Slimcoin | First Proof of Burn currency | Decentralized Web

[d5000]

@muf18: I agree that there should be a continuous improvement of the algorithm. So I would principally not opposed to hard forks, only that they must have ample support in the community. For me, for example, the 10% staking reward is a bit high - I would reduce it to 3% or 4% but distribute it only to nodes that are online for a longer time, like @dzarmush proposed.

The only problem is to find a suitable algorithm (see below), because the solution to that problem is not trivial (how do you check collectively which nodes are online without cluttering the blockchain?). Until now, I only knew about Timekoin (one of the first altcoins, but it used a completely different algo that was not easily portable to Slim) and the theoretic concept of "Proof of Activity" that I think has never been implemented in a real coin.

Particl and Lisk, I think, have yearly inflation that goes to nodes that stay online. I thought Nxt is also the same, but now I remember it's not.

Thanks. Lisk, as far as I know, is a DPOS coin where only "delegates" (that must be voted) get Proof of Stake rewards. They must be online, but the DPOS algorithm type is flawed for me (it is open to social engineering attacks because the validator list is limited) and it should be very, very difficult to port it to a bitcoin-based currency like Slim.

But Particl could be interesting as a model to follow because it seems to be built on the Bitcoin code, so it could be implemented more easily. I didn't know it until now, so I'll investigate it.

[PrivateerIsland]

Proof of Burn it is antagonist of Proof of Stake, correct? 1st case deflation via burning coins, 2nd case - inflation with new coins... Do you have any statistics how burning of coins reflects on market rate?

[gjhiggins]

Blockchain or ACME is having a problem now - because like a lot of nodes are disconnected, I see.

No mechanical problem, just people abandoning the network.

Cheers

Graham

[currypto]

Hello Slimcoin developer,

It is time to investigate your coin. This is the second time I investigate a coin early in its birth. It would be very appreciated if you could take the time to answer these questions:

1. What is the first commit of Slimcoin? I think it's https://github.com/slimcoin-project/Slimcoin/commit/7c453189b87d717a4d0e943c3e283719e0074f0c but I can be wrong.
2. Where is the commit you have implemented or started to implement proof-of-burn?
3. What innovation does Slimcoin bring to the table?
4. How come you've chosen to build Slimcoin on Peercoin, rather than implement it from the ground up?
5. Why not contribute to Peercoin? (Which, IMO, is a very strong and solid project.)

Thank you very much, and I will post back when I'm done my research.

[gjhiggins]

1. What is the first commit of Slimcoin? I think it's https://github.com/slimcoin-project/Slimcoin/commit/7c453189b87d717a4d0e943c3e283719e0074f0c but I can be wrong.

The first commit is https://github.com/slimcoin/slimcoin/commit/c65e2ac7dcfd9b319de8971e3a582569ee0f9436

2. Where is the commit you have implemented or started to implement proof-of-burn?

I'll hazard a guess that it's the one with the commit message: “Implemented Basic PoB”?

3. What innovation does Slimcoin bring to the table?

Er, proof of burn?

4. How come you've chosen to build Slimcoin on Peercoin, rather than implement it from the ground up?
5. Why not contribute to Peercoin? (Which, IMO, is a very strong and solid project.)

You will need to address these questions to the original developer: https://github.com/slimcoin

Cheers

Graham

[currypto]

5. Why not contribute to Peercoin? (Which, IMO, is a very strong and solid project.)

You will need to address these questions to the original developer: https://github.com/slimcoin

Well you can answer point 5 if you want....

How come you linked to a different repository, and not the original one in the topic?

A quick search doesn't have the PoB commit appear in the original repository (literally just searched for the commit title).

Thank you very much! Super appreciate it.

[muf18]

3. I would add currently developed and introducing in future Web2Web, apart one project (which doesnt have the same technology and I think different usage) I didnt see it anywhere in crypto world, and I think I'm quite well acknowledge, so far.
5. Gjhiggins, as you can see with his commits also contributed to Peercoin, as far as I have seen on his github profile.

[currypto]

3. I would add currently developed and introducing in future Web2Web, apart one project (which doesnt have the same technology and I think different usage) I didnt see it anywhere in crypto world, and I think I'm quite well acknowledge, so far.
5. Gjhiggins, as you can see with his commits also contributed to Peercoin, as far as I have seen on his github profile.

What is Web2Web, and is it actually released or any source available?

[muf18]

http://slimco.in/about/

[currypto]

Since version 0.5, Slimcoin has a built-in blockchain website publishing service which lets you publish websites or blogs in a decentralized way without hosting nor domains. Simply publish your content as a torrent and let the Slimcoin blockchain be your version manager!

Clever using torrents to store data like that. Very similar to how ColoredCoin's meta data is distributed.

Overall I have to say I'm very frickin' impressed with Slimcoin. How do I get in on this? I'm currently looking at the code to understand how proof-of-burn technically works so I can write about it and annotate it for others.

It makes me wonder, perhaps we (the cryptocurrency community) should be focused on modular proof-of-* systems, so they can be easily swapped, mixed and matched.

I had this idea the other day for a dynamic proof-of-work, where actual algorithm parameters change so ASIC production is literally impossible. Perhaps a list of hashing algorithms where the order of execution can change as well as their parameters. These are then stored on the blockchain as well to verify things later.

[currypto]

I'm looking over the block creation code (https://github.com/slimcoin/slimcoin/blob/afd8ef7e18e17f876f0bc7b44e79ee867f0b3ac1/src/main.cpp#L4931) and I'm wondering:

What is stopping miners from changing the block decay to a constant? What is stopping them from replacing that whole statement with something that makes nEffectiveBurnCoins an absurdly high number?

Likewise what is stopping miners from exceeding MAX_MINT_PROOF_OF_BURN? I see no other checks in the codebase (for receiving a block that exceeds this or verifies it). Could you point me to where it does, or how?

[eliteyo]

Is proof of stake needed when you have POB and POW?

[muf18]

I urgently appealed to the guy/guys, who are staking - stop it. You are hurting network with this nonsense. At least stop until there is some solution to this problem.
I can send a few SLM, if you are so in need, ok? Just stop this nonsense, because nodes, and nethash are going down, with these spam attacks of POS blocks on blockchain.
Balance must be - max 10% blocks should be POS, and normally lower. For now it's 75-85%, it's too much.
If I was this big holder, I would stop this nonsense immediently, because I would see that i'm disturbing power to wrong hands, but as I see greed, is worser enemy here.
At least we can have some dumping on exchange, with healthy correction.

If that won't work - we should figure out, which node is doing this and block him, until solution is found.

[gjhiggins]

5. Why not contribute to Peercoin? (Which, IMO, is a very strong and solid project.)

You will need to address these questions to the original developer: https://github.com/slimcoin

Well you can answer point 5 if you want....

Sure, that one's easy for me. I'm not a software developer.

A quick search doesn't have the PoB commit appear in the original repository (literally just searched for the commit title).

I provided a link: https://github.com/slimcoin/slimcoin/commit/88237916bf8452b182b8e1c942b9a14e26ee1415

Implemented Basic PoB
 master  v0.3.2.0
1 parent 33e1e34 commit 88237916bf8452b182b8e1c942b9a14e26ee1415  John Smith committed on 17 Feb 2014


Cheers

Graham

[gjhiggins]

I urgently appealed to the guy/guys, who are staking - stop it.

There's no -one  listening, just serried ranks of machines, endlessly and tirelessly mechanically sifting probabilities for their owners' benefit.

Cheers

Graham

[dzarmush]

Difficulty went down to normal level

[gjhiggins]

I'm looking over the block creation code ... and I'm wondering: What is stopping ... What is stopping ... Likewise what is stopping ... Could you point me to where it does, or how?

You're examining the C++source. To whom are the questions addressed?

Cheers

Graham

[currypto]

I'm looking over the block creation code ... and I'm wondering: What is stopping ... What is stopping ... Likewise what is stopping ... Could you point me to where it does, or how?

You're examining the C++source. To whom are the questions addressed?

Cheers

Graham

Well the questions are addressed to anyone who can answer them.

I had assumed you were the primary developer, since you have created commits to the slimcoin-project.

Both sources seem to be "the C++ source", so I'm confused.

Does slimcoin-project not have proof-of-burn, while slimcoin does?

[muf18]

No the diff is still too high, because POS blocks took most of the blocks still.
It is interfering too much into whole balance of system. POB and POW should be accounted and rewarded with most of the blocks, not POS blocks, which are spamming imo network with coin age factor taking place.
I mean wtf is this.
http://tessier.bel-epa.com:6054/main/addr/SX36pc9V9hj3nR7UTtK3Gvrh9CCx1pxUpm
http://tessier.bel-epa.com:6054/main/addr/SdtGbDDb9px79dExUnoNZLbrnenM4Ki9y5
http://tessier.bel-epa.com:6054/main/addr/SZEHwJm2RDspGXpFzbtTgxHRs5jTVJNyM9

Wallet/s within this addresses are spamming network with POS blocks, with 7-8 months old coins.
Balance is broken in the ACME, but thanks to it, we can see what is balance on this address with bchain SLM block explorer.
It make #12 for SZEHwJm2RDspGXpFzbtTgxHRs5jTVJNyM9 with balance of 442,068.341 SLM (over 3.3 mln SLM received!)
#98 for SX36pc9V9hj3nR7UTtK3Gvrh9CCx1pxUpm with balance of 12,445.782 SLM
#31 for SdtGbDDb9px79dExUnoNZLbrnenM4Ki9y5 with balance of 113,894.970 SLM

Just my little investigation of the problem here, to see what's going on, yeah anybody can do it, yet I was curious.

As I calculated it will gonna score about 33K of slimcoin ? For doing nothing ? Something is not right, it's too much.

[currypto]

No the diff is still too high, because POS blocks took most of the blocks still.
It is interfering too much into whole balance of system. POB and POW should be accounted and rewarded with most of the blocks, not POS blocks, which are spamming imo network with coin age factor taking place.
I mean wtf is this.
http://tessier.bel-epa.com:6054/main/addr/SX36pc9V9hj3nR7UTtK3Gvrh9CCx1pxUpm
http://tessier.bel-epa.com:6054/main/addr/SdtGbDDb9px79dExUnoNZLbrnenM4Ki9y5
http://tessier.bel-epa.com:6054/main/addr/SZEHwJm2RDspGXpFzbtTgxHRs5jTVJNyM9

Wallet/s within this addresses are spamming network with POS blocks, with 7-8 months old coins.
Balance is broken in the ACME, but thanks to it, we can see what is balance on this address with bchain SLM block explorer.
It make #12 for SZEHwJm2RDspGXpFzbtTgxHRs5jTVJNyM9 with balance of 442,068.341 SLM (over 3.3 mln SLM received!)
#98 for SX36pc9V9hj3nR7UTtK3Gvrh9CCx1pxUpm with balance of 12,445.782 SLM
#31 for SdtGbDDb9px79dExUnoNZLbrnenM4Ki9y5 with balance of 113,894.970 SLM

Just my little investigation of the problem here, to see what's going on, yeah anybody can do it, yet I was curious.

As I calculated it will gonna score about 33K of slimcoin ? For doing nothing ? Something is not right, it's too much.

I don't understand how PoS technically works but my lord that is a lot of inputs!