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1  Alternate cryptocurrencies / Altcoin Discussion / Re: BTCW - A Disruption to Mining Pool Centralization, a Riveting Revolution on: December 30, 2023, 05:49:33 AM
I have made a commentary video that outlines a comprehensive overview of the BTCW Transaction Fee Market, among other things. I just wanted to give an overview of the project at the moment. Thank you for your time and interest in the BTCW project.

https://www.youtube.com/watch?v=iEViwLIq6Kg&t=118s
2  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] BitcoinPoW (BTCW) - Bitcoin using PoW/PoT to eliminate mining pools on: December 30, 2023, 05:48:00 AM
I have made a commentary video that outlines a comprehensive overview of the BTCW Transaction Fee Market, among other things. I just wanted to give an overview of the project at the moment. Thank you for your time and interest in the BTCW project.

https://www.youtube.com/watch?v=iEViwLIq6Kg&t=118s
3  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] BitcoinPoW (BTCW) - Bitcoin using PoW/PoT to eliminate mining pools on: December 29, 2023, 02:16:16 AM
A small update for those browsing this thread,

For those interested in mining BTCW, I have made a mining guide for our community, and would like to extend awareness of the video's existence to the BitcoinTalk community as well. This tutorial is in English, and is currently up to date with the newest edition of the GUI wallet's latest features, which streamline the mining and transaction sending process:

https://www.youtube.com/watch?v=Wa4IjIakJhQ&t=1405s

Also, I will respond to the user above me

Anyway, I tried to download the wallet on my PC but there was a red popup showing that this app could harm my PC and that the risk was too high, is anyone here tried and tested this wallet on your PC?



I have not verified the wallet file, but have had no issues up to date. I'm assuming that the developer of BTCW can find a way to prove, without a shadow of a doubt, that the wallet is clean and passes on some of the more comprehensive antivirus scanners. I would suggest hopping in the Telegram group, and shooting him a direct message. If not, see if an admin can get the information you're looking for. They may have a more direct line of contact to the developers.

Also going to try to answer the questions above the previous users' post, to the best of my ability:

BitcoinPoW is Bitcoin using proof of work(PoW) and proof of transactions(PoT) to verify blocks. This new mining technique naturally makes mining pools useless. This will form a highly mining decentralized Bitcoin.

Here is the White paper:

https://github.com/fluffyfunction/BitcoinPoW/blob/23.x/README.md


Come to Telegram to get free coins to start mining:
https://t.me/BitcoinPoWPoT

Twitter:
https://twitter.com/bitcoin_pow

Website:
https://www.bitcoin-pow.org

Explorer:
https://explorer.bitcoin-pow.org



Interesting project, I like the idea of combining PoW and PoT to eliminate mining pools and increase decentralization. However, I have some questions and suggestions for improvement:

- How does PoT work exactly? What are the criteria for selecting the transactions to verify? How do you prevent double-spending or other malicious attacks?
- How do you ensure the security and scalability of the network? What are the advantages and disadvantages of using SHA-1 as the hashing algorithm?
- How do you distribute the free coins to start mining? What is the total supply and the inflation rate of BTCW?
- How do you plan to attract more users and developers to your project? What are the main use cases and benefits of BTCW over other cryptocurrencies?
- How do you deal with the legal and regulatory issues of operating a cryptocurrency? What are the risks and challenges that you face?

I think your project has potential, but it needs more clarity and transparency. I suggest you update your white paper with more details and provide some evidence or proof of concept for your claims. I also recommend you engage more with the community and get feedback from potential users and investors. I hope you succeed in your endeavor and I look forward to hearing more from you.

1.) PoT is not something that I truly have a firm grasp of at this point, namely because I am not a coder. How it seems to work, as far as I can understand, is that the transactions have a load that the GUI wallet must bear to maintain it's status as a node for the network that is synced to the current block. This puts a load on the CPU, and that load is somehow translated into a supporting hashrate for the network. The criteria of a valid transaction (for mining) is a transaction that is either sent or received. Typically transactions accumulate more easily in the receiving wallet though, for reasons I may need to ask the admins about. Like the user I quoted above, I would suggest hopping in the Telegram chat to find someone more qualified to provide you the information you're looking for.

2a.) Security and scalability of the network, in my opinion, could best be exemplified in BTCW because, if it had a similar number of users (not hashrate, but users) it is harder to attack than Bitcoin. Look back on my earlier posts in this thread, I don't completely recall, but I believe that I pasted a quote from the developer in regards to the security aspect of BTCW. Scalability is namely going to play out for a number of reasons. For starters, I would say that the transaction fee market is a market in its own right. People want to mine, so they are executing a TON of transactions so that their mining wallets can net a higher hashrate (given that their CPU is not already completely overloaded, currently it seems that my CPU would require at least about 200k transactions for it to be at capacity, maybe slightly more). People need both transactions and hardware/electricity to mine BTCW. Mining BTCW requires BTCW to be spend on transaction fees, and in the current market, it costs about 0.007 BTCW in fees per transaction. BTCW is about $0.50 at the moment, so you can see how there is an inherent crypto-based mining cost to this procedure. I think that this makes BTCW scalable, namely, because the transaction market and direct BTCW speculation markets will be inversely correlated. If BTCW price is higher, less people will be willing to blow BTCW on transaction fees, so the transaction fees will drop (in units of BTCW, perhaps not in USD or fiat currency value).

2b.) Now, as far as SHA-1 as the algorithm, I'm not sure what it's all about. This would be another good question for the developer. I suggest hopping in Telegram to ask about this one.

3a.) There were about 10 blocks that had to be mined by the team at the start of BTCW. Once the team had this BTCW, they began airdropping and spreading the word about the project. The first day or so, they were sending 1 BTCW to each user in order to begin executing their own transactions and mining. This gave rise to the speculation and transaction fee markets that exist within BTCW. It all grew organically from here, and for the first 3 weeks, the team was sending about 0.1 BTCW to each new member of the group. After awhile, the transaction fees got so high that 0.1 BTCW would only be good for about 25 transactions, when typically a user needs several thousand transactions to have good odds of hitting a solo block. If you check the beginning of this post, I posted a YouTube link that I recently made (well, I made the video), on how to currently mine BTCW with the latest version of the wallet. The mining process has become extremely streamlined from it's earliest days, and I would say that despite a slightly higher inherent mining cost, the convenience is worth it, to an extent. With BTCW, the cost of mining is reallocated... so instead of buying ASICs and having a big electric bill, you mien with the CPU in your computer, or get a CPU rig if you're really trying to get a high yield... but the thing is, you also have to look into buying a $100-200 stack of BTCW to get perhaps 50-200k transactions paid for in advance (in the current fee market). When compared to the cost of ASICs and electric bills, BTCW is a very affordable way to mine cryptocurrency, especially one with unique fundamentals and an arguably bright future. I have been sold on the project since I joined, and think that it's novelty will attract a lot of new users.

3b.) BTCW has the same emission rate as BTC, with the same halving times and everything. So, if you look at BTC's block reward/coin emission history, you will know the exact inflation rate or emission rate of BTCW.

4a.) I think that BTCW may grow by word of mouth. There are a handful of users, like me personally, who are confident in the project's fundamentals. I think that it stands out compared to other cryptocurrencies by it's PoT protocol, and how it is hybrid with PoW in a sense. It is a very new concept. Word of mouth is more powerful than nearly anything else in this space. Additionally, the team already paid for a DexTrade listing that should be live within a few days, this should give BTCW a bunch of new exposure, which can attract more users like me to the project, which perpetuates the cycle of raising awareness of BTCW:

https://dex-trade.com/news/btcw-will-be-listed-on-dex-trade

4b.) I think the main use case or benefit of BTCW over other cryptocurrencies is the fact that the transaction fee market is directly associated, yet inversely correlated, with the block emissions and mining markets. It makes for a completely new distribution of risk and reward to speculators, accumulators, sellers, and miners. The PoT model is somehow more secure than BTC's mining process (don't ask me how, hop in Telegram and ask the developers, I just don't have my mind wrapped around it all, all I know is I'm bullish on BTCW). Additionally, BTCW gets rid of mining pools. In a sense, BTCW is like "lottery mining"... I'm sure some types of pools will come to be, and this will play out. If BTCW gets massive, ASIC mining may become a thing as well. However, the fact that the PoT protocol will not be changed, poses a challenge to pools in terms of how they will distribute rewards, when compared to traditional mining pools. The entire dynamic of accumulating block rewards has been shifted within BTCW, and could prove to be revolutionary.

5.) I think, in the USA at least, a PoW coin without a pre-mine is deemed not a security, especially if the development team does not ensure a profit based on the efforts of the team. There are specific ways to be legally cautious in regards to establishing a new coin, and this developer has seemed to be ahead of the ball in nearly every aspect as it pertains to the coin's improvements, response to feedback, development, and implementation of new protocols (new wallets, new functions, updates on the sites, etc.). I think that if the developer has premeditated this as much as it seems he has, he likely has the legal aspect ruled out as well.


For those who wish to learn more about BitcoinPoW, I suggest checking out the LinkTree, and most especially the Telegram group. It seems to be where the most activity is. But also, if you are so inclined, please check out my YouTube video. It is a mining tutorial that is dummy-proof, so it should help a lot of the guys who are new to this concept. If you hit a few blocks, and appreciate what I'm doing within the BTCW community, consider sending a BTCW contribution to the cause. I have a BTCW donation address in my video description. I appreciate support, but aim not to beg. In any case, thank you guys for your time and interest.

LinkTree:
www.LinkTr.ee/BitcoinPoW

My BitcoinPoW Mining Tutorial on YouTube:
https://www.youtube.com/watch?v=Wa4IjIakJhQ&t=1405s
4  Alternate cryptocurrencies / Altcoin Discussion / Re: BTCW - A Disruption to Mining Pool Centralization, a Riveting Revolution on: December 29, 2023, 01:44:03 AM
Another small update,

For those interested in mining BTCW, I have made a mining guide for our community, and would like to extend awareness of the video's existence to the BitcoinTalk community as well. This tutorial is in English, and is currently up to date with the newest edition of the GUI wallet's latest features, which streamline the mining and transaction sending process:

https://www.youtube.com/watch?v=Wa4IjIakJhQ&t=1405s
5  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] BitcoinPoW (BTCW) - Bitcoin using PoW/PoT to eliminate mining pools on: December 26, 2023, 09:41:00 PM
Just checking in with an update guys.

Seems that BTCW will be getting listed on DexTrade within the week. It's likely a decent time to accumulate, I'm surprised the team didn't go with Xeggex first. It seesm they're trying to grow as aggressively as possible, and have aggregated over 700 members in the main chat in the last 3 weeks. It is impressive to watch, and to be honest I'm very curious how their first official exchange listing will play out.

https://dex-trade.com/news/btcw-will-be-listed-on-dex-trade
6  Alternate cryptocurrencies / Altcoin Discussion / Re: BTCW - A Disruption to Mining Pool Centralization, a Riveting Revolution on: December 25, 2023, 06:00:14 AM
Just checking in with an update guys.

Seems that BTCW will be getting listed on DexTrade within the week. It's likely a decent time to accumulate, I'm surprised the team didn't go with Xeggex first. It seesm they're trying to grow as aggressively as possible, and have aggregated over 700 members in the main chat in the last 3 weeks. It is impressive to watch, and to be honest I'm very curious how their first official exchange listing will play out.

https://dex-trade.com/news/btcw-will-be-listed-on-dex-trade
7  Alternate cryptocurrencies / Altcoin Discussion / BTCW - A Disruption to Mining Pool Centralization, a Riveting Revolution on: December 19, 2023, 07:58:09 AM

You know, it isn’t often that I find projects that appear to stand a fighting chance in the modern, brutally competitive cryptocurrency market.

Many people in the modern industry put an extreme emphasis on marketing, while in the end, it seems that sound products are the only thing the people want. The truly niche specific and exceptional projects are the ones that prosper. Now of course, some of the best products in the world have never had sufficient exposure, and never got adopted by society. It’s a balance, as with all things. But some things… well… they grow. In my time, I have always believed that a good product sells itself to those who can get it exposure.

I have the assumption that the project I’m discussing today is going to become fairly well known in a short period of time. Word of mouth can get a message very far, and when each messenger in the chain is equipped with knowledge that can back a life-changing conviction, a belief in what they are involved with, that is when word of mouth is all one needs.

Today, I am speaking about BitcoinPoW (BTCW). It is a distinctly unique project that offers up and utilizes a concept that has never been implemented before. This concept, and its game-changing trait, is truly decentralized mining, by means of forcing users to solo mine in order to participate in the distribution and accumulation of coin emissions/block rewards.

Bitcoin Cash had the goal of increasing block sizes, which they accomplished, but it seems evident that Bitcoin is not experiencing severe enough scalability issues to make it obsolete. Over 6 years after its inception, 1 Bitcoin Cash coin is worth merely (currently) half a percent of the value that 1 Bitcoin is worth.

I would argue that BitcoinPoW offers and provides a concept, and a set of attributes that may truly change the game, and the cryptocurrency industry as a whole. Several aspects of BitcoinPoW are identical to Bitcoin, many people get annoyed or outright offended at the idea of a new coin including the word “Bitcoin” in its name… but in my opinion, it seems that BitcoinPoW, at the very least, has a bone to pick with the likes of Bitcoin Cash in regards to its rite of passage, as it relates to the Bitcoin narrative and Bitcoin/cryptocurrency innovation.

Miners that wish to participate in the BitcoinPoW network require previous transactions within the network, as well as hardware. In order to mine, you can’t simply have one, you need both components. Transactions, in this instance, are a literal commodity within the internal BitcoinPoW market, with their own inherent supply and demand. Transactions give nodes within the network more of a computing load, which allows the hardware a node is running on to validate transactions, support network security, and mine BTCW blocks.

If for no other reason, BTCW is interesting because it is extremely experimental.

In the beginning phases, the development team has airdropped (and is currently continuing to airdrop) small quantities of BTCW to their community, so that transactions can be initiated, and block rewards can consequently be distributed among the initial adopters. The mempool has been flooded for the last several days, and the transaction fees are rising. In this way, the value of each transaction is increasing, and an internal market, with a demand for more coins (to fuel more transactions) has begun.

As a market continues to develop for coins, and as coins become more valuable, people will likely have to decide if their coins are worth spending on transaction fees, or if they are better to be held. There are multiple forms of speculation already occurring within BTCW because of what makes it unique. Generating a hashrate doesn’t simply depend on having powerful hardware, it depends on having nodes with many previous, mature transactions as well.

Mining pools cannot integrate BTCW. Many people may feel that this is impractical, but Satoshi Nakamoto’s vision of one node equaling one vote within the network may have a true chance at being actualized within BTCW. Mining pools will not be able to collect fees or commissions on BTCW’s block emissions, and as the market evolves, newer and newer miners will step in to attempt to get their share of the block rewards.

Here is the original announcement thread about BitcoinPoW:

https://bitcointalk.org/index.php?topic=5477364.0

There is a post that I made in this announcement thread several days ago, I would like to include it below:

My Intro Comment (In the Bitcointalk.org BTCW Announcement thread):

The BTCW dev is indisputably bullish. If he knows marketers, or is a BTC accumulator as he claims, he will be able to make BTCW get a lot of exposure, and it seems that he has done his homework about creating a unique product. Check out an excerpt from the Telegram chat today:

Question(s):
In your whitepaper you've stated that ASICs will take years to develop. Ok, but how the network will deal with attack by a huge GPU farm like one o BitsBeTrippin, where they have tens of thousands GPUs ?

Answer (From the Dev in telegram chat, on 12/17/23 at 8:54pm EST):

BitcoinPoW uses both PoW and PoT. Each block requires both before a block can be mined. Let's first talk about how to attack BTCW. BTCW is protected by the hash rate of the transactions. The transactions can only be mined by the user that has its private key. Currently there are 2.26 Million Hashes/sec on the BTCW network. This is a combination of all users mining with thousands of different private keys.

To attack a typical PoW chain, an attacker would take a snapshot of the chain, start mining on their own private chain, get more work on their private chain, then connect to the public chain and attack it by having it reorg 6 blocks deep. This is how PoW like BTC/LTC/BCH is attacked. This attack doesn't work on BTCW. When the attacker makes a private chain for BTCW, he doesn't have the 2.26 Million Hashes/sec of mining power because he does't have the thousands of privates keys to all of those transactions. Instead he needs to start from scratch building his hash power. He will never catch up and will fail to attack the BTCW network.

BTCW does not have the standard PoW algorithm. With BTCW we have what is called, Proof-of-Smart-Work (PoSM). Using SMART work, you don't burn thru DUMMY computations as fast as possible, you search thru known vectors( tx hashes - SMART), until you find the solution. The magic is that only the user that owns the private key to a particular tx can use its power to mine with it. This is what makes it SMART work. Any new user always starts with ZERO hash power because they don't have the private key to any of the transactions on the blockchain.

If a huge GPU farm wanted to attack BTCW, they would need to buy BTCW on the exchange and keep generating transactions until they have about 50% of the hash rate that the BTCW community has. That is very difficult because the community already has a head start of 2.26 Million txs/sec and the attacker can only get at most is 4000 tx per block if they spend the most money on tx fees. The attacker would need to outright take every tx from every block for the next 600 blocks in order to have the same amount of hashes as the community. Then the attacker would have to deploy his transactions to either CPUs or GPUs to perform the attack. This process is not an easy feat. All the community has to do is keep getting at least half of the txs in a block all the time and an attack would never happen.

BTCW miners protect the chain by both mining with their transactions and generating new txs to either mine with in the future or mine with on hardware they have available. They do this in exchange for the chance at getting a block reward.

With BTCW's new innovative mining technique, no attacker has a chance because it is not a competition of DUMB work, but SMART work!

Please let me know if you have further questions.

My Outro Comment (In the Bitcointalk.org BTCW Announcement thread):

I think that honestly, if this developer is as intelligent as he seems, and if he has premeditated the project as much as it seems... this could be a fairly revolutionary concept, something that will stand out. Call me absolutely crazy, but it could potentially become a rival of BCH, and eventually, well... there will be BTC maxis, and there will be the new age BTCW maxis.

It seems, that by virtue of how the protocol has been created, risk and reward are redistributed to different network participants, and leveled out in a more "fair" manner. With transactions becoming a truly marketable and transferrable commodity on this network (something that has never been done before as far as I can tell), supply and demand of transactions, as well as their inherent cost (depending on network congestion and current transaction fees)... BTCW is like a market, within a market, within a market. It is extremely intriguing, and I pity those who do no see the bigger picture. I would invite those curious about the project to contact the developer directly from within the main BTCW chat, because honestly, I'm just a guy who is impressed. I'm not a programmer, I'm not a BTC maxi, and I don't know a ton. I've been around the block since 2017, but that doesn't mean anything, really. But I am intrigued, that much is for sure.

Back to This Discussion Thread (12/19/23)...

With this all in mind, it seems that many people are coming into the community to expedite the process of adoption and further innovation, both from a technical development side of things, as well as a networking side of things. A good developer is the bedrock of every successful cryptocurrency project that has stood the test of time. In today’s market, a good development team is arguably the most precious component of any project out there. I have been compelled to bring BitcoinTalk’s attention to BTCW.

To me, BTCW appears to be, metaphorically, like a seed. It is a seed with genetics that have never been discovered before, and that deserves the most fertile soil money can buy. BTCW, as a specimen, needs a worthy community from its inception if it is to reach its potential. If BTCW does not prosper, its new protocol, (a combination of Proof of Work and Proof of Transactions) surely should. It is worthy of a considerable amount of attention from those who believe in decentralization, and the original intentions that Bitcoin sought to fulfill.

As mentioned in my input in the original BitcoinPoW announcement thread, I am not on the development team. I don’t have every answer to every question, but I have invited the development team to join me in this thread, for a public and documented discussion about their intentions, their aspirations, and their accomplishments up to date.

BTCW is just over two weeks old, and is likely to have a very bright and lasting future. I wish I could provide more of the hard facts, but that’s why I have chosen to invite him to this thread. I simply wanted to start the conversation, and offer the input I have, based on my limited knowledge, as well as my first impression of this uprising phenomenon, the awakening of something that just might shift the paradigms within the world of crypto.

Anyway, as you can tell, I am very excited to be a part of the group. I have been in this space for a number of years, basically since the 2017 bull run, and have yet to see something like this. I believe Telegram currently hosts the most active and popular community gathering, there is discussion of a Discord server emerging in the near future.

If you’re interested in learning more about BTCW, or getting started mining, I believe there is still a “manual faucet”/airdrop in place within Telegram to jumpstart your journey.

[Official X/Twitter] https://twitter.com/bitcoin_pow
8  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] BitcoinPoW (BTCW) - Bitcoin using PoW/PoT to eliminate mining pools on: December 18, 2023, 02:15:28 AM
The BTCW dev is indisputably bullish. If he knows marketers, or is a BTC accumulator as he claims, he will be able to make BTCW get a lot of exposure, and it seems that he has done his homework about creating a unique product. Check out an excerpt from the Telegram chat today:

Question(s):
In your whitepaper you've stated that ASICs will take years to develop. Ok, but how the network will deal with attack by a huge GPU farm like one o BitsBeTrippin, where they have tens of thousands GPUs ?

Answer (From the Dev in telegram chat, on 12/17/23 at 8:54pm EST):

BitcoinPoW uses both PoW and PoT. Each block requires both before a block can be mined. Let's first talk about how to attack BTCW. BTCW is protected by the hash rate of the transactions. The transactions can only be mined by the user that has its private key. Currently there are 2.26 Million Hashes/sec on the BTCW network. This is a combination of all users mining with thousands of different private keys.

To attack a typical PoW chain, an attacker would take a snapshot of the chain, start mining on their own private chain, get more work on their private chain, then connect to the public chain and attack it by having it reorg 6 blocks deep. This is how PoW like BTC/LTC/BCH is attacked. This attack doesn't work on BTCW. When the attacker makes a private chain for BTCW, he doesn't have the 2.26 Million Hashes/sec of mining power because he does't have the thousands of privates keys to all of those transactions. Instead he needs to start from scratch building his hash power. He will never catch up and will fail to attack the BTCW network.


BTCW does not have the standard PoW algorithm. With BTCW we have what is called, Proof-of-Smart-Work (PoSM). Using SMART work, you don't burn thru DUMMY computations as fast as possible, you search thru known vectors( tx hashes - SMART), until you find the solution. The magic is that only the user that owns the private key to a particular tx can use its power to mine with it. This is what makes it SMART work. Any new user always starts with ZERO hash power because they don't have the private key to any of the transactions on the blockchain.

If a huge GPU farm wanted to attack BTCW, they would need to buy BTCW on the exchange and keep generating transactions until they have about 50% of the hash rate that the BTCW community has. That is very difficult because the community already has a head start of 2.26 Million txs/sec and the attacker can only get at most is 4000 tx per block if they spend the most money on tx fees. The attacker would need to outright take every tx from every block for the next 600 blocks in order to have the same amount of hashes as the community. Then the attacker would have to deploy his transactions to either CPUs or GPUs to perform the attack. This process is not an easy feat. All the community has to do is keep getting at least half of the txs in a block all the time and an attack would never happen.


BTCW miners protect the chain by both mining with their transactions and generating new txs to either mine with in the future or mine with on hardware they have available. They do this in exchange for the chance at getting a block reward.

With BTCW's new innovative mining technique, no attacker has a chance because it is not a competition of DUMB work, but SMART work!

Please let me know if you have further questions.

My Comment (Back here in the Bitcointalk.org thread):

I think that honestly, if this developer is as intelligent as he seems, and if he has premeditated the project as much as it seems... this could be a fairly revolutionary concept, something that will stand out. Call me absolutely crazy, but it could potentially become a rival of BCH, and eventually, well... there will be BTC maxis, and there will be the new age BTCW maxis.

It seems, that by virtue of how the protocol has been created, risk and reward are redistributed to different network participants, and leveled out in a more "fair" manner. With transactions becoming a truly marketable and transferrable commodity on this network (something that has never been done before as far as I can tell), supply and demand of transactions, as well as their inherent cost (depending on network congestion and current transaction fees)... BTCW is like a market, within a market, within a market. It is extremely intriguing, and I pity those who do no see the bigger picture. I would invite those curious about the project to contact the developer directly from within the main BTCW chat, because honestly, I'm just a guy who is impressed. I'm not a programmer, I'm not a BTC maxi, and I don't know a ton. I've been around the block since 2017, but that doesn't mean anything, really. But I am intrigued, that much is for sure.
9  Alternate cryptocurrencies / Altcoin Discussion / Re: Elhereum (ELH) on: May 21, 2023, 05:13:00 PM
ELH is definitely a long shot, in my opinion. But, I invested in it and I’m running a node. The rewards for running a staking node are fairly good. There are more nodes joining in every day though, so rewards are declining somewhat rapidly. Every 100,000 blocks, the requirement to qualify for staking rewards increases by 10,000 ELH. At the current rate, this forces stakers to buy more ELH in order to continue receiving rewards after each block height milestone of 100,000… but the staking rewards help supplement the required quantity of ELH that needs to be purchased.

This process should weed out the nodes, and the ELH rewards given to people with smaller quantities of ELH. Only the truly committed will continue to qualify for rewards as the block height increases in 100,000 increments. This is a good thing, but also a bad thing. It may centralize the project a bit, for a while, until the node reward requirement caps off at 100,000 ELH at block height 1,000,000. However, this gives the project time to develop while having less selling pressure, and more buying pressure as node holders accumulate more ELH to qualify for more rewards.


I just spoke with one of the hired developers of ELH. He has recently convinced the ELH administrative team to AVOID increasing the ELH holding requirement for staking and receiving rewards, in order to have more active nodes on the network. While this does not have the same benefits as the original system, it has other more important benefits, such as added network security, more nodes, more resistance to network attacks, etc.

This provides an easier entry for those who wish to deploy an ELH node, and will ultimately lead to a network with more adoption and security. While I have mixed feelings about the update, it is obviously a superior solution.
10  Alternate cryptocurrencies / Altcoin Discussion / Re: Elhereum (ELH) on: May 21, 2023, 04:51:33 PM
ELH is definitely a long shot, in my opinion. But, I invested in it and I’m running a node. The rewards for running a staking node are fairly good. There are more nodes joining in every day though, so rewards are declining somewhat rapidly. Every 100,000 blocks, the requirement to qualify for staking rewards increases by 10,000 ELH. At the current rate, this forces stakers to buy more ELH in order to continue receiving rewards after each block height milestone of 100,000… but the staking rewards help supplement the required quantity of ELH that needs to be purchased.

This process should weed out the nodes, and the ELH rewards given to people with smaller quantities of ELH. Only the truly committed will continue to qualify for rewards as the block height increases in 100,000 increments. This is a good thing, but also a bad thing. It may centralize the project a bit, for a while, until the node reward requirement caps off at 100,000 ELH at block height 1,000,000. However, this gives the project time to develop while having less selling pressure, and more buying pressure as node holders accumulate more ELH to qualify for more rewards.

Overall, I am in touch with the developers of ELH, and feel that their marketing could be improved drastically. I believe that they are building a foundation before pushing the product. There is great potential for this project, because tokens and NFTs can be launched within it’s network. It is not a simple Bitcoin fork or something like that, it is an Ethereum fork with it’s own sophisticated network.

Nothing has been built on ELH yet, the goal is to simply increase buying pressure through the node reward system, but I would say that this system is much more similar to a masternode system than a staking system, because the coins never leave the user’s wallet, and are always under the user’s control, to be sent at the user’s discretion.

If anyone is interested in checking out the staking portal, it is very interesting so far. They have made several updates to it within the last several days, and it is looking quite good at this point.:

https://stake.elhereum.com

The website needs a major upgrade, but I feel that the team is prioritizing the staking portal first, because the staking function is currently the main thing that is preserving (and adding to) the value of the project. However, they have created a Telegram community chat, which I will include below, as well as (more recently) a subreddit group.

https://t.me/Elhereum_chat

https://www.reddit.com/r/elhereum/

The announcements channel can be found below:

https://t.me/elh_elhereum

For more direct contact with the development team, you could contact them by email, but their email response rate is not very good (for now). However, they are quite busy improving the staking portal and website at the moment. I believe once their work slows down, they will be more responsive.

dev@elhereum.com

With all of this said, ELH is a complete gamble. It has tons of potential, but this potential rests on the community and the development team. I took a chance on ELH, and hope it will yield considerable fruit in the coming months as I accumulate more ELH and continue to run my staking node.

I have more comments about ELH, but I’ll save them for the future. This post is getting rather long.
11  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN][FREN] Frencoin - make Frens for Frens - v5.0.0.1 on: May 13, 2023, 03:39:23 PM
5.0.0.1 (initial) is out now: https://github.com/Apushii/Frencoin

[FREN] Frencoin

What you can do with Frencoin?
You can make lots of FRENS and give them to Frens

Purpose of Frencoin?
Frens

How to get Frens?
Mine Frens

Frens specification
Proof of Work = Proof of Fren

Algorithm: KawPow
Block Time: 30 Seconds
Difficulty Retarget: Dark Gravity Wave
Genesis Date: 5:6:2023
Mining started: 5:7:2023
Premine: None
Block Schedule: ~ Dogecoin simlar schedule

Fren website

Website: Not yet
Unofficial Reddit Community: Not yet
Unofficial Discord: Not yet
Github Source: https://github.com/Apushii/Frencoin

No pre-compiled downloads
Instructions: https://github.com/Apushii/Frencoin/tree/master/doc
Tested: Ubuntu build  Untested:Windows build
You are responsible for compiling and verifying your own code.

Fork of Ravencoin 4.6.1 (5.0.0.1 Frencoin is first release)

FYI
No Block Explorer
No Pools
Yes Frens
Need DNS seeder:
Till then make full node (check Map Port UPnP in options) and port forward 4207 to you node
Please post your node ip

Alternate nodes to add to console or fren.conf
Console:
addnode fren.ignorelist.org add
addnode frencoin.mooo.com add
addnode frenseed.crabdance.com

fren.conf:
addnode=fren.ignorelist.org
addnode=frencoin.mooo.com
addnode=frenseed.crabdance.com

Helper makes Frens



Can you please provide us an update? It's nearly been a whole week and there are no updates or social media links, etc.

I would really like to have a reason to believe in this project, even a website would be nice. Someone should really make a community chat, and the team should really update and upload the website.
12  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN][FREN] Frencoin - make Frens for Frens - v5.0.0.1 on: May 12, 2023, 08:33:06 PM
The project is already started. Check the dates in OP.
Usually by this time the official windows wallet, website and discord are ready. It looks like a frivolous attitude of the developer.

I would have to agree with you...

I have rented some hardware for about $175 to mine FRENS and am already a top 8 holder. Now that I have invested a small amount of money in this project, I am very curious about a number of things, and I am hoping to hear from the developers within this thread soon...

1.) What is the maximum supply? You mentioned that the schedule is similar to dogecoin, does this mean that there is no maximum supply?
2.) How frequent are the halvings of block rewards going to occur? With 2,000,000 coins being emitted every minute (or less), it seems that the coin supply will be absolutely massive if there aren't halvings scheduled, especially if there is not a maximum supply of FRENS.
3.) Is the development team going to create a discord or telegram community chat? It would be really nice to learn more about this project from the developers, or at least to have somewhere to discuss the project with other community members.
4.) Is the website going to be published/pushed soon? I would like to learn more about FRENS.
5.) Is there going to be an exchange listing soon? Xeggex is only about $300 to list a coin, and I think it would be a great place to start, so the community can begin transacting or exchanging coins, and decentralizing the project a bit. The top holders have a tremendous amount of the supply already, but I suppose we're only a few days in, so if they stop mining, things should even out fairly soon.
6.) Is there any plan to get this project marketed or better known? If the same top holders are simply mining away and collecting block rewards, it will not look appealing to the average investor or potential community member. I find that Proof of Work coins must move at a fairly fast pace, to avoid weeks or months of "limbo" periods, where top holders accumulate more coins and become larger and larger whales within the project.

Thank you for your consideration of responding to this message. I am really hoping to hear from you guys soon. If there is no response for several days, I will simply stop mining and move on. I would really hope that this project goes somewhere, because the recent 4chan/pepe hype would serve it very well.

Thanks again, have a good one.
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