what date will be first Proof of Stake? Watching closely  First proof-of-stake block should appear on network around 18th~20th of this month. |
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What effect does proof of stake have on a services wallet? I see there's a thread that's run that does proof of stake mining. What does this do to existing coins older than X days in a users wallet? Are they consumed? Or are they sent from one address to another?
There's an RPC command 'reservebalance'. What does this do exactly? Should a merchant use 'reservebalance' to ensure they have funds available to service clients while proof of stake calculations are going on? What's the CPU usage like of that ongoing proof of stake mining thread?
When stake is generated it's basically paid to the same address/key where the coins belong to inside the coinstake transaction. In the getinfo output it would be transferred from 'balance' to 'stake' and held there for maturity before it can return back to balance. For a service hot wallet this might not be preferable. If you want all coins to be always available for withdrawal you can set 'reservebalance' configuration to a large amount (larger than your balance) then stake won't be generated in that case. The reservebalance configuration basically instructs the stake minter to keep the balance from falling below this number. CPU usage should be limited as it only uses one thread and normally it shouldn't be 100% on the thread either. |
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Assuming throttling membership controls inflation (which I also doubt), it still doesn't solve the Sybil attack. Any more explanation?
I asked such a question on the Timekoin forum but framed it in terms of a botnet attack which gave the responder a chance to evade the question by pointing out that Bitcoin is also vulnerable to botnets. Maybe a better way to frame the issue is that a botnet chugging away at solving Bitcoin blocks can indeed threaten the health of the network, especially by not including any transactions in blocks it solves. However, such behavior still requires intensive use of botnet resources and even continues to help the network by providing more confirmations for the transactions that are included in the block chain. But with Timekoin, if all the zombies of a botnet queued up it would be an effective DDOS on including new non-botnet nodes in the network, without any benefit to the network at all. Worse, AFAICT it costs next to nothing for those bot-nodes to queue up. ASIC mining might make it too costly for a bot-net Bitcoin miners (and maybe introduce new risks of consolidation of hashing power), but what would stop the botnet from continuing its DDOS in Timekoin on new adopters? Yeah before I get a clearer answer regarding this I would assume this is a failed attempt of minting based on time without centralized identification service. The designer probably grossly underestimated the impact of sybil attack, in this case it's an attack on the minting design (aka counterfeiting). It's part of the core foundation of a currency design. Any currency that cannot effectively deal with counterfeiting is doomed to failure. |
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Weekly Update #3- This week we witnessed the opening of two exchanges, first by Mugen's CryptoCoin, followed by Chris' Bitparking. Trading on Bitparking has been very impressive, first day volume was over 200k ppc. Thanks to Chris and Mugen for providing the trading platforms for the community.
- Several GUI applications have also been created by the community. Users who are not proficient with command line can now choose between the GUI applications. We recommend due diligence to verify the reputation and source code of these applications.
- The network protocol switch will occur tomorrow (September 10th) and users must upgrade to v0.2.0 before the switch. Switch is automatic so users don't need to do anything special. I will monitor the state of the network tomorrow and provide updates on the network status.
- A bug has been found with the checkwallet command. It may generate false reports on wallet problems. Fix will be included in the next bug fix release v0.2.1
- I would like to discuss a bit about block spacings. As ppcoin has two type of blocks, proof-of-work block and proof-of-stake block, each type has its own spacing target. Proof-of-stake blocks have a constant spacing target of 10 minutes. Target spacing of proof-of-work blocks are variable, with a minimum target of 10 minutes, and a higher target spacing when proof-of-stake block spacing approaches 10 minutes. When proof-of-stake blocks become abundant, we estimate that proof-of-work block spacing would eventually settle around 30 minutes. The purpose of this design is to reduce the variance of block spacing and maintain overall spacing target around 7.5~10 minutes.
Happy trading and next week!
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Reminder that upgrade to 0.2.0 before Monday is required.
Network protocol will be switched automatically at some time around Monday September 10th 18:00:00 UTC. Nodes that have not upgraded before the switch will be disconnected from the main network.
I will monitor the protocol switch and give updates on Monday.
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Assuming throttling membership controls inflation (which I also doubt), it still doesn't solve the Sybil attack. Any more explanation?
This is an attempt to mint based on time without central identification service as I mentioned in another thread. Haven't got time to read the paper but if there is simpler explanations it would be appreciated.
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with 700mh/s, how many coins a day on avg would I receive?
This is general calculation, I estimate currently mining 1 BTC is equivalent to mining 18K~19K PPC. That is, in the same amount of time to mine 1 BTC, you can expect to earn 18K~19K PPC. Please note as ppcoin adjusts difficulty and mint rate continuously so this figure may change within days. |
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I'm correct in my math. 60 servers x 16 cores x 2.5Mh = .... I was being conservative at 2,000Mh. It's actually a bit higher. I run the ltc.kattare.com pool, I have a semi-decent idea how it all works. Hi burnside, Looks like I have reproduced the issue with cpuminer on testnet. I will continue to look into the cause in the next few days and will update if I have more discoveries. Awesome, thanks! Hi burnside, It seems that recent code in cpuminer broke something. When I switch to cpuminer v1.0.2 it appears to work fine. Which version of cpuminer were you using? |
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I am have having one issue with the JSON command set. When issuing a "walletpassphrase" command with the pass and time, I receive a "error 500" exception. I receive the same error when attempting to send from an encrypted wallet without unlocking it first. Originally I caught that exception and used it as the indicator that a wallet was encrypted and needed to be unlocked to send. But I cannot get the daemon to accept the "Walletpassphrase" command through JSON. I noticed it was one of the couple of commands new to the PPCoin daemon.
Edit: Sorry Sunny, late night, I see that it is in the original API spec.
If anybody has any clue, please let me know. I would really hate resorting to calling a new PPCoin daemon instance just for this one command.
The walletpassphrase command only has a small change from Bitcoin, with an additional optional flag to only mint block. I am using it on commandline myself so it should be working. I assume it works when you do it with ppcoind but not via json? |
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Is 'getmemorypool' returning the wrong coinbasevalue for PPCoin? it currently returns '1298080000' but the last block minted was '1298.17000000'. 1298080000/1e8 = 12.9808. Or am I miscalculating something?
If amount is represented in integer ppcoin is only precise to micro-ppcoin, so if an application needs to interpret raw data it needs to be aware that 1 ppcoin = 1e6 rather than Bitcoin's 1e8. |
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I'm correct in my math. 60 servers x 16 cores x 2.5Mh = .... I was being conservative at 2,000Mh. It's actually a bit higher. I run the ltc.kattare.com pool, I have a semi-decent idea how it all works. Hi burnside, Looks like I have reproduced the issue with cpuminer on testnet. I will continue to look into the cause in the next few days and will update if I have more discoveries. |
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Hi doublec,
Thanks a lot for the effort. If you plan to use checkpoint to confirm deposit as you mentioned earlier please let me know when you implement it. I will update you of any planned checkpoint policy change.
Current checkpoint policy is on every proof-of-work block and up to 4 hours for consecutive proof-of-stake blocks. This policy is expected to last at least through 2nd month of ppcoin network.
Central checkpoint is best effort as it may experience down time. Rule of thumb is block chain is solidified up to where you see with getcheckpoint RPC call.
Best Regards,
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Yes. We can have either block spacing or we can have a mostly stable exchange rate.
I don't know why block spacing needs to be stable, maybe you do?
IIRC we even have a proposal to have a dynamic "block spacing" on purpose.
Well sure at least you don't want to end up with millions of blocks per second in case your coin gets really popular do you? Nor is it preferable to have no blocks for days if miners gave up? SolidCoin has been trying to 'peg' to electricity cost since last version afaik, albeit not with constant work per block which obviously is not gonna work in my opinion. |
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If you make work constant you cannot expect block spacing (10 minutes target) be stable. You need to make block pay to be proportional to work. But of course solidcoin has been trying this for a while. You make up a formula regarding Moore's Law and still inflation could end up pretty wild in the event of a mining technology upgrade such as cpu->gpu->asic.
One and half years ago I was rejecting Bitcoin based on the belief that an energy backed version would be much natural (more like gold) but I changed my position. Satoshi's variable difficulty and fixed inflation is a better design and is proved by Market.
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Congratulations to doublec and Bitparking |
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Is there a way with the RPC API to identify when the last PPCoin checkpoint occurred? So a merchant/exchange can know a safe point where a transaction won't be rolled back?
Yes it's already included: ppcoind getcheckpointAlthough in the long term (say a year maybe) ppcoin network will be decentralized similar to Bitcoin so one shouldn't get used to depending on this. |
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So is the only way to mine this coin is to run the client on the mining rig and the use something like cgminer ?
I can't get this to run at all and I know part of it is I suck at command line stuff.
I'm trying to use the gui client for my wallet, but I guess you can only solo mine this which likely means you have to run the ppc client on your mining machine. Is this correct ?
Doesn't have to be on the same machine. You can run ppcoind on a separate machine or vm, and allow your mining machines to connect via RPC by setting rpcallowip according to the examples in ppcoin.conf: # if miners all on LAN 192.168.1.*
rpcallowip=192.168.1.* |
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Any thoughts? Why are all my proof-of-work's bad?
I don't know the answer on the proof-or-work questions BUT: You are mining with CPU and with some quick math your hashpower is about 12MH/s max. You will not find a block with a CPU, at least not in two weeks. Ah I didn't read that cpuminer says 4Mh/s each thread. I thought burnside said he was mining with gpu at 2Gh/s. Though I still don't know why there was this rejection for not enough proof-of-work in debug log. |
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Of course it's clear to people with basic understanding of the machinery of free market that everyone's time should not be worth the same. Otherwise it's a system of charity rather than a currency.
On the other hand minting based on time is possible with centralized identification service (i.e. not applicable to the realm of crypto-currency). I think someone published a paper on this recently, this system includes built-in welfare because you get to mint coins by just living your life, but that probably would likely provide only bare mininum of subsistence.
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Reminder that upgrade to 0.2.0 is required before next Monday Upgrade is required before Monday September 10th. Nodes that have not upgraded before this deadline will be disconnected from the main ppcoin network.
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