Latest posts of: simonnaaman

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Please see this draft that we will be posting in a dedicated PR thread regarding our transition to the Proof Of Research wallet around mid October (shortly before our 1 year anniversary):

http://www.gridcoin.us/guides/gridcoinpor.pdf

This guide outlines the major differences between the existing proof of work wallet and PoR wallet.

On a high level, we will be exercising the following actions over the next month (will provide details soon):

* Hard fork required in the classic wallet around Oct 1st 2014 (this ensures higher security during the retirement phase and a diminishing block reward for its last 6 month lifespan)
for all users and exchanges.
* Release of PoR wallet around 10-10. Mining in the PoR wallet begins.
* Exchanges stop trading GRC classic
* Exchanges start trading GRC using the PoR wallet
* Coin burning begins - extends on for 6 months
* Coins are exchanged via a dedicated foundation site for Gridcoin PoR coins (at 10* quantity)

It is a very exciting time.

We also started advertising on Bing and have had over 600 clicks into gridcoin.us.

Rob

All good news! What will be the new maximum supply of GRC after the fork/update? Capped or uncapped?

Cheers!

FR

Hi,

The new decay schedule that starts on 10-20-2014 is very aggressive. Please see the end of this document:
http://www.gridcoin.us/guides/gridcoinpor.pdf

Cheers,
Rob

really glad to read this post, just one question: what do you mean whit Coin burning begins ?

Regarding coin burning - or coin exchange:

We are planning to launch the new Proof Of Research wallet on approx 10-15-2014 (we will be writing a summary and will give at least 10 days notice before mining begins).

Once we start mining the new wallet, a web site will be opened up for the foundation that contains the 31-32~ million GRC in escrow.
These classic coins will be converted to PoR coins by multiplying the original coins by a factor of 10.

All users will burn their old classic coins through the foundation site by sending the old coins to a dedicated vanity address. They will receive coins in the new wallet automatically *10.

In this way all old classic coins will be destroyed and all users will end up with Proof Of Research coins.
The program will go on for approx 5 months to give everyone time to convert the coins.

Rob

thanks for the quick and clear answer. Just one doubt: why do you choose to use a factor of 10 and not a factor of 1?

We had some surveys and came to the agreement the 10:1 exchange ratio will decrease our inflation rate in the new wallet by 95%.
Since starting with 325,000,000 grc in the new world with an emission rate of 20 mil, to 5 mil, to 1 mil will keep inflation low - a pro for the investors.

In contrast to keeping a 1:1 distribution, our inflation rate would be 100% the first year at the current reward schedule rate.

We are also envisioning an increase in exchange value with 325mil minted, theoretically our value may rise above $1 million and spark more interest. Obviously this is not backed with sound financial fundamentals, but the PR campaign may spark enough interest to fulfill it. One view is that people tend to lose/forget about coins worth 10* less, until they rise in value then they want them back. Its a measure to try to make GRC more rare over the long term.

Rob

it seems that you have though a lot how to move. These are the kind of think that make a coin great Cheesy

Anyways i don't understand how our value may rise above $1 million from the 350k of now...

Yes, thank you for the continuing development of gridcoin! I'm really excited about PoR.

Gridcoin is the coin with the most fair distribution and the onliest coin with a usefull mining. When it works as good and secure as bitcoin it deserves much more than a market cap of 1 Mill ...

hi - i cannot upgrade my gridcoin wallet - have been mining for 2 weeks, but now the upgrader freezes everytime - please help! thanks