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Alternate cryptocurrencies / Announcements (Altcoins) / Re: [DVC]DevCoin - Official Thread - Moderated
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on: August 03, 2013, 03:22:05 PM
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So what are we doing to mark Devcoin's two year anniversary on August 5th?
Does anyone know how to create a coin flip site? I want to make a devcoin flip site where if you lose, the profits are donated to charity, and if you win, you win! I'm thinking about a 1% charity edge.  Here's what I have for the provably fair part. I just started learning php, don't judge!  <?php
$number = rand(0, 1000000);
$hash = hash('sha256', '$number');
echo $hash;
?> |
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1165
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Alternate cryptocurrencies / Altcoin Discussion / Re: ASIC-hostile & Botnet-hostile coin
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on: August 02, 2013, 11:36:53 PM
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You essentially would ensure that all miners are forced to join pools and bigger pools would be more successful then small ones. Played out that game will end up with 1 pool with a super majority of the hashing power.
The reason is that under "1 winning nonce" system (all coins to date) there is no "progress" towards a block. Thus when a block is solved you don't lose anything. Each nonce attempted is an independent lottery ticket and it either wins or is worthless. This means large miners don't earn disproportionately more than smaller miners. They have less variance but in the "long run" someone with 10% of hashpower will solve 10% of the blocks and someone with 1/100th of 1% of the hash power will solve 1/100th of 1% of the blocks. One word description: independent trials.
Under a 1500 winning nonces solve a block there IS progress towards a block. If you solve 1499 nonces and another miner solves 1500 you will get nothing and he gets everything. To simplify it imagine a scenario where there are only 2 mining pools. Pool A has 60% of the hashpower and pool B has 40%. At first glance you would assume that pool A would get 60% of the blocks and Pool B would get 40%. That isn't true though. Pool B will solve 1 NONCE before Pool A 40% of the time but to win the block they would need to win that 60/40 flip 1500 times. Despite having 40% of the global hashrate they would only get 18% of the blocks. Of course no miner is going to accept less than half the return so they will leave Pool B for Pool A and eventually there will be one pool. Now you can work backwards and see that the same scenario applies with more pools so that will lead to less pool. One word description: dependent trials.
Independent trials = no progress towards a block. More hashing power simply means less volatility.
Dependent trials = progress towards a block. More hashing power means higher returns per unit of hashing power (at the expense of lower returns per unit of hashing power by smaller miners/pools).
Look how much concentration of hashing power there is in the top 5 pools for Bitcoin. This is under a "game" where large pools don't earn more than smaller pools per unit of hashing power. The only advantage large pools have is lower volatility and more consistent payments. Even that small edge has resulted in significant concentration. I think you can see a "game" where the rules change so that larger pools actually earn more than smaller pools means there will be only one pool.
+1 but to solve that you could try having a payout for each solved nonce, getting progressively higher until the final one. That means that botnets might get the first but will still recieve a VERY small payout. |
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1177
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Alternate cryptocurrencies / Altcoin Discussion / Re: [ANN][JPC]JUPITERCOIN - A godlike crypto - Launch is now!-Rarer than DMD- 0.002%
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on: July 18, 2013, 09:17:15 PM
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{
"blocks" : 1422,
"currentblocksize" : 1000,
"currentblocktx" : 0,
"difficulty" : 1.16415604,
"errors" : "",
"generate" : true,
"genproclimit" : -1,
"hashespersec" : 701,
"networkhashps" : 3827809,
"pooledtx" : 0,
"testnet" : false
}
3 mh/s
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