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There are several different types of Bitcoin clients. The most secure are full nodes like Bitcoin Core, but full nodes are more resource-heavy, and they must do a lengthy initial syncing process. As a result, lightweight clients with somewhat less security are commonly used.
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Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
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Evil-Knievel
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April 06, 2016, 04:19:26 PM |
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But you didn't answer my first question.
What is the total max supply of ELC?
Sorry, missed that! Maximum supply is 5 million ELC. Thanks. How possible? Can't people can send as much BTC as they like in the presale and each 1 BTC creates 8K-4K ELC? Or is there a hard cap of how much BTC is accepted? On the website there is a section "How many Elastic Coins you get": It basically tells you how many ELC you will receive and this depends on when your donation appears in the blockchain. It is a fixed amount and can be calculated from the current block number (actually the number of the block where the donation appears for the first time). If there are any ELC of the 5 million ELC left in the end, they will be given away to all who have donated. If not then not. But all this is on the website. Maybe someone of you can make the description a bit more understandable? I agree that the website is written "too complicated". Lannister is responsible for the website but I am sure he will be happy about any pull requests. The source code of the website should be in the project's github. |
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Evil-Knievel
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April 06, 2016, 04:21:24 PM |
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When I sell my Lisk and Augur rep I am going to buy a few percent of remaining coin. I will then offer some bounties for some github contributions. Currently I am pondering which method of verifying computation to pursue. Soon I will be developing on code valley I will see what I can do for this there.
Great! Yes, the exact method of verifying computation is a big discussion point throughout the community. We are all glad to have you on bord for discussion and brainstorming. We have developed a few ideas which are scattered across several threads. I hope I find some time to summarize them. |
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Evil-Knievel
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April 06, 2016, 04:25:59 PM |
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How possible? Can't people can send as much BTC as they like in the presale and each 1 BTC creates 8K-4K ELC? Or is there a hard cap of how much BTC is accepted?
it is strictly capped. If 5 million ELC are given away earlier than the time bitcoin block 425920 is mined, then the ELC giveaway stops. As far as I recall, the software will refund any donations after that automatically. This is at least the last status that I know of, I cannot see the code for the donation thing as its not on github anymore.  Lannister, you could consider making it open source again so everyone can check himself. |
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xibeijan
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April 06, 2016, 05:00:39 PM |
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How possible? Can't people can send as much BTC as they like in the presale and each 1 BTC creates 8K-4K ELC? Or is there a hard cap of how much BTC is accepted?
it is strictly capped. If 5 million ELC are given away earlier than the time bitcoin block 425920 is mined, then the ELC giveaway stops. As far as I recall, the software will refund any donations after that automatically. This is at least the last status that I know of, I cannot see the code for the donation thing as its not on github anymore. Lannister, you could consider making it open source again so everyone can check himself. How will you get pharma/scientists to try your platform? You'd need to make it free to get them to try it. You'd need people using it, not just speculating on it. How can you deal with data storage? They often need to load and save big data sets... |
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ottobene
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April 06, 2016, 05:23:32 PM |
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Find it. How i can verify that I was sent this btc? |
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Dazza
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April 07, 2016, 12:01:07 AM |
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Just checking in to let you all know that I haven't dropped off the face of the planet.
It's 1AM here in Scotland. I'm going to bed.
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Evil-Knievel
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April 07, 2016, 06:08:59 AM |
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Just checking in to let you all know that I haven't dropped off the face of the planet.
It's 1AM here in Scotland. I'm going to bed.
Great to hear that. I have been recently pretty busy with implementing and also had less time for brainstorming. I hope that will change very soon, or at least that I find the right balance between these two.  Hope you had a good night. |
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xibeijan
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April 07, 2016, 06:12:51 AM |
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Small update: Yesterday I was talking about the part of the guy that gives detailed info about the proof-of-stake mining process, including all "mining" accounts as well as their expected "time to block". I was also talking about a graph that I planned to add to the bottom.
Here is what I have just committed to the github repository. Not yet 100% working (i will finish that tonight) but it should be clear in which direction this goes.
But again, a question to the community: do you like detailed "staking" information or does it confuse you too much?
Staking info is a good idea and will be more "fun" if it's visible... I think I heard somewhere that you must not reuse addresses/pubkeys if you are using bitcoin's crypto as multiple spends from same address could reveal private key. In addition to my questions above give some details about your SDK and some example problems it can solve. |
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Evil-Knievel
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April 07, 2016, 08:06:33 AM |
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I think I heard somewhere that you must not reuse addresses/pubkeys if you are using bitcoin's crypto as multiple spends from same address could reveal private key.
This is only the case if the programmer is unskilled and signs two different transactions from the same address using "the same random number" (which is not random of course). There have been a few script kiddies who used like 32bit integers as random numbers and (if you were unlucky) chances were high that the same "random number" was picked twice. For the new "deterministic Signatures" as they are implemented in Bitcoin, as well as for every other approach using strong random numbers with sufficient entropy, this is not an issue at all. In addition to my questions above give some details about your SDK and some example problems it can solve.
The SDK is not built yet but I think that Elastic is gaining momentum now as ore and more interested and skilled people come on bord. One very simple example could be to just take a CPU mining coin, and let the Elastic Network mine for you. I am sure that there will be a lot of discussion about the SDK once it is done. |
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unsoindovo
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https://locktrip.com/?refId=40964
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April 07, 2016, 08:19:36 AM |
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but FoldingCoin, isn't something similar to Elastic???
or ELC is different?
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Evil-Knievel
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April 07, 2016, 08:29:53 AM |
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but FoldingCoin, isn't something similar to Elastic???
or ELC is different?
FoldingCoin is similar, but it is only doing one specific task: it is calculating some medical algorithm to find ways to cure some diseases. It is only doing this and nothing else. The Elastic Project will be more than that: the vision is that everyone is able to submit work that is then calculated by the network. This is algorithmically really interesting and a very hard challenge though. Also, from what I understand, FoldingCoin is centralized and relies on the Folding@home project which is hosted centrally. Based on the work done, the admins of Folding@home can then distribute FoldinCoins. This opens up space for manipulation imho. Elastic Coin will be entirely decentralized which again opens many interesteing and challenging research questions. Trust is not required here, just the way it is the case for Bitcoin. |
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xibeijan
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April 07, 2016, 09:30:53 AM |
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For the new "deterministic Signatures" as they are implemented in Bitcoin, as well as for every other approach using strong random numbers with sufficient entropy, this is not an issue at all.
Correct answer. The SDK is not built yet but I think that Elastic is gaining momentum now as ore and more interested and skilled people come on bord.
One very simple example could be to just take a CPU mining coin, and let the Elastic Network mine for you.
I am sure that there will be a lot of discussion about the SDK once it is done.
How could this be used for mining other coins? 1. if would be harder to set up and use than a mining pool... 2. other coins will have 1min block time, so by the time ELC txs with answers/payments confirm (1min +) it will be to late. 3. what prevents workers/sellers from stealing the coins they mine for you 4. circular reasoning: why would anyone pay good ELC to mine some other junk crypto? |
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nihilnegativum
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April 07, 2016, 10:04:32 AM |
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but FoldingCoin, isn't something similar to Elastic???
or ELC is different?
Folding helps folding@home project, Elastic you can hire hashpower for any project. |
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BigBoom3599
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April 07, 2016, 10:05:25 AM |
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Folding helps folding@home project, Elastic you can hire hashpower for any project.
Computing power not hash power |
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nihilnegativum
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April 07, 2016, 10:21:16 AM |
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Folding helps folding@home project, Elastic you can hire hashpower for any project.
Computing power not hash power Yes, (almost) arbitrary computation, right? I wanted to say that imo its closer to a decentralized hashrental (and will probably function as one at least if no elastic is given to boinc projcets) than folding of gridcoins. |
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hunterwolf
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April 07, 2016, 09:07:41 PM |
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my first message this topic but i watch closely from starting. i really like your project and wish you the best.
Good luck all
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cryptodv
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April 07, 2016, 10:44:16 PM |
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Just sent over some BTC, l like the project a lot . Good Luck!
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xibeijan
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April 07, 2016, 11:06:21 PM |
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How could ELC be used for mining other coins?
1. if would be harder to set up and use than a mining pool...
2. other coins will have 1min block time, so by the time ELC txs with answers/payments confirm (1min +) it will be to late.
3. what prevents workers/sellers from stealing the coins they mine for you
4. circular reasoning: why would anyone pay good ELC to mine some other junk crypto?
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Evil-Knievel
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April 07, 2016, 11:56:58 PM |
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How could ELC be used for mining other coins?
1. if would be harder to set up and use than a mining pool...
2. other coins will have 1min block time, so by the time ELC txs with answers/payments confirm (1min +) it will be to late.
3. what prevents workers/sellers from stealing the coins they mine for you
4. circular reasoning: why would anyone pay good ELC to mine some other junk crypto?
Just some thoughts how this might work. I do not want to say something "binding" as the final design is still to be defined. But mining other coins could work like any other mining application: 1. Create block template, meaning creating a new block with everything set except the nonce and the timestamp. This block template contains the coinbase transaction that would pay you. 2. Create a custom algorithm that says "take this block template" and "shuffle timestamp as well as the nonce" until the hash of the block meets a value X. Value X is also hardcoded and contains the current required difficulty. 3. You submit that task to the Elastic network and all "Elastic Workers" start working on your block. They both periodically send "proof-of-works" that prove that they are working and so that they get paid regularily, but they will also submit the solution if your predefined condition (hash of the block meets a value X) is met. 4. You do not need to wait for a confirmation, they send you the nonce + timestamp via the blockchain and you get your result with 0-confirmations. 5. You take the nonce+timestamp, then you construct the block that you have created a template for in step 1, and push it to the other coin's network. 6. Nobody can take your coins or anything, because they all have worked on the block template containing the coinbase transaction that will pay you (and nobody else) All this would have to be automated somehow and yes, this is harder to setup, but I think that once Elastic is working many people will develop "apps" or "scripts" for it. |
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