The Fractalcoin team believes strongly in transparency so here is a link to our Slingshield White Paper for you to analyse

I suggest that you go and look at all the premine funds that have not been touched and have been in the ANN for a long time:

Premine wallet addresses

Wallet 1 containing 1000 FRAC: FdginKcGNUWfZDtK57RU85hMMHaBbnanyP
Wallet 2 containing 1000 FRAC: FpbzPz2fQ2UFYpCWPCyKhVmF3jB1fQCkZN
Wallet 3 containing 1000 FRAC: FodAfX54Dn6drHqht2QSzsAVYZQ2UTLq7i
Wallet 4 containing the remaining bounty funds: Fmf7UCjqrSijiPR4gMmZzDSqLw4oqdsKzL

No we haven't.

No the coin is not a scam. One of our devs has posted on this thread on the 3rd, 4th, 5th, 7th, 8th and 9th of July in the past 7 days. We're available every day in #fractalcoin (freenode).

On behalf of the dev team we'd like to thank you all for voting to get Fractalcoin onto Poloniex!

If you'd like to continue helping Fractalcoin then voting for us on CoinWarz would be appreciated, you can vote there once per hour.

We have written a summarised version of the post fork update in the original post of the ANN.

If you would like full details of what happened then check out the detailed post fork update.

Detailed post fork update

As some of you may be aware Fractalcoin experienced some minor difficulties when transitioning to the new fork. This was due to a flaw in the fork checking code in that it only considers raw block height, as such it did not attempt to determine if the new fork was actually valid. We mitigated these issues promptly and disabled the problematic code for pools. There will be no mandatory wallet update required regarding this issue, we will however be fixing the problematic code as a precaution for the future and releasing an optional wallet update. The network has progressed enough that this issue is no longer anything to worry about.

During this period the Fractalcoin network never became unsafe, there was no creation of alternate forks and also no risk of a double spend.

Overview

Initially the fork was a success with 70% of network hashrate present on the new fork as planned. The issue occurred when the fork checking code saw both the new and old forks on the network after around 14 blocks, causing safemode to be enabled. This happened due to a flaw in the fork checking code in that it only considers raw block height, making it unable to effectively ensure that a fork is valid.

In planning for this fork we had altered the block reward for a set number of blocks, this should have ensured that the old fork would not conflict with the new fork but the flaw in the fork checking code overrode these efforts.

With safemode enabled, RPC calls used by mining pools were disabled, this caused mining on the new fork to pause temporarily. Upon seeing these issues we promptly added a checkpoint block in an effort to restart mining but shortly after this safemode re-triggered. The final solution that we decided on was disabling the problematic fork checking code entirely for pools until we can replace it with fully functional code.

We will be analysing this code over the coming days and writing a substitute to ensure that this is corrected. We have also submitted this issue to the Dogecoin devs along with our findings and recommendations.

All services should now be back online and the network is running as intended. This was an isolated incident and as such should cause no further problems.

We would like to thank you all for your continued support of Fractalcoin.

Bittrex should now be back up. And, for reference, the network never became unsafe. Safemode caused mining to stop for some pools, causing extremely long block times and large difficulty swings. There was never another fork made or anything like that, and never a risk of a double spend or anything like that. And everything should be good now. The network has progressed enough after the fork that there should be no more problems and no need for a wallet update.

We will be writing up a full analysis and report on what happened, but a good technical overview has been reported to the Dogecoin developers, which is what Fractalcoin was forked from. You can see that bug report here.

We are currently about 400 blocks away from the fork, or about 6 hours.

To confirm you are on the right version, you should get an output like this from fractalcoind for getinfo:


And in your graphical wallet, under Help -> About Fractalcoin Core

You should see something similar to this:

This is really a good thing for Fractalcoin. Mimicry is the best form of flattery afterall. Also, the more infrastructure pressure we have to properly support non-static fees, the better off we'll be.

Aside from that, it looks mostly like copy and paste from us. It's the same but with an accelerated reward schedule, reward multiplied by 10, and some pieces of X11 picked out to make this new Fresh algorithm. Unless lots of other coins adopt the Fresh algorithm, they will not garner the Slingshield advantage either, because there won't be any multipools to "hop on" when large transactions are available.

We aren't afraid of a little competition

A network alert has been sent out notifying everyone of the v1.1 mandatory update. If you're seeing it on your local wallet, it is intentional and was sent by us. If you've already upgraded to version 1.1, you have nothing to worry about. The alert will expire in 4 days

A mandatory wallet update is now available which features the addition of a maximum transaction fee to ensure that legacy infrastructure can easily adopt Fractalcoin. There is also a fix for a minor bug regarding how transaction fees are awarded to miners. An upstream feature from Bitcoin has now been added to allow Fractalcoin to conduct more elaborate multisignature transactions. We feel that these multisignature transactions will be more important in the future, as such we want Fractalcoin to be ready to take advantage of them as quickly as possible. There are also a few other minor updates included, see the release notes for details.

To make these updates we have decided that it is necessary for Fractalcoin to hard fork at block 22,500 (Wednesday 2nd July), the purpose of this fork is to ensure that after Fractalcoin transitions to percentage fees the network will remain stable and function as intended whilst also improving usability.

The Fractalcoin team understands that forks are commonly seen as negative events, with this in mind we are making efforts to ensure that the transition is as smooth as possible for pools, miners and users alike. We will be coordinating with pools to ensure that they are on the right fork and there will also be a 6 hour bonus round of 20 FRAC blocks (rather than 10 FRAC, as planned). This will ensure fast migration to the new wallet and reward loyal miners.

Fractalcoin is innovating and pushing cryptocurrency in a new direction, with this inevitably comes challenges when it comes to implementing this new technology.  Our team will ensure that these challenges are overcome to the best of our ability as we are committed to the future of this coin.

What do I need to do?

• Upgrade your wallet client to the new version (V1.1) as soon as possible: [Windows] [Mirror] | [Mac] [Mirror]
• Check our verified pool list to see if your pool has switched correctly (this list will be updated periodically and is not real time).
• Don't panic, this is only a minor update.

There is now a Fractalcoin faucet, check it out here!

Want to get some free FRAC? Check out the giveaway over at altcoingiveaways!

We have just posted details regarding proposed changes to transaction fees. This information can be found on our thread on bitcointalk and a thread on our subreddit.

This thread concerns Fractalcoin, the original announcement thread can be found here.

Some users have voiced concerns over the situation that Fractalcoin faces when percentage based transaction fees are activated. We are aware that at this time a significant amount of infrastructure is currently not compatible with percentage fees and this poses two possible scenarios:

1. Transactions are broadcast with improper fees meaning that they are never confirmed.
2. Internal accounting systems cannot take into account the fee and their expected balance is higher than their actual balance.

We are working with services to ensure that the necessary changes are made to make this all work smoothly but it takes time. Understandably some systems may not even have plans to adopt the infrastructure which is something that we must also consider and work around.

In light of these potential difficulties two changes  have been proposed with regards to the transaction fee structure which will take affect around July 10th.

The first would be to set a maximum transaction fee. This would be high enough that miners are properly rewarded for large transactions, but low enough that legacy services are still  usable. The current proposed fee is 2 FRAC which at current prices would be around $1.50. There would be temporary inconvenience for small transactions on legacy infrastructure but this would only be a temporary inconvenience. Services not implementing the new infrastructure and facing the maximum transaction fee will be put at a disadvantage compared to properly implemented services, allowing the free market to encourage them to properly implement percentage based fees.

The second change would be to the unintuitive behaviour surrounding "change" addresses. In simple terms we would remove the 0.1% fee from sending money to yourself. We understand that this may be confusing to non-technical users but this change will help to avoid "mystery fees".

Please leave your comments, questions and ideas below.

If you would like to help Fractalcoin grow then please consider donating to the Fractalcoin fund, the address is:

FstbqXN338TCE7CGG9GsdK5qisZP1sWxew

This fund will enable us to continue providing bounties and allow us to maximise exposure of the coin through advertising and marketing campaigns. The scope of the donation fund is not limited to the above however, they are just some of the potential uses.