[ANN] [PPC] PPCoin Released! - First Long-Term Energy-Efficient Crypto-Currency

[Sunny King]

Weekly Update #2

• The second week has passed for the ppcoin network, while we celebrated the release of v0.2.0. This release is an important milestone for the ppcoin project. I believe it is also an important milestone for crypto-currency technology in general, as energy efficiency has finally been solved without sacrificing decentralization. This would allow future crypto-currencies to be not only competitive in terms of decentralization and robustness, but also in terms of cost against established (centralized) payment services. Of course ppcoin is still in its very early days in the market so time would tell if my observation is right.
• Two protocol changes were included in v0.2.0 release. One is that competing block chains are now scored based on proof-of-stake difficulty. Sharp readers would note this is the counterpart of Satoshi's original scoring based on (proof-of-work) difficulty. The property of this formula is that it makes the threshold of effective double-spending attack very high, to the point of almost controlling the entire main chain. The other change is we have limited coin age weighting in proof-of-stake block generation to a max age of 90 days. This change defends against a patient attacker accumulating coin age indefinitely over the rest of the network. With this change the required threshold of stake to control main chain is raised significantly for a patient attacker.
• I have been asked whether I have plan to operate an exchange. The answer is no. It is noted that this week we saw quite a few people on the forum looking to exchange ppcoin with bitcoin. Several members of our community have hinted at plans of creating exchanges as well. But for me I am fully aware of my responsibilities to the network so I will not be involved in any exchange. My first goal is to ensure ppcoin network operates as designed to survive its first 3 months on the market. I would not allow any distraction to impact my ability to execute this goal.
• In the new release there are some minor improvements for getblock and getinfo. You can now see the total network money supply via getinfo. For getblock you can now see the mint amount for the block, as well as an additional option to see details of all transactions in the block.
  sunny> ppcoind getblockhash 0
  0000000032fe677166d54963b62a4677d8957e87c508eaa4fd7eb1c880cd27e3
  sunny> ppcoind getblock 0000000032fe677166d54963b62a4677d8957e87c508eaa4fd7eb1c880cd27e3 true
  {
      "hash" : "0000000032fe677166d54963b62a4677d8957e87c508eaa4fd7eb1c880cd27e3",
      "size" : 230,
      "height" : 0,
      "version" : 1,
      "merkleroot" : "3c2d8f85fab4d17aac558cc648a1a58acff0de6deb890c29985690052c5993c2",
      "time" : "2012-08-16 02:31:27 UTC",
      "nonce" : 2179302059,
      "bits" : "1d00ffff",
      "difficulty" : 1.00000000,
      "mint" : 0.00000000,
      "nextblockhash" : "00000000000be4e024af5071ba515c7510767f42ec9e40c5fba56775ff296658",
      "tx" : [
          "3c2d8f85fab4d17aac558cc648a1a58acff0de6deb890c29985690052c5993c2 base",
          " 0000000000000000000000000000000000000000000000000000000000000000 -1",
          " out 0.00 "
      ]
  }
  Yes the genesis block minted 0 coins, as we said ppcoin had no premine and we meant it had absolutely zero premine.
• As of block 3212 (2012-09-02 02:56:47 UTC) total network money supply has surpassed 5 million coins.

Happy mining and next week!

[1714029865]

1714029865

[dreamwatcher]

I have been attempting to write (yet another   ) GUI wallet for PPcoin.

1. Is there any way to rename accounts? The original null string account is horrid for coding, but I just cannot find a way to rename it or any of the accounts.


2. How does the daemon decide where the "newmint" coins that matured go? Do they always go into the null string account? Can that be changed?

My apologizes if this information is already posted, but the account naming in this daemon appears quite different than those in the BTC/LTC clients.

After Edit:

If I use a set account (pp address)(account) for an existing pp address, it appears the PP address just disappears and the daemon just creates a new account with a new PP address and the old account gets a new PP address?? Where does the specified pp address go?

[foggyb]

I let my 2 5830's mine PPC for over 8 hours and there's nothing in my wallet. This seems like a long time to go without getting any reward. Suggestions?

please post the output of your "ppcoind getinfo" command

I haven't upgraded to 0.2.0 yet but....



EDIT: resized pic

Any luck so far?

upgraded to 0.2.0, let it run for another 9 hours so 17 hrs total and still no luck

Working for me. 17 blocks in 48 hours.

[Vorksholk]

For anyone who wants a GUI frontend for PPCoind, check out https://bitcointalk.org/index.php?topic=105528.0.

[Sunny King]

I have been attempting to write (yet another   ) GUI wallet for PPcoin.

1. Is there any way to rename accounts? The original null string account is horrid for coding, but I just cannot find a way to rename it or any of the accounts.


2. How does the daemon decide where the "newmint" coins that matured go? Do they always go into the null string account? Can that be changed?

My apologizes if this information is already posted, but the account naming in this daemon appears quite different than those in the BTC/LTC clients.

After Edit:

If I use a set account (pp address)(account) for an existing pp address, it appears the PP address just disappears and the daemon just creates a new account with a new PP address and the old account gets a new PP address?? Where does the specified pp address go?

I don't think things related to accounts have been changed from Bitcoin. I don't use this feature so it's not well tested. If you do observe different behavior from bitcoind please report it in detail here so I'll look into it.

Best Regards,

[Vorksholk]

The whole "proof of stake" idea could have profound effects on exchanges too--0% trading fees, as they would make money from your coins just sitting in their account

On that note, would anyone be interested if I made an exchange that used text-based clients instead of a website? I would do it that way for two reasons:
1.) Security (no web fronted that can be abused, I find server-side code is much easier to secure, and I would do manual payouts to increase security perhaps...)
2.) Ease of creation (I find that making a program like that is much more simple than making a website).

It would be secure as there isn't a web front-end to attack, and perhaps I would even do payouts manually to increase security (aka server doesn't even have a link to the wallet, instead works on a store of maybe 10,000 addresses for each currency (Litecoins, Bitcoins, PPCoins)). Or is this just a crazy idea?

Web site is no different from any other client-server application. In fact, you can just implement a certain RPC API on a server (i.e. JSON-RPC or XML-RPC), and client software (HTML+JS) will be solely responsible for user interface. But with this design one can implement any other user interface, including command-line one.

So there is no difference.

The reason I was looking at a text-based (or console-based) application was to avoid the possibility of things such as mySQL injections (which I know are preventable) and similar attacks. Having an application that has certain mySQL commands hard-coded into it instead of leaving them open to the internet or based on the parsing of a URL seemed a safer route, but perhaps I am wrong.

No offense, but you're completely wrong. A web client is really no different from a command line one, especially as far as safe processing of user-generated data is concerned. Who cares whether the user typed the SQL injection into a web browser or into the command line? The effect is the same.
Safe validation of each and every bit of client-generated data (whether browser or command line client) that gets processed by the server is absolutely crucial. Just to name the two most obvious things: Watch out for negative numbers and prevent SQL injections by using parameterized prepared statements.
I used such a HTML+JS client + JSONRPC server approach like it was detailed above in MPBM and Bitcoin WebUI for a reason. It's easy to implement on the server side, has less possible attack vectors and allows for greatest flexibility. Bitcoin badly suffers from not having decoupled bitcoin-qt from bitcoind from the very beginning, and I'm sure it won't be long until they finally split that out, even though it will be a fair bit of work.

My logic with the command line option was that I know java far better than web development, so I'd be able to secure it a lot easier, but on second thought I really don't want to make an exchange, as I'd be the one in the end holding the bag when someone finds some security hole in my program. I'm not confident enough in my programming skills at this point in time to put money on the line like that... it just takes one oversight Thanks for the input though, and yeah, the only reason the java client was more secure is because I could code it alot better.

[InfiniTcell]

Hi.

Thanks for this intriguing crypto currency.

I am running windows 7 and can't get it to work.

...

Man, I am a newb.  I just ran the ppcoind.exe in a command line prompt. Opened another command line prompt and am able to do all api calls successfully.  I started a clminer and I"m getting 98Mh/s on a 4870.  Though, it seems to want more cpu affinity than with mining for bitcoins.  I'm really not sure why that is.

According to my calculations It'll take me about 1.7 days to find a block on average. Does this sound right?  Are there really 1000 coins in a block right now?

Sorry I am a n00b to this thing.  Thanks for your patience.

How will I know if I found a block?

[Bitcoin Oz]

The whole "proof of stake" idea could have profound effects on exchanges too--0% trading fees, as they would make money from your coins just sitting in their account

On that note, would anyone be interested if I made an exchange that used text-based clients instead of a website? I would do it that way for two reasons:
1.) Security (no web fronted that can be abused, I find server-side code is much easier to secure, and I would do manual payouts to increase security perhaps...)
2.) Ease of creation (I find that making a program like that is much more simple than making a website).

It would be secure as there isn't a web front-end to attack, and perhaps I would even do payouts manually to increase security (aka server doesn't even have a link to the wallet, instead works on a store of maybe 10,000 addresses for each currency (Litecoins, Bitcoins, PPCoins)). Or is this just a crazy idea?

Web site is no different from any other client-server application. In fact, you can just implement a certain RPC API on a server (i.e. JSON-RPC or XML-RPC), and client software (HTML+JS) will be solely responsible for user interface. But with this design one can implement any other user interface, including command-line one.

So there is no difference.

The reason I was looking at a text-based (or console-based) application was to avoid the possibility of things such as mySQL injections (which I know are preventable) and similar attacks. Having an application that has certain mySQL commands hard-coded into it instead of leaving them open to the internet or based on the parsing of a URL seemed a safer route, but perhaps I am wrong.

No offense, but you're completely wrong. A web client is really no different from a command line one, especially as far as safe processing of user-generated data is concerned. Who cares whether the user typed the SQL injection into a web browser or into the command line? The effect is the same.
Safe validation of each and every bit of client-generated data (whether browser or command line client) that gets processed by the server is absolutely crucial. Just to name the two most obvious things: Watch out for negative numbers and prevent SQL injections by using parameterized prepared statements.
I used such a HTML+JS client + JSONRPC server approach like it was detailed above in MPBM and Bitcoin WebUI for a reason. It's easy to implement on the server side, has less possible attack vectors and allows for greatest flexibility. Bitcoin badly suffers from not having decoupled bitcoin-qt from bitcoind from the very beginning, and I'm sure it won't be long until they finally split that out, even though it will be a fair bit of work.

My logic with the command line option was that I know java far better than web development, so I'd be able to secure it a lot easier, but on second thought I really don't want to make an exchange, as I'd be the one in the end holding the bag when someone finds some security hole in my program. I'm not confident enough in my programming skills at this point in time to put money on the line like that... it just takes one oversight Thanks for the input though, and yeah, the only reason the java client was more secure is because I could code it alot better.

Just ask btc-e to add it

[Vorksholk]

The whole "proof of stake" idea could have profound effects on exchanges too--0% trading fees, as they would make money from your coins just sitting in their account

On that note, would anyone be interested if I made an exchange that used text-based clients instead of a website? I would do it that way for two reasons:
1.) Security (no web fronted that can be abused, I find server-side code is much easier to secure, and I would do manual payouts to increase security perhaps...)
2.) Ease of creation (I find that making a program like that is much more simple than making a website).

It would be secure as there isn't a web front-end to attack, and perhaps I would even do payouts manually to increase security (aka server doesn't even have a link to the wallet, instead works on a store of maybe 10,000 addresses for each currency (Litecoins, Bitcoins, PPCoins)). Or is this just a crazy idea?

Web site is no different from any other client-server application. In fact, you can just implement a certain RPC API on a server (i.e. JSON-RPC or XML-RPC), and client software (HTML+JS) will be solely responsible for user interface. But with this design one can implement any other user interface, including command-line one.

So there is no difference.

The reason I was looking at a text-based (or console-based) application was to avoid the possibility of things such as mySQL injections (which I know are preventable) and similar attacks. Having an application that has certain mySQL commands hard-coded into it instead of leaving them open to the internet or based on the parsing of a URL seemed a safer route, but perhaps I am wrong.

No offense, but you're completely wrong. A web client is really no different from a command line one, especially as far as safe processing of user-generated data is concerned. Who cares whether the user typed the SQL injection into a web browser or into the command line? The effect is the same.
Safe validation of each and every bit of client-generated data (whether browser or command line client) that gets processed by the server is absolutely crucial. Just to name the two most obvious things: Watch out for negative numbers and prevent SQL injections by using parameterized prepared statements.
I used such a HTML+JS client + JSONRPC server approach like it was detailed above in MPBM and Bitcoin WebUI for a reason. It's easy to implement on the server side, has less possible attack vectors and allows for greatest flexibility. Bitcoin badly suffers from not having decoupled bitcoin-qt from bitcoind from the very beginning, and I'm sure it won't be long until they finally split that out, even though it will be a fair bit of work.

My logic with the command line option was that I know java far better than web development, so I'd be able to secure it a lot easier, but on second thought I really don't want to make an exchange, as I'd be the one in the end holding the bag when someone finds some security hole in my program. I'm not confident enough in my programming skills at this point in time to put money on the line like that... it just takes one oversight Thanks for the input though, and yeah, the only reason the java client was more secure is because I could code it alot better.

Just ask btc-e to add it

Yeah, that would be ideal

[Tittiez]

Linux ppcoin-qt:
http://www.mediafire.com/?cn7f76tsu3j6pf2
(It might only be 64bit, please confirm. Sorry)

If you really want me to I can attempt to build the windows version.

[Rubberduckie]

Linux ppcoin-qt:
http://www.mediafire.com/?cn7f76tsu3j6pf2
(It might only be 64bit, please confirm. Sorry)

If you really want me to I can attempt to build the windows version.

yes please

[Vorksholk]

Linux ppcoin-qt:
http://www.mediafire.com/?cn7f76tsu3j6pf2
(It might only be 64bit, please confirm. Sorry)

If you really want me to I can attempt to build the windows version.

I'll put a 2,500 PPC bounty on a working windows x32/64 UI.

[Tittiez]

Well I may as well give it a shot. Virtualbox time.

Qt is taking its time to download.

[Rubberduckie]

Well I may as well give it a shot. Virtualbox time.

Qt is taking its time to download.

Good luck

[mugen]

hi,

I was wondering, why is there no exchange for ppcoin. anyway, for I project I am working on, I compiled the newest 0.2.0 beta and the exchange is here: http://exchange.zapto.org/ccexchange/1-4

best
mugen

[Vorksholk]

hi,

I was wondering, why is there no exchange for ppcoin. anyway, for I project I am working on, I compiled the newest 0.2.0 beta and the exchange is here: http://exchange.zapto.org/ccexchange/1-4

best
mugen

Awesome!

[Tittiez]

hi,

I was wondering, why is there no exchange for ppcoin. anyway, for I project I am working on, I compiled the newest 0.2.0 beta and the exchange is here: http://exchange.zapto.org/ccexchange/1-4

best
mugen

Might want to make a thread.

[Sunny King]

hi,

I was wondering, why is there no exchange for ppcoin. anyway, for I project I am working on, I compiled the newest 0.2.0 beta and the exchange is here: http://exchange.zapto.org/ccexchange/1-4

best
mugen

Congratulations to mugen and CryptoCoin Exchange being the first to start trading ppcoin 

[FuzzyBear]

hi,

I was wondering, why is there no exchange for ppcoin. anyway, for I project I am working on, I compiled the newest 0.2.0 beta and the exchange is here: http://exchange.zapto.org/ccexchange/1-4

best
mugen

Gratz mugen and CryptoCoin Exchange.... u beat me to it!!

[FuzzyBear]

Linux ppcoin-qt:
http://www.mediafire.com/?cn7f76tsu3j6pf2
(It might only be 64bit, please confirm. Sorry)

If you really want me to I can attempt to build the windows version.

I'll put a 2,500 PPC bounty on a working windows x32/64 UI.

Can I draw your attention to a project I am working on.... http://ppcointalk.org/index.php?q=node/12

latest source files located here... http://ppcointalk.org/PPCWalletWindows/PPC_Wallet_for_Windows_0.2.0.6.zip

Let me know if you get working and any bugs u have... I will be publishing a new versions soon (probably in next 6 hours when get moment in lunch break) to fix one or 2 bugs i have found


All donations greatly appreciated:

BTC: 18R5YiVKqtEsru8y4wCANQPJ81AJCk5Esi
LTC: LbMPUzwPRkWa5hCJGrEiRCeoYExY6Ujt1D
LQC: vbJVpeF82Ezd3Dx8ubWeiFeEguFwPctzJL
I0C: jU8MuSJcw7XmauyddGFSoo5HzEAPgjxfsz
IXC: xhUfkeNiVGaWFkEcuv8tTUGHX6PLt9dZ94
PPC: PDtcFPhMa9Hc9zTfoRG7zcURCRpcpRdMym