Slimcoin | First Proof of Burn currency | Decentralized Web

[eddycurrent]

....the ability to mine on extremely low end hardware like small ARM boards. The second in particular is the main thing that gives SLM an advantage over any other coin.

Here you mean PoB algorithm, right?

Primarily, but also PoS to a small extent.

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[johnwhitestar]

....the ability to mine on extremely low end hardware like small ARM boards. The second in particular is the main thing that gives SLM an advantage over any other coin.

Here you mean PoB algorithm, right?

Primarily, but also PoS to a small extent.

Yes, but I think we need to advertise PoB above all, because SLM is a pioneer in it and also because the ROI in PoB is much higher than in any PoS coin, including SLM itself.

[eddycurrent]

....the ability to mine on extremely low end hardware like small ARM boards. The second in particular is the main thing that gives SLM an advantage over any other coin.

Here you mean PoB algorithm, right?

Primarily, but also PoS to a small extent.

Yes, but I think we need to advertise PoB above all, because SLM is a pioneer in it and also because the ROI in PoB is much higher than in any PoS coin, including SLM itself.

That, and it also encourages long term involvement much more than PoS and especially PoW.

[d5000]

I also would focus on PoB and its long-term investment rewarding aspect.

Another item could be the increased security with respect to pure PoS coins, but this would really come into effect if we release the "PoS block hard cap" version (which only allows 13 PoS blocks in a row, so nobody can create long pure PoS chains) where still some testing and a soft fork is required. I have already integrated Graham's last changes into the hard cap client (and as I wrote before, I solved the bug that stopped staking), so if someone likes to join Testnet he/she is welcome

[johnwhitestar]

I've wrote this draft of the advertising announcement:

"Officially announced on May 17th, 2014 and fairly launched 4 days later Slimcoin is one of the few truly decentralized coins around, so whoever can join and contribute to its development and will be accepted as equal by the other contributors on the basis of his abilities and dedication. Its Proof-of-Burn (or virtual mining) algorithm, that by the recent estimates provides up to 39% of yearly profit, grants to everybody the possibility to mine coins without any specific hardware and with a minimal computing power employed, saving in this way all the possible hassle to the miners and a clean environment for the future generations. The economic model that is behind Proof-of-Burn mechanism is not within the get-rich-fast trend, so Slimcoin has a potential to shine should the traditional coin’s markets become saturated. Along with the unique mining algorithm Slimcoin offers the ASICs resistant CPU mining algorithm and PoS. The community is active on Discord and Bitcointalk."

Any suggestion?

[d5000]

Like it! I would introduce the following small changes:

"Its Proof-of-Burn (or virtual mining) algorithm, that by the recent estimates provides up to 39% of yearly profit, grants to everybody the possibility to mine coins without any specific hardware and with a minimal computing power employed. It also contributes to a balanced power structure without an almighty elite and to a clean environment for future generations"

(the "hassle" part is imo not that important as it's more or less the same that the previous sentence, so one could use the space to refer to another advantage)

"The economic model that is behind Proof-of-Burn mechanism is not within the get-rich-fast trend, but rewards long-term involvement. So Slimcoin has a potential to shine should the traditional coin’s markets become saturated."

(to specifically include the phrase "long-term involvement", or, if you like it more "long-term investment")

[johnwhitestar]

Like it! I would introduce the following small changes:

"Its Proof-of-Burn (or virtual mining) algorithm, that by the recent estimates provides up to 39% of yearly profit, grants to everybody the possibility to mine coins without any specific hardware and with a minimal computing power employed. It also contributes to a balanced power structure without an almighty elite and to a clean environment for future generations"

(the "hassle" part is imo not that important as it's more or less the same that the previous sentence, so one could use the space to refer to another advantage)

"The economic model that is behind Proof-of-Burn mechanism is not within the get-rich-fast trend, but rewards long-term involvement. So Slimcoin has a potential to shine should the traditional coin’s markets become saturated."

(to specifically include the phrase "long-term involvement", or, if you like it more "long-term investment")

Thank you very much for your comments! Let's wait another day to see whether someone else has anything to add and then I'll send it to Freiexchange with you corrections.

[gavrilo77]

Like it! I would introduce the following small changes:

"Its Proof-of-Burn (or virtual mining) algorithm, that by the recent estimates provides up to 39% of yearly profit, grants to everybody the possibility to mine coins without any specific hardware and with a minimal computing power employed. It also contributes to a balanced power structure without an almighty elite and to a clean environment for future generations"

(the "hassle" part is imo not that important as it's more or less the same that the previous sentence, so one could use the space to refer to another advantage)

"The economic model that is behind Proof-of-Burn mechanism is not within the get-rich-fast trend, but rewards long-term involvement. So Slimcoin has a potential to shine should the traditional coin’s markets become saturated."

(to specifically include the phrase "long-term involvement", or, if you like it more "long-term investment")

Thank you very much for your comments! Let's wait another day to see whether someone else has anything to add and then I'll send it to Freiexchange with you corrections.

Dont wait too long , SLM is already waiting too long

[johnwhitestar]

Dont wait too long , SLM is already waiting too long

Agreed, but Rome wasn't built in a day either.

[eddycurrent]

Like it! I would introduce the following small changes:

"Its Proof-of-Burn (or virtual mining) algorithm, that by the recent estimates provides up to 39% of yearly profit, grants to everybody the possibility to mine coins without any specific hardware and with a minimal computing power employed. It also contributes to a balanced power structure without an almighty elite and to a clean environment for future generations"

(the "hassle" part is imo not that important as it's more or less the same that the previous sentence, so one could use the space to refer to another advantage)

"The economic model that is behind Proof-of-Burn mechanism is not within the get-rich-fast trend, but rewards long-term involvement. So Slimcoin has a potential to shine should the traditional coin’s markets become saturated."

(to specifically include the phrase "long-term involvement", or, if you like it more "long-term investment")

Thank you very much for your comments! Let's wait another day to see whether someone else has anything to add and then I'll send it to Freiexchange with you corrections.

I'll try and have a look tonight and get back to you.

[casper77]

Like it! I would introduce the following small changes:
"Its Proof-of-Burn (or virtual mining) algorithm, that by the recent estimates provides up to 39% of yearly profit, grants to everybody the possibility to mine coins without any specific hardware and with a minimal computing power employed. It also contributes to a balanced power structure without an almighty elite and to a clean environment for future generations"
(the "hassle" part is imo not that important as it's more or less the same that the previous sentence, so one could use the space to refer to another advantage)
"The economic model that is behind Proof-of-Burn mechanism is not within the get-rich-fast trend, but rewards long-term involvement. So Slimcoin has a potential to shine should the traditional coin’s markets become saturated."
(to specifically include the phrase "long-term involvement", or, if you like it more "long-term investment")

i think need to be careful with numbers
39 is too much especially price has decreased x2
30 is better and maximum

[johnwhitestar]

Like it! I would introduce the following small changes:
"Its Proof-of-Burn (or virtual mining) algorithm, that by the recent estimates provides up to 39% of yearly profit, grants to everybody the possibility to mine coins without any specific hardware and with a minimal computing power employed. It also contributes to a balanced power structure without an almighty elite and to a clean environment for future generations"
(the "hassle" part is imo not that important as it's more or less the same that the previous sentence, so one could use the space to refer to another advantage)
"The economic model that is behind Proof-of-Burn mechanism is not within the get-rich-fast trend, but rewards long-term involvement. So Slimcoin has a potential to shine should the traditional coin’s markets become saturated."
(to specifically include the phrase "long-term involvement", or, if you like it more "long-term investment")

i think need to be careful with numbers
39 is too much especially price has decreased x2
30 is better and maximum

Thank you for your contribution, edited! 

[d5000]

Were the 39% measured in SLM? In this case, I would explicitly add that (e.g. "[...] that by the recent estimates provides up to 39% of yearly profit (measured in SLM)" [...]).

I think it's impossible to provide a profit figure in USD, BTC or other currencies, as we can't predict the price evolution. If SLM recovers from the dip caused by the recent large dump then it's likely that the profit for PoB or PoS minters buying SLM now could be much superior. But it can also the other way around.

[eddycurrent]

Like it! I would introduce the following small changes:

"Its Proof-of-Burn (or virtual mining) algorithm, that by the recent estimates provides up to 39% of yearly profit, grants to everybody the possibility to mine coins without any specific hardware and with a minimal computing power employed. It also contributes to a balanced power structure without an almighty elite and to a clean environment for future generations"

(the "hassle" part is imo not that important as it's more or less the same that the previous sentence, so one could use the space to refer to another advantage)

"The economic model that is behind Proof-of-Burn mechanism is not within the get-rich-fast trend, but rewards long-term involvement. So Slimcoin has a potential to shine should the traditional coin’s markets become saturated."

(to specifically include the phrase "long-term involvement", or, if you like it more "long-term investment")

Thank you very much for your comments! Let's wait another day to see whether someone else has anything to add and then I'll send it to Freiexchange with you corrections.

I'll try and have a look tonight and get back to you.

I had a bit of a look and it looks pretty good but the second to last sentence caught my eye. I wonder whether this, "Along with the unique mining algorithm Slimcoin offers the ASICs resistant CPU mining algorithm and PoS." Should instead read "Along with a unique mining mechanism, Slimcoin offers the ASICs resistant CPU mining algorithm dcrypt, and PoS at 10% (might want to check this)" I thought it would be good to actually mention the algorithm's name to interest people  and I that using the word mechanism over algorithm would just make it a clearer distinction. Also, you may want to consider using the word minting over the word mining in some cases. Just some thoughts anyway. Feel free to ask for clarification if you need or to ignore if you think the original is more appropriate.

[johnwhitestar]

Were the 39% measured in SLM? In this case, I would explicitly add that (e.g. "[...] that by the recent estimates provides up to 39% of yearly profit (measured in SLM)" [...]).

I think it's impossible to provide a profit figure in USD, BTC or other currencies, as we can't predict the price evolution. If SLM recovers from the dip caused by the recent large dump then it's likely that the profit for PoB or PoS minters buying SLM now could be much superior. But it can also the other way around.

Agreed, the 39% of profit is in SLM as we've calculated a few posts ago together with some member of community.

I'm not sure we should add that it's calculated in SLM as in crypto-world it's always calculated in the currency we are speaking about (and you explained very well why) and also because it's the right thing to avoid deceptive advertising, but in the same time the goal of advertising is to put forth the advantages of the advertised thing. If we make too much remarks, brackets and * than the reader will got distracted and the message won't pass.

However if we decide to add that specification I'm ready to edit the text. Just keep in mind that we've already put some demotivator in our text, so if we go on with demotivators at some point advertising may not make too much sense.  

I had a bit of a look and it looks pretty good but the second to last sentence caught my eye. I wonder whether this, "Along with the unique mining algorithm Slimcoin offers the ASICs resistant CPU mining algorithm and PoS." Should instead read "Along with a unique mining mechanism, Slimcoin offers the ASICs resistant CPU mining algorithm dcrypt, and PoS at 10% (might want to check this)" I thought it would be good to actually mention the algorithm's name to interest people  and I that using the word mechanism over algorithm would just make it a clearer distinction. Also, you may want to consider using the word minting over the word mining in some cases. Just some thoughts anyway. Feel free to ask for clarification if you need or to ignore if you think the original is more appropriate.

Thank you very much for your notes.

I'll edit my text in agreement to your thoughts and will be back with the new one, as many improvements were already added.

I'd like to ask: Do we have PoS at 10% or we need to check it?

[d5000]

Agreed, the 39% of profit is in SLM as we've calculated a few posts ago together with some member of community.

I'm not sure we should add that it's calculated in SLM as in crypto-world it's always calculated in the currency we are speaking about (and you explained very well why) and also because it's the right thing to avoid deceptive advertising, but in the same time the goal of advertising is to put forth the advantages of the advertised thing. If we make too much remarks, brackets and * than the reader will got distracted and the message won't pass.

What about the following formulation: "that by the recent estimates provides up to 39% of yearly SLM returns" (instead of "yearly profit")?

I'd like to ask: Do we have PoS at 10% or we need to check it?

Yep, PoS is at 10%:

Code:

int64 nRewardCoinYear = nTime > POB_POS_TARGET_SWITCH_TIME ? (10 * CENT) : CENT;

(CENT is 0.01 SLM, so an 1-year-old 1 SLM utxo gets 0.10 SLM, or 10% of its value.)

I however have a bit a hard time to promote that because I consider that value relatively high, and I would like to see it lowered in a future hard fork. For now, a hard fork is obviously very difficult, but if we progress with the new Peercoin code implementation somewhen, then a HF will eventually become mandatory. It's obviously up to the community to decide a new PoS reward. And the high PoS rewards are surely a feature that can attract new users now. But if we change that in the future, they would surely feel cheated.

[johnwhitestar]

What about the following formulation: "that by the recent estimates provides up to 39% of yearly SLM returns" (instead of "yearly profit")?

Sounds good too me, edited!

Yep, PoS is at 10%:

Code:

int64 nRewardCoinYear = nTime > POB_POS_TARGET_SWITCH_TIME ? (10 * CENT) : CENT;

(CENT is 0.01 SLM, so an 1-year-old 1 SLM utxo gets 0.10 SLM, or 10% of its value.)

I however have a bit a hard time to promote that because I consider that value relatively high, and I would like to see it lowered in a future hard fork. For now, a hard fork is obviously very difficult, but if we progress with the new Peercoin code implementation somewhen, then a HF will eventually become mandatory. It's obviously up to the community to decide a new PoS reward. And the high PoS rewards are surely a feature that can attract new users now. But if we change that in the future, they would surely feel cheated.

In such case we'd better not mention the PoS profit we have, I think our main goal is to promote PoB, as it's the unique feature of SLM.


I'll publish the final version of announcement in few hours here to see whether I've been able to understand and consider all the suggestions. I think we need to send it to Freiexchange soon.

Update: I've got a very busy day so I was not able to work on the text. If someone has time to summarize what we've said so far that would be great, if not I'll try to put my hands on this during the next 24 hours.

Update 2019-12-13: I've edited our advertising announcement and here is the result I've got:
"Officially announced on May 17th, 2014 and fairly launched 4 days later Slimcoin is one of the few truly decentralized coins around, so whoever can join and contribute to its development and will be accepted as equal by the other contributors on the basis of his abilities and dedication. Its Proof-of-Burn (or virtual mining) algorithm, that by the recent estimates provides up to 30% of yearly SLM returns, grants to everybody the possibility to mine coins without any specific hardware and with a minimal computing power employed. It also contributes to a balanced power structure without an almighty elite and to a clean environment for the future generations. The economic model that is behind the Proof-of-Burn mechanism is not within the get-rich-fast logic, but rewards long-term involvement. So Slimcoin has a potential to shine should the traditional coin’s markets become saturated. Along with a unique mining mechanism, Slimcoin offers the ASICs resistant CPU mining algorithm dcypt and PoS. The community is active on Discord and Bitcointalk."

Please let me know if it's ok or whether there is something to change.

@eddycurrent: I've taken into consideration your suggestion to change "mining" into "minting" in the text but I'm not able to establish where it would be more appropriate.
We have the following expression with the word "mining" in our text: "virtual mining", "the possibility to mine coins", "unique mining mechanism"  and "ASICs resistant CPU mining algorithm dcypt".
The first 3 expressions are about PoB. Is PoB to be considered as minting instead of mining?
The last one is about CPU mining, so I wouldn't change it.

[eddycurrent]

@eddycurrent: I've taken into consideration your suggestion to change "mining" into "minting" in the text but I'm not able to establish where it would be more appropriate.
We have the following expression with the word "mining" in our text: "virtual mining", "the possibility to mine coins", "unique mining mechanism"  and "ASICs resistant CPU mining algorithm dcypt".
The first 3 expressions are about PoB. Is PoB to be considered as minting instead of mining?
The last one is about CPU mining, so I wouldn't change it.

To the best of my knowledge (I am not confident about this) I believe that PoS, PoB, ... are sometimes referred to as minting mechanisms, but I would like to get clarification/correction on that. I do not think that it is a major issue in this context, but might just be good for a bit of clarity. Unless someone else can confirm this I would be happy to leave it as "mining" to be on the safe side.

[casper77]

@eddycurrent: I've taken into consideration your suggestion to change "mining" into "minting" in the text but I'm not able to establish where it would be more appropriate.
We have the following expression with the word "mining" in our text: "virtual mining", "the possibility to mine coins", "unique mining mechanism"  and "ASICs resistant CPU mining algorithm dcypt".
The first 3 expressions are about PoB. Is PoB to be considered as minting instead of mining?
The last one is about CPU mining, so I wouldn't change it.

To the best of my knowledge (I am not confident about this) I believe that PoS, PoB, ... are sometimes referred to as minting mechanisms, but I would like to get clarification/correction on that. I do not think that it is a major issue in this context, but might just be good for a bit of clarity. Unless someone else can confirm this I would be happy to leave it as "mining" to be on the safe side.

let it be "mining"
POB is good due taking coins out of circulation forever in the process of burning, at the same time being a full-fledged imitation of the POW process, only without the need for purchase (or additional purchase) of mining equipment (GPU, ASIC, CPU, FPGA or what else will come up...  )

[gjhiggins]

FTR:

It's PoW mining, just as Iain Stewart described it back in Dec 2012: https://en.bitcoin.it/wiki/Proof_of_burn: "Burnt coins are mining rigs!"

printf("CPUMiner started for proof-of-burn\n");

https://github.com/slimcoin-project/Slimcoin/blob/dffb8f27dae301758523acce8de4359ce0d383aa/src/main.cpp#L5618:

Code:

                //hash it as if it was not our block and test if the hash matches our claimed hash
                uint256 hasher;
                GetBurnHash(pblock->hashPrevBlock, pblock->burnBlkHeight, pblock->burnCTx,
                                        pblock->burnCTxOut, hasher, use_burn_hash_intermediate(pblock->nTime));

printf("CPUMiner : proof-of-burn block found %s\n", pblock->GetHash().ToString().c_str());

Perhaps the advert could include a reference to the bitcoin wiki page because it attests to Slimcoin's status as a senior altcoin with a unique distribution mechanism.

Cheers

Graham