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Would it be possible to track the number of non-mining transactions, and factor that into some kind of algorithm that would lower the block reward when transactions were high, and raise it when transactions were low? Within certain parameters, of course. Unbounded reward limits could lead to undesirable concentrations due to perfectly normal fluctuations in the amount of transactions that have occurred since the last adjustment.
So that the almost empty blocks will get most rewards? This will again benefit early miners. Good point, I hadn't considered that. Hope2907 partially addressed that: you should let the first thousand blocks no rewards
Also, you would keep the reward between an upper and lower amount, so that even when transactions are very very low, you still aren't getting a billion coins per block. Another thing to add to it would be to make the number that you apply to your block reward calculations be a ratio of transaction amounts to mined coins, and then in the beginning, all someone would have to do would be to pass a small amount of coins between two wallets to prevent the block reward from going up. And it should be a % change to the block reward rather than an amount of coins |
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Would this coin address the inevitable dump that comes after a coin reaches a exchange?
There's nothing to prevent what people choose to do with their coin. But, by design, there won't be the "early miners with a ton of coins" scenario that we've seen play out multiple times, so people won't have tons of easily acquired coins that they could just dump. Would it be possible to track the number of non-mining transactions, and factor that into some kind of algorithm that would lower the block reward when transactions were high, and raise it when transactions were low? Within certain parameters, of course. Unbounded reward limits could lead to undesirable concentrations due to perfectly normal fluctuations in the amount of transactions that have occurred since the last adjustment. |
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My understanding of Yacoin is that it's generally based off of the litecoin code,
It's forked from NovaCoin, which applied Litecoin's scrypt to PPCoin's Proof of Stake + Proof of Work. K, thanks. Wasn't paying a whole lot of attention to where it came from. The point, though, is the non-standard scrypt that it's using that's supposedly difficult for GPUs to work with. I don't know if it is or not, but if it is, that's interesting. |
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Mind explaining first what this coin offers? You came back at a period in which altcoins flourish and die within a week. From what I read your coin is different from BTC in that it isn't a fork, is that correct?
What does this coin offer?
It is a fork, but not a blatant copy. The deep core is the same: there's a blockchain, a genesis block, blocks and transactions are close to the ones in Bitcoin. On the other hand GUI is totally different, useful opcodes are added, big scale forks are impossible, asics and fgpa can't mine, addresses are 100% auto-correctable up to 3 characters, deterministic wallets are standard, an ingenious system that allows you to recover a wallet from different things (using procedural memory, I can't be more precise as it's not enough tested for now but if the results keep being that good that'll be something huge), meaningful text is forbidden in the blockchain, and others If you have more questions about specific things please ask Did you have any proposed numbers for total number of coins, coins per block, and hashing algorithm?(I'm assuming sha since it's a fork of the old bitcoin code, but I'm comfortable with being wrong, especially given the Asics out there and how hard they are to get in any sort of reasonable amount of time) |
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FeatherCoin, ChinaCoin, Feather2Coin, YaCoin ... are copies of LiteCoin.
Calling YACoin a copy of LiteCoin is a bit of a stretch... Its a copy of the original idea of litecoin isn't it? cpu only. My understanding of Yacoin is that it's generally based off of the litecoin code, but the hash it uses requires non 1024 values, which screws it up for GPU mining, although it should be possible to develop an fpga and eventually an asic for it. |
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Alright, this project is going to require a bit more time. The scope of this project has become bigger than I originally expected.
I am working now with a small team of IRL friends and based on the past week's progress, we expect to be ready within the next month but I do not want to set a deadline for fear of missing it again, I do not want to ruin this project entirely by continuously giving false deadlines.
If any experienced C++ programmers want to join our team we would happy to welcome you on board (no cut/paste programmers please).
We thank you for your patience and we apologize for the inconvenience (again).
 Crapcoins, the latest addition to high-tech addictive drugs.  True, they will buy anything even if it's a testnet coin. Pff. Bitcoin snobs.  Yeah, clearly everyone wants it for the monies, not because it's one of the rare coins that's actually being planned out and announced with new features more than 24 hours before its release. |
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I'm reading this right, it's 2 years later???
Yes I'm reading this right, it's 2 years later???
apparently. I'm interested in something that's been carefully developed over such a long period  Its GUI is totally different from the one of Bitcoin so we're not sure Bitcoin users will like it. We're a bit afraid about that to be honest. We are sure you will like all the inner features though. Pff. bitcoin users won't like it regardless of what the gui looks like, because it's not bitcoin. |
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They should close Alternate cryptocurrencies section for good
Nice idea. That way we can move to the other sections of the forum to discuss new scamalt coins and reach more people.... Fuck new alts, we just need everything before FTC. "We"? Too many collectivists and central planners around here. The attitude of 'I love open source, open exchange of ideas and decentralization, however, only the coins I like' is as the kids say, lol. +1 |
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I'm reading this right, it's 2 years later???
apparently. I'm interested in something that's been carefully developed over such a long period |
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I love how people who are ostensibly supporting the concept of any open source, decentralized, free market crypto currency come on this sub forum and try to control the discussion/announcement of other open source, decentralized, free market crypto currencies.*
*obviously there are some coins that do not fit that description. but the majority of them more or less fit into that category, even most of the premined scamcoins.
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It's too late. Cats out of the bag. Alt coins will never stop.
But they will also never be as profitable as FTC was in the first few days. Never is a VERY long time. |
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A new coin has come out that addresses the inflation vs dollar valuation issue. Ela coin is going to launch in like, ~8-9 hours from now, and it increases the block reward based on the network hashrate, as more people mine, each block becomes more valuable. It's not a straight 1:1 increase, but I still think it's a bit over the top. But it's nice to see that people are actually trying  This is a nice idea, but it is a) an extremely resource intensive b) unlikely to have major effects on price volatility. c) undermines the PoW security model Obviously a) is true, but could you explain your reasoning behind b) and c)? Not interested in a prolonged discussion because you could learn this by searching old threads. However, quickly. (b) You cannot adequately support price against a fall in demand. (c) Bitcoin's block subsidy is large in the currency's infancy and small once the currency is widely used. This is the exact opposite. Price drops make PoW attacks easier. You're not supposed to 'support' the price of something. It's supposed to rise and fall on its own merits. and again, with c) you've just repeated yourself. HOW do price drops make PoW attacks easier? By WHAT MECHANISM do price drops enable PoW attacks easier? |
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It does seem to be a scam, someone started mining using the old code from github that has not finished being coded yet, for example it does not even have the starting difficulty adjusted yet.
Give the guy time to finish coding his coin and make a real genesis block for it and launch it for real.
-MarkM-
You must have missed what happened last night. He officially launched the coin. And it's a flop. Have a look @ the current hashrate idiot. Its one of the most successfull launches so far. * No windows client * Botched release, twice * Idiot dev who doesn't understand programming at all That's what we call a fail, guys. All of them can be fixed... You can't fix stupid. The dev literally has no idea how to code, no idea how to compile. Is that who you want to be in charge of a cryptocurrency? I sure as hell don't. As far as hashrate goes, royalcoin still has a higher hashrate than elacoin, and it's been out for almost a week now. Elacoin failed. Well, didn't he manage a linux compile? So, just no idea how to compile for 80% of the userbase Also, Hazard, how's the HZC coming? |
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A new coin has come out that addresses the inflation vs dollar valuation issue. Ela coin is going to launch in like, ~8-9 hours from now, and it increases the block reward based on the network hashrate, as more people mine, each block becomes more valuable. It's not a straight 1:1 increase, but I still think it's a bit over the top. But it's nice to see that people are actually trying This is a nice idea, but it is a) an extremely resource intensive b) unlikely to have major effects on price volatility. c) undermines the PoW security model Obviously a) is true, but could you explain your reasoning behind b) and c)? |
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IMHO, JR members should not be allowed to Announce Copy-pasta coins. This is getting out of control. Why don't all you JR members just join hands and start 'N00b-Coin' that you can buy and sell with eachother?
In my opinion, anyone who wants to can make any kind of coin they want to whenever they want to, because the entire point of crypto currencies is that no central authority controls then, and no one gets to dictate what they're worth, when, how, and by whom they can be launched. It's about the free market. In a free market, I get to sell an idea however I want, even if it's someone else sold it before me and I just slapped on a new coat of paint. |
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Well, here's my thoughts. People, myself included, have started arguing a lot about deflationary vs inflationary coins, aka hard cap with set block reward drop at given intervals vs not dropping the reward or possibly increasing it. There's a whiny little tiff amongst us about which would be most successful both long and short term. Obviously, all you need to release a new coin is code and a genesis block, so. Who wants to do a socioeconomic experiment? |
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Let us know when the website does anything other than look pretty |
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A new coin has come out that addresses the inflation vs dollar valuation issue. Ela coin is going to launch in like, ~8-9 hours from now, and it increases the block reward based on the network hashrate, as more people mine, each block becomes more valuable. It's not a straight 1:1 increase, but I still think it's a bit over the top. But it's nice to see that people are actually trying |
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So is this 'elastic block' stuff a bullshit marketing gimmick or is it actually different from Litecoin, Terracoin etc
Did you read any of the thread? The block reward is based on network difficulty Also, it's being put out ahead of time, with a scheduled launch date and supposedly no premining(although you can't really tell that until you look at the chain on day 1), so that's a novel new approach compared to the rush of new coins that have been announced ten minutes after the genesis block is mined. |
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