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It is not in development anymore, I have given up on it, I declared it an unsuccessful venture. It had problems on the exchanges and did not increase in value.
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I was going to implement X11 then I started looking at alternatives, I didn't see how it would increase the price of the coin so I didn't bother with it.
Main reason I put it on maintenance was that not many people were mining it and those that were I thought were making too much ULT.
So for the last 4 or 5 months, there has been no block rewards, so when I reinstate the rewards, there will be plenty of ULT left to mine and it will be a mature coin and everyone will still have their coins too.
I will keep people updated what will happen, but before I put it on maintenance, the price was so low that even my seigniorage coins were only worth a couple of dollars.
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Hi, I can fix the coin up and get it going again, I was mining the transition coin and last week I noticed my miner died, the wallet on the pool is reporting an error, havn't bothered to do anything about it yet.
The way digital currencies are going, I doubt it is worth it except for fun.
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Be careful, a lot of people have left digital currencies, I view it as just a fad.
Also don't expect the price to go back up just because it has in the past, it doesn't mean it will.
I don't see any new people coming into the digital currencies, just people leaving.
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I have been looking into the algorithm called blowfish, it looks very interesting. I had to try to break some salted hashes with it a few days ago and it was so slow, I could only get around 40hash/s with my i5 and even less with my GPU. I doubt I could break in any time a 5 character password with it, it is very secure. From my understanding blowfish only works well on CPU's. That would be a good algo to use, I wonder if any other coins use it.
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Yes they are as safe as before.
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Ok guys, I am pretty much ready to redo the coin. I will leave it for one more day or two for anyone else to add any new suggestions.
I am going to cut two 0's off ULT, so everyone who converts will receive new ULT @ 100:1 ratio. Also the maximum ULT generated will fall from 7 Billion to 70 Million.
I am still waiting for the draft coin design to come back to me.
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I am right in the middle of exams, that is why I created the transition version. It will be a full relaunch with new website etc but I need to focus on one thing at a time now.
I have less than a week left anyway and then I will be free to work on the new version, it won't take long.
captainproton, if you have any ideas for a popular new algorithm let me know.
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I wonder what algo the dev will pick?
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Yeah, I was expecting every found block to give a bonus, unfortunately 0 reward blocks are not showing up unless accompanied by fees.
You were just lucky BillTech.
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I fixed the pool up and forced payouts since all balances were confirmed
Transition version working well now. Was was going to do a block finders bonus on the pool but unfortunately the block finder only shows up if a block contains more than 0 ULT.
So if no block finder shows up for a found block of 0 ULT, they don't get a bonus. But if there are fees, then everyone will share in the fee and the block finder will get 1,000 ULT.
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I was thinking about that, I do not like the excessive decimals either. I think two decimal places are ideal because it makes it look like real money. It is easy to implement.
We can have ULT pennies, .01 etc. Anyway I believe μULT can only go down as low as 2 decimal places.
It's a good idea but still needs to be thought through/weigh the pros & con's.
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waldistons, it is all relative, total supply/block reward is around the same as most other coins.
I don't like POS, I like the idea of people earning money from mining. UltimateBank will offer similar function to POS by paying interest on deposits from it's capital reserves.
After the block rewards are finished (on the old coin), there will be 1.5798 Billion(B) ULT out there, 0.5798B is what miners have so far mined, 0.9 billion was allocated to UltimateBank of which there still is 0.859B & 0.1B was my seigniorage.
I don't want to do a pre mine of 1.58B, I would like to keep it under 1B so it will involve everyone taking a cut including the Bank & my seigniorage, it will be fair. I have the responsibility to make sure the coin is not over issued and work to increase it's value.
I will keep you updated of course.
I have talked to the largest holder of ULT and he agrees with me that a swap of 1:1 to the new coin would not be in the best interests of the coin.
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 Try not to mine the last blocks too fast because i want to give the exchanges some time to update their wallets so they won't have problems. Anyway for the last week or two there was not a lot of people mining and I thought it was unfair the ones still mining were making so much ULT so I decided to take away the reward. I am studying for some exams ATM so I can't produce the X11 version until a bit later. BTW, UltimateBank provides some insurance for the official online wallet & pool.
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done
make sure you bookmark the page
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Please download new version, 2.3 (1.862.0.1) http://download.ultcoin.org/You will need this wallet during the transition period. All Ultimate Online services (pools, online wallets, explorers) are now running the new version. 0 block rewards after 29000. |
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Guys the coin has been suffering quite a lot but I suspect a lot of scrypt coins have lately. I think a lot of people have lost interest but the new UltimateCoin X11 will be much more successful. Those who are still mining and showing dedication will be rewarded as their credits will be moved over onto the new coin. It will be a complete refresh as well, I have a draft image of the new coin design, I have given it to a ULT person who has very good graphic design skills.  It is quite rough but it is generally what the new design will be like. I have been busy with things and won't get a chance until about 10 days time to release a X11 version so in the meantime I am going to stop block payments on normal ULT with a update tomorrow. No more block rewards until X11 release. Normal ULT will still be trading but no rewards for miners so please expect that. The new coin will have a new announce thread as well. |
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Ok, I am going to release a new version later this week. This version will have around 3 days worth of normal blocks and then it will reduce to zero. I will be updating the pool with this version and other nodes. After the 3 days, older wallets will not sync so you have two options. Move your funds to the online wallet before that happens or you will need to download the newer version if you still have funds in your wallet. I would recommend moving your funds to the online wallet.
About 1 week later I will release the X11 version and you can do the swap. I would like to have a few days in between of no reward blocks being generated to give everyone a break from mining.
By the time of the UltimateCoinX11 relaunch, I expect we will have new coin graphics, it will be a good all round refresh.
So move your funds out of the exchanges and prepare to get ready for the switch over.
I will contact the exchanges before the switch over and inform them of what is happening.
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