Go take a look at bitcoin and litecoin nodes and you'll find different protocol versions among them as well. Globalcoin's 70002 protocol update is backwards compatible with 70001 blocks; it remains on the same chain. This was a non-mandatory update. There is no fork.

There is no fork, the network is fine. You're confused about protocol versions among nodes not being consistent? That's just like any other coin see:



No hard fork was required since 1.5.3, it's still the same code base; there's no nodes below that version on this chain.

Block explorer is back online and all caught up.

Been about a month since developers have posted, would be nice if they could chime in.

a-okay?? Are you serious? the network hashrate is barely 40MHs... for literally less than $5.00 any idiot can hire the hashrate needed to attack the network.

POS please. POW needs too much backing, the market is saturated and you're competing for POW hardware to mine this coin instead of others. Or AuxPOW but then the coin becomes a throwaway, something you get on the side.. I don't know POS just seems more logical with the current circumstances.

Well I'm going away for a "tech free" long weekend, looking forward to more updates when I get back

How about converting to PoS with 2% yearly interest and developing a multipool that pays out in GLC thus catering to miners of any kind whilst offering buying support on exchanges?

Is the difficulty adjustment algorithm being addressed with this update?

Something needs to be done to secure the network, whether that be POS, AUXPOW or a hybrid system.

GLC has an extremely low network hashrate compared to the scrypt hashing power out there now. The threat of a 51% attack is very real. With daily trading volume often less than 1 BTC and very little buy support on exchanges I would say the only thing protecting GLC is that there's really no point in wasting time and money on such attacks.

If we introduce AUXPOW there's still somewhat of a hurdle and that's getting pools to include GLC. With POS security we'd only have to rely on GLC users having their wallets running to protect the network and with POS interest they have incentive to do so. There's also the hybrid POW+POS option, look at peercoin, diamond etc. In POW+POS case changing to an asic resistant algorithm like groestl may be a good idea?

Again I'll point out that your wallet is never unprotected with POS. You still have to input your passphrase when sending coins. You have the client running and connected to the network in order to generate new coins, thus making you a node and helping to secure the network; there's only a handful of GLC nodes active presently and this is not good.

Also the most valuable coins are obviously POW as they are the longest running with associated infrastructure costs and actual use cases... but there's POS coins with million dollar market caps too.

I'll reiterate some points from another of my posts on POS as well.

The main issue people have with POS, especially 100% POS, is initial distribution being a key factor into who benefits. Globalcoin wouldn't be plagued by this as it's been distributed quite fairly through POW over the past two years.

POS positives:

1. Helps to secure the network with lots of live nodes, in order to earn new coins through pos users must have their wallets running.
2. Allows people to obtain new coins without the need of expensive mining equipment or the technical knowledge.
3. As users are holding coins in their own wallets (for the sake of generating new coins) this decreases market saturation and dampens dumping fears.
4. Encourages a buyers mindset, the more coins you have the more coins you generate.
5. Reduces electricity usage that is often ridiculed as wastefulness, save the world greenpeace global warming and all that.

Any news on those updates?

Mining reward has now halved to 6.25 GLC per block. Here's some interesting facts.

GLC issued per day: ~13,500

Currently 13,500 GLC equates to a mere 0.01 BTC worth of inflation per day (1 GLC = 80 satoshis)

To date 88% of all Globalcoin to exist have been mined - 62 million out of the 70 million.

95,000+ Globalcoin addresses have been seen on the network.

Current Wealth Distribution of said addresses:

Top 10   14,718,416 GLC   23.70 %
Top 100    38,522,136 GLC   62.04 %
Top 1000   56,176,578 GLC   90.47 %
All 95398   62,093,363 GLC   100 %

The largest single address not belonging to an exchange holds 2,185,652.8 GLC or 3.52 % of all currently mined coins. This address last saw input/output 224 days 23 hours ago.

According to address tagging the dominate GLC exchange cryptsy.com holds roughly 22 million GLC across 493 non-zero addresses with 841 known addresses. The largest single address at crypsty holds 2 million GLC.

Aaaand they're back again...

Developer needs to address this ASAP.

Yes it should address the issue.

Any news on the AuxPOW update? Is that still going ahead?

Look at this address finding literally every new block within seconds, network reports 5GH/s while difficulty is only 3!

https://chainz.cryptoid.info/glc/address.dws?7H4mwvXQkxhWhY75AcNAcmDCp1JbJPZPdX.htm

Funds are then sent to this address, nothing spent yet though..

https://chainz.cryptoid.info/glc/address.dws?7LtgZx2yhaNEFVBW91x3GuUJsDghxBNEaR.htm

This address finds hundreds of blocks within a few minutes, next the network slows to a crawl with new blocks taking multiple hours to be found.

Doesn't seem to be effecting how many new coins are mined daily, that's all staying on projected targets; just transactions are being held up for hours.

Hashrate over 5.5 GH/s and network is choking with 2 hours since last block...

*pokes* do something

Updates?

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