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but subsidy and POW are intertwined, so the subsidy would go to the merge mined coin, or pool?
AuxPOW function just allows the sharing of the same solutions for mining if the base POW method (scrypt in GLC's case) is the same as another coin. This is facilitated by the miner or pool. So for example a pool would take your hashing and send it to both Litecoin and Globalcoin simultaneously, your hashrate doesn't get split. You get rewarded both coins by the pool, the block subsidy and network of each coin still remain separate. |
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Auxpow... It fixes security, but how does it effect the subsidy... I do not understand it.
AuxPOW is the proof of work function, nothing to do with subsidy. AuxPOW (Auxiliary proof of work) will effectively allow Globalcoin to be merge mined with another SCRYPT coin of higher difficulty, the mining hash rate of those that choose to submit work to both chains is then applied to GLC's network making it stronger. Concerning the subsidy that would need to be a separate adjustment. Bringing block rewards down to just 1 GLC sounds good to me. |
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From cryptsy chat 5 days ago Parts: GLC dev here  Parts: its up to the community to vote, ive been away for a bit due to my grandfather passing but im back and I will try my best to get GLC back near the top Parts: can always buy GLC its cheap and when i drop x11 on that shite  and drop the subsidy and announce some partners..... magic will happen I for one do not want X11, let's go simple with AuxPOW and lower subsidy; that solves security and inflation concerns no? |
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Some updates were pushed to the github repo. Looks like general fixes, haven't had the time to actually go through; would be nice if the developers could post here.
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Those all sound reasonable ..
So, how do we proceed ??
Who holds the 'keys to the kingdom" ??
SistaFista or someone else ??
Triff ..
That's the beauty of open source, nobody really holds the keys to the kingdom; anyone can make changes and we as a community can then branch off. All we need is a hard fork and the community to rally behind the new code. https://github.com/CryptoParts/GlobalCoin |
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Here are my suggestions on updates:
Update core code, wallet and protocol versions (heartbleed, dust transactions and ssl fixes etc)
Change the algorithm: ASIC resistant and GPU friendy = Lyra2RE (PoW) + PoS
Change total mine-able coin supply: 64 million coins (PoW) (feels nicer being 8 bit binary count)
Change difficulty re-target: Retarget every block with Kimotos Gravity Well
Fixed Block Reward: 5 coins per block with no reductions.
- With roughly 4 million new coins to be mined this will provide just over a year for mining
- 40 second block target results in ~2160 block per day, with 5 GLC block reward (10,800 GLC mined per day) that leaves ~370 days to mine 4 million coins
- Do we maybe think about increasing block target to 60 seconds? giving us roughly 555 days of mining. Or even 90 seconds, that would be ~833 days (2 years) of mining (960 blocks, 4800 coins per day)
Minting (PoS): 4% interest yearly with minting eligibility 30 days post transaction
- Becomes purely PoS after 64 million mined coins
- Effectively no cap on total coin supply, like peercoin
So all of this would result in a truly "global" coin, seeing as anyone with a computer/GPU could mine; then anyone with a computer or even smartphone could mint.
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Maybe Globalcoin partners up with Feathercoin, UFO Coin and Phoenixcoin; updating from scrypt to neoscrypt. I'm sure bushstar or ghostlander, the talented devs behind these coins, would be happy to help out with updating the client. Thoughts? |
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How about we bring back up some talk on a hashing algorithm change away from scrypt? Seeing as the scrypt landscape is both flooded and quite dangerous now I think it might be a wise move. There's plenty of new algorithms about that are ASIC resistant, power efficient and GPU friendly. Have a look at the recent move to neoscrypt by Feathercoin, nothing but positive response from the community and the markets too. ideally we want to stay in reach of as many people as possible without the need for expensive mining equipment. As the majority of people buying Scrypt ASICs are not doing so to mine Feathercoin and the fact that some very large ASIC suppliers will be releasing products soon it seems sensible to move algorithm now before we face the challenges that hit many SHA-256 alts when the SHA-256 ASICs hit Again I'll bring up one of digitalholdings posts on the matter..
Yes, I was assuming if we were to change hashing algorithm that the difficulty adjustment algorithm would also be updated along with the qt clients code base.
So my argument for changing the hashing algorithm is yes in large part for GPU miners here's why:
1. GPU miners are already well established and looking for alternatives since the arrival of ASICS.
2. GPU miners are more decentralized than ASICS (be it initially) based on pricing points alone - $200 gets you mining with a GPU vs thousands$$ for an ASIC
3. The general public can easily obtain GPU's where as ASICS have often had much annoyance with preorders, late delivery etc
4. GPU have other uses, you have options to exit and get some value back (gamers, graphic design etc). ASICS once they're unprofitable they're effectively paperweights no one wants (well in comparison to pricing on 2nd hand GPU market).
There is also the fact that globalcoin doesn't really have anything unique to offer among the now hundreds of scrypt coins. As mentioned before the only thing I see as a positive in technical retrospect for globalcoin is its age and 0 premine.
So if we swap over to a GPU based algorithm everyone has the opportunity to mine, whether it be the home pc user or the avid miner with several GPU rigs. The network therefore becomes more decentralized which I think fits perfectly well with the "Global" mantra of Globalcoin. |
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Are their hybrid pos/pow coins out there? Who has the technical chops to make it happen?
There is a few hybrid pos/pow coins, the most well known would have to be Peercoin? Last 24 hours: Proof -of- Stake Blocks 155 (86.6%) Proof -of- Work Blocks 24 (13.4%) All time: Proof -of- Stake Blocks 103,700 (75.3%) Proof -of- Work Blocks 34,104 (24.7%) PPC works differently than what I would advocate for GLC though, seeing as PPC has no real set coin supply and pow rewards differ according to network difficulty with pos fixed at 1% See: https://en.wikipedia.org/wiki/Peercoin#Proof-of-stakeSo it can be done but what is the best way to go about it? For coins with a fixed supply like GLC does it make sense to offer hybrid pos/pow until a certain amount of coins are founded then swap to pos only? Especially considering 79% of the total GLC supply has been mined through pow already? Would it be wise to uncap the GLC supply with a small pos rate like 1% after the 70 million coins rather than rely on pow transaction fee based mining? |
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I'm not suggesting a 100% switch to POS. The main issue people have with POS, especially 100% POS, is initial distribution being a key factor into who benefits. Globalcoin wouldn't be plagued by this as it's been distributed quite fairly through POW over the past year, plus it's readily available for anyone can purchase on exchanges. A hybrid POW and POS system might be nice was my thoughts. I'll bring up some posts regarding updates/changes from digitalholdings a while back which I think could have some more discussion.
So picking apart the best features from other coins.. well what is there really? different hashing algorithms, proof of stake and anonymous transactions are the only real differentiating features at the moment.
I still think changing to X11 or groestl hashing algo is the way to go. An opportunity for diversified mining for everyone, not just deep pocket ASIC buyers.
Hybrid PoS and PoW could be something to look into... having the ability to simultaneously mine and stake seems somewhat logical actually. Those that want to take a "risk" purchasing mining equipment are rewarded with more coins by PoW whilst those without the capital can earn smaller amounts of coins by simply leaving their wallets running to help the network.
Fully anonymous transactions doesn't really fit in with my view on the "global" sentiment. When I read "Globalcoin" I feel it represents a bright future where money doesn't have borders or restrictions... not a shady means for potentially illegal use cases. But that's just my view, if the majority of the community wants it then by all means implement it.
Would like to see a poll or community voting system for whatever features are proposed before actually implementing them anyway.
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I don't know. The most successful coins are proof of work...
With the interest function, you can encrypt the wallet, which is a huge security issue.
You can encrypt your wallet when using a pos system. Sounds like you're confused with encryption and locking. You need to have your wallet unlocked when staking, which means you open your wallet and then unlock it using your passphrase before staking can occur. You can have the option here to unlock only for staking so you still have to enter your passphrase again when sending coins.  |
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I don't get pos
Can you sell me why it is preferrable?
I believe people like pos due to these reasons: 1. Allows people to obtain more coins without the need of expensive mining equipment or the technical knowledge. 2. As users are holding coins in their own wallets (for the sake of generating new coins) this decreases market saturation and dampens dumping fears. 3. Encourages a buyers mindset, the more coins you have the more coins you generate. 4. Helps to secure the network with lots of live nodes, in order to earn new coins through pos users must have their wallets running. 5. Reduces electricity usage that is often ridiculed as wastefulness, save the world greenpeace global warming and all that. |
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Thoughts on changing algorithms with some kind of proof of stake / interest system?
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Seems to be going in the toilet price wise.
When Bitcoin falls every coin tends to follow suit? |
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Supplied the block explorer admin with known pools so we can have a better overview of the network in relation to mining. See under the extraction tab. |
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Please let us auto-convert to Globalcoin, the cryptsy market has plenty of sellers |
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Is this the same coin that just started a network marketing company?
Depending on what level you join you can get from 30 to 500 coins per day, and you don't have to do the mining.
I'm a Global Coin Dealer and I help anyone get started with mining. Predicted to go well over the dark coin price and up around the bitcoins. ( which currently are around $415 per coin ) I almost have 7000 coins and it's only been 10 days of mining for me. I mine 400-700 coins every 24 hours 7 days a week each month on autopilot until they go public. Do the math, can you afford not to jump in on this right now? Jump in now guys while they are pennies per coin ! You can email me at davidmeekglobal@gmail.comCheers! Nope, wrong place. This is the thread for an actual established cryptocoin Globalcoin (GLC), you're referring to the newly launched (likely scam) cloud mining and pyramid scheme known as "Global Coin Reserve" (GCR).. |
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Can I ask what you have done with your 3 posts noobie account?
This 3 post noobie account hosts full nodes for your wallets to sync and has protected the coin from several timewarp attacks by doubling the network hashrate with my own mining hardware when trolls try to rewind difficulty using invalid block timestamps. Obviously I hold a substantial amount of GLC, one of my wallets has over 10,000 transactions. Since me and Orco had the idea of adding the donation fund the has been 0 deposits from the community and all donations have been from Orco or myself. If the community cared so much about the project moving forward, you would of thought they would make a donation once in a while but sadly this is not the case.
You've had multiple donation addresses, to which myself and others have donated, not just you and orco. February's Donation Address 7HGqgroz38eY4xMfwUFb7BLVwUjUagykDmApril's Donation Address 7Lz2buKS1ymewZdpB51e2ieY1SsW8a5oNhThe majority of outputs are to known cryptsy addresses which is all well and good if you're selling to cover costs. Can you further elaborate on the next update? I assume the community would benefit from some discussion before anything is actually implemented. |
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