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1  Alternate cryptocurrencies / Announcements (Altcoins) / [ANN][STEEM][POW] - NO IPO | NO PREMINE | NO INSTAMINE (relaunch) on: March 24, 2016, 04:34:24 PM
Steem - A experimental Proof of Work blockchain






Source Code:   https://github.com/steemit/steem

Mining Begins on Thu, 24 Mar 2016 17:00:00 GMT, no blocks will receive a reward until 21 POW are submitted.

Join us on Slack!  http://steem.herokuapp.com



New Consensus Algorithm

How to Build

Code:
  git submodule update --init --recursive
   cmake .
   make
Code builds on OS X and Ubuntu

How to Mine

Code:
   cd programs/steemd
    ./steemd --miner='["accountname","${WIFPRIVATEKEY}"]' --witness='"accountname"' --seed-node="52.38.66.234:2001" --mining-threads=2

   Account names must be all lower case, less than 15 characters, and start with letter
   WIFPRIVATEKEY is a Bitcoin style key export 5....

Extra Seed Nodes:

52.37.169.52:2001
52.26.78.244:2001


Or edit datadir/config.ini which has a template for most args.

Command Line Wallet
start steemd with --rpc-endpoint

Code:
cd programs/cli_wallet
./cli_wallet
new >>> set_password "PASSWORD"
locked >>> unlock "PASSWORD"
unlocked >>> import_key "WIF KEY starting with 5..."
unlocked>>> get_account "youraccountname"
{...}
How to Transfer
Code:
unlocked >>> transfer "steem" "steemit" "1376.000 STEEM" "example memo" true
{
  "ref_block_num": 16143,
  "ref_block_prefix": 2155280890,
  "expiration": "2016-03-27T12:48:21",
  "operations": [[
      "transfer",{
        "from": "steem",
        "to": "steemit",
        "amount": "1376.000 STEEM",
        "memo": "example memo"
      }
    ]
  ],
  "extensions": [],
  "signatures": [
    "205a9adea1500cfa017b7659880ece0e0a0e088cbdb8d0466e90f5ee4e1c833dea4f127e1b8a2dc7616f00d21efc54f2a8f8757dc8415ad94ba5ce391d79e527ad"
  ]
}

How to Transfer to Vesting
Code:
unlocked >>> list_my_accounts
....
steemit                1389.000 STEEM    2312.000000 VESTS            0.000 SBD
....
unlocked >>> transfer_to_vesting "steemit" "steemit" "1389.000 STEEM" true
{
  "ref_block_num": 15993,
  "ref_block_prefix": 551116914,
  "expiration": "2016-03-27T12:40:51",
  "operations": [[
      "transfer_to_vesting",{
        "from": "steemit",
        "to": "",
        "amount": "1389.000 STEEM"
      }
    ]
  ],
  "extensions": [],
  "signatures": [
    "205be729debe9bfeac9ee85f28f8f48766c57401c248954a723a2b2b31cfb5b9fd737047565c6522db824cb7e5ca7a046850c2057cec2f5855cdbd36f9aa49e769"
  ]
}
unlocked >>> list_my_accounts
....
steemit                   3.000 STEEM    3701.000000 VESTS            0.000 SBD
....




The POW Algorithm

Code:
Let H        = Head Block ID
Let H2      = SHA256(H+NONCE)
Let PRI      = Producer Private Key
Let PUB    = Producer Public Key
Let S        = SIGN(PRI, SHA256( H ) )
Let K        = RECOVER_PUBLIC_KEY( H2, S )
Let POW  = SHA256( K )

Consensus Algorithm
The consensus algorithm works as follows:

At the start of the chain, "initminer" is the only node that can produce blocks, but it does not get paid. In fact, no one gets paid until 21 miners solve a POW.

Every time miner solves a POW and broadcasts their transaction, it gets included in a block and they get added to the queue.

The top 21 miners in the queue are selected as a "round" and are randomly shuffled.  Then they produce 21 blocks.

At the start of each round one miner is popped from the queue (reducing queue length), and bringing in a new miner.

Once your miner is in the POW queue, you cannot submit new POW until you exit the queue.  It takes about 2 hours to move through the queue. In effect, if you have more than 0.2% of the total hash power you should have multiple accounts mining.

Moderation
This is how I intend to moderate this thread:

1. any posts that fundamentally disagree with the initial mining / launch strategy are not productive and will be removed
2. any posts that are not civil and respectful will be removed
3. any posts making false accusations will be removed

Note: The original launch of Steem was reset due to an unexpected bug.  
https://bitcointalk.org/index.php?topic=1408726.0


Unique Miners at Launch, each line represents unique individuals and their handles
bavihm,
mn12defgj1,
dantheman*,
root, admin, administrator, moderator, steem, steemit*
dark, thisisnice*, nxt*
mr11acdee
cloop3
chana
hunter
danea
brayden
mottler
arsahk
darah
fminerten3
batel
faddy3
erihn
erath
biggest
abdul
scam
2  Alternate cryptocurrencies / Announcements (Altcoins) / [ANN][STEEM][POW] - An experimental Proof of Work blockchain on: March 23, 2016, 01:13:52 AM
Steem is an experimental Proof of Work blockchain with an unproven/beta consensus algorithm.

- No ICO, No IPO
- Currency Symbol STEEM
- 1.000 STEEM block reward at launch
- Approximately 112% APR long term inflation rate

Steem will be Relaunched due to Bug, any mining on current chain will be wasted.


Source Code:   https://github.com/steemit/steem

How To Mine
The mining algorithm used by Steem requires the owner to have access to the private key used by the account. This means it does not favor mining pools.
Code:
     ./steemd --miner=["accountname","${WIFPRIVATEKEY}"] --witness="accountname" --seed-node="52.38.66.234:1984"

Make sure that your accountname is unique and not already used by someone else or your proof of work might not be accepted by the blockchain.

Quote
THE SOFTWARE IS PROVIDED "AS IS", WITHOUT WARRANTY OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO THE WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NONINFRINGEMENT. IN NO EVENT SHALL THE AUTHORS OR COPYRIGHT HOLDERS BE LIABLE FOR ANY CLAIM, DAMAGES OR OTHER LIABILITY, WHETHER IN AN ACTION OF CONTRACT, TORT OR OTHERWISE, ARISING FROM, OUT OF OR IN CONNECTION WITH THE SOFTWARE OR THE USE OR OTHER DEALINGS IN THE SOFTWARE.


The algorithm:

Quote
Let H        = Head Block ID
Let H2      = SHA256(H+NONCE)
Let PRI      = Producer Private Key
Let PUB    = Producer Public Key
Let S        = SIGN(PRI, SHA256( H ) )
Let K        = RECOVER_PUBLIC_KEY( H2, S )
Let POW  = SHA256( K )

Complaints

There are many common complaints/conspiracies about STEEM that we want to address up front:

1. We know that our announcement could be vague and create a barrier to entry for those who cannot code
2. We have mined the vast majority of blocks thus far and we do not attempt to hide it
3. We have mined using forum names so that we can give those names to their rightful owners
4. We have mined to register accounts with popular boy and girl names because they might have extra value some day
5. We know that many here may chose to avoid or not mine STEEM simply because of how it was launched, that is your choice.

If you do not like how STEEM was launched please move on.

Update:

1. account names must be all lowercase and less than 15 char long and start with a letter [a-z][a-z0-9]*
2. WIFPRIVATEKEY format starts with a 5....
3. make sure to pass --witness and miner with the same accountname
4. a wallet is available in ./cli_wallet and will connect to ./steemd *if* you launch ./steemd with --rpc-endpoint

Update:

The consensus algorithm works as follows:

At the start of the chain, "initminer" is the only node that can produce blocks, but it does not get paid. In fact, no one gets paid until 21 miners solve a POW.

Every time miner solves a POW and broadcasts their transaction, it gets included in a block and they get added to the queue.

The top 21 miners in the queue are selected as a "round" and are randomly shuffled.  Then they produce 21 blocks.

At the start of each round one miner is popped from the queue (reducing queue length), and bringing in a new miner.

Update:

Once your miner is in the POW queue, you cannot submit new POW until you exit the queue.  It takes about 2 hours to move through the queue. In effect, if you have more than 0.2% of the total hash power you should have multiple accounts mining.


This is how I intend to moderate this thread:

1. any posts that fundamentally disagree with the initial mining / launch strategy are not productive and will be removed
2. any posts that are not civil and respectful will be removed
3. any posts making false accusations will be removed
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