcoins for bitcredit..

Unfortunately the block that I found isn't appearing in my wallet now. :/

Did my 40 Bitcredit get wiped? :/

*edit: Seems I was mining on my own fork.. Wonderful.


*edit2: It appears that windows 8 is blocking my folders with the read only flag.. I can't seem to set it any other way.

Right click on the folder - Choose Properties - General  - uncheck Read Only - click Apply

Edit:

It might say read only again after you do that but the permissions should be set correctly.  I had the same issue.

Having a bit of trouble getting this baby fired back up.

Log is as follows:


What start up command do I use to fix this..?

*edit: I used -reindex and it fired back up again.. and now to wait..

From:
Quick initialisation from torrent file
http://bitcredit-currency.org/viewtopic.php?f=18&t=517 (http://bitcredit-currency.org/viewtopic.php?f=18&t=517)


Start the Bitcredit-Qt client from the command line with the following command (assuming that you have already installed the executables in the directory shown):
C:/bitcredit/Bitcredit-Qt.exe -checklevel=2

If you still have the torrent zip file it might be best to just start over from that after backing up your existing wallets until you get synced back up.  That's just my suggestion.

Make sure you go into the properties of the bitcredit directory and uncheck read only.  Also the torrent file is two levels deep after unzipping so you need to make sure your getting to the bitcredit/bitcredit directory where the blockchain files are or else it will download everything.  You can move it where it needs to go.      

Trying to restart with -checklevel=2 now. Only 1 year 13 weeks left of re-indexing on the BTC blockchain.
Hopefully going to get the blockchains done downloading and synced tonight so I can have another whack at mining!
Will post back here when I get it going again. Strange that it wouldn't allow me to launch it without a reindex/checklevel.
I had to ctrl+alt+delete the Bitcredit client when I got to crazy with my CPU priority for mining.. I would be careful doing such again.

Back up your wallet files before doing anything.

I had that happen and I deleted everything in the bitcredit directory except the wallet files and copied the torrent files over to the bitcredit directory and started with Bitcredit-Qt.exe -checklevel=2.  I found that once the blockchain data got funky it took longer than just starting with the torrent files Gabriel provided and using -checklevel=2.  I don't know why some of us had problems and others didn't.  Mine is working fine now but blocks are few and far between and the hashrate has gone up tenfold since yesterday.  Apparently the torrent file download has helped quite a few people get started mining.

I am back up and mining after re-indexing the last hours away.
Now to hit some sweet sweet CRE blocks. (2% of the network hash)

*Edit: Woot got my first block! I used a deposit to get it though. ;)

*Edit2: Annnd I crashed my computer trying to overclock it and corrupted the blockchain again. fml

Be careful and ensure you close down the Bitcredit Client properly else you're gonna have a bad time..

Good suggestions all of them.

I'll give a longer answer in a few hours, but a quick summary, absolutely, a block explorer would be a good thing, there are a few official nodes, I'll list them a little later when I have the time.

The source will be released soon but I'll continue that discussion when I have the time in a few hours.

Thank you for the input.

If you see output like the one below (which where in your log sample) it means that the chainstate indexing the state between Bitcredit and Bitcoin has been corrupted. That is not a good thing and is usually an irrecoverable error that only can be fixed by a -reindex or by removing the Bitcredit blockchain and have it downloaded again. We can see that it has been happening quite some times after the initial release. This is rather troublesome and really needs to be addressed soon. A quick release of the source code might help getting more eyes on the code.

2015-04-12 03:06:38 *** Error moving claim tip. Expected active bitcredit block: 0000000000000000000000000000000000000000000000000000000000000000, was: 00000000008e2ade84c6d9f695f1736c022645b3839e7906a572559d75a27c40
2015-04-12 03:06:45 *** ERROR: Bitcredit: ConnectBlock: Failed to move claim tip to 0000000000000000189a6d0d46b0364748c4c2249ba4a3cbb45db99abcbfd2a9
2015-04-12 03:06:45 ERROR: Bitcredit: ConnectTip() : ConnectBlock 000000005fc6f4b75a16b644bc1bd975ec71e7bdfab3144d84915d0efae490d2 failed

I figured as much Gab. This is my 3rd or 4th re-indexing due to having my blockchains implode (due to my own stupidity).
Releasing the source code would likely help with bug squashing on your end. Lots of smart neck beards around these parts.

I'd go ahead and release the source code if you feel it's right.. Or don't.. I'd like the mining difficulty to stay low so I can get more Bitcredit!  ;)

In your case it is probably easier to just restart from the torrent that you downloaded, instead of reindexing.

Just make sure that you make a security copy of bitcredit_wallet.dat and deposit_wallet.dat and add them to the new working directory before you restart.

I have my wallet backed up. Between the CRE you gave me and the block I mined last night feeling pretty awesome!
Hell of a battle to get the thing running but being an early adopter of the first soft sidechain coin is pretty damn neat.

Sounds good. Keep it up.

I'm back up and running strong, Got my poor little A8-4500 pumping heat trying to smash blocks.

I have a question though. At this point in the game does my having active miner deposits waiting make it more likely for me to get a block?
Keep up the great work on the coin, Something innovative in a slew of cloned coins is refreshing and your support with getting us up and going is A+.
When you are ready to release the source code I think more people may come on board.
The torrent download route makes it quite accessible and fast to start now as well, Thank you for that.

Offering my help to anyone who has problems getting the client going. I've become quiet good at wrecking and fixing Bitcredit.

Just a tip, now that you have it running - the number at the end of the setgenerate command  - "setgenerate true x" should correspond to the number of physical cores in your machine. In your case, that means "setgenerate true 2".

The AMD A8-4500 runs better with the 4 setting believe it or not.
Think it has to do with the the fact it has 4 integer cores.. Not 100% sure though.
I get just over ~2.1 mh/s with it in "setgenerate true 4" and ~1.4 mh/s with the 2 setting.

As long as I don't crash myself again buggering around with voltage and clock speeds I should be good. :D

Ok, test different settings to find the one that is correct for you. If it runs better with 4 threads, then run it like that.

Gabriel, is there any plan to get a working block explorer so people will know if they are on the right fork? 
- If you believe it is a good thing to get into place, yes, definitely. Unfortunately our resources are a bit limited so some sort of priority order should be put into place. In general, here are some high priority areas in no particular order:
1. Making sure that the initial download works smoother than before. Seeding with a torrent is a temporary solution.
2. Getting the codebase aligned with the bitcoin development. Several larger improvements has happened since the final fork from Bitcoin approx. eight months back.
3. Getting pooled mining up and running. Pooled mining in this case would mean enabling the possibility for coin holders to offer up coins for deposit to dedicated proof-of-work miners. The protocol allows it, but pooling code needs to be written.
4. Creating a Block explorer and other support tools.

Also, are there any official nodes to add to the .conf file to make sure people can sync? 
These are the dns seeders built into the client:
    vSeeds.push_back(CDNSSeedData("bitcredit-currency.org", "dnsseed.bitcredit-currency.org"));
    vSeeds.push_back(CDNSSeedData("xlre4.org", "seed.xlre4.org"));
    vSeeds.push_back(CDNSSeedData("crenode.org", "seed.crenode.org"));

And these are the seed nodes:
unsigned int bitcredit_pnSeed[] = {
    0xfcdb9a36, 0xaf9f9a36, 0x06329a36, 0x0b621034, 0x72349836, 0x2b78ae36, 0x4080ae36, 0xb689ae36,
};

Apart from these, there are no official nodes that can be manually added. If you or any other person want to provide more official nodes, you are more than welcome.


What are the plans going forward? 
- See priority areas above. Also, getting a proper site up describing the coin would be good. Getting the word out is also important, for the moment proof-of-work mining only is possible, but won't be in a few (3-4) months time. Before that, a large as possible distribution is quite important, to spread the possibilities for people to mine.
- Getting the source published as soon as possible. If you have suggestions on how it should be done we are all ears, just publishing it straight up or getting selected reviewers to look at it first.

You also need to release the source code as binaries only are likely preventing people from getting involved with this coin.
- See response above.

Opinions?

Reading your post above I like the direction in which you are planning to carry Bircredit in.
I think a blockchain explorer and a source code release on github or something would help out greatly.

Continuing to spread the word is the part I am qualified to do, And will gladly continue to do.

Was wondering what this means on the output?

That just means that the built in Bitcoin client recieved a non-standard-transaction. It is quite common that nodes (for whatever reason) sends malformed or non-conformant transactions to other nodes. There is no way to prevent them from doing that, apart from banning tehm after a while for misbehaviour.

Ahh, Thank you for the explanation.
 
I've not had much luck mining today. Seems the network hashrate is up. :/
Sort of a double edged sword. Glad people are using/mining CRE but sad my processing power is dilluted.

No worries, keep on mining. I think you will have enough time in the coming weeks, the hashrate does not rise that fast.

So far I have mined 14 Bitcredit blocks!

Trying to borrow some processing power from a friend to expand my mining operations.

Spreading the word and getting more people involved.

I would like to be the first to Buy/Sell Bitcredit (CRE).

As it is not yet offered on exchange I will make a public ledger if anyone is interested in buying/selling CRE!
If you would like to view the Bitcredit(CRE) - Buy and Sell ledger please click here (https://docs.google.com/spreadsheets/d/1tYgyV1oUyQUCcJ1K9Q70AGEEAIH3uAAI5RlHRhDM800). <== Click me!
(If Gabriel wants me to make my own thread for this I will gladly do so and post the link on this post)



Bids/Asks:

Ask: .00025BTC / 1 CRE

Bid: .00021BTC / 1 CRE



Please feel free to post trades below or PM me with your questions!
I am offering some Bitcredit for sale from my own stash if you wish to speculate on price when it hits exchange!
(offers are also accepted, prices negotiable and haggling encouraged)




I am also extending my help for anyone who would like to get into CRE.
All and all I would have 45GB free on your drive to ensure you have space for the client.
Estimated times downloading the blockchains as well as syncing varies greatly with PC/ISP specs.



Cheers,

KLYE

10 Bitcredit welcome bonus for new miners!

Anyone (full member or above) who wants to check out Bitcredit can receive a 10 CRE welcome from myself!

Go download the client HERE (http://bitcredit-currency.org/viewforum.php?f=18), and once you download and install/run it once check out HERE (http://bitcredit-currency.org/viewtopic.php?f=18&t=517) to get a faster sync.
Once you are synced up and ready to start mining and receiving CRE: Post your address below to get 10 Bitcredit!

Be advised the whole BTC blockchain is required for Bitcredit to function. (This is a Bitcoin soft sidechain after all)
Please ensure you have ~45GB of free hard-drive space before starting the installation and sync process.

KLYE is not affiliated with nor part of the Bitcredit development team in any way, The CRE given away here are mined by myself. :)
I retain the right to deny the welcome bonus if I feel people are abusing it and/or multi-accounting in order to abuse this giveaway.
This offer is good for 50 Bitcointalk.org users ranked full member or above, and may be cancelled at any time deemed necessary.


Bitcredit given away so far: 70 / 500 CRE


Good luck and happy mining!

KLYE

Thank you for your effort in trying to get people started with Bitcredit.

New streamlined version in testing.

A new version of the client is being tested for the moment. This version should solve the problems some people have been having with the initial syncing process.

Expect it to be released in a few days.

Once this release is out, the source code will be released as well.

Should I post CRE address here? or PM?
Anyway, it is: 1NA..........z3U
Thanks in advance..

Sent!

I am currently having trouble getting the program to run due to bind fail on 0.0.0.0:8333 even when I create a shortcut and specify the -listen=0 flag for it to use any port, it still tries to use 8333, also tried setting things in a bitcredit.conf file with no luck as well.

I'm not exactly an expert on the matter, But it sounds to me like your files in the appdata/roaming/bitcredit directory may be set to read only.
Check it out and see if they are, I recall having a similar issue on one of my first attempts.

Did you use the torrent blockchain method? If so please make sure you fully read and understand the post HERE (http://bitcredit-currency.org/viewtopic.php?f=18&t=517).

Hello Klye  :-*


Got them connections, lets see where this new coin brings us.

 8)

Hail Dar. Let me know when you are downloaded and synced up and I'll send over 10 CRE.
I will make a *tiny* exception to the full member rule as I know you from just-dice.com.

I figured the problem out it was because I had checked out the other one named bitcredits and it was trying to hijack its directory.  Or not as while deleting the directory from the other one actually let me pick a directory detecting it was a first run, we quickly resulted back to the other issue.

Also as for the torrent question, no I did not as I already have a full bitcoin block chain and am going to use an alternate method to get the program up to speed, provided it will ever open to create the initial data folders for the blockchain since all it created before it fails to bind is the basic directory structure without the folders for the chains.

I would highly recommend using the Blockchain torrent download as seen HERE (http://bitcredit-currency.org/viewtopic.php?f=18&t=517).

I tried a few experimental ways and lost a few days mining before Gabriel offered this method which works quite well.

The problem is because its refusing to try and use a port other than 8333 for bitcoin, and I already have a bitcoin client actively running which by design specs wants to use 8333.

I did have a valid Bitcoin-qt install on my computer when I installed Bitcredit but I didn't ever try to run them in unison.
This is a very interesting issue and I'm sure when Gab gets back online he can likely either advise a fix or start coding a patch for the issue.

Hang in there, i had issues in the beginning as well getting it running but Gabriel sorted it out.
I'll hook you up with 10 CRE when you get up and running for the troubles, irregardless of you not being a full member.

The bind problem is probably due to that you have a separate Bitcoin client running as well. Bitcredit has a built in Bitcoin client. Try to set the -bitcoin_listen=0 flag. Or change the port with -bitcoin_port=<port>.

Many of the options that options that exist has a "-bitcoin_<xxx>" for the built in Bitcoin client.

Up and running now.  1Pt5m2dVKjpRhmNzaic2GhGGeodNGswimd
Thanks :)

My bitcredit chain wont sync (btc chain was fully synced), it stayed at block 6322 or something like that (6 days behind). Once I closed and reopend qt i got error
 *** Error moving claim tip. Expected active bitcredit block: 0000000000000000000000000000000000000000000000000000000000000000, was:   0000000013a663baba47abad9d88f5a4bde47e9655c38b2eb474f443093cd019
 *** ERROR: Bitcredit: ConnectBlock: Failed to move claim tip to 0000000000000000189a6d0d46b0364748c4c2249ba4a3cbb45db99abcbfd2a9
ERROR: Bitcredit: ConnectTip() : ConnectBlock 000000005fc6f4b75a16b644bc1bd975ec71e7bdfab3144d84915d0efae490d2 failed

edit: I used the block chain file from torrent

Good to hear. Did you get the miner started as well?

Yea

The fastest way is probably wiping your working directory and restart with a new fresh working directory from the downloaded torrent. I suggest you also look at the log output if the gui appears to be stuck. The interface do not update very well when the Bitcredit chain syncs. Don't forget to backup bitcredit_wallet.dat when you wipe the working directory.

The error message means that you have inconsistency in the state between Bitcoin and Bitcredit. This is normally a non-recoverable error. This error is known and work is being done on handling the problem. Unfortunately it causes some problems for people at the moment. The inconsistency may appear if the Bitcredit-Qt process is killed in the middle of a chainstate update.

Some more info on how to see when you are in sync can be found here:
http://bitcredit-currency.org/viewtopic.php?f=18&t=17

So who has claimed CRE using a bitcoin wallet so far?  Was it actually worth the pain of having to start over with a new wallet?

I claimed a small amount to test it, Seemed to work. Far more effective to mine it in my humble opinion.

I sent over your 10 CRE welcome bonus!

Date: 2015-04-16 14:23
To: 1Pt5m2dVKjpRhmNzaic2GhGGeodNGswimd
Debit: -10.00 CRE
Net amount: -10.00 CRE
Transaction ID: d5b3662bbbb86f092412414bf257837fe3b5c685e5d7e2964d95b544099fa419-000

Confirmed, and what was the exchange rate?  I seem to be a bit unclear on if it was based on your balance at a set point in time, or if it was based on the cumulative total of deposits into your account by that set point in time.

I believe its based on cumulative total in the address but don't quote me on that though.

CRE is only being traded small scale at the moment, If you look a few pages back you can see the bids/asks.

I should have worded that better but I ment the rate from your btc activity to CRE.

CRE can be claimed for BTC at a ratio of 1:1 I do believe.

I only briefly tested the claiming and it worked. But primarily most of the CRE I have were mined.

Very interesting idea for a coin, setting up my wallet and prepping my CPU for a nice hammering. :D

Is there any other mining software I can use on additional towers I have laying around so that I don't need to run multiple wallets and could instead just point them to the first wallet?

It is a 1:1 ratio. If you have bitcoins they can be claimed by adding your bitcoin wallet to the bitcredit client. See here for further info. Note that your bitcoins will not be spent, only registered as claimed in the Bitcredit network. It is the electronic equivalent of writing "this has been claimed" on a regular bank note. This also means that once a specific set of bitcoins has been claimed, they can not be claimed again.
http://bitcredit-currency.org/viewtopic.php?f=18&t=19

It may not seem worth the hassle to do it if you only have a few bitcoins. However, half the total amount of bitcredits that ever will exist are claimable from Bitcoin. This means in practical terms that it is possible to make the transition from Bitcoin into Bitcredit without risking anything, for the majority of all bitcoin holders.

What about my question posted above in regard to using additional computers but the same wallet?

Right on Greydon. let me know when you are up and running and I'll send you over some CRE!

Gonna take a while... I don't have enough disk space to use torrent method for syncing, so waiting hours for the client to sync! Progress: 2 Years 40 weeks to go.....

Ahh darn man. Just keep at it. Do not shut off the client until it is fully synced. Even if the GUI looks frozen when syncing the Bitcredit chain leave it.

Wait for 2 green checkmarks and you should be good to go.

There are no other mining software where you can point to a single wallet, no.

What you could do, is creating a password protected wallet that you distribute to all miners. As long as you don't unlock the wallet in any of the miners the key pool will not update, thereby making sure that the same keys are used everywhere. This may cause some key reuse though.

It is highly recommended that you use the torrent but if you can't, well.

There's a more streamlined version in testing that probably will be released this weekend, so you may want to wait for that one.

It took me a couple of days to get this running, lost time mainly due to work commitment but it seems to work. I generated 7 blocks over night so not too bad I guess.

I still wouldn't mind those 10 credits to see a transfer. Addy is: 17gp17xYMivL6u8QCzkxNP4uWE2KSqzLjn

Sent sir!


Congrats on getting some blocks!

Thanks a lot.

Anyone know if you can mine with a locked wallet. I put a passphrase by habit and locked the wallet now and can't see how to unlock it so hopefully mining still works

I don't know if you can mine with a locked wallet. Something is telling me no though.

You can mine with a locked wallet I have done it many times. The thing you cannot do is stake a PoS coin with a locked wallet.

Yes you can mine with a locked wallet.

The one difference is that some keys will end up in the deposit_wallet.dat wallet file.

What happens in practice when you generate a block is that there are two transactions generated, the first one is a coinbase transaction, the second one is the deposit transaction. When you don't add any separate deposits and run the miner with coinbase as deposit enabled, the coinbase transaction will be spent directly by the deposit transaction. This spending can not be done from a locked wallet so the output key for the coinbase transaction will be added to the deposit_wallet.dat file instead of the bitcredit_wallet.dat file. Since the coinbase output is spent in the same block by the deposit transaction, there is no need to keep the key afterwards. If you do want to keep it anyway, for bookkeeping, the key is stored in deposit_wallet.dat. This means that if you want to make sure you back up all keys that has been generated, you should make a security copy of both bitcredit_wallet.dat and deposit_wallet.dat. Apart from this storing of keys, the deposit_wallet.dat is ONLY used to keep temporary copies of manually created deposits.

This may be a little difficult to understand but I intend to write a more detailed description of the specification this weekend. You will find some more details there.

In this case you actually can pre-create stakes for use as deposits. See answer above for some more details about it.

Added description of the versioning system:
http://bitcredit-currency.org/viewtopic.php?f=24&t=634

Jumping on the CRE train choo choo look forward to participating in helping this coin grow big and strong like a grizzly bear  ;D

Welcome, a new version will be released in the coming our. I would recommend you to use that one instead of the old version since the startup process has been much improved.

New version of init torrent file released

A new up-to-date version of the torrent for quick startup has been released. This is in preparation for the new version of Bitcredit that will be released in a few hours.

http://bitcredit-currency.org/viewtopic.php?f=18&t=517&p=766#p766

Version 0.9.1.10 of Bitcredit client released

A new version of the Bitcredit client has been released. It solves the problem with long and problematic initial startup and sync times, among other things.

0.9.1.10 is a larger update with:
- Improved time for startup and initial syncing of blockhains.
- Bug fixes with regards to inconsistency problems in the chainstate.
- UI freeze problems handled.
- Several other bug fixes.

The sync process when starting from scratch now takes about 20-28 hours if you have a decent internet connection. Test done on a Lenovo laptop with a physical quad core i7 processor.

It is highly recommended that all users upgrade as soon as possible.

Make a copy your existing versions and try to start the new version instead. The transition should be seamless.

http://bitcredit-currency.org/viewforum.php?f=5

when I click on Claim bitcoins -> Select Coins the wallet freezes..

Ok, that is not good. Will try to reproduce. I've seen the behaviour under some circumstances.

Which version are you running?

currently the latest, but I had the same problem before. If I understood that correctly, 1 btc = 1 CRE when claiming, so I already mined more coins than I would get claiming from my old btc wallet.

edit: bitcredit-0.9.1.10-win64-binaries

Ok thanks for the input.

The claiming part is a very important functionality for coin distribution and acceptance from Bitcoin holders, so it should of course work as intended. This problem will be addressed as a top priority but I can not give any estimates on when it will be solved. Hopefully in a few days.

I'll keep you posted and would appreciate feedback on if the problem has been solved or not.

ok, i'll check back with the next version.

I have made bitcredit qt wallet to work.
Can I mine without deposit now?
Some experience from other, please?
thanks

Yes, you can mine without adding a deposit for the moment, or rather, you can use the reward for each block as deposit. This is done automatically by the miner once it is started.

First, make sure the client is in sync:
http://bitcredit-currency.org/viewtopic.php?f=18&t=17

Once that is done, enable the miner with:
"setgenerate true 2"
See this description for further details:
http://bitcredit-currency.org/viewtopic.php?f=18&t=18

Thanks.
Now is all clear.
Was mining 12 hours, and there are cca 250 CRE in wallet.  ;D

It seems a long time to sync my wallet.

can i mine it with my pc ?

yes.
The best is to download torrent, extract it, then sync, and mine with "setgenerate true".

Just wanted to let everyone know I've got a Bitcredit faucet on my site.
Once every 24 hours it pays out a small amount of Bitcredit.

Get yours here: kingklye.com Bitcredit faucet (http://www.kingklye.com/bitcredit-cre-faucet/)

The download time should (with the latest released version) be on par with the time it takes to download the Bitcoin blockchain. As mentioned in another reply, the best way to get started quickly is downloading the torrent provided:
http://bitcredit-currency.org/viewtopic.php?f=18&t=517

Once that is done, make sure the client is in sync:
http://bitcredit-currency.org/viewtopic.php?f=18&t=17

Once that is done, enable the miner with:
"setgenerate true 2"
See this description for further details:
http://bitcredit-currency.org/viewtopic.php?f=18&t=18

On demand, an initial description of the Bitcredit block structure can be found here:
http://bitcredit-currency.org/viewtopic.php?f=24&t=635

----------------------------------------------------------------

The Bitcredit protocol differs from the Bitcoin protocol in several aspects but there are also a lot of similarities.

The protocol documentation of Bitcoin is a good starting place, since most of the concepts described in there are applicable to Bitcredit as well, for example hashes, merkle trees, transaction signatures, verifications and more.
https://en.bitcoin.it/wiki/Protocol_documentation

The major differences in the Bitcredit protocol is a more extensive header for each block, a signature section, different formats for the transactions, plus a new transaction type, deposit.

Basic structure of a block
A block consists of:
1. A block header
2. Signatures
3. One coinbase transaction
4. One to ten deposit transactions
5. All other transactions

The block header
The block header has several similarities with Bitcoin. The header has the following fields, in the order listed:
- int nVersion - Block version information. Same as Bitcoin.
- uint256 hashPrevBlock - The hash value of the previous block this particular block references. Same as Bitcoin.
- uint256 hashMerkleRoot - The reference to a Merkle tree collection which is a hash of all transactions related to this block. Same as Bitcoin.
- uint256 hashLinkedBitcoinBlock - A reference to the Bitcoin block that this block is linked to.
- uint256 hashSigMerkleRoot - The reference to a Merkle tree collection which is a hash of all signatures related to this block.
- unsigned int nTime - A timestamp recording when this block was created. Same as Bitcoin.
- unsigned int nBits - The calculated difficulty target being used for this block. Not used the same as in Bitcoin, but also affected by the deposits added to this block.
- unsigned int nNonce - The nonce used to generate this block… to allow variations of the header and compute different hashes. Same as Bitcoin.
- uint64_t nTotalMonetaryBase - The sum of all rewards given plus all bitcoins that have been claimed up to and including this block.
- uint64_t nTotalDepositBase - The same value as above, with the difference that coins that hasn't moved for a very long time gets subtracted.
- uint64_t nDepositAmount - The deposit amount added to this block. This number must correspond to the sum of all deposits in this block.


Signatures
- std::vector<CCompactSignature> vsig - the signatures do not correspond to anything in a Bitcoin block. The signature list is a list of signatures given from each deposit that is included in this block. The signature corresponds to a key that is included in each deposit transaction and is a signature from the creator of the deposit that approves the inclusion of the deposit in this specific block.
The signatures will also be used for other purposes in the future, for example as a security measure where a receiver of a transaction can sign a trasnaction to show that the transaction is in fact correct and addressed to the correct receiver before it can be included in a block.

Transactions, general structure
All transactions conforms to mostly the same format, with certain minor differences, depending on the type.
The following fields makes up a transaction in Bitcredit:
- int nVersion - Transaction data format version. Same as Bitcoin.
- unsigned int nTxType - The type of the transaction. This does not exist in Bitcoin. For the moment the types COINBASE, DEPOSIT and STANDARD exists, but more types are planned for inclusion, for extended transaction functionality.
- std::vector<Bitcredit_CTxIn> vin - All transaction inputs. Different data type than Bitcoin. See description below.
- std::vector<CTxOut> vout - All transaction outputs. Same as Bitcoin.
- CKeyID signingKeyId - A signing key id. This field only exists for deposits for the moment.
- unsigned int nLockTime - The transaction may not be added to a block until after nLockTime. Same as Bitcoin.

Transaction inputs
Transaction inputs differs from Bitcoin transaction inputs in that the nSequence field does not exist. The sequence field is (probably) an experimental feature that never have been implemented. The removal of this unimplemented field is twofold, first and foremost, to make transactions more compact. With a rising transaction rate it is important that the transaction byte size can be kept as small as possible. A standard transaction should really ideally be possible to compress even more since some bytes appear to be unnecessary large and can be compacted more. The second reason is security and complexity, since the removed field is intended for a replacement functionality. That replacement functionality could potentially cause security issues.
The following fields makes up a transaction input in Bitcredit:
- COutPoint prevout - The previous output transaction reference, as an OutPoint structure. Same as Bitcoin.
- CScript scriptSig - Computational Script for confirming transaction authorization. Same as Bitcoin.

The coinbase transaction
The coinbase transaction has the same function as in Bitcoin, for distributing rewards to miners. There are however some implementation differences between Bitcoin and Bitcredit.
- A coinbase transaction must have its nTxType field set to type COINBASE.
- A Bitcoin coinbase can not be spent until 101 blocks have been generated after the block containing the coinbase. It is the same in Bitcredit but with one exception, a deposit in the same block as the coinbase can spend the coinbase directly, thereby moving the newly created coins directly to deposit. This can be done to make it possible for new miners to get hold of coins to use as deposit directly, instead of trying to buy it from elsewhere. It also solves the problem of providing deposit for the genesis block, since before the genesis block there exists no bitcredits at all.
- The Bitcoin coinbase transaction enforces that the single input that it cointains references nothing. In Bitcredit this input is instead used for two purposes. The first is to provide a place for the so called extranonce. The extranonce is added into the CScript in Bitcoin, where in Bitcredit it is instead using the n field in the prevout member. The second purpose is that the hash field in the prevout member is used to store a hash of most of the fields in the Bitcredit block header. This makes sure that all coinbase transactions are unique and cannot be reused in other blocks, or by other miners mining on a separate chain.

The deposit transactions
The deposit transactions are the functionality in Bitcredit that makes it possible to add deposits to a block.
- The deposit transaction must have its nTxType field set to type DEPOSIT.
- The deposit transactions must follow directly after the coinbase transaction.
- There can be between one and ten deposit transactions in a block.
- A deposit transaction can only have one single input and a maximum of two outputs. The first output is the coins that are sent to deposit. This output can not be spent until 15 000 blocks have been added after the current block. The second, optional, output is the deposit change. This output can be spent after 101 blocks. This mechanism allows a depositor to add just the correct amount of coins as deposit.
- For the moment it is only the deposit transaction that has the extra field signingKeyId. This key must sign the whole block once it has been assembled. The signatures are stored in the signatures section of the block. This mechanism enables a depositor to pre-create a deposit ahead of block creation. Once the block has been created, the depositor verifies that he approves the inclusion of the deposit in the block by signing it. This depositor may or may not be the same entity as the miner. By allowing deposits to be created ahead of the block a market where depositors offer up deposits for block creators can be established.

All other transactions
- All other transactions must have its nTxType field set to type STANDARD.
The transactions following the deposit transactions are regular transactions that are handled in the same way that they are handled in Bitcoin. For comparing the difference in transaction structure as compared to Bitcoin, see the section "Transactions, general structure" above.

Bitcredit source code released soon

The Bitcredit source code will be released as soon as possible, hopefully within a week.

Announcements will be made here and in the newly created subreddit http://www.reddit.com/r/Bitcredit/.

If you want to get involved in the development, just write a reply in this thread.

nice work Gabriel.

Thank you.

Got it working!   would appreciate the 10CRE to see it working!  thanks!   addy:   1F2zgvhtV5as3JPnUMGBgDLgNh3wDDeF7K

Some nice information there and look forward to what comes in the future

Sent!

Got it!  Thank you very much!   :)

Getting this error when trying to launch the new version:

http://imgur.com/tHqxHoq

Try replacing your current Bitcredit and BTC blockchain files with the ones from the torrent you have downloaded.
Default windows directory for the Bitcredit files in question are "C:/Users/<user home directory>/AppData/Roaming/Bitcredit"
After replacing the files make sure to turn off the read only setting that may happen.
Once you have done all this run the client using the following command "-checklevel=2"
The easiest way to do this is to modify the target location on a shortcut:
Target: "C:\Program Files\Bitcredit\bitcredit-qt.exe" -checklevel=2

Hopefully that will fix your problem. I ran into a similar error after forcing the client to shut down while syncing.

Fuck, I don't have nearly enough hard disk space for that. Will work on it tomorrow!

Could you sent a snippet of the end of the debug.log file? You will probably find an error there, that gives valuable info. If it is possible for you to convert back to the old version in the meantime, do that.

Bitcredit (CRE) is now officially trading for BTC!!!

Would just like everyone to know that the first Bitcredit(CRE) / BTC trade has occurred!

50 Bitcredit (CRE) were sold @ 0.0003 BTC a piece. For a total of 0.015 BTC for the first trade.

For an up to date ledger of bids and asks please visit this document: Bitcredit (CRE) - Buy and Sell (https://docs.google.com/spreadsheets/d/1tYgyV1oUyQUCcJ1K9Q70AGEEAIH3uAAI5RlHRhDM800)

If you would like to purchase or sell some Bitcredit (CRE) please either post below or PM me!
(Alternatively if you prefer you can email me or send me a message on the contact form of kingklye.com (http://www.kingklye.com/contact/))


Please use the following formatting when placing bids or asks to help me process them as quick as possible:

If you would like to buy Bitcredit (CRE):

If you would like to sell Bitcredit (CRE):



Thank you to everyone interested in mining, trading and being part of Bitcredit!
Happy mining!

KLYE

watching

how many bitcredits are in circulation so far? thx

Here is my offer:

Added! Thank you.

Just traded 2.4 CLAM for 50 Bitcredit (CRE) on just-dice.com.

Last price: 0.00025 BTC

Just traded 3.8 CLAM for 100 Bitcredit (CRE) on just-dice.com

Last price: 0.0002 BTC

The old version didn't work for me either, It would get stuck on "Loading Bitcredit wallet"

But this is the error in the debug log:

 2015-04-20 05:25:13 init message: Loading bitcredit wallet...
2015-04-20 05:25:13 nFileVersion = 90110
2015-04-20 05:25:13 Keys: 101 plaintext, 0 encrypted, 101 w/ metadata, 101 total
2015-04-20 05:25:13 bitcredit wallet                   99ms
2015-04-20 05:25:13 Bitcredit: ConnectTip() : No tmp db created, in fast forward state, claim tip is -335816 bitcoin blocks ahead
2015-04-20 05:25:13 ERROR: Bitcredit: Bitcoin block to check for claiming 0000000000000000000000000000000000000000000000000000000000000000 not found in bitcoin blockchain!


2015-04-20 05:25:13 ERROR: Bitcredit: ConnectTip() : ConnectBlock 000000005fc6f4b75a16b644bc1bd975ec71e7bdfab3144d84915d0efae490d2 failed
2015-04-20 05:25:13 *** Bitcredit: ConnectTip() : ConnectBlockHelper 000000005fc6f4b75a16b644bc1bd975ec71e7bdfab3144d84915d0efae490d2 failed
2015-04-20 05:25:17 init message: Loading bitcoin addresses...
2015-04-20 05:25:17 Loaded 0 addresses from bitcoin_peers.dat  1430224109568ms
2015-04-20 05:25:17 init message: Loading bitcredit addresses...
2015-04-20 05:25:17 Loaded 0 addresses from bitcredit_peers.dat  1430224109568ms
2015-04-20 05:25:18 Requesting shutdown
2015-04-20 05:25:18 Running Shutdown in thread
2015-04-20 05:25:18 Initialization result: 0
2015-04-20 05:25:18 Stopping thread
2015-04-20 05:25:18 Shutdown : In progress...
2015-04-20 05:25:18 StopNode()
2015-04-20 05:25:18 Bitcoin: Could not find claim coins tip best block in index
2015-04-20 05:25:18 Shutdown : done
2015-04-20 05:25:18 Shutdown finished
2015-04-20 05:25:18 Stopped thread

Client says that total Bitcredit (CRE) count as of this post is: 373360.00 CRE

Network difficulty: 8.07836762

Network Hashrate: ~156 mh/s

Current mining deposit: ~12.45 CRE

Current block reward: 40 CRE

The definitely fastest way for you to get around the problem would be to make a security copy of the bitcredit_wallet.dat and deposit_wallet.dat file and then download the torrent that you can find here:
http://bitcredit-currency.org/viewtopic.php?f=18&t=517

Once you replace the working directory with the torrent you should just be able to fire up Bitcredit-Qt and be in sync within 20 minutes. Or where you the person that didn't have enough disc space to unpack it?

The problem you are seeing can appear under certain circumstances and is probably an unrecoverable error. Work is being done to mitigate this problem. Unfortunately there are a lot of other things happening right now as well, among them release of the source code. But rest assured, the problem you are seeing have a very high priority.

The problem with a hanging ui when claiming as you described has been found and addressed. Expect a new release within 8 hours. Once that release is done, the source release will be coming a day or two after that.

nice, thanks.


I had the same problem, so I just created a symlink for the Bitcredit folder in %appdata% to another harddisk. Works like a charm.

Just a bump reminding all newcomers to Bitcredit (CRE) that you can post your address in this thread and receive a 10 Bitcredit (CRE) gift!

Also, to those of you have already downloaded the wallet please check out my Bitcredit (CRE) faucet on kingklye.com! (http://www.kingklye.com/bitcredit-cre-faucet/)
It pays out anywhere from 0.0001 – .01 CRE out daily per a user. The VIP faucet code is available to monthly VIP lounge subscribers.

Version 0.9.1.11 of Bitcredit client released

A new version of the Bitcredit client has been released. This is a bugfix release that first and foremost solves an intermittent problem with ui freezing when claiming bitcoins.

It is highly recommended that all users upgrade as soon as possible.

Make a copy your existing versions and try to start the new version instead. The transition should be seamless.

http://bitcredit-currency.org/viewforum.php?f=5


Release notes
-------------------------------------------------------------------------------
Bitcredit Core version 0.9.1.11 is now available from:

  http://bitcredit-currency.org

How to Upgrade
--------------

If you are running an older version, shut it down. Wait until it has completely
shut down (which might take a few minutes for older versions), then run the
installer (on Windows) or just copy over /Applications/Bitcredit-Qt (on Mac) or
bitcreditd/bitcredit-qt (on Linux).

0.9.1.11 Release notes
=======================

0.9.1.11 is a bug fix update:
- Problem with ui freezing under certain circumstances
  making it impossible to claim bitcoins. Problem has been permanently solved.
- Minor ui updates.

Question regarding no of bitcredits released so far answered earlier.

I would suggest you look through the info on the forum:
http://bitcredit-currency.org/index.php

After that try to download the client and start it in miner mode. You can get a lot of statistics once the client is installed.

New version is out. You should definitely download it and try the claiming again.

Wooo finally got it up and running.

For KLYE, here's my addy ;) : 1K1WLbDF14Hs2y4qvuSgDHYQ7ytizYfLSU

Welcome aboard Greydon! Sent your 10 Bitcredit (CRE) welcome bonus:




Check out the kingklye.com Bitcredit (CRE) faucet (http://www.kingklye.com/bitcredit-cre-faucet/) daily to collect more!

Perhaps this one needs nipping in the bud as well

Any news on a block explorer? :)

Great to hear. Good luck mining and continue watching the forums for more info. Source release is imminent.

worked! thx.

Great. Thank you for trying it out.

And as a side note - you just made the total monetary base increase in the same way as when someone finds a new block, thereby moving us towards the next reward update and increasing the deposit requirement.

Sorry no development as of yet. I'll post a thread with a rough development roadmap tonight.

You know that there are a lot of commands that you can execute through the Bitcredit-Qt console where you can emulate a lot of the functionality found in a block explorer, right?

Try the help command for a full list.

Care to elaborate?

Post your Bitcredit (CRE) address and receive your 10 CRE welcome bonus!

thx, but I already found enough blocks :) Just add em to your faucet for new users.

Alrighty. Very generous of you.  :D

Draft for a development roadmap and focus areas
http://bitcredit-currency.org/viewtopic.php?f=24&t=653

------------------------------

The resources that are available for development ahead are limited. It is therefore important to set a roadmap that is adapted to the requirements from the community. Here below are listed some key areas that have been identified as desired or otherwise are of high priority. There are no order of priority in the list below.

- Add feedback here on what areas you consider to be the highest ranking ones.

- Feedback on what other key areas that you think have a high priority are very welcome.

- Volunteers for development or other types of support are quite welcome.

----------------------------------------------------------------------------

- Bitcredit blockchain explorer
Online blockchain explorers are helpful in determining the state of the current blockchain and can be used for many purposes, among them to get an “official” image of which the current active chain is.

- Incorporate newer features from Bitcoin
The version of Bitcoin used internally in Bitcredit is 0.9.1. This version was released last summer and several key areas in Bitcoin has seen quite a lot of development since then. These features should be incorporated into both the internal Bitcoin client, and also where applicable, be added to the source code of Bitcredit. These improvements are among lots of others “headers first” blockchain synching, preparations for increased block size and improvements for increased transaction volumes.

- Adding Bitcoin client capabilities
Since the client is already downloading and tracking the Bitcoin blockchain adding the possibility to send Bitcoins from the client is quite straightforward. There are also other features of the Bitcoin client that could be incorporated, effectively turning the Bitcredit client into a Bitcoin client as well. Those features would remove the need to store the Bitcoin blockchain twice, if a user also has a Bitcoin client installed. This would actually enable a user to forget about the Bitcoin client altogether and instead use the Bitcredit client for both Bitcoin and Bitcredit.

- Lightweight client
For the moment it is not possible to use Bitcredit without downloading a complete copy of the Bitcoin blockchain. This could be a blocker for wider adoption of Bitcredit. A client could be created that mostly uses online sources for verification, thereby simplifying the startup process and removing the storage requirements for the client.

- New seeders and fixed nodes
For the stability of the network and for wider distribution it is important to decentralise the process of reaching the network as much as possible. Anyone who wants to volunteer a seeder node or a fixed node should get in contact with the Bitcredit developers for inclusion in the source code.

- Development or integration with exchanges
Although this is a process that usually happens naturally with existing exchanges there may be a need to develop better coin exchange into the client, or develop freestanding exchanges.

- Evolve deposit features
The deposit process is for the moment a manual one. A miner creates a set of deposits and then starts the miner, which uses the deposits to create new blocks. When the requirement for deposits grow, as the monetary base grows, the need for automated processes to handle deposits will grow as well. A streamlined process to prepare deposits automatically by the miner could prove useful in this situation.

- Develop miner-depositor integration
A deposit-based proof-of-work system has two roles participating in the mining process, the miner and the depositor. These two are normally the same entities but as the system evolves, they will probably separate. The miner will provide the hashing power, and the depositor will offer up deposits for a fee taken from the reward. A system where these two roles can find each other and integrate can be built into the client, or be built as a separate miner system. Either way, this will be a natural step in the evolution of the transaction verification process.

- GPU mining
A “natural” evolution in hash-based verification are improvements with the purpose of making the hashing process more efficient. The normal development phases are first CPU mining, then GPU mining, where a GPU is more efficient in running simple calculations in parallell, followed by creation of so called ASICs. It may be useful to assist in the development of GPU integration, to level the playfield for newcomers.

- Verification of the claiming process
Auditors that can audit the claiming process are welcome. Contact the developers of Bitcredit for a run down of how the system works.

Is this in order of priority? As in, the top priority being a block explorer, and lowest priority being GPU mining/Verification of claims

No, they are not in any particular order. I'd be glad to get input on what you consider a good priority. And if there are other areas of interest that you think should be addressed.

I'd rather see it on an exchange before GPU, before ROI goes down the drain.

Have you contacted any exchange yet?

Well, since this is SHA256, you can skip the GPU and directly go to ASIC :P

Thank you for the input.

Yes, I agree, although once the source is released (probably tomorrow) it is only a matter of time before the code gets hooked into a GPU miner. That can not be controlled, but maybe shouldn't be actively encouraged by focusing core development effort in that area.

No exchanges have been contacted yet. Any suggestions on suitable ones?

The top 5 priorities if I had any say, would be:

1. Blockchain explorer (Just adds a more "official" feel to the coin, and some verification)

2. Bitcoin client capabilities. (This is a big one, the ability to send bitcoins from the bitcredit core, basically merging the two, would be incredible for the market)

3. Lightweight client (Kind of following from #2, if you were able to share block directory files then they would both come hand-in-hand)

4. GPU miner (Self explanatory, the more ability we give users to mine, the more mining will occur and more users it will attract. This could be added after an exchange has accepted us, however)

5. Exchanges (Once the above 4 features are implemented, I think it would have proved to everyone how promising this coin is, and dedicated the developer is. An exchange would have a hard time saying no!)

But that's just my 2 cents ;)

I am not aware of how the exact implementation of Bitcoin ASICs has been done, but I imagine that they've just moved the final step, the SHA256 double hashing onto the circuits, with the rest of the code running from a standard C++ program. In that case you are right, then it's just a matter of adapting the Bitcredit source to hook into the ASIC hasher.

As a side note, this is one of the reasons that Bitcredit runs with a deposit system. Not to prevent the rise of ASICs, but to disarm them as a complete competitive advantage.

I would petition C-CEX, Cryptsy, and Bleutrade. However almost any exchange accepting CRE, is a success.

Thank you, well thought through priority order. Taking notes.

Great, thank you. They will be contacted in the near future. Nothing preventing anybody from contacting exchanges themselves, I guess.

I'd go for Yobit.Net, bleutrade, c-cex and poloniex

Do that and what you mined with your CPU will be worth nothing. I guess it's a race between exchange and GPU

Not true at all. Just basically allows for greater security of the network through increased hashrate. :P

Incorrect. The value of your coin doesn't drop, but the % chance of you finding a block with your CPU will be lower. It'll just become more viable to GPU mine than to CPU mine.

Difficulty will increase, it doesn't render the value of your coins lower...

No you will get a lot of dumpers and your price will go down little by little. Difficulty increasing I agree and a more secure blockchain as well but for sure the price will go down. It's simple logic.

Those who dump their Bitcredit off the get go will cry once its acceptance and use begins to rise. ;)

10000 blocks mined, half way to first reward update

As you can see from the snapshot below we have now gone past 10000 mined blocks. The deposit requirements are rising accordingly and the first reward update to 45 CRE can now be seen on the Prepare miner deposits page, will occur at block 20000, or thereabout.

The block creation process seems to go slightly faster than planned, this can probably be accounted towards a continually rising hash rate.

http://bitcredit-currency.org/viewtopic.php?f=20&t=656&p=1193

http://bitcredit-currency.org/download/file.php?id=62

A bit confusing as I thought the reward would be 45 credits from block 10,000.
Maybe in the next update you could make that screen a bit easier to see that the increase in reward doesn't correspond to the left hand side of the details.

Thank you for the input. I understand now that you say it that it may be a bit confusing.

The left hand side deposit requirement and reward actually corresponds to each other row by row but the values are relative to the latest block. Instead of 1000th estimated deposit, which is the relative level from the current tip, it should probably instead say the absolute block height.

Will change for the next release.

diff. went from 8.07 to 22.22  :o

Well, that would explain the high block creation speed...

This should at least slow down block creation. For the moment.

Source code will be released within a few hours. Keep an eye on this forum.

Hashrate dropped to 140 Mh/s also. Only 5 blocks seen in the last hour!

I'm a bit concerned that the block creation rate has been so high the last week or so. That the block creation rate drops is just an effect of the difficulty rising so all is good and well there.

Yeah, I know :) I'm not worried, just giving an update on current status of the blockchain.

That's good, it's great to have engaged people involved in the project.

http://bitcredit-currency.org/viewtopic.php?f=17&t=659&p=1196

----------------------------------------------------------

We are proud to announce that the source code for Bitcredit/CRE has now been released at Github!

Bitcredit is the first Bitcoin sidechain implementation, currently integrating with the Bitcoin network and claimable for all Bitcoin holders.

All sources can be found at https://github.com/gabriel-eiger/bitcredit.

This announcement comes with a call to participate in the further development of Bitcredit. Source code auditors, developers and other participants interested in contributing to the network are welcome to contact the core developers at http://bitcredit-currency.org or directly on https://github.com/gabriel-eiger/bitcredit.

Bumping this thread due to important announce regarding source release above.

http://bitcredit-currency.org/viewtopic.php?f=17&t=659&p=1196

This is great news. With the source code now available users have the ability to audit and compile the code themselves.
The network mh/s has fallen a fair amount since the difficulty update but I think those serious about mining and Bitcredit are still involved.

I'll continue mining, and running my faucet as well. You can visit it here:  kingklye.com Bitcredit (CRE) faucet (http://www.kingklye.com/bitcredit-cre-faucet/)

Also a reminder that any new arrivals to the Bitcredit (CRE) community can claim a 10 CRE welcome bonus just by posting their address in this thread.

I'm sure we'll see more adoption once people start getting wind of it, and especially once the Bitcoin-Bitcredit dual client is released (ability to share single block chain files, send Bitcoin from bitcredit core)

+1. I think that once the dual compatibility comes out a majority of BTC users might convert. Instead of running bitcoin-qt users could run the Bitcredit-qt wallet and have an extra incentive to keep the wallet running. Excited to see what happens.

Agreed! As of tomorrow I will start to set up a dice game for CRE, and add some extra usability (is that even a word?) to the coin!

I tried to build it on my Mac, but it stops compiling with this error: http://pastebin.com/QkKx5QM6 Google finds some postings about it, but you already managed to build it, so maybe you know what is wrong. I used the instructions in doc/build-osx and MacPorts.

Have not seen that particular problem before. It has not been tested with MacPorts, only with brew. I'm guessing that it has something to do with the  dependencies, maybe boost?

Will look into it a little more in a few hours.

Call for vote

Some discussions have been going on in the last few days regarding the name of the coin. Unfortunately, there is another coin with some odd properties that as far as I understand started out as Bitcredits and then changed their name to Bitcredit.

At the time of the launch of Bitcredit/CRE we were not aware of the existence of a coin with the same name.

Now, this wouldn't affect us that much if it wasn't the case that they seem to have some odd properties of the coin, premined coins and what seems like some rather sketchy scheme to take places of banks.

I have come to consider that this may hurt adoption of CRE in the long run, for two reasons:
- They have existed longer, meaning that awareness on Bitcointalk is higher on that coin and its' properties. This may affect the image of CRE.
- When searching the web for Bitcredit, CRE is almost impossible to separate from the other coin. With the properties that it has, this may affect the image of CRE in a bad way.

This is therefore a suggestion to update the name to "Credits" instead. I can see two upsides to this:
a. No need to change graphics or the shortname (CRE).
b. In the long run it's probably a better, more generic name, making a world wide impact easier.

To make this change, we need to know that:
a. The majority of the current users who are involved agrees with the name change
b. Make sure that it does not interfere with some other project.

Please voice your opinions, both for and against!

My vote is for the the name change. Credits would be the most minimal change we could get away with, but might actually be too generic. If someone were to google search "credits" there would be a huge number of results before we even saw something related to crypto currencies.

TL:DR credits is okay, but my ideal vote would go towards a name like Creditcoin or Depositcoin idk

I tried it with "brew", too. I installed a new "brew" version as explained at brew.sh, then the packages with brew and then a clean "git clone https://github.com/gabriel-eiger/bitcredit.git" and "cd bitcredit". Then "./autogen.sh", "./configure --with-gui" and then "make". Same problem. BTW: The instructions at https://github.com/gabriel-eiger/bitcredit/blob/master/doc/build-osx.md says, I should type "git clone https://github.com/bitcoin/bitcoin.git" and "cd bitcoin", which of course is wrong.

Have you tried it without the "--with-gui" command? I know little about homebrew, but the least I can do it try to see any dissimilarities between his tested build instructions and yours!

Both of these mention macports, one of them clang. I remember some build problems with clang, not the one you are having, but still. Can't remember what the problem where though.
http://marc.info/?l=macports-tickets&m=137655484104645&w=2
https://trac.macports.org/ticket/40002

If you test the brew route, have you done:
brew upgrade
brew update

and tried again after that?

This:
https://github.com/bitcoin/bitcoin/issues/3228
references problems with clang and boost. Although not the same problem as you seem to be having, it might be related. I think it was the recompiling of boost from source that solved it for me, but not quite sure. Search for "If you're using Homebrew, the easiest way to workaround this issue is to compile the Boost library from source using the brew command" in the article that I linked.

I had a feeling this issue would come up in the future.

Renaming Bitcredit (CRE) would probably be a welcomed fix to limit the confusion with Bitcredits (BCR) which is clearly a completely idea all together.

Not sure if renaming it to "Credits" without a large amount of SEO is a great idea though. As mentioned above it might be buried on google.


On the mining side of things we've seen quite a difficulty jump while seeing a fairly large decrease in overall network hash rate.
For those of you still mining I applaud you, as the deposit rate increases and the network difficulty raises it will be interesting to see who stays in the mining game.

Yeah, like CLAM ;D

I like "Credits", this is always used in science fiction movies. Another idea would be "latinum" (important property: non-replicable), but would cause even more SEO problems, and probably even copyright problems.

I tried to compile boost (although it is a template class library, which means most of it are just header files, not much to compile), but it didn't work.

Turns out it used the boost installation from MacPorts, which was version 1.58. Brew wants to install boost 1.57, but the other installation was in the path first. I uninstalled the MacPorts boost installation and now it works, the Qt client is running and synchronizing with the networ. So there is some problem with boost version 1.58 and maybe the clang compiler, or some incompatibilities with the MacPorts boost installation, when using brew to install the rest. Someone should port it to C++11, then it should be possible to remove boost.

BTW, there are some serious compiler warnings, like using "false" for an argument to a function which expects "bool *" in main_tests.cpp and which is then converted to "NULL", which might be not what you have intended. And a lot signed/unsigned compare warning, which are possible attack points.

Ok good to hear that you got it running.

Depending on your local versions of your libraries you may or may not get block script validation errors that may halt the blockchain sync. The way around that is either upgrading to the correct libraries or building a release version. Just telling you in case you run into problems.

Yes, there a compiler warnings and things that definitely needs improvement. If you want to have a stab at it you are quite welcome. Or just give pointers to weak spots, like you just did.

Glad to see the source code released hopefully it will bring more on board and get some good stuff going.

Also I agree with the name change to Credits as it would stop people getting it confused with that crap ICO coin. Keep up the good work and can't wait to see what the future has in store.

+1 . Signature campaign will be starting late tomorrow, hope to see you on board :)

Results of call for vote seems clear

Well, it seems as if the results of the vote are pointing in one clear direction - that the name will be changed to "Credits" instead of "Bitcredit", to avoid association with the other coin. Some discussion has occurred regarding exactly what the new name should be but in general almost everyone seems too like the name. The name change (or rather update) will hopefully even be a good thing.

If anyone has any objections, voice them quickly.

An announce will be done in this thread and a new "official" thread will be created as soon as the necessary preparations has been done.

With regards to the dropping networkhashps - I wouldn't think too much about it for a few weeks.

It occurred in direct relation to a large difficulty adjustment and the same day that the source where released. Unless someone turned off a CPU mining farm :) it's a very strange reaction to largely positive news.

I would contribute it to the way that the approximation calculation is done, I am not fully aware of how the algorithm for the calculation is affected by large difficulty adjustments. There's of course also the possibility of a calculation error in the code due to the changes that have been applied for CRE onto the Bitcoin code base.

But have a look for yourself at https://github.com/gabriel-eiger/bitcredit. :)

Repo has been renamed in preparation of name change:
https://github.com/credits-currency/credits

Just sending out some general info here. There appears to be one (seemingly) dead coin that was named Credits before:
https://bitcointalk.org/index.php?topic=496685.0

Apart from that I can not find any serious attempts whatsoever at naming a coin that.

If any one has opinions against the name change, voice them now.

New domain setup and forum updated:
http://credits-currency.org/

Looks like the dev abandoned the coin and took nodes down. Since there is no working network for that coin I think it can be deemed dead.

Yeah, figured so as well.

Right on Gabriel!

I think the new Credits name is neat. Very sci-fi sounding which is a huge turn on for my inner nerd.

To celebrate the rename as well as the difficulty update the kingklye.com Credits faucet giveaway is .05 CRE the next 24 hours!
Head on over to the kingklye.com Credit (CRE) faucet (http://www.kingklye.com/bitcredit-cre-faucet/) and use the form there with your CRE address to receive!

Anyone want to dump their CRE? I'm buying. :)

Not related to Bitcredit/Credits.

Would you mind buggering off and posting your non-sense scam accusation in a place where it's going to be received well rather than just being an idiot and spamming it all over the forums?

Prepping for new thread! Can't wait :)

And the name change has now been pre-announced!

https://bitcointalk.org/index.php?topic=1036947.msg11184536#msg11184536

My address for the 10 CRE: 1H2MXh4dZCyJeKR2u6QxNJTG98VdVUjj4v Thanks.

Sent!


I am waiving the member requirement as I know you from JD and you have been purchasing Credit!
Good luck with your future mining!

Will you be locking this thread?

Good point. Will do.