Ok, here's the official launch of Nuggets. Let's see how the VGB protocol reacts when coded within a coin.Now I can give you guys a breakdown of what VGB is - as it was intended to give the smaller miner an edge, relatively speaking, on a % basis.
It is the concept of (NPV) Net Present Value, used in Accounting and also another Accounting principle called Accelerated Cash-Flows.
I originally wanted a 21 year coin but then I realized the government will not let this thing run that long so why let those millions of coins in the latter half of the period go to waste when they can be brought forward and given away to miners today - to be used now instead of 20 years from now.
But simply tripling the coin count wouldn't make anything new so I needed a way to triple the coin count in a new way to level the field while also making mining fun as right now mining high diff coins is a total flatline experience with little reward and no hope of ever having something spectacular happen all of a sudden.
So I developed a concept called VGB (yes, I absolutely had to put my name on it), it stand for Vlad's Golden Block.
Essentially what I did was brought forward the latter 14 years of coins, some 309,000,000 coins and crammed them in the front end of the term, the first 7 years (hence this is now a 7 year coin) but instead of simply tripling the coins mined I separated and stacked all those coins into 12 daily blocks called Vlad Golden Blocks where anybody mining, regardless if you're mining solo or how small your rig is - you have the same odds to hit this Golden Block and these blocks run 24/7 for the entire 7 years and to prevent cheating these blocks are randomly won at a period time-frame of every 2 hours so 12 Vlad Golden Blocks will be running and available 24 hours per day.
So then each Golden Block, instead of being worth the normal 49 coins (every 70 seconds) will be worth just over 205 Blocks, hence the name the Vlad Golden Block which means if you hit just one Golden Block you will be instantly rewarded over 10,000 coins, a massive difference from just 49 coins. That's a huge amount of coins if you're an average or small miner - it would be like literally owning the entire network all to yourself for 4 hours and hitting every single 49 coin block again and again, and if you compare that to the 10 minute block times of Bitcoin, it would be like owning the whole network and hitting every single block for nearly a full day and a half. That is a lot of power in the hands of any small miner and it can literally push any small miner to the next level.
It's a clear and fair break for everyone but especially for the small miner, this kind of Golden Block hit, over 10,000 coins would be a big deal and on a relative basis, this could help a small miner more quickly upgrade to a much better rig while at the same time these Vlad Golden Blocks don't exclude anyone as big miners have an equal chance of hitting them too although for the big guy 10,000 coins would not make such a big deal as to the small guy, which is why I said this was a fair protocol but would benefit the small guy more.
Here's the info to get started so let's see who gets that first Vlad Golden Block first.
Good luck!
Git: https://bitbucket.org/mytwobits/nuggets
https://github.com/knotwork/nuggets
Windows Wallet Download: https://docs.google.com/file/d/0B49exKIsGBn5N3JzSmR1akRpWFE/edit?usp=sharing
If you need a node use:
addnode=69.85.86.195
RPC PORT = 5587
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49 Coins per block, constant over the entire 7 year period
70 second intervals - I wanted a fast coin but not so fast that security would be compromised
Confirmations - 3 ( I believe, this was my request to the programmer but I did not confirm)
difficulty retarget - average of last 21 blocks which should allow for some unpredictability but not too much
12 Vlad Golden Blocks every 24 hours at 2 hour (random) intervals - randomly chosen so no gaming the system or pool hoppingBear with me guys, 3 months ago I didn't know what a bitcoin was and it took me 3 days just to be able to start mining Litecoin while working at it 16 hours per day. I want this to be the best coin out there and like I said, I'll dump my .5% of my premined coins to a good cause like a block explorer or a pool if the general consensus calls for it.
Keep in mind so far I've done 99% of everything the miners have requested even in cases where I really didn't like their decision - and the reason was because I really wanted to make a coin for the miners. I paid for this and put lots of hours behind it so now it's up to you guys if you want to improve it and make it your own. I'll be here all day most days to help in any way I can.
Good luck and if nothing else this should be an interesting experiment in a new type of reward system that rewards everyone but helps the little buy the most.
The Gauntlet has been thrown down - now let's go to war and mine this MoFo!
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