Slimcoin | First Proof of Burn currency | Decentralized Web

[johnwhitestar]

Generate random key from typing several letters and numbers and then you have all sections.
If you will be minting/burning for only 365 days you won't breakeven - think about it as a long term investment, with 95-99% success of return + additional amount after time.
Actually it's about 1.88-1.9 the burned amount so you would score after 700 days more than 9000 coins total. Of course mileage may vary, but I think not so much.
Of course it's a lot of time to invest, not so much energy (with rasberry pi it would be like 5-10$ for electricity a year), and this way it's rewarding long-term users of coin - not like in PoS, that only large stakers have advantage - here everyone can burn with equal chances. In the end I think PoB is a very underrated concept, and should be more used.

Thank you for your patient explanation I'm beginning to understand something.

For my further reference, where I can find this 1.88-1.9 factor information?

I was able to access the ROI calculator and it seems like whatever quantity of SLMs you burn you'll have return in 377 days.

But what I still don't understand, what does this phrase in the OP means:

Decayed Burnt Coins - Every block, this amount rises. This is to prevent early adopters from having too much advantage regarding the rest of the users. But don't worry: every burnt coin will participate in the PoB process for about a year.

 
What will happen after one year of minting? Will my burned coins stay still there going on minting and transforming themselves in decayed coins or they'll just disappear or will just stop minting or will come back to be spendable? And why originally "Slimcoin Community" user wrote that the burned coins will participate in the PoB only for a year? He has mistaken or something has changed since than?

[d5000]

I am not sure if the PoB calculator is correctly calculating ROI. I remember that I got positive returns after less than half of a year and not even minting 24/7 (at average, about 10 hours/day). What's true is that in these times there were fewer people minting and so it was easier to generate ROI.

And why originally "Slimcoin Community" user wrote that the burned coins will participate in the PoB only for a year? He has mistaken or something has changed since than?

That was a mistake, sorry. The Slimcoin Community account is managed by me. I remember I picked up this value (one year) from some post in the old thread, but I have since then re-read the whitepaper and it seems it is wrong (and I forgot to change the OP). I am rushing NOW to correct it

From the Whitepaper I cite some numbers from the graph published there on the second page:

From 50 coins burnt, this is approximately the amount that decays after a certain number of Proof of Work blocks:

- after 400.000 PoW blocks: ~27 of 50 coins decay (23 left)
- after 800.000 PoW blocks: ~39 of 50 coins decay (11 left)
- after 1.200.000 PoW blocks: ~45 of 50 coins decay (5 left)
- after 1.600.000 PoW blocks: ~48 of 50 coins decay (2 left)

We are now at block ~1.000.000, after 3 years. So after one year (~330.000 blocks, from which about half are Proof of Work blocks) less than half a third of the coins "decay". The "decaying" is a gradual process, so there would not be a moment where all your burnt coins "disappear".

Edited: see below (only PoW blocks make decay the "burn score")

[Slimcoin Community]

I have corrected the error. Sorry again

(To those new here: I am posting mostly with my main nickname d5000 because it's better known and to strengthen its "identity". As I already said, the account "Slimcoin Community" was created to allow it to be potentially shared with other people when it is needed, to update/edit the OP.)

[johnwhitestar]

I have corrected the error. Sorry again

(To those new here: I am posting mostly with my main nickname d5000 because it's better known and to strengthen its "identity". As I already said, the account "Slimcoin Community" was created to allow it to be potentially shared with other people when it is needed, to update/edit the OP.)

Thank you for explanation and for the correction of the OP.

So until I have burned but not decayed coins I'll still be able to mint coins, or vice versa as much decayed coins I have as much new coins I'll be able to mint? 

[Slimcoin Community]

So until I have burned but not decayed coins I'll still be able to mint coins, or vice versa as much decayed coins I have as much new coins I'll be able to mint? 

You must see your burnt coins like a "score". If you burnt 50 coins like in the example I gave, first your score is 50. The score determines the probability to mint blocks. "Decayed coins" is only a denomination of the amount that this score decreases over time. So after some time, the score of the originally burnt coins will be 40, then 30 and so on.

So even after two years you are still able to mint with your old burnt coins. Only that its score has decreased to less than half of its original value. Every time you burn new coins you add "fresh coins" to your score.

PS: I was too fast correcting the error in the OP, it is even better for "burners": Burnt coins decay only when Proof of Work blocks are found! So it's actually even more advantageous to mint and gives more long-time ROI - your coins conserve considerably more than half of the power after a year. Must correct the OP again ...

[alani123]

It's funny that this coin is still listed in an exchange. Someone most probably got wind of that thanks to the recent activity here and went ahead and bought some in spite of the spread between sell/buy orders. Look at this price pump.  

[johnwhitestar]

So until I have burned but not decayed coins I'll still be able to mint coins, or vice versa as much decayed coins I have as much new coins I'll be able to mint? 

You must see your burnt coins like a "score". If you burnt 50 coins like in the example I gave, first your score is 50. The score determines the probability to mint blocks. "Decayed coins" is only a denomination of the amount that this score decreases over time. So after some time, the score of the originally burnt coins will be 40, then 30 and so on.

So even after two years you are still able to mint with your old burnt coins. Only that its score has decreased to less than half of its original value. Every time you burn new coins you add "fresh coins" to your score.

PS: I was too fast correcting the error in the OP, it is even better for "burners": Burnt coins decay only when Proof of Work blocks are found! So it's actually even more advantageous to mint and gives more long-time ROI - your coins conserve considerably more than half of the power after a year. Must correct the OP again ...

But as far as I understand the difficulty of minting goes up with time, so maintaining the same quantity of burned coins I'll have less coins minted over time, right?

[Slimcoin Community]

But as far as I understand the difficulty of minting goes up with time, so maintaining the same quantity of burned coins I'll have less coins minted over time, right?

You must clearly separate "Decayed coins" and "burn difficulty".

"Difficulty" for burning goes up if the "burn rate" of all Slimcoin users together goes up, like the Proof of Work difficulty in Bitcoin. That can be expected to happen if there is optimism with respect to the price, but is not mandatory - although it is likely because the coins decay only very slowly.

The "burn score" - the probability to find a PoB block, determined by the number of burnt coins - diminishes over time as I explained before - every PoW block a little bit of the "score" is "decaying" (the score is reduced by a very small amount).

I hope I am understanding your question the right way.

[gavrilo77]

I believe we should begin making the necessary steps to gain $SLM listing on Cryptopia.

They've recently delisted Sprouts, complaining that the wallet kept crashing for them. They would likely have an identical experience with the Slimcoin wallet.

Cheers

Graham

... but Nova seems has no problem?

[gjhiggins]

... but Nova seems has no problem?

They've recently been experiencing some general difficulties but afaict nothing specific to the Slimcoin client.

Cheers

Graham

[nemwanderer]

Is there a roadmap for this coin somewhere? Sorry if I missed it.

[Slimcoin Community]

Is there a roadmap for this coin somewhere? Sorry if I missed it.

There is no "official" roadmap.

Some things that were talked about in the last months and are partly "in the works":

- a system to publish decentralized websites by "inscribing" torrent hashes in the Bitcoin blockchain with the "Web2Web" technology (the inscription service already is integrated in the client, but to display pages you would have to use a custom JavaScript app).
- using the same service to store RDF graphs ("linked data", the essence of the "semantic web") in a decentralized manner. If I understood it the right way that feature could also be useful for a kind of "assets" for crowdfunding.
- open source block explorer based on "abe" (work in progress)

Generally speaking as there is no company or organization behind Slimcoin and it's a P2P project, every interested person can propose things or work on things she/he considers useful. Maybe it would be a good idea to organize proposals in a kind of "BIP" system, but for now there is none.

[d5000]

Just started a wiki page for proposals for Slimcoin:

https://github.com/slimcoin-project/Slimcoin/wiki/Proposals

The page is meant for all feature requests and proposals of every kind, from the reference implementation (slimcoind/slimcoin-qt), alternative software and also community/communication issues. For now, I think it would not make sense to insist on a numbering like in Bitcoin's BIP system, as still the activity is low.

[PeterTheGrape]

Just started a wiki page for proposals for Slimcoin:

https://github.com/slimcoin-project/Slimcoin/wiki/Proposals

The page is meant for all feature requests and proposals of every kind, from the reference implementation (slimcoind/slimcoin-qt), alternative software and also community/communication issues. For now, I think it would not make sense to insist on a numbering like in Bitcoin's BIP system, as still the activity is low.

As somebody referenced a few posts ago, the great weakness of certain coins, the weak link, is often relying on only one exchange, no matter how good it may be.

One general proposal, for any coin, would be some way for a person to provide a small amount of liquidity on their own. For example if you could say on the blockchain "I commit x number of slm for sale at y btc for the next 30 blocks", then it would stabilize the coin somewhat. At some point buys and sells should cancel arbitrage on exchanges, so the coin would be less attractive to exchanges, but it might still be smart longterm.

[aIA]

@d5000: Hi, I was trying add a proposal but i had recieved error 404 and 500 (maybe Github iusses). I would like to write it here and later try again in Github. Please let me know if it has the correct format:

(Under 2. Interface & GUI improvements)

· Add info about minted coins. (aIA78, aIA at bitcointalk.org). It could be a counter of "Mint by Burn" coins in "Overview" tab and a percent in order to verify the long term ROI of burned coins. In the same way, something similar for "Mint by Stake".

Thanx a lot for you work.

[2x25BT]

which wallet version is actual at this moment ?
any plans to hit another exchange ?

[d5000]

@aIA: I have just looked at it and it should work - it should have been only a temporary issue. There are no restrictions for wiki editing other than the editors must be registered at Github. If problems persist, please write and I'll look at it.

@2x25BT: I would recommend you the newest version 0.5. If it works for you, it's the preferred version. There seem to be only problems with some old operating systems (probably related to old Boost versions).

There is no "central planning" here. If you want to hit another exchange, you should investigate conditions (voting, prices for instant listing etc.) and communicate them here, surely other community members will support you.

[gavrilo77]

For info:

Net Burnt Coins: 115826.00 SLM
Effective Burnt Coins: 101694.922073 SLM
Decayed Burnt Coins: 14131.077927 SLM

Last two weeks came to my wallet 10412.804679 SLM

[nemwanderer]

What's the total supply of coins, and the max supply?

[muf18]

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.

I think real supply is really hard to predict - a lot of coins will be burnt in process of minting (decreases supply), countinous diff retargets with block reward decrease/increase on demand also makes it hard to predict.
I think real supply in coming years will be lower than 25-30M. Maybe 50M in next 15 years, and max would be about 100-150M, but this is just mere speculation.