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

[smoothie]

Sorry for the silly question but Is Sunny King / Sunny K the owner of BFL ?

Hmm I never thought of that. But it would be funny if it were.

Perhaps he can answer for himself eh Sunny?

[Sunny King]

Good,

Could you make a locked thread we can subscribe to to get these updates ?

Weekly updates are linked on wiki page: https://github.com/ppcoin/ppcoin/wiki/Weekly-updates

+1 but I don't see an easy way to get email notifications with the wiki.

Due to popular request I would start posting weekly updates to a separate thread with links in the main thread.
Thanks!

[Sunny King]

FYI
Total network money supply surpassed 10M coins at block 8186.

[sangaman]

I posted this in the Newbie forum but going to post here too so Sunny King can see.

I like the idea behind PPCoins and it seems like POS is a promising and energy efficient way to secure the block chain long term.

However, I really wish the name were different. PPCoins looks ok when written down, but the way it's spoken (pee pee coins) sounds ridiculous. PCoin, PeerCoin, GreenCoin (to highlight its energy efficiency, people love green stuff) all would sound much better in my opinion, as just a few examples.

I also wish the website were easier to navigate and understand. Just something clean and simple would work. As it is I think it probably confuses a lot of people, especially if they don't already know what PPCoins are.

I only intend for this to be constructive criticism as I'd like to see PPCoins succeed.

[Sunny King]

I posted this in the Newbie forum but going to post here too so Sunny King can see.

I like the idea behind PPCoins and it seems like POS is a promising and energy efficient way to secure the block chain long term.

However, I really wish the name were different. PPCoins looks ok when written down, but the way it's spoken (pee pee coins) sounds ridiculous. PCoin, PeerCoin, GreenCoin (to highlight its energy efficiency, people love green stuff) all would sound much better in my opinion, as just a few examples.

I also wish the website were easier to navigate and understand. Just something clean and simple would work. As it is I think it probably confuses a lot of people, especially if they don't already know what PPCoins are.

I only intend for this to be constructive criticism as I'd like to see PPCoins succeed.

Unfortunately the name has been set so there is no point to change it now. Hard to come up with a name with domains not squatted already. So this was what I could come up with a year ago. On the other hand at least the symbol has good sense as its two 'P' (peers) connected.

I would expect people to gradually disassociate the pp part from certain distasteful things, should ppcoin gets very popular. So the name is likely not a big deal in my opinion.

[sangaman]

Unfortunately the name has been set so there is no point to change it now. Hard to come up with a name with domains not squatted already. So this was what I could come up with a year ago. On the other hand at least the symbol has good sense as its two 'P' (peers) connected.

I would expect people to gradually disassociate the pp part from certain distasteful things, should ppcoin gets very popular. So the name is likely not a big deal in my opinion.

Thanks for responding. I can see the problem w/ finding free domains. If you somehow do get the opportunity to change the name, I for one would recommend you do. The sooner the better, while it still has low adoption and awareness levels. It would just be a superficial change really, but maybe there are difficulties that I'm not seeing. Or maybe people can just informally refer to them as PCoins when spoken, since that sounds better and is easier to say, in my opinion.

I still think PPCoin is innovative and promising, I'd just be a lot more bullish about its prospects with a different name and better website.

Good luck!

[Transisto]

Unfortunately the name has been set so there is no point to change it now. Hard to come up with a name with domains not squatted already. So this was what I could come up with a year ago. On the other hand at least the symbol has good sense as its two 'P' (peers) connected.

I would expect people to gradually disassociate the pp part from certain distasteful things, should ppcoin gets very popular. So the name is likely not a big deal in my opinion.

Thanks for responding. I can see the problem w/ finding free domains. If you somehow do get the opportunity to change the name, I for one would recommend you do. The sooner the better, while it still has low adoption and awareness levels. It would just be a superficial change really, but maybe there are difficulties that I'm not seeing. Or maybe people can just informally refer to them as PCoins when spoken, since that sounds better and is easier to say, in my opinion.

I still think PPCoin is innovative and promising, I'd just be a lot more bullish about its prospects with a different name and better website.

Good luck!

What does PP even stand for ?

PScoin ? Proof of Sake .

[teknohog]

What does PP even stand for ?

PScoin ? Proof of Sake .

I'lll drink to that, for Satoshi's sake 

[Sunny King]

Weekly Update #7

at https://bitcointalk.org/index.php?topic=114994.msg1252091#msg1252091

[AndyRossy]

Weekly Update #7

at https://bitcointalk.org/index.php?topic=114994.msg1252091#msg1252091

Nice update

[ElectricMucus]

PeePeeCoin?
PumPndumPCoin? oh that would be PPPCoin. 

[wachtwoord]

Regarding the proof of stake, can someone explain to me exactly how it works? I understand that blocks are signed by a means of how many coins you have multiplied by how long you have them, but how does it work in practice? For example:

1) Who decides when a proof of stake block is "mined"?
2) Can you only "mine" such blocks when you have ppcoind running?
3) What happens when a block is mined? I understand the traditional mining process but I am completely lost how this should work. Coins are passive right? How can they sign anything?

So can someone give me a heads up? The FAQ (https://github.com/ppcoin/ppcoin/wiki/FAQ) is really lacking

[Jutarul]

Regarding the proof of stake, can someone explain to me exactly how it works? I understand that blocks are signed by a means of how many coins you have multiplied by how long you have them, but how does it work in practice? For example:

1) Who decides when a proof of stake block is "mined"?
2) Can you only "mine" such blocks when you have ppcoind running?
3) What happens when a block is mined? I understand the traditional mining process but I am completely lost how this should work. Coins are passive right? How can they sign anything?

So can someone give me a heads up? The FAQ (https://github.com/ppcoin/ppcoin/wiki/FAQ) is really lacking

Unfortunately the most reliable information is the source code. I doubt that there will be plenty of design documents anytime soon because nobody really has an incentive to create them.

[Liquid]

1 question say you have a lot of coins in a wallet say 1 million would it be safer to encrypt the wallet so you don't get hacked or put into cold storage .. but if you do this will you miss out on minting the coins / POS or is it safe to leave it unencrypted ?

sorry for my ignorance still learning 

[Jutarul]

1 question say you have a lot of coins in a wallet say 1 million would it be safer to encrypt the wallet so you don't get hacked or put into cold storage .. but if you do this will you miss out on minting the coins / POS or is it safe to leave it unencrypted ?

sorry for my ignorance still learning 

For the minting the wallet has to be unencrypted/unlocked. I don't know what the max lock time is. E.g. you could start an instance of ppcoin and then unlock it for a few months (3600*24*90). This would give you a little bit of protection.

The problem with cold storage is that there is currently no way to mint coinstake. I tried to get the discussion started in a dedicated thread: https://bitcointalk.org/index.php?topic=115608.0
One of the issues seems to be that the information for the signature currently has to reside with the validation node, which makes cold storage impractical for POS mining.

[DoomDumas]

Sunny King like Sunny K from BFL !!  the same person ?  (like others ask, did'nt saw any answer) !

[cunicula]

Sunny King like Sunny K from BFL !!  the same person ?  (like others ask, did'nt saw any answer) !

Question: Is the proof-of-work mint rate path dependent (i.e. does it depend on both current and past difficulty?); (or does it only depend on current difficulty?)

Question: Assuming the mint rate is path dependent, if someone was to take huge hashing power online and offline repeatedly (say one week online; one week offline; repeat), would this process progressively drive down the mint rate?

[AndyRossy]

Regarding the proof of stake, can someone explain to me exactly how it works? I understand that blocks are signed by a means of how many coins you have multiplied by how long you have them, but how does it work in practice? For example:

1) Who decides when a proof of stake block is "mined"?
2) Can you only "mine" such blocks when you have ppcoind running?
3) What happens when a block is mined? I understand the traditional mining process but I am completely lost how this should work. Coins are passive right? How can they sign anything?

So can someone give me a heads up? The FAQ (https://github.com/ppcoin/ppcoin/wiki/FAQ) is really lacking

Unfortunately the most reliable information is the source code. I doubt that there will be plenty of design documents anytime soon because nobody really has an incentive to create them.

I might start a wiki and gather up as much information as I can find around these threads, quite a lot of the tech-stuff has been posted, just yes, very hard to find

[Sunny King]

Question: Is the proof-of-work mint rate path dependent (i.e. does it depend on both current and past difficulty?); (or does it only depend on current difficulty?)

Question: Assuming the mint rate is path dependent, if someone was to take huge hashing power online and offline repeatedly (say one week online; one week offline; repeat), would this process progressively drive down the mint rate?

No memory involved, only current proof-of-work difficulty determines mint: mint = 9999 / (difficulty ** 0.25)

[Jutarul]

Question: Is the proof-of-work mint rate path dependent (i.e. does it depend on both current and past difficulty?); (or does it only depend on current difficulty?)

Question: Assuming the mint rate is path dependent, if someone was to take huge hashing power online and offline repeatedly (say one week online; one week offline; repeat), would this process progressively drive down the mint rate?

No memory involved, only current proof-of-work difficulty determines mint: mint = 9999 / (difficulty ** 0.25)

But the difficulty is a running average, correct? IMHO, that may explain the large oscillations we've seen: Someone with huge hashing power hashes for 3-4 days and waits for a few days, for the difficulty to cool down, rinse and repeat. It's rational: In the beginning the huge hashing power is more effective since the difficulty weighting takes into account prior times for lower diff. These leads to a situation where the baseline of miners effectively pays for the efficiency gain in mining of the large entity miner...