[ANN] Genstake [GEN] [QT WALLET UPDATE] [STAKE-MINE] [SCRYPT] [FULL POW/POS]

[ThinkingOutLoud]

I don't comment that often on my feelings about any particular coin, but I have to say I like this one.  I haven't seen a Dev in a long time that works trough issues, listens to the community, and continues to better a coin.  In a world of instant gratification I like the progress here, seems well thought out, Dev takes input from everyone and is active.  Slow and steady wins the race my friends!

keep it up Dev, I am watching this one

Thank you. It's things like this that keep me going.

[ThinkingOutLoud]

The guaranteed stake event has ended.  We've had zero claims;)

People who purchased coins during the event and moved them to their wallets for staking for at least 48 hours afterwards and have not been able to stake may still claim their guaranteed stakes, but the event is over for new coin purchases. Thank everyone that participated;)

[xhiggy]

Keep working hard DEV, and people will start to notice. It can be tough for one guy to start a coin by himself, maybe set some more aggressive bounties or get someone else to helpÉ

[freemind1]

As we have seen many times users are tired of the Dev disappears. You are doing very well @ThinkingOutLoud. You are here helping users and working on GEN every day, to give new features, more value. You know i keep this post open it many times a day to watch the news. I congratulate you again. Keep up the good work .

[TheGrayMouser]

Nice job on the wallet update Dev.  Looks like this is definitely a coin to hold for the long term.  Keep up the good work!   

[UllrSkis]

Hi ThinkingOutLoud,
Thanks for the great coin. Just wanted to let you know, since switching to the updated wallet my incoming transactions no longer show under unconfirmed on the overview tab. I'm running the wallet on Windows 7 Pro x64 with SP1.

[fayoling]

Update

Still working on design and branding, but it's taking longer than I'd hoped. We're still a mile or two away from a final color scheme, and I'm waiting on new icons and logo work, but in the meantime I figured everyone here deserved to have a wallet that has at least a reasonably modern UI;) Enjoy.

Merged my wip to the master branch on github, and all the links to the new wallet have been updated, but I've linked them here for your convenience. It's not mandatory, but you'll probably want to update:)

New Wallets

Windows Wallet v1.0.2.2
Mac OS X Wallet v1.0.2.2

Thanks for the update dev

Keep up the good work.

+1

Took a screenshot for those just watching. Very nice.

[ThinkingOutLoud]

Thank you everyone for your support! It really means a lot.

Hard at work over here. Thanks UllrSkis for letting me know about the unconfirmed issue. I'll fix that asap:)

[clipman77]

Wow, a new wallet, thank you, I'll use it.

[ThinkingOutLoud]

LoL - note to self: when releasing a fancy new wallet, post a screenshot. Lol.

[zenitzz]

thank you update new wallet, i'll download  it

[TheGrayMouser]

Hi Dev!

I notice in some POS wallets that when you mouse over the staking icon it gives you an estimated time until you receive your next block reward and not just coin weight.  I realize you just release an updated wallet but, if it's not to much to ask, on your next update, can you implement that feature?  For small fish like myself, knowing the "estimated time" for my next reward helps keep me motivated (and makes me buy more coins so I can try and get my wait time down) 

Thanks again!  Keep up the great work! 

[ThinkingOutLoud]

Hi Dev!

I notice in some POS wallets that when you mouse over the staking icon it gives you an estimated time until you receive your next block reward and not just coin weight.  I realize you just release an updated wallet but, if it's not to much to ask, on your next update, can you implement that feature?  For small fish like myself, knowing the "estimated time" for my next reward helps keep me motivated (and makes me buy more coins so I can try and get my wait time down) 

Thanks again!  Keep up the great work! 

I can put it back in if that's what people what, but honestly I was the one that removed it in the first place because, in my experience, it is completely unreliable. Because staking is to some extent a luck based system that 'estimated time' could be hours or days off. Moreover, because weight accumulates over time, it's a moving target - the estimation is based on your current weight. This estimate has some use when your weight is stable, however with a coin like Genstake where the coinbase grows over a long period of time, it's highly inaccurate because both the network weight and your weight are increasing disproportionately over time. So an estimation of 5 hours to stake is irrelevant when, in 5 hours, the parameters that that estimation was based on will have changed completely. 

With all that said, I may tweak the whole thing - so instead of estimating how long it will take to stake a block at your current weight compared to the network weight (both of which change over time), what do you, and everyone else, think about the idea of having it estimate the chance of staking in the next 30 minutes. That information I can calculate much more accurately and reliably - and I think being able to say 'You have a 10% chance of staking in the next 30 minutes" gives a much more accurate representation of your likelihood of staking than, hypothetically, saying "Estimated time to stake: 3 hours 30 minutes" when that estimate depends on your current weight and the network weight not changing for 3 1/2 hours (impossible) and doesn't tell you the reality of that estimate - you would only have 51.2% chance of staking in that time if nothing changed... in fact, no amount of time actually gets you to 100%. It's an inherently flawed system. There's never a guarantee you ever stake, and yet you do, regularly, there's just no telling exactly when. It's all probability.

I guess I didn't want to complicate the issue. But the fact of the matter is that estimate in other coins completely unreliable and based on an arbitrary probability in excess of 50%, but less than 100%. If you want an estimate, I'm happy to give you the odds, but I'd really like to keep it real.

Sorry for the ramble, it's a bad habit. But I hope I've explained what's going on clear enough that people can understand why I removed that element of the staking system in the first place. It's just bad math.

[CryptoHobo]

...

...

With all that said, I may tweak the whole thing - so instead of estimating how long it will take to stake a block at your current weight compared to the network weight (both of which change over time), what do you, and everyone else, think about the idea of having it estimate the chance of staking in the next 30 minutes. That information I can calculate much more accurately and reliably - and I think being able to say 'You have a 10% chance of staking in the next 30 minutes" gives a much more accurate representation of your likelihood of staking than, hypothetically, saying "Estimated time to stake: 3 hours 30 minutes" when that estimate depends on your current weight and the network weight not changing for 3 1/2 hours (impossible) and doesn't tell you the reality of that estimate - you would only have 51.2% chance of staking in that time if nothing changed... in fact, no amount of time actually gets you to 100%. It's an inherently flawed system. There's never a guarantee you ever stake, and yet you do, regularly, there's just no telling exactly when. It's all probability.
...

that'd be good, really good.

After reading your explanation i understand why you removed it, personally unless a wallet say's <1hour i dont often leave it staking

[UllrSkis]

Thanks UllrSkis for letting me know about the unconfirmed issue. I'll fix that asap:)

Sorry jumped the gun a little on that. Finally caught one of my transactions coming in fast enough. They do actually show up as unconfirmed until the first confirmation. I was thinking they should stay that way until the 10 recommended confirmations.

Thanks again.

[ThinkingOutLoud]

Thanks UllrSkis for letting me know about the unconfirmed issue. I'll fix that asap:)

Sorry jumped the gun a little on that. Finally caught one of my transactions coming in fast enough. They do actually show up as unconfirmed until the first confirmation. I was thinking they should stay that way until the 10 recommended confirmations.

Thanks again.

Yeah. It's because the 10 confirmations is actually a 'recommendation'. The wallet will actually let you send the coins to someone else after just 1 confirmation, but because of the way the blockchain works that can be a little risky...

[Explanation: the block that confirmed your received coins could end up being orphaned, in which case they'd be confirmed in a different block. You'd still get the coins, but the coins you sent used information from the orphaned block, and those would not be confirmed, so you'd have to send them again. The way around this is just to wait for extra confirmations just to be sure there's no issue. Of course this works piggyback as well - someone that sent you coins could be trying to exploit this behavior, and send you coins that they only just received in 1 confirmation, if that original block orphans then you wouldn't get the coin that was sent (this applies to any coin). Again - protection from this comes from waiting the recommended number of confirmations.]

What I'm going to do in the next release is make 'Unconfirmed' change to 'Confirming' after that first confirmation, and then disappear when there's nothing unconfirmed or confirming. I think that sounds like a natural behavior anyway.

[TheGrayMouser]

...

...

With all that said, I may tweak the whole thing - so instead of estimating how long it will take to stake a block at your current weight compared to the network weight (both of which change over time), what do you, and everyone else, think about the idea of having it estimate the chance of staking in the next 30 minutes. That information I can calculate much more accurately and reliably - and I think being able to say 'You have a 10% chance of staking in the next 30 minutes" gives a much more accurate representation of your likelihood of staking than, hypothetically, saying "Estimated time to stake: 3 hours 30 minutes" when that estimate depends on your current weight and the network weight not changing for 3 1/2 hours (impossible) and doesn't tell you the reality of that estimate - you would only have 51.2% chance of staking in that time if nothing changed... in fact, no amount of time actually gets you to 100%. It's an inherently flawed system. There's never a guarantee you ever stake, and yet you do, regularly, there's just no telling exactly when. It's all probability.
...

that'd be good, really good.

After reading your explanation i understand why you removed it, personally unless a wallet say's <1hour i dont often leave it staking

Dev, thank's for the response!  I too understand now why you removed it.  However, I also like your new idea!

Thx!

[ThinkingOutLoud]

...

...

With all that said, I may tweak the whole thing - so instead of estimating how long it will take to stake a block at your current weight compared to the network weight (both of which change over time), what do you, and everyone else, think about the idea of having it estimate the chance of staking in the next 30 minutes. That information I can calculate much more accurately and reliably - and I think being able to say 'You have a 10% chance of staking in the next 30 minutes" gives a much more accurate representation of your likelihood of staking than, hypothetically, saying "Estimated time to stake: 3 hours 30 minutes" when that estimate depends on your current weight and the network weight not changing for 3 1/2 hours (impossible) and doesn't tell you the reality of that estimate - you would only have 51.2% chance of staking in that time if nothing changed... in fact, no amount of time actually gets you to 100%. It's an inherently flawed system. There's never a guarantee you ever stake, and yet you do, regularly, there's just no telling exactly when. It's all probability.
...

that'd be good, really good.

After reading your explanation i understand why you removed it, personally unless a wallet say's <1hour i dont often leave it staking

Dev, thank's for the response!  I too understand now why you removed it.  However, I also like your new idea!

Thx!

Cool beans, I'll code it in;)

[UllrSkis]

Thanks UllrSkis for letting me know about the unconfirmed issue. I'll fix that asap:)

Sorry jumped the gun a little on that. Finally caught one of my transactions coming in fast enough. They do actually show up as unconfirmed until the first confirmation. I was thinking they should stay that way until the 10 recommended confirmations.

Thanks again.

Yeah. It's because the 10 confirmations is actually a 'recommendation'. The wallet will actually let you send the coins to someone else after just 1 confirmation, but because of the way the blockchain works that can be a little risky...

[Explanation: the block that confirmed your received coins could end up being orphaned, in which case they'd be confirmed in a different block. You'd still get the coins, but the coins you sent used information from the orphaned block, and those would not be confirmed, so you'd have to send them again. The way around this is just to wait for extra confirmations just to be sure there's no issue. Of course this works piggyback as well - someone that sent you coins could be trying to exploit this behavior, and send you coins that they only just received in 1 confirmation, if that original block orphans then you wouldn't get the coin that was sent (this applies to any coin). Again - protection from this comes from waiting the recommended number of confirmations.]

What I'm going to do in the next release is make 'Unconfirmed' change to 'Confirming' after that first confirmation, and then disappear when there's nothing unconfirmed or confirming. I think that sounds like a natural behavior anyway.

This combined with the chance of staking change you've been discussing sounds like the makings of a perfect wallet.

[ThinkingOutLoud]

Wallet Update 1.0.3

Wallets

Windows v1.0.3 (June 21, 2015)
Mac OS X v1.0.3 (June 21, 2015)

Updated wallet fixes a bug where the wallet will slowly take up more memory and begin to freeze over time.

Added % Chance to stake in the next hour to the stake icon tooltip. Just hover over the staking arrow when it's green to find out your chance of staking each hour.

Added Recommended Confirmations functions to the core and Overview UI. Received coins will now show as Unconfirmed until they receive 1 confirmation, and then will show as Confirming until 10 confirmations are reached. It is still possible to spend coins while they are confirming, it is however not recommended. Unconfirmed/Confirming line will be hidden on the overview page if your balance is fully confirmed.