Proposed Myriadcoin changes
posted 3 hours ago author 8bitcoderMyriad - stickied post
Over the last few months various proposals for changes to Myriadcoin were made here, on bct and on irc. After discussion with Myriad members and developers, the following changes to Myriadcoin are proposed:
1 - Implement auxpow and enable for SHA and Scrypt.
This will allow SHA and Scrypt to be merge minable. It increases the security of the block chain by having high difficulties on the ASIC algo's.
2 - Increase block time from 30s to 60s
This will decrease block chain bloat, give transactions more time to propagate in the networks without too much of an increase in confirmation times.
3 - Modify the chain work calculation to use a geometric mean instead of an arithmetic mean across algos.
There are security advantages to using this method, as previously proposed by MentalCollatz.
4 - Reduce block reward
Cut reward from 500 MYR to 50 MYR per block, with the reward increasing by 1 MYR every two years.
This will reduce the current high inflation in Myriad. https://www.reddit.com/r/myriadcoin/comments/3d0ml7/proposed_myriadcoin_changes/Looks like #4 is most contentious, with #1 having one or few people opposed. Any plans on hashing this out, so to speak? Or is it just BDFL situation? Are you a multi pool owner? Why would you care about reduction in block rewards? Because it is unfair to people learning about the coin after the change happens. It just seems kinda scammy to have fast emission when coin has relatively small userbase, and then slash it by 20x. How do you expect people to feel like they had a fair opportunity to get coins if they find out about myriad post-reduction? I think it would be a deterrent to any potential future users coming along after the reduction. |
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Proposed Myriadcoin changes
posted 3 hours ago author 8bitcoderMyriad - stickied post
Over the last few months various proposals for changes to Myriadcoin were made here, on bct and on irc. After discussion with Myriad members and developers, the following changes to Myriadcoin are proposed:
1 - Implement auxpow and enable for SHA and Scrypt.
This will allow SHA and Scrypt to be merge minable. It increases the security of the block chain by having high difficulties on the ASIC algo's.
2 - Increase block time from 30s to 60s
This will decrease block chain bloat, give transactions more time to propagate in the networks without too much of an increase in confirmation times.
3 - Modify the chain work calculation to use a geometric mean instead of an arithmetic mean across algos.
There are security advantages to using this method, as previously proposed by MentalCollatz.
4 - Reduce block reward
Cut reward from 500 MYR to 50 MYR per block, with the reward increasing by 1 MYR every two years.
This will reduce the current high inflation in Myriad. https://www.reddit.com/r/myriadcoin/comments/3d0ml7/proposed_myriadcoin_changes/Looks like #4 is most contentious, with #1 having one or few people opposed. Any plans on hashing this out, so to speak? Or is it just BDFL situation? |
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@ rethink-your-strategy
thx for your work, maybe you could repeat that on Goldcoin and Dash?
maybe you can publish it, some kind of bachelor work to get a scientific degree.
If people want a anonymous coin which is 2 Years old they should go with Anoncoin,
it was the true first anonymous coin and does not rely on cryptonote as far as i know.
greetings
Too bad Anoncoin has zero privacy features added compared to BTC. The only anon thing about it is its misleading moniker. |
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Time to reopen this bad boy. If someone want to update the OP with a more current list please post it up.
Bytecoin (BCN) - First cryptonote, lots of fancy new features, but with 80+% premine, seems shady as shit. (Also, such a huge concentration of wealth can apparently break the anonymity afforded by ring signatures.) Guldencoin (NLG) - 10% premine supposedly to be distributed to Netherfolk, but now changed into a premine slush fund for funding whatever projects dev feels is appropriate. Trestor (  ) - Completely premined scam with 100B total coins that they're trying to sell for $0.01 each, for instamarketcap of $1B. X-coin/Darkcoin/Dash - Yes, has added some features, but I think instamine of 10% of all coins/50% of currently available coins in first day or two were mined outweigh the (questionably effective) anonymity schemes. I mean, if you have to change your name several times to try to sever ties with your sordid history... Probably lots of others, but those are a few I noticed missing from the first post. |
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hello i want change the blockchain(roaming) in another directory can you help me ?
There's an option for it when you launch duck/dark/digitalnoted, I think -data-dir c:\wherever\you\want
You can check by running it from the command line with the -help flag. I'm not sure about Qt, but I assume there's a similar option, and you can find it by launching with -help option. |
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If groestlcoin is going under 150 satoshi, I'm going to kill myself. And that is a promise.
lol, so long themikeymen001. It's already down like 20% to 195 today, if bitcoin takes off next week people are going to be dumping anything and everything to ride the btc train. |
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So with decrease in supply what will premine end up being? 15% of all coins? 20%? And still no concrete or even general plans on how they (premine coins) will be distributed?
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The extra value that Digibyte, Myriadcoin, and lots of other coins (multi-algo or not) have over Guldencoin at this point is that they don't have meddling devs trying to play the role of fed chairperson, adjusting the total number of coins and emission rate well after the coin has been launched. For some reason this seems even worse to me in the context of a 10% premine...
MaNI, the meddling assertive Guldencoin dev suggested the change to a smaller block reward. Only if the majority of the Guldencoin community agrees with the plan the changes will push through. And you better lose your trust in the Guldencoin community then, because at this moment most of the NLG users want a lower supply. Did I miss the vote? Was there a public poll taken of miners? Merchants accepting NLG? Or is this just based off of 5-10 guys circlejerking on internet forums? |
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so the scamming part keeps it from being discussed in the altcoin section ? not really, the coin is discussed in the alt coin section as much if not more than most other coins. The scam part often comes up during such discussions though. look through just the last 24 hours i see many threads related to dark/dash xcoin. pls point me to a post thats related specifically to Dash in the last 24 hrs.. and remember we are talking about a coin that rank 4th on coinmarket : http://coinmarketcap.com/* jwinterm points at this very thread discussing the scam known at various points in history as xcoin/darkcoin/dashcoin. nice try but i cant see any real evidence of Dash being discussed as much as if not more than most coins in the last 24 hours .. so far i found one single post. for a coin that ranks 4th .. i wonder why ? maybe because it's a scamalicious piece of dashtrash with the price propped up by the masternode operators now collecting interest on the ~50% of current coin supply that they instamined...mebbe? incorrect, its 47 % .. where did you get that 50% information ? Tilde (~) means approximately, fyi. I think 3% difference falls within "approximately". okay, so what exactly is wrong with having a network of almost 2800 masternodes earning 47% Mn payment per block while keeping the network strong and keeping it attractive to invest in ? You misunderstood what I meant - I meant that 50% of the currently available coin supply was instamined in the first 24-48 hours, and now those ill-gotten coins are being used to run masternodes and collect "interest", i.e. get more free coins without even mining. |
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so the scamming part keeps it from being discussed in the altcoin section ? not really, the coin is discussed in the alt coin section as much if not more than most other coins. The scam part often comes up during such discussions though. look through just the last 24 hours i see many threads related to dark/dash xcoin. pls point me to a post thats related specifically to Dash in the last 24 hrs.. and remember we are talking about a coin that rank 4th on coinmarket : http://coinmarketcap.com/* jwinterm points at this very thread discussing the scam known at various points in history as xcoin/darkcoin/dashcoin. nice try but i cant see any real evidence of Dash being discussed as much as if not more than most coins in the last 24 hours .. so far i found one single post. for a coin that ranks 4th .. i wonder why ? maybe because it's a scamalicious piece of dashtrash with the price propped up by the masternode operators now collecting interest on the ~50% of current coin supply that they instamined...mebbe? incorrect, its 47 % .. where did you get that 50% information ? Tilde (~) means approximately, fyi. I think 3% difference falls within "approximately". |
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so the scamming part keeps it from being discussed in the altcoin section ? not really, the coin is discussed in the alt coin section as much if not more than most other coins. The scam part often comes up during such discussions though. look through just the last 24 hours i see many threads related to dark/dash xcoin. pls point me to a post thats related specifically to Dash in the last 24 hrs.. and remember we are talking about a coin that rank 4th on coinmarket : http://coinmarketcap.com/* jwinterm points at this very thread discussing the scam known at various points in history as xcoin/darkcoin/dashcoin. nice try but i cant see any real evidence of Dash being discussed as much as if not more than most coins in the last 24 hours .. so far i found one single post. for a coin that ranks 4th .. i wonder why ? maybe because it's a scamalicious piece of dashtrash with the price propped up by the masternode operators now collecting interest on the ~50% of current coin supply that they instamined...mebbe? |
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so the scamming part keeps it from being discussed in the altcoin section ? not really, the coin is discussed in the alt coin section as much if not more than most other coins. The scam part often comes up during such discussions though. look through just the last 24 hours i see many threads related to dark/dash xcoin. pls point me to a post thats related specifically to Dash in the last 24 hrs.. and remember we are talking about a coin that rank 4th on coinmarket : http://coinmarketcap.com/* jwinterm points at this very thread discussing the scam known at various points in history as xcoin/darkcoin/dashcoin. |
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Can we get an official statement by MaNI if the multi algo design on coins like Myriadcoin and Digibyte is flawed also? Or is it a secret?
After looking into it extensively and much internal debate we have decided that multi-algo as it currently stands is flawed from a security perspective. While it sounds good on the surface there are some rather complex implementation issues in reality which have become apparent while looking at the code, that we are not satisfied can be solved in a reasonable way, or at least I am not confident I can solve them and I feel it is good to know your limits  I don't want to go into too much technical details but most of the flaws revolve around the fact that 'difficulty' is a somewhat arbitrary measurement, while it can be used to meaningfully compare two blocks from the same algorithm to one another, there is no real relation between the difficulties of two different algorithms. i.e. It is not really meaningful to say that a 500 difficulty Scrypt block is worth more or less than a 500 difficulty Groestl block. While it can be determined with some analysis for a specific moment in time with some work it requires a level of 'perfect information' that is not compatible with a p2p crypto currency type system, and even I as a human cannot tell you for a fact that the answer I give you now will still be the same in say six months time. I have looked at various proposals to try and solves these issues, and what several coins have done and have found theoretical problems and flaws with all of them. A few months ago I came to the same conclusions and eventually crafted https://github.com/digibyte/digibyte/pull/36, which removes the magic work factors and instead uses the geometric mean of all difficulties to compute work. This greatly improves the security. Thank you! So 2 excellent developers came to the same conclusion and that is thet multi-pow solution is flawed (or atleast with what they are marketing with and that is that multi-pow is more secure than a single pow coin). I will stop using this as marketing gimmick for Digibyte until this is resolved (if it can be resolved). I guess at this moment Digibyte has no extra value over Guldencoin...The extra value that Digibyte, Myriadcoin, and lots of other coins (multi-algo or not) have over Guldencoin at this point is that they don't have meddling devs trying to play the role of fed chairperson, adjusting the total number of coins and emission rate well after the coin has been launched. For some reason this seems even worse to me in the context of a 10% premine... All I see on your post history is a lot of bitching and complaining in almost every reply. Perhaps someone will dump out to your buy orders after reading this, gl it might work.  I don't think I complain unless it's warranted, and in this case it's warranted in my opinion. Also, I'm really not much of a trader, bought some NLG at ~450 and 350 sat, but I'm not even planning on selling (or buying anymore) at this point. Way to completely avoid answering any criticism and just go for the ad hominem though. |
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Can we get an official statement by MaNI if the multi algo design on coins like Myriadcoin and Digibyte is flawed also? Or is it a secret?
After looking into it extensively and much internal debate we have decided that multi-algo as it currently stands is flawed from a security perspective. While it sounds good on the surface there are some rather complex implementation issues in reality which have become apparent while looking at the code, that we are not satisfied can be solved in a reasonable way, or at least I am not confident I can solve them and I feel it is good to know your limits I don't want to go into too much technical details but most of the flaws revolve around the fact that 'difficulty' is a somewhat arbitrary measurement, while it can be used to meaningfully compare two blocks from the same algorithm to one another, there is no real relation between the difficulties of two different algorithms. i.e. It is not really meaningful to say that a 500 difficulty Scrypt block is worth more or less than a 500 difficulty Groestl block. While it can be determined with some analysis for a specific moment in time with some work it requires a level of 'perfect information' that is not compatible with a p2p crypto currency type system, and even I as a human cannot tell you for a fact that the answer I give you now will still be the same in say six months time. I have looked at various proposals to try and solves these issues, and what several coins have done and have found theoretical problems and flaws with all of them. A few months ago I came to the same conclusions and eventually crafted https://github.com/digibyte/digibyte/pull/36, which removes the magic work factors and instead uses the geometric mean of all difficulties to compute work. This greatly improves the security. Thank you! So 2 excellent developers came to the same conclusion and that is thet multi-pow solution is flawed (or atleast with what they are marketing with and that is that multi-pow is more secure than a single pow coin). I will stop using this as marketing gimmick for Digibyte until this is resolved (if it can be resolved). I guess at this moment Digibyte has no extra value over Guldencoin...The extra value that Digibyte, Myriadcoin, and lots of other coins (multi-algo or not) have over Guldencoin at this point is that they don't have meddling devs trying to play the role of fed chairperson, adjusting the total number of coins and emission rate well after the coin has been launched. For some reason this seems even worse to me in the context of a 10% premine... |
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SSSSSHT Don't tell them what comes after the dump. (  ) The wipe? |
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They've been around a while. I don't know why they had to use the exact same name and currency code, I tried to convince them to change it but they wouldn't. Their coin doesn't seem to be listed on any exchanges and seems to be dead anyway. ' I'm pretty sure their coin is just Bytecoin, with a different name/ticker. It says right on the page: 1 XCN (Cryptonite) = 1 BCN
Edit: Actually, after reading their bitcointalk ANN I'm not so sure what they were doing, but whatever it was it does seem dead. |
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Our Retail Partners allow you to buy and sell Trests in locations all over the world.
Please provide one example of a retail partner that advertises their prices on their website, transparently.
With Trests there are no transaction fees, all the coins you mentioned do have transaction fees. Transactions take an average of 10 seconds to confirm, which is also a +.
Furthermore, with Trestor there is no mining required to protect the network which is a big waste of energy, and possibly unsustainable.
There are no transaction fees because there is no security in ensuring that the digital ledger stays the same. What would you do if law enforcement told you to reverse a transaction since 'terrorists' owned trests and were using them? When you skip that big waste of energy you refer to, there are tradeoffs. I'll pass thanks. I think you are misunderstanding how trestor works exactly. Since anyone can run a node, a transaction cant simply be reversed without the majority of the network agreeing on it OK, but there's no incentive to run a node unless perhaps you are a business that buys and sells Trests. Since any such business depends upon Trestor (owner of ~all Trests currently) then it's in their best interest to support anything Trestor does. If Trestor is served with an order to reverse or suppress a transaction, they'll have no choice but to obey. Andre says, "OBEY"  |
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Last time I was on Poloniex, I saw that there was a withdrawal limit of something like $25,000 per day or less.
So if your XMR are one day worth 1 million dollars, you'll have to withdraw every day for weeks and weeks to withdraw your XMR?
You'll have to withdraw over weeks and weeks, send them a copy of your passport, fingerprints, DNA profile, dental records, a lock of your first born's hair, seventeen years of tax returns, urine sample, medical records... |
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