Slimcoin | First Proof of Burn currency | Decentralized Web

[Slimcoin Community]

Project website
slimcoin.info
Github Project Site
github.com/slimcoin-project
Discussions
Discord
Reddit
Exchanges & OTC Marketplace
FreiExchange
Bitcointalk SLM Marketplace thread
Bitcointalk threads in other languages
German / Deutsch - Spanish / Español
Original announcement
The Historic Slimcoin ANN thread (outdated)*
Blockchain explorer
CryptoID
Videos
YouTube channel
Price & Activity tracking
Coinpaprika
Coingecko



Slimcoin is a energy-saving, fast-confirming and novel cryptocurrency. It is the first cryptocurrency using Proof of Burn for block generation and currency distribution - a distribution mechanism with interesting economic properties. Proof of Burn is combined with Proof of Work and Proof of Stake to increase security. Another highlight is the DCrypt algorithm, which is one of the most difficult algorithms to implement in an ASIC and thus suitable for GPU and CPU mining.

Slimcoin is a P2P project - it is not managed by any centralized entity or organization. There was no premine at the start. You can contribute with coding, testing, providing Slimcoin-based products & services, use it for trading of virtual or real-world goods or simply hodling it.

Current developments (as of Q3-2023/Q1-2024)

Some exciting experimental developments are currently going on:

- Slimcoin has now a simple token system based on PeerAssets. It can be used for ICOs and other kinds of tokens. It is currently in beta stage, but can already be used. A DEX has also been developed, but it is still alpha. For your safety, try it first on Testnet! We will soon provide more info, a downloadable release and a manual.
- We're working on a solution for advanced tokens, among them Proof-of-burn tokens and completely decentralized donation tokens. There will be final beta tests in Q1 2024.
- Working on client improvements for Slimcoin 0.7. A general code refresh to follow Peercoin 0.9+ with modern Bitcoin code (including Segwit and other additions like watchonly addresses) is planned. We're also testing a hard cap for Proof-of-stake blocks so no stakers can dominate the validation process.

WARNING about fake Slimcoin tokens on DEXes

There have been complaints about tokens on decentralized exchanges on the Ethereum ecosystem named Slimcoin. These tokens are not supported by the Slimcoin community and may be dubious!

Slimcoin is not related in any way to the Ethereum ecosystem, it is an independent blockchain based on Bitcoin and started in 2014. As anybody can create tokens on ETH with arbitrary names, the Slimcoin community can not do anything about these copycats. Please do your own research and e.g. verify the address format (never accept any "Slimcoin" on an ETH address if you don't know exactly what you do!).

Downloads & Wallet variants

Current versions from the project repository:

• Release page for Slimcoin 0.6 (Windows/macOS binaries & source code)
• Windows 0.5.1 wallet
• 0.5.0 executables for Windows & MacOS (alternative source)
• Source code repository for Linux, MacOS & Windows (Github, official repository. Current master branch is roughly equivalent to version 0.6). Download the master branch as ZIP file here.

Community contributions on other servers (Use at your own risk and scan it for security, but sources seem trustworthy.):

• ARM binaries (Slimcoin 0.5, for ARM v5, v7 and v8)
• Slimcoin aarch64 wallet (0.5.1)
• 0.5.1 self-extracting archive with blockchain snapshot (Updated January 2018).

Experimental versions (still being tested, use at your own risk):

• Slimcoin 0.5.3 for Windows (improved PoS algorithm & Coin control)

Older versions:

• Windows QT wallet 0.3.2.1. Last "stable" 0.3 .exe - Use this version if 0.5+ does not work for you.
• Last 0.3.2 Source Code

Notes:

• Linux executables are not up to date. If you can't compile it yourself, you can ask for help in this thread.
• Instructions on how to install via Homebrew on MacOS and how to cross-compile a Windows version via Ubuntu are at Github (README file on the master branch).
• There is a nightly snapshot of the blockchain data directory, download it here.

Test the bleeding-edge source code (master)

Instructions for Linux/Unix:

• Install git, if you don't have already (For tech-laymen: Git is a version control system. It's not absolutely necessary to build Slimcoin, but it makes updating experimental versions a lot easier).
• Download the source code from Github.
• Open a terminal. Go to the folder with the code and checkout the master branch:
  git checkout master
  
• Compile it:
  QT graphical client (slimcoin-qt):
  qmake
  make
  Command line client (slimcoind):
  cd src
  make -f makefile.unix
  
• Run it (preferably with a fresh wallet file). We have a testnet for experiments (-testnet option), but it should work on the main net. If not, you are welcome to report bugs.

Specifications

• Tri-Hybrid Blocks: Proof-of-Burn blocks, Proof-of-Stake blocks and Proof-of-Work blocks
• PoW: Dcrypt algorithm, suitable for GPU and CPU mining, an algorithm made to be difficult to implement on an ASIC. See Tutorial for solo CPU mining
• Block interval: ~80 seconds (90 seconds between PoS blocks)
• Difficulty re-targets continuously
• Block Rewards:
  • Proof-of-Burn blocks: max 250 coins
  • Proof-of-Work blocks: max 50 coins
  • Proof-of-Stake blocks: 10% of the staking coins per year
• Proof of Work block rewards decrease in value as the difficulty increases
• No hard supply limit, but comparatively low inflation rate. A "250 million coins maximum" is coded into the client, but probability is extremely low this amount will be reached in the next 100 years.
• Proof of Stake minimum coin age: ~1 week

What is Proof of Burn?

Proof of burn is an energy-saving decentralized consensus mechanism that rewards long term involvement. It was proposed by Iain Stewart as early as 2012. Slimcoin is the first cryptocurrency to implement it as a block generation method and was created in May 2014 by an pseudonymous developer (he used the name slimcoin in this forum, John Smith on Github and P4Titan on Reddit).

How does Proof of Burn work?

Let's quote the original Slimcoin developer:

Proof-of-Burn mining is different from Proof-of-Work mining. More computers and higher computational power offers no advantage over slower computers.

In short, how this is achieved is: when one burns coins, that transaction can be used to calculate burn hashes. There is also a multiplier that is multiplied to the raw burn hash to calculate the final burn hash. The greater amount of coins burnt by a user, the smaller the multiplier will be and the smaller the burn hashes will be. The smaller the burn hash is, the more likely the hash will meet the difficulty target (be accepted by the network as valid). Over time, the multiplier of a single burn transaction increases slowly, lowering the effectiveness of those burn hashes, acting like "decaying burnt coins". Per transaction, only 1 burn hashes is needed to be calculated per ~90 seconds. The reason low power can mine this is because basically almost any machine can hash a few SHA256 hashes in ~90 seconds.

In short: The more coins you destroy by burning, the higher the chances you find Proof-of-Burn blocks. It's not necessary to burn all the coins together: your "score" (probability to find a block) will also rise when you burn coins periodically.

Read our Proof of Burn ELI5 here!

Proof of burn is explained in detail by its original author in the Proof of Burn Wiki article.

How to burn coins?

Short explanation to start:

QT client: There is a tab in the main window with the label "Burn". Simply click on it and you will be able to burn coins.

Command line: Enter the following command:

Code:

slimcoind burncoins <account name> <amount>

With the following command you see the PoB statistics of the wallet:

Code:

slimcoind getburndata

For more details: Read the Proof of Burn minting guide!

How many coins are burnt by the Slimcoin users?

Check the balance of the burn address:

SfSLMCoinMainNetworkBurnAddr1DeTK5

This amount is different from nEffectiveBurnCoins because it returns all coins that were burnt in some moment - also those who already have lost totally their "power".

The number is useful to calculate the real available money supply: You deduct the balance of this address from the total money supply ("moneysupply" parameter when you type "getinfo" in the debug window or with the CLI client).

Developers

After the original developer's departure, other developers have made fixes to the code and thanks to them the client is quite stable now. However, we welcome all contributions, as there still are bugs and the code should keep up to date with Bitcoin and Peercoin development.

As Slimcoin is based on the Bitcoin code, even crypto 2.0 features can be added relatively easily porting Coloured coins implementations. We're currently working on a PeerAssets port.

If you are interested in participating, you can reply to this thread or start a thread on Reddit, where a more structured discussion is possible. Also Discord is an option where many community members are active.

If you want to donate Slimcoins for development bounties, you can reply to this thread or alternatively open a thread on Reddit (the old bounty thread there was archived).

Resources for developers:

The official source code repository is slimcoin-project/Slimcoin at Github.

The magic of Proof of Burn

Proof of burn has multiple advantages over both Proof of Work and Proof of Stake and some very interesting economic implications.

Advantages over Proof of Work:

• Very low energy consumption
• No need to invest in powerful hardware
• No artificial price swings because of the "mining hardware" investment cycle or the influence of multipools

Advantages over Proof of Stake:

• No simple "rich get richer" mechanism. Proof of burn rewards entrepreneurial risk, not wealth.
• While "staking" coins can be stolen hacking the private key, burnt coins cannot be "stolen". The most an attacker can get when he hacks a wallet are the PoB rewards, but incentive for this kind of attack is low as the attacker would have to wait a long time until he gets a significant amount of coins - and the legitimate owner of the key can also transfer these coins to another address.

The economic model

Proof of Burn has at least three very interesting economic implications that can lead to a more stable price with less pump-and-dump bubbles.

• It rewards long-term investments: When you burn coins, you basically trade a short-term loss to a mid/long-term advantage. You will very probably get back your investment via the PoB reward mechanism (and probably even more), but you won't get it back immediately but after a certain amount of time. That means that the risk to make a long-term investment is rewarded by the PoB mechanism. Short term Pump and dump scenarios are obviously possible, but long-term involvement is explicitly made more profitable than in other cryptocurrencies. A high long term investor/short term investor rate should stabilize the price.
• Burnt coins are locked and can't be sold: After you burn coins, you cannot spend them anymore. So you can't sell them in a panic event and very probably there will be less sellers in a price crash. For this reason the participants in the Proof-of-burn mechanism can be seen as "backers" of the coin price, as the burnt coins are not part of the available supply.
• It is easier to burn coins when they are cheap. When price is low but fundamentals are sound, then the burn rate should be higher than in the times when coins are expensive, simply because it's cheaper to burn coins. Every coin burnt is deducted from total supply. So supply tends to be smaller, the lower the price is - and that is a excellent condition to make the price rise again. That means that PoB probably has an inherent supply-follows-demand mechanism - something very difficult to implement as a separate "supply-regulating" algorithm.
• Proof of burn can work like an integrated "futures" market: a high burn rate is a sign for optimism.

Bug reports:

Best practice is to use directly the Github repository to report bugs.

How to report a bug on Github:

• Go to https://github.com/slimcoin-project/Slimcoin. If you haven't registered yet on Github, you should register (it's free).
• In the right column, you will see a menu <> Code with a item called "Issues". Click it.
• In the new screen, look at the already posted issues. If your bug isn't reported, click New Issue. Try to give the most information possible.

If you don't want to use Github, you can use the Slimcoin subreddit or reply here in the Bitcointalk thread.

Nodes:

Add these nodes to your slimcoin.conf file (in your Application Data/Slimcoin or .slimcoin folder) to connect faster to the network:

Nodes according to Chainz block explorer (real time, click on version numbers to see addnodes list)
Addnodes list in the Wiki (irregular updates)

More resources

Technical Whitepaper:
An extensive explanation of what Slimcoin has new to offer: Slimcoin Whitepaper PDF

Slimminer Downloads
GPU miner Source Code (Johnnylatte's version)
CPU miner Source Code (Johnnylatte's version, see here)
CPU miner Source Code (Kryptoslab's version)
Windows executable (original version, outdated)
Source Code (original version, outdated)

Tutorial for Linux source code compilation: https://bitcointalk.org/index.php?topic=613213.msg7192912#msg7192912
Tutorial for Windows source code compilation: https://bitcointalk.org/index.php?topic=613213.msg7090075#msg7090075

Note: The original Slimcoin developer has not posted in this forum since the end of 2014, and he has stated that for the moment he is too busy to continue maintaining the coin. Some of the links in the release announcement are outdated and the former "official" website is offline now. So some members of the community have decided to restart the thread and build a new ecosystem.

[MadCow]

Good move with the new thread!!

pound-for-pound SLIM is probably my favorite alt coin, a real underdog, but it deserves to succeed!!

keep going guys

[wildduck]

It looks very good I like the PoB

[bms2013]

Good     https://www.virustotal.com/en/file/6160f7953f1ead144d8b15a492bb63c35f0738c57acfc36c845ad1d13c1e0b1d/analysis/1438592830/

[azistie]

Slimcoin is old coin. It's been a long time I have never seen you.
Good luck with your project!

[AizenSou]

Good job, d5000. Unfortunately none of us is capable of continuing to develop this coin. The idea is great, but the implementation is just terrible.

[BitcoinFX]

Good job, d5000. Unfortunately none of us is capable of continuing to develop this coin. The idea is great, but the implementation is just terrible.

@AizenSou - It's really not that terrible! 

I think one of the main benefits of PoB is that it provides incentive for users with active burnt slimcoin's to keep the wallet running, over PoS and PoW.

~ wonders if slimcoin aka "John Smith" might in fact be SN as they always seem to be 'too busy' or wander off to work on other projects.

- https://youtu.be/emDJTGTrEm0?t=7m24s - http://www.slimcoin.club/whitepaper.pdf   

GJ d5000 !

[d5000]

Good job, d5000. Unfortunately none of us is capable of continuing to develop this coin. The idea is great, but the implementation is just terrible.

slimcoin's last commits and a123's work have fixed the most severe bugs. Now the client is usable, there are very few forks. I think the bugs that appeared now (mainly crashes) should be solvable.

It would be good if all of you who notice a bug report it (with as much information about the error as possible). You could report it here posting a reply, but even better use this thread I created on Reddit, so we can discuss them in a more "structured" way:

Report Bugs Here

I have taken note of the last bugs reported by users in the old thread:

- ArchitektoR: When solomining, there are crashes while PoB mining and also at random times (right?).
- hankrules: Windows (QT?) wallet freezes after 1 hour or so and doesn't display transactions. Has to be restarted.
- d5000 (me): Linux client gets stuck on some particular blocks when redownloading the blockchain. Reproduced with several alpha versions of 0.3.2.1. I can confirm that the Windows QT wallet doesn't have the problem.

If anyone can reproduce and confirm these bugs: Even this is an important step!

Unfortunately, my configuration does not allow me to solomine and I've also no access to a Windows computer at this moment. I can try it with Wine.


PS: As most of you noticed, I have created the account "Slimcoin Community", so if I should leave the forum I can give the credentials to another trusted member of the community.

[a123]

gjhiggins re-merged slimcoin (slimpeer/kryptoslab/tbarlett) back to the ppcoin's chain, bringing it to version slimcoin v0.4.0 back in feburary. it now compiles with qt5.0, and is more pool friendly as it natively accepts rpc batch commands, as well as some misc. changes and bug fixes.

I've now changed slimcoin.club's library link to point at gjhiggin's fork.

I did a Windows release (https://github.com/gjhiggins/SLIMCoin/releases/download/SLMv0.4.0-alpha/slimcoin-qt.7z) and a blockchain snapshot 236000 (https://mega.co.nz/#!pg8lEJoL!54dSH7LrpmOJiMzNS72MDCYvZtXwqnHGyCApmYIpxkA) back then, but I'm actually not running that version for the slimcoin.club site, so am not sure about the stability.

Think all the previous contributors have access rights to that git, so that might be a useful point to start: https://github.com/gjhiggins/Slimcoin/. Bugs can be reported directly to the git, then most of the previous contributors will get a ping so it might kickstart something again?

[BitcoinFX]

I found the v0.4.0 release to be unstable on windows - Running 0.3.2.1-alpha (stable) without to many issues though.

The client does occasionally freeze up slightly with heavy RAM usage, compounded if PoW mining.

For now, I'm running PoB only with PoS also disabled, which is much more stable. Running the 0.3.2.1-alpha release on windows requires at least 2 to 4 GB for free RAM for stability.

I believe the issues which cause this (in the main) have already been documented in the original slimcoin thread. The Dcrypt algo (by design) has funky RAM usage.

[zodiac3011]

I am hoping that mining feature at slimcoin.club still working and can't load blkindex wallet version 0.4

[d5000]

Welcome back a123!

I did a Windows release (https://github.com/gjhiggins/SLIMCoin/releases/download/SLMv0.4.0-alpha/slimcoin-qt.7z) and a blockchain snapshot 236000 (https://mega.co.nz/#!pg8lEJoL!54dSH7LrpmOJiMzNS72MDCYvZtXwqnHGyCApmYIpxkA) back then, but I'm actually not running that version for the slimcoin.club site, so am not sure about the stability.

Someone had said in the old thread that the 0.4 release got stuck several times while redownloading the blockchain. But that should be solvable. May be related to what zodiac3011 has posted.

Think all the previous contributors have access rights to that git, so that might be a useful point to start: https://github.com/gjhiggins/Slimcoin/. Bugs can be reported directly to the git, then most of the previous contributors will get a ping so it might kickstart something again?

Yes, if we use gjhiggins/Slimcoin as the official repo, then bugs ideally should be reported there directly. I'll update the first post of the thread accordingly.

Some good news: On Reddit, user smith7800 has announced a 20.000 SLM bounty for "a working windows wallet".

[ArchitektoR]

- ArchitektoR: When solomining, there are crashes while PoB mining and also at random times (right?).

confirmed! I'll post an error the wallet throws next time it comes.

d5000 (me): Linux client gets stuck on some particular blocks when redownloading the blockchain. Reproduced with several alpha versions of 0.3.2.1. I can confirm that the Windows QT wallet doesn't have the problem.

confirmed! The same for Linux headless daemon.

[LordCoder]

New thread? Cool.

[d5000]

- ArchitektoR: When solomining, there are crashes while PoB mining and also at random times (right?).

confirmed! I'll post an error the wallet throws next time it comes.

d5000 (me): Linux client gets stuck on some particular blocks when redownloading the blockchain. Reproduced with several alpha versions of 0.3.2.1. I can confirm that the Windows QT wallet doesn't have the problem.

confirmed! The same for Linux headless daemon.

Thanks ArchitektoR! If you get the error it will be helpful for the developers.

For now we'll use gjhiggins' repo as the official one. gjhiggins has also proposed creating a "slimcoin-project" Github organization, so we could have more than one administrator there. I'm thinking about it.

PS: Does someone remember which was the latest working SLM code from gjhiggins' repo so I can link directly to this commit?

[ArchitektoR]

Thanks ArchitektoR! If you get the error it will be helpful for the developers.

Code:

{
"version" : "v.0.3.2.1-alpha",
"protocolversion" : 60003,
"walletversion" : 60000,
"balance" : 1282.70000000,
"newmint" : 0.00000000,
"stake" : 0.00000000,
"blocks" : 409848,
"moneysupply" : 4760352.58531300,
"connections" : 5,
"proxy" : "",
"ip" : "115.132.153.249",
"difficulty" : 0.01692791,
"testnet" : false,
"keypoololdest" : 1438669539,
"keypoolsize" : 102,
"paytxfee" : 0.00000000,
"errors" : "EXCEPTION: N5boost16exception_detail10clone_implINS0_19error_info_injectorINS_6system12system_errorEEEEE \ncancel: The attempted operation is not supported for the type of object referenced \nC:\\=Coins\\SLIMCoin\\slimcoin-0.3.2.1-alpha.exe in ThreadRPCServer() \n"
}

EXCEPTION: N5boost16exception_detail10clone_implINS0_19error_info_injectorINS_6system12sys tem_errorEEEEE
cancel: The attempted operation is not supported for the type of object referenced
C:\\=Coins\\SLIMCoin\\slimcoin-0.3.2.1-alpha.exe in ThreadRPCServer()

[bit1]

It was wrote in OP:   multifaucet dot tk (marked as suspicious by Bitcointalk, but should be OK)

Do you have more information about it?

[omtimo]

Good     https://www.virustotal.com/en/file/6160f7953f1ead144d8b15a492bb63c35f0738c57acfc36c845ad1d13c1e0b1d/analysis/1438592830/

thanks for virus total information

[d5000]

It was wrote in OP:   multifaucet dot tk (marked as suspicious by Bitcointalk, but should be OK)

Do you have more information about it?

Multifaucet.tk was linked in the old thread by the original developer. The block explorer there works, I've not tried the faucet.

At least Google doesn't list it as an attack / dangerous site.

I don't know how the automatic link remover in Bitcointalk works - perhaps it classifies a ".tk" link as suspicious when posted by newbies (as I have posted this in the OP with a newbie account). (It seems it accepts it from a Hero member: http://multifaucet.tk )

[bit1]

It was wrote in OP:   multifaucet dot tk (marked as suspicious by Bitcointalk, but should be OK)

Do you have more information about it?

Multifaucet.tk was linked in the old thread by the original developer. The block explorer there works, I've not tried the faucet.

At least Google doesn't list it as an attack / dangerous site.

I don't know how the automatic link remover in Bitcointalk works - perhaps it classifies a ".tk" link as suspicious when posted by newbies (as I have posted this in the OP with a newbie account). (It seems it accepts it from a Hero member: http://multifaucet.tk )

I see! That should be. Thank you!