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

[Sentinelrv]

I've been waiting since last night to post this, since I was relegated to the newbie forum, but I love the new logo, if that is indeed what we're sticking with. I made it my new avatar. I think it helps bring PeerCoin a little bit more credibility. I just wish the website was updated now to be more friendly and informative to new people.

[Quantum_Negatum]

PPC won't gain the credibility it deserves until renamed to SUNcoin.

[Sunny King]

So the 2nd ppcoin fork 'bitbar' has been released today.

In my opinion that's a good thing for ppcoin. There will be a lot more clone altcoins by the end of the year. Having multiple clones of our work actually indicates that more developers are valuing the design, and more new users would have opportunity to learn about the original work in ppcoin.

I am happy that we have a more pro-active user base now. There are users contributing both on github and graphics work. So let's continue the great work and be diligent in this fierce altcoin competition!

[markm]

It is not a competition, it is a co-operative effort to try to make and deploy sufficient soupbowls to actually catch all the soup that is currently raining down upon us!

Wouldn't want good soup to go to waste! So get out there with your bowl and catch some!

-MarkM-

[Sunny King]

FYI, my online stake protection proposal is published for public review:

https://bitcointalk.org/index.php?topic=194054.0

It's an important piece of puzzle to significantly improve stake participation thus further strengthening network security.

Some of you have noticed that stake participation rate is low currently on the network, thus falsely concluding that proof-of-stake doesn't work. However to put things in perspective, in the future of bitcoin, let's say bitcoin reached 20M money supply in some future date, and average block pay to miner is now 10BTC per block (subsidy+fees). That would be an annual income of ~500K BTC, a paultry 2.5% of money supply, for the entire mining business to protect the network for a year. However, mining is weaker in the sense, you don't need the 2.5% of bitcoin money supply to launch 51% attack on bitcoin, you just need to rent hashing power for a few days to destroy the credibility of the network, which could potentially cost only 1% of that 2.5%. While if you want to 51% attack on proof-of-stake, at any time you probably need say 5% of money supply to do it, even just for a very short period. When the stake participation rate becomes higher, the cost would become more and more prohibitive.

[calian]

As a potential investor in PPCoin I have a bunch of questions for Sunny. First of all the block generation numbers seem high. Only a few months in and there are already 50% more PPC than BTC 5 years in. Also the block reward is still almost 400. Could you consider planning a moratorium on PoW mined coins to take effect starting say at the end of 2016 or something? This would ensure that the low energy consumption goal for PPC will definitely occur as planned.

Whatever your opinion on that proposal I'd like to see some projections of the amount of PPCoins that will exist under various scenarios. Will there be 100,000,000 by 2020? How many coins will exist before the rate of increase falls to 1.5% annually or less?

What if proof of work mining is unpopular and the difficulty stays low forever? There could be an uncomfortably high rate of inflation.

I'm quite pleased you're looking at the cold storage while still generating stake problem. That's very important for PPC savers.

[Sunny King]

As a potential investor in PPCoin I have a bunch of questions for Sunny. First of all the block generation numbers seem high. Only a few months in and there are already 50% more PPC than BTC 5 years in. Also the block reward is still almost 400. Could you consider planning a moratorium on PoW mined coins to take effect starting say at the end of 2016 or something? This would ensure that the low energy consumption goal for PPC will definitely occur as planned.

Whatever your opinion on that proposal I'd like to see some projections of the amount of PPCoins that will exist under various scenarios. Will there be 100,000,000 by 2020? How many coins will exist before the rate of increase falls to 1.5% annually or less?

What if proof of work mining is unpopular and the difficulty stays low forever? There could be an uncomfortably high rate of inflation.

I'm quite pleased you're looking at the cold storage while still generating stake problem. That's very important for PPC savers.

Hi calian,

  It's difficult to predit money supply growth because it highly depends on market adoption. But absent of adoption, Moore's Law alone would guarantee the reduction of proof-of-work minting. By 2016, I imagine a lot of miners own a mini-rig kind of machine. So the hash rate would be a lot higher regardless.

  Currently I would say it's safe to say that ppcoin would track litecoin's money supply for many years. BTW ppcoin already reached lower inflation rate than litecoin. So reaching 100M money supply is going to be a long long long wait, if ever happens.

[romerun]

I bet vegetarians will choose ppcoin over mining coins, because it's green, whale and cow included.

[razoredge]

Better  

 

Very cool!

[markm]

It will be nice when it can really be green, by being merged-mined.

-MarkM-

[razoredge]

It will be nice when it can really be green, by being merged-mined.

-MarkM-

Is that possible? Isn't it too late?

[cadmium]

BTC standard trx fee is 0.0005. What is the value for PPC ?

[markm]

It will be nice when it can really be green, by being merged-mined.

-MarkM-

Is that possible? Isn't it too late?

No, it is never too late, retrofitting it just requires some lead-time and such.

Bitcoin retrofitted primary-chain-only merged mining support long ago, other chains retrofitted full merged mining support. It can be done. Some people fear it can devalue a coin but the energy savings should be more worth it for a coin that purports to actually be interested in energy savings than it was/is for any other coin that "bit the bullet" and took that risk - or that actual hit to value even - for the good of the planet and the environment and all that good stuff.

-MarkM-

[sahkan]

BTC standard trx fee is 0.0005. What is the value for PPC ?

It is network selected, currently at 0.01

[Fixx]

Maybe... Pippi Longstocking?? 

[hl5460]

Ok I have heard enough of complaints of the project name. I understand most of you are wishing the project well, but you have to understand, rebranding is not a risk-free task and could cause a lot of confusion in the market, not to mention costing a ton of resources of the project.

Honestly I don't think the name is too bad, it's easy to remember. Yes there are a lot of immature people making fun of the name, but why can't we just ignore them and move on, I believe one day they would be the one looking funny when talking like that.

If you truly believe the name is causing us to lose market, I'd say the evidence is to the contrary. Just one month ago we were still in a close match with devcoin, terracoin, novacoin etc. Apparently the market has decided the name was either not that bad or didn't matter and now we are #3 even ahead of namecoin.

Like I said, if you hate the name with a passion, you can refer it as peercoin as you like. Amidst all these complaints I am a bit surprised to find someone who said ppcoin is a good marketing name, while feathercoin is not, because peer-to-peer is a tech term a lot of people can associate to.

As to our marketing message of energy efficiency, that's why the leaf coin icon was made. Yes it is our central marketing message from the beginning. But I think, peer-to-peer (i.e. decentralization) is the main innovation of cryptocurrency, having it in the name shouldn't be such a bad thing.

PPC is just a good time. I could easy remember it and tell it from a bunch of other altcoins instantly. Don't change the name.

One question: I am currently holding PPC in my encrypted wallet since April. When will the 1% stake show up in my wallet?

[dust]

Might also be related to the fact that those other altcoins have issued much smaller amounts of coins so far. Going by market cap, ppcoin is about on par with namecoin, and about 5x bigger than the next one (terracoin). About 10x as big as feathercoin.

I think dustcoin's calculation is a bit off for feathercoin, it's 4x too low. FTC has close to 30k BTC market cap today.

You are correct, the LTC block reward was still being used for the market cap calculation. Fixed now, thanks.

[calian]

Did a cursory search and I can't find anything about coin control in PPC. This seems like it is critically important when considering the 30 day waiting period before coins are eligible to generate stake and the 520 blocks after that coins are locked down while they mature. This is something the default BTC client is terrible at partly because Satoshi was so adamantly against reusing addresses and partly because in proof of work it really isn't as important. I presume something like Armory doesn't work with PPC out of the box.

[Mjbmonetarymetals]

[Sentinelrv]

Are they supposed to be like green honeycombs or something? Just wondering what the thought was behind the design and how that fits in with the Eco-theme. I like the fact that it creates a pattern that fits the entire background of the coin, similar to the way Litecoin has the diagonal stripe pattern.

By the way Sunny, in case you didn't see, here is some discussion about your proposal...

http://www.reddit.com/r/ppcoin/comments/1dosdb/ppc_proposal_for_coldlocked_transactions_thoughts/