Show Posts
OCTANE (OCTN) - Octane is a high performance crypto currency experience designed for speed and using the BLAKE2s hashing algorithm. Octane is designed to provide interesting and involving mining dynamics while also enabling the creation of fast transaction processing and remittance solutions. A FinTech 2.0 platform intended to provide a testbed for enabling technologies that are not yet finding adoption on top of Bitcoin. Instead of loading up the wallet with useless features, the approach is to build an optimized core around which layers of the ecosystem can enable use cases.
The Octane Currency Movement
Digital Complementary Currency, High Performance Modern Solution
Octane is a high performance proof-of-stake cryptocurrency based on the Bitcoin protocol combined with the Proof-of-Stake protocol. Octane differs from Bitcoin and coins like Litecoin in that it has a fast block time of 30 seconds, which translates into a fast network with fast transaction confirmations, and it uses proof-of-stake as the consensus mechanism which is environmentally friendly and incentivizes users. The Octane codebase is continually optimized for speed and silky smooth wallet operation.
There are many cryptocurrencies which have emerged since the release of Bitcoin. Many are abandoned or highly volatile, making it hard to discern levels of quality and longevity. Octane has been devised to solve many of the problems seen in existing cryptocurrency codebases and to foster an ecosystem through better positioning, marketing, and economic design.
Global Systemic Risks
"In the absence of the gold standard there is no way to protect savings from confiscation through inflation." - Alan Greenspan
"Real monetary reform will only come after a major currency crisis hits." - Ron Paul
"Real monetary reform will only come after a major currency crisis hits." - Ron Paul
The financial collapse of 2008 in traditional markets was a shocking wake up call. But in many ways severe global systemic risk still exists in the traditional financial markets. Worldwide economies are intertwined and interdependent in ways that connect seemingly minute issues in one part of the world to larger reactions in other parts of the world. It is inevitable that a more severe global economic reset is coming within our lifetime. What will you do in the face of capital controls, bank holidays, depositor "haircuts", and the plethora of other levers that will be pulled to attempt to provide stabilization. We very well could see the re-emergence of "depression scrips" to fill in the gaps left by a shortage of cash. Looking at current events, it is clear that the state of the entire world is in a very precarious position. What can you do? You can diversify into metals like gold and silver, and attempt to get physical delivery fulfilled. But metals are not easily tradeable and require physical storage and security. You can stockpile cash, which requires physical storage and security, but this may have its own issues with capital controls, governments clearly on a track to practically ban the use of physical cash, not to mention the risks of devaluation and hyperinflation.
Cryptocurrency As A Complementary Currency Hedge
Cryptocurrencies have emerged as experimental digital cash that is centrally controlled by no one. Decentralization, with no central bank arbitrarily inflating money supply at will, puts you the user in control. Cryptocurrencies and digital tokens represent a potential hedge against global risks. Cryptocurrencies are easily tradeable electronically over the internet, and can be made easily tradeable locally through mobile devices, terminals, and even physical solutions like paper wallets. "Complementary currencies" are currencies that typically emerge locally or regionally as a way to facilitate local bartering and trade of goods and services, filling in gaps left by cash shortages. They are most common in emerging markets but also exist in some first world countries, generally going unnoticed. Cryptocurrency is an ideal mechanism to act as a complementary currency. Defined in software, digital currencies can be extended, integrated with payment systems and other software, and easily verified by anyone through the blockchain protocol. Because cryptocurrency and the design of the Bitcoin protocol is trustless, the blockchain provides some level of insulation from the potentially unpredictable activities of central banks and world economies.
Bitcoin Vs. Alternatives
The Bitcoin protocol was a paradigm shift, one that will change the future of money forever. But, Bitcoin may not be suitable for all purposes. Politics, block sizes, confirmation times, speed, development direction, centralization of mining...there are many variables that are moving Bitcoin in a direction that leaves room for alternatives with differing specifications and operating parameters to fill in gaps or enable some use cases more efficiently. Like biological evolution, alternative cryptocurrencies emerge, some with better innovations then others, some die off, others survive and thrive given a nurturing environment. It is clear that enabling the potential for success is dependent on both providing the right tools for users and capturing network effects over time.
Octane Evolution
The initial development roadmap to build out and evolve the Octane network consists of both internal protocol enhancements to optimize the network as well as external construction to jumpstart the ecosystem. In addition to software, the evolution of Octane will be as much about spreading the word and awareness, and aligning products and services with the needs of the market.
Headers First
Octane will be the first proof-of-stake coin to support headers first, the optimized block syncing mechanism developed in Bitcoin Core.
Octane Nodes
An optimized masternode implementation in Octane that allows users to put up coins as collateral and acts as a sort of savings bond, entitling the users to a piece of the network stake reward. The savings bond effect acts as a stabilizing force in the cryptoeconomy and has proven to be a popular incentive for users.
Open Assets Protocol
Octane will implement the Open Assets protocol for the creation and transfer of colored coins on the blockchain. The beauty of Open Assets is in its simplicity, and it will open the door for Octane to pursue things that other coins like Via have tried but stalled on.
XOR^2
More details on what the exciting XOR^2 is and how it works will be revealed in the future.
LETS Local Exchange Trading System
The development roadmap of Octane leads up to the implementation of a cryptocurrency equivalent of the traditional LETS system (Local Exchange Trading System) used by non-crypto complementary currencies. LETS was invented in the early 1980's and has been digitized by a few products that essentially act as a database. Octane will build out a cryptocurrency equivalent of the LETS concept, further cementing its position as a digital complementary currency.
About Octane
Users may mine for Octane coins using the wallet or daemon and the traditional "setgenerate true" or -gen=1 commands.
Octane features a fast 30 second block time, which means approximately 2,880 blocks per day. The PoW reward schedule is an inverse parabola designed to reward both early and late miners, so everyone has an opportunity to participate. The proof-of-work mining period will run until block 11,520, after which Octane will become purely proof-of-stake which is energy efficient and environmentally friendly.
Specs
Blocks to Maturity: 30
Min Stake Age: 4 hours
Block spacing: 30 seconds
Port: 16825
RPC Port: 16826
Mining Reward Schedule
| POW Block Height Reward 720 300 1440 195 2880 70 3600 60 4320 50 5040 45 5760 30 6480 25 7200 30 7920 45 8640 60 9360 80 10080 100 10800 110 11520 120 | POS Block Height Reward 720 80 1440 195 2880 100 3600 50 4320 35 5040 98 5760 12 6480 10 7200 14 7920 80 8640 40 9360 30 10080 8 10800 6 11520+ 0.5 | Lucky Power Ups Stakers can pick up power ups if they mine the lucky blocks. The lucky power up schedule is: 8 coin power up every 888 blocks 88 coin power up every 8888 blocks 8888 coin high octane power up every 88888 blocks |
Building Octane
Octane no longer requires libb2 for BLAKE2 support, it has been integrated directly into the source tree. You can simply pull from github and build as usual. If you do choose to go with the library version, note that Octane is not using the "p" versions of the algorithms, so openmp support should be disabled (pass --disable-openmp to configure). Pass --enable-static to build the statically linkable version of the library.
More information about the BLAKE2 algorithms can be found at https://blake2.net/. The libb2 library can be downloaded from there as well (https://blake2.net/libb2-0.97.tar.gz).
Wallets and Source
Source Code: https://github.com/jamescoineron/octane
Windows QT Wallet: https://mega.co.nz/#!ZMcz2ZQL!0U4AN22y-owp3upltJYB1yyqOVbFPdFf6VFcY4jr35Q
Mac OS X Wallet: https://mega.nz/#!MQIy0T4Z!sZ3E1l6-aLGj-LsbDssuI5lsxWcuQ6SVum_dRsvqtk8 (from mammix2)
7/9: v1.3 Optimize lock ordering and solve periodic wallet UI "freezing" and CPU spike after winning a stake block or sending coins, common in BlackCoin based coins.
7/4: v1.2 Revert blackcoin addrman to solve cpu pegging in connection thread, disable debug.log logging by default unless debug=1 turned on to alleviate disk i/o thrashing
Miners
Courtesy of ocminer/suprnova:
https://github.com/ocminer/cpuminer-blake2b
"Don't forget, you'll need to install this prior to building it:
https://blake2.net/libb2-0.97.tar.gz"
Pools
https://oct.suprnova.cc
Social Media
Twitter: @OctaneCurrency
Block Explorers and Metrics
gasmeter.octane.space
