[ANN][XMINE]MineCoin | 100% POW | Scrypt | No ICO | (Ticker changed)

[Lucky7btc]

I am going through the Coin definitions and I see that it has a maximum coin amount of 84,000,000 coins.
With the current payout of 100 coins per mined block and the halving happening at block 840,000.   The halving of the coin will happen at the Max supply of the coin.  At the current rate, I foresee less than a year of mining the coin before we reach the maximum supply of the coin.  I have some interesting ideas for the coin, I would like to see a longer lifetime for the coin, without changing the PoW base of the coin. 

I need some input from the community of XMINE (MineCoin) owners on how we handle the halving or the maximum supply of coins.
 - if we do nothing the coin will be mined to the maximum number of coins and then mining (and the blockchain) will stop.

• Option 1: change the halving of the coin to happen sooner than later, and modify the maximum supply of coins to to align with the halving block           number.
  
  • ex: if the halving were to occur at every 600,000 blocks then the coin supply would be re-calculted based on that number.
• Option 2: a more drastic change in the mining reward by dropping it an order of magnitude (from 100 coins to 10 coins per block) to extend the lifetime of the coin.  And then again later on, another drop in order of magnitude from 10 coins to 1 coin per block as a mining reward.
  
• Option 3: other suggestions from the community.
  

Before I start committing changes to the coin I would like to hear feedback on the options for MineCoin.

I think option 1 is an excellent ideal and lowering the max supply of coins!

[midnight_miner]

Here are the 2 options I am considering for the upcoming XMINE wallet update.

Both changes start the reward halving at block 520 000 (approx. in 2 weeks), and reward halving will occur every 80 000 blocks there after.

Option 1:

• At block 520 000 reduce reward to 64 XMINE
• Halving every 80 000 after that (32, 16, 8 )

Coin supply at block 840000:
Premine:   8.4 Mil
Blk 520K: 52.0 Mil
Blk 600K:  5.12 Mil
Blk 680K:  2.56 Mil
Blk 760K:  1.28 Mil
Blk 840K:  0.64 Mil
============
  70.0 Mil

Option 2:

• At block 520 000 reduce reward to 50 XMINE
• Halving every 80 000 after that (25, 12, 6) integers, no decimal coins

Coin supply at block 840000:
Premine:   8.4 Mil
Blk 520K: 52.0 Mil
Blk 600K:  4.0 Mil
Blk 680K:  2.0 Mil
Blk 760K:  0.96 Mil
Blk 840K:  0.48 Mil
============
  67.84 Mil

-----------------------------------------------------------------------------------------------

In approximately a year, when nearing block 840 000 we can decide if we continue the mining reward past block 840k at the next halving reward.

Please let me know your thoughts as I would like to release the new wallet as soon as possible to get the mining pools enough time to update the wallet for the block rewards change.

[Lucky7btc]

Option 2 is my pick

[midnight_miner]

It would be good to know which pools are still mining XMINE.

I know there are a couple mining in my pool and others are self mining.

If you see XMINE in mining pools drop a line here so I can let them know of the updated wallet.

[Alec40Gr]

vote for option 2

[ranggawulung]

where bounty  ?

[midnight_miner]

where bounty  ?

Bounty for what in particular?

[midnight_miner]

New Wallet to be Released this Week

I will start a new thread with the re-release of the coin.

Updates the core so that new features can be added to the coin.

Stay tuned!

[midnight_miner]

Because I was side track by other things I was not able to implement the changes in the PoW rewards in time for the schedule listed in the post above (Option 1 or Option2).  So here is the new PoW rewards schedule for the next wallet release.

At block 700 000 reduce reward to 16 XMINE
Halving every 200 000 blocks after that (16, 8, 4, 2, 1 )

Coin supply at block 840000:
Premine:   8.4 Mil  (not my premine, but it is mostly sitting here: MAodh4Nyb4fXMQsgYDhsEXbNouq9mpv5um)
Blk 700K: 70.0 Mil  (100 XMINE per block)
Blk 900K:  3.2 Mil  ( 16 XMINE per block)
Blk 1.1M:   1.6 Mil  (  8 XMINE per block)
Blk 1.3M:   0.8 Mil  (  4 XMINE per block)
Blk 1.5M:   0.4 Mil  (  2 XMINE per block)
Blk 1.7M:   0.2 Mil  (  1 XMINE per block)
============
Total        84.6 Mil

When we near block 1.7M we can decide if the coin continues to reward 1 XMINE per block or drop to Transaction Fees only.  This will be put to the community and also we will analyze the amount of transactions and reward for miners at that time.  If there are not enough transaction Fees to support miners the Money Supply could be extended to 90M XMINE and continue a 1 XMINE reward per block.  But that is something that can be discussed in a years time when we near that point.

I am considering buying up a block of XMINE and posting the address as a Development or Promotional Fund.  This could help reduce the money supply by holding a large amount of the money supply out of circulation.

[midnight_miner]

I believe everything is in place for the new wallet.  Still doing some testing.  It is based on Bitcoin/Litecoin core 0.10.x, that should include core features to assist in extending the coin in the future.

I will start a new thread for the wallet release and post the link here.

[Ryan Dugan]

Will you be holding any bounty contests ? Maybe some promotional deals ? I might take a gamble and spend a bit renting miners to get some xmine coins then hood for awhile and see if I dump or hold longer. That would depend on the Dev. It is up to him whether or not he dumps or stays.

[midnight_miner]

Will you be holding any bounty contests ? Maybe some promotional deals ? I might take a gamble and spend a bit renting miners to get some xmine coins then hood for awhile and see if I dump or hold longer. That would depend on the Dev. It is up to him whether or not he dumps or stays.

Bounty contests are fun, need to set up a list of bounties that are popular.

I am open to ideas and suggestions.

I am a dev that doesn't really sell or dump coins.  I keep building and collecting.  You never know when crypto might actually be worth something someday!

[midnight_miner]

IF YOU ARE RUNNING A MINING POOL or SOLO MINING XMINE

Here is the link to the latest code for the wallet:

https://github.com/midnight-miner/minecoin-dev/tree/minecoin-dev-0.10.x

The code is stable and I will be merge it into the stable release.

The fork will occur at block 700k, so please update your wallet before then ( a week or two).

I will update my seed nodes and have a windows wallet available in the next few days.

[midnight_miner]

MOVED to NEW TOPIC FOR RELAUNCH

https://bitcointalk.org/index.php?topic=1726007

[pumas26]

please new work addnode