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

[doublec]

I fired up bitparkings ppcoin exchange cold storage wallet to top up the exchange hot wallet and immediately found 85 POS blocks consecutively in a few minutes. Wow.

[1714066025]

1714066025

[1714066025]

1714066025

[punin]

I fired up bitparkings ppcoin exchange cold storage wallet to top up the exchange hot wallet and immediately found 85 POS blocks consecutively in a few minutes. Wow.

Doesn't this give you possibilities for massive double spend?

[smoothie]

I fired up bitparkings ppcoin exchange cold storage wallet to top up the exchange hot wallet and immediately found 85 POS blocks consecutively in a few minutes. Wow.

Doesn't this give you possibilities for massive double spend?

Not with checkpointing in place as the solution.

Still waiting on the release of the so-called "new POS alg".

It's been about 6-8 weeks now at least since Sunny started redesigning the POS alg.

[doublec]

Not with checkpointing in place as the solution.

Even with checkpointing it would be interesting. The blocks came very fast. If the target got 6 block notifications before a checkpoint had time to go out and be received it could have been double spent.

[smoothie]

Not with checkpointing in place as the solution.

Even with checkpointing it would be interesting. The blocks came very fast. If the target got 6 block notifications before a checkpoint had time to go out and be received it could have been double spent.

sounds so broken at this point...

most people who were interested in PPC are losing interest with all the delays in this new POS development.

I just find it odd that Sunny has not discussed the POS algorithm he has been developing and also not asked for community input.

It isn't a bad thing to ask for help when you need it. And if you feel you dont need help at least disclose the direction of the algorithm so people can test it.

The way I see it is if you finally release the new source and someone finds an exploit in the new POS alg, that could be 8 weeks of people waiting for nothing.

Seems like a bad approach...

[Balthazar]

It seems that current SignBlock implementation can't handle hashed public keys

Right. The node that publishes the block must write its public key into the output[0] of coinbase.

I am not familiar with what p2pool throws into output[0] of coinbase. I used to see some unknown data there on block explorers. One way is to overwrite output[0] with a pay-to-public-key output in getmemorypool, then sign the block again. However I am under the impression that p2pool is using output[0] for some specific purpose.

Yes, P2pool using additional coinbase output for user statistics distribution.

[Sunny King]

I fired up bitparkings ppcoin exchange cold storage wallet to top up the exchange hot wallet and immediately found 85 POS blocks consecutively in a few minutes. Wow.

This is one of the issues hopefully addressed by the new protocol. As difficulty rises there would be more coins under active hashing thus increasing protection of the network.

[AndyRossy]

cant wait for the new protocol

[Sunny King]

0.3.0 Released!

https://bitcointalk.org/index.php?topic=144964.0

Cheers!

[smoothie]

0.3.0 Released!

https://bitcointalk.org/index.php?topic=144964.0

Cheers!

You really need to disclose the new POS algorithm publicly.

I'll eventually get around to looking through the code but you may as well open up the discussion.

I mean, seriously, what is there to hide? You've been very quiet when it comes to discussing this particular topic in detail.

Why is that?

[Sunny King]

Smoothie, there is nothing to hide. I already discussed in my weekly updates thread a couple of weeks ago the general outline of it. If you are interested in studying it why don't you get started with the source code and then post intelligent questions in my disclosure thread for discussion?

[smoothie]

Smoothie, there is nothing to hide. I already discussed in my weekly updates thread a couple of weeks ago the general outline of it. If you are interested in studying it why don't you get started with the source code and then post intelligent questions in my disclosure thread for discussion?

I beg to differ. You briefly mentioned using previous block hashes to determine new POS hash.

That doesn't really say much.

But okay I will take a look at the code and as I am sure others will be looking at it as well.

To be honest, I'm not sure why you are forcing people to look only at the code as opposed to publicly disclosing your algorithm. Satoshi didn't have a problem with disclosing his...not sure why you would...but okay have it your way.

[Sunny King]

To be honest, I'm not sure why you are forcing people to look only at the code as opposed to publicly disclosing your algorithm. Satoshi didn't have a problem with disclosing his...not sure why you would...but okay have it your way.

To be honest with you I already did quite a bit extra work writing comments in the code to help readers. As a developer I have a lot of different priorities you need to understand. If you mean writing another white paper for this currently I have no plan of doing it.

My next focus is in supporting database usage in ppcoin. But I will follow up with short explanations if there is enough interest in discussing the new algorithm.

[EskimoBob]

Looks like PPC diff has started to creep up that hill again and http://ppcpool.bitparking.com/pool has gone up from 5 to  20.8
Did I miss some good news after the new version was released?
 
BTW, is there a way to track how many have switched to new client version?
Little chart pr0n perhaps?

[AndyRossy]

more hashrate has joined the network in recent days.

[Sunny King]

This is in reply to John Vandivier's commentary on altcoins.
http://thegenerallifeblog.blogspot.com/2013/02/past-and-present-alternatives-to-bitcoin.html

5) PPCoin. A largely abandoned project which was poorly done but a great idea. The idea is to copy Bitcoin but replace the Proof of Work system Bitcoin does with a Proof of Stake system. Proof of Stake can do the same essential job of Proof of Work with only a sliver of the time and energy required by an intense Proof of Work. In this forum post Sunny King, one of the PPCoin makers, says that Ripple could accomplish the same essential advantage of PPCoin.

Thanks John for the compliments to ppcoin project. However I'd like to point out that ppcoin is neither 'largely abandoned' nor 'poorly done'.

Yes I said ripple could potentially accomplish the energy efficiency goal as well. However the tradeoff appears to be very different. We must keep in mind that ripple in the current state is still practically centralized, with only a few validation nodes all controlled by OpenCoin. For ppcoin even though the level of decentralization is lower than that of bitcoin, for the protection of initial bootstrapping of the network, the degree of decentralization is still a lot higher than ripple as of now. Ripple's design is still far from tested as to its robustness and ability to decentralize. There is operating concerns as well regarding how many such ripple validation nodes would eventually be maintained by public since there is no clear incentive for people to do so. Also unlike ripple, ppcoin was released without any centralized issurance (that's why ppcoin kept proof-of-work). The risk profiles of the two projects are very different, both technically and politically.

Having said that, I do appreciate the work of ripple team and it's ambitions in alternative credit system (basically a return to free banking on Internet). Clearly the team behind ripple is very resourceful and brave. I sincerely wish them good luck.

But people should not interpret it as if I have 'abandoned' ppcoin project. Having just released 0.3 protocol upgrade, my long term plan is to enable database use with ppcoin. If you'd like to hear my opinion, I think ppcoin project is well-alive and promising. I feel I have it in me to contribute a lot more to the world of cryptocurrency in the future.

Best Regards,

[AndyRossy]

Updating my client now - as a quick question, some gambling websites use a patch I wrote for previous client to support some RPC's from more recent BTC client, is this forked from more recent?

Andy

[Limie]

i just started with ppcoin.
my wallet: PGckE52g6rTz4VzXfW1X93y2rMfZcyv4qS
good pool?

[Sunny King]

Updating my client now - as a quick question, some gambling websites use a patch I wrote for previous client to support some RPC's from more recent BTC client, is this forked from more recent?

Andy

No, v0.3.0 is still based on bitcoin v0.6.3.

[Sunny King]

i just started with ppcoin.
my wallet: PGckE52g6rTz4VzXfW1X93y2rMfZcyv4qS
good pool?

ppcpool.bitparking.com
coinotron is still down I guess.