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

[xchrix]

Peercoin hashrate doubled again http://bitinfocharts.com/comparison/hashrate-ppc.html

hashrate is following price  its funny that XPM is from the same dev.. was hyped..and now his old project PPC is getting the attention... next time maybe its DVC

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[sahkan]

Hi,

I have a question about the interest calc ... is it based on the total days in the wallet - i.e. are coin days accounted for globally, or alternatively are coin days counted per transaction and are not summed up?

i.e. 1 x 300 PPC transaction will start showing interest earlier than 300 x 1 PPC transactions due to the cumulative days being taken into account?

Any insights would be great as I've currently got a lot of 1PPC transactions, waited 30 days and still no interest showing, even though when I do the math I think theres more than 365 coin days in the wallet based on:

     transaction amount * (days held in wallet - 30 days) = individual transaction coin days
     
     sum(individual transaction coin days) is greater than 365

Thanks!

S.

PoS mining is based on transaction size and coin days, so 1PPC transaction at 30 days will have 30 coin days, a PPC transaction of 1000PPC at 30 days will have 30000 coin days hence it will be more likely to find PoS. I would take those 1PPC transactions and send them as 1, it will cost 0.01PPC but will most likely get a PoS to compensate for that fee.

[reb0rn21]

it's not pumped, its a coin with value

sure and real usage for PPC will be, come on ppl it has block time of huge 10 minuts transaction time is like few hours, even BTC is way faster!

the coin i pumped for few days and atm we see huge dumps, and stupid ppl try to secure their bad decision to buy on pump... LOL wtf buy at the pump???

XPM is clear sign even his creator turned back at the wrong design (block time)!

[sheffters]

@sahkan ... thanks for the info.

Will get them combined into 1 transaction ... I assume blocks of 365 to give you something each day?

Also, how do you send out the interest to then group that into 1 transaction? Does the wallet send oldest coins first or is there a way of specifying which get used?

Otherwise you'll end up with thousands of micro transactions that will never generate anything? (I assume there is a minimum number of coins for interest or will it really give out interest on e.g. a 0.1 coin transaction after 3650 days?)

Cheers

S.

[d5000]

it's not pumped, its a coin with value

sure and real usage for PPC will be, come on ppl it has block time of huge 10 minuts transaction time is like few hours, even BTC is way faster!

BTC has exactly the same transaction time than PPC. Higher transaction time => higher security.

[fendlestick]

it's not pumped, its a coin with value

sure and real usage for PPC will be, come on ppl it has block time of huge 10 minuts transaction time is like few hours, even BTC is way faster!

the coin i pumped for few days and atm we see huge dumps, and stupid ppl try to secure their bad decision to buy on pump... LOL wtf buy at the pump???

XPM is clear sign even his creator turned back at the wrong design (block time)!

Block time doesn't really matter when your selling physical goods, really how fast can you get something into the post. All orders before 11am same day all after next day.  Digital and instant purchases will be more of a hassle.

[romerun]

Well don't dump too quick. Keep it at this range long enough we might got accepted by th next silkroads. Coinmkt is doing is doing USD/ppc too just lack volume. We just have to differentiate our coin from those crap TRC nvc FTC, then we'll on high way to be the next ltc.

[reb0rn21]

its dead coin, and clear pump/dump, never will overtake crappy FTC, LTC is next league

dump it while its pumped!

[wantrepreneur]

Why ltc is down while ppc is up, any new news?

LTC $50million cap
PPC $5million cap

LTC cannot maintain a 10x ratio vs a coin as innovative as PPC->

1week later;

LTC $45million
PPC $8million

PPC is closing the gap.

[Sentinelrv]

XPM is clear sign even his creator turned back at the wrong design (block time)!

Sunny didn't turn his back on Peercoin, just the opposite. If you read his comments instead of assuming, besides capturing some of the proof-of-work market, one of the reasons he created Primecoin was to act as a gateway to Peercoin, therefore benefiting it in the long run.

"For existing ppcoin users our dedication to the continued development of ppcoin and its market has not changed. ppcoin's advanced proof-of-stake technology has long-term advantage over pure proof-of-work designs, and is an innovative environmental-friendly solution to the escalating energy consumption on cryptocurrency. In my opinion the energy intensive sector will fragment into many different types of proof-of-work, a single type of proof-of-work is unlikely to maintain dominance. More fragmentation is likely even within a single type of proof-of-work. Meanwhile the energy efficient sector would rise to challege the energy intensive sector, and ppcoin is among the leading contenders in the energy efficient sector. So in terms of our long term strategy ppcoin is of more importance than primecoin."

[Sentinelrv]

Also, we're trying to redesign ppcoin.org. If you have any design/feature ideas or want to offer your help, then please visit the official planning thread on PeercoinTalk.org. Here is the link...

http://www.ppcointalk.org/index.php?topic=553.0

[sahkan]

@sahkan ... thanks for the info.

Will get them combined into 1 transaction ... I assume blocks of 365 to give you something each day?

Also, how do you send out the interest to then group that into 1 transaction? Does the wallet send oldest coins first or is there a way of specifying which get used?

Otherwise you'll end up with thousands of micro transactions that will never generate anything? (I assume there is a minimum number of coins for interest or will it really give out interest on e.g. a 0.1 coin transaction after 3650 days?)

Cheers

S.

The transaction size & age of coins compete across the network so the micro transactions almost have no chance of finding any PoS because their coin age is very low. Your stake combines with the interest, so if you get 1000 coins that find 1PPC you will have a new transaction of 1001 coins with 0 coin days. Also unfortunately the wallet itself does not recognize the age of the coins when you make a transaction so it might end up sending out your oldest coins first as a payment rather than the youngest ones... That might change in the new and upcoming v 0.4

[sheffters]

@sahkan - Ah brilliant, thank you. I didn't realise stake combined with the original transaction. That solves most of my worries as I won't end up with lots of very small transactions.

Also didn't realise it was a competition across the network! So essentially, if I have 1,000 coins I'll never get any interest paid as others will have much more and so the chances of getting a PoS stake are minimal rather than 1% pa? I thought everyone got interest as long as you gained a coin years worth in a transaction

Cheers

S.

[sahkan]

@sahkan - Ah brilliant, thank you. I didn't realise stake combined with the original transaction. That solves most of my worries as I won't end up with lots of very small transactions.

Also didn't realise it was a competition across the network! So essentially, if I have 1,000 coins I'll never get any interest paid as others will have much more and so the chances of getting a PoS stake are minimal rather than 1% pa? I thought everyone got interest as long as you gained a coin years worth in a transaction

Cheers

S.

The PoS is similar to PoW but instead of hushing power an luck, you need the coin days and luck. So you coins will find a block with luck even if there are older coins on the network. The 1% reward refers really to PoS reward rather than Peer coins as a whole. The transaction that finds the PoS gets 1% (yearly) reward based on coin age, if your coins never find any PoS you don't get anything. If you keep them on an exchange like BTC-E they don't even accumulate any coin days, if you have them on mcxNOW at least you will get some interest paid out every 6hrs (I think it's over 1% atm). 
And on a side note, I just had my 766PPC transaction find a PoS couple of days ago.

[sheffters]

Ah ok, thanks.

So a bunch of 100PPC transactions are unlikely to be 101PPC after a year as essentially transactions are like hashing power and 100PPC transactions will be like mining for blocks with 1Mh ... You might be fluky, but essentially pointless???

Also, when you find a PoS do you have to wait another 30 days before they start getting coin days or once your through the 30 days once you don't have to wait again?

[sahkan]

Also, when you find a PoS do you have to wait another 30 days before they start getting coin days or once your through the 30 days once you don't have to wait again?

Yes, The transaction moves to STAKE, gets confirmed in 520 blocks and comes back to your wallet as a new transaction with 0 coin days (30 day counter starts again).

[sheffters]

ok thanks ... gutted that this seems a lot more random and unlikely to actually generate the 1%pa I thought it would

So whats the optimal transaction size for this to work? 10PPC will take so long to get a PoS that it'll never happen ... 10,000PPC and it'll be forever sat in the 30 day timeout ... whats everyone's experience on generating PoS blocks?

Cheers

S.

[Notanon]

My understanding of the white paper is that the coin age of the coins older than 30 days acts as a hashing multiplier. No luck yet for me, though I should have a few more coins reach the 30 minimum soon, so should hopefully see something happen soon.

[blub]

Do the coins just have to sit in the wallet to generate interest?
So coins on a paper wallet would generate interest too?

[cowandtea]

I don't understand why its called long term energy efficient crypto. It used the same energy mining bitcoin and ppcoin right? or am I missing something.