[ANN] official NovaCoin thread - the original PoS+scrypt coin.

[Balthazar]

The novaco.in services are down ATM, because the optic cable got a significant damage.

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[penek]

The novaco.in services available again

[Balthazar]

http://forum.seacraft.sc/en/index.php/topic/679-new-way-to-get-the-seacraft-%E2%80%93-crypto-currencies/#entry3004

 

[Balthazar]

Features planned for 0.4.4.6+

• Deterministic wallets, i.e. keychains generation from seed (user supplied or automatically generated, see Electrum for example);
• Separated databases for keys and transactions, instead of wallet.dat;
• Add support for free transactions and decrease the price for 1kb (i.e. bitcoin-like fees scheme);
• Remove lower output value limit for user and coinstake transaction types;
• Add maxtxfee configuration option and RPC call;
• Include PoW block txfees into the PoW block reward (like bitcoin does, to make transactions handling more profitable in comparison with empty PoW block generation).

Legenda:
Supported by users, investors and developers;
Questionable at the moment.

[Bitinvestor]

• Include PoW block txfees into the PoW block reward

If you do that then you should also include transaction fees in the PoS block reward. 

[Balthazar]

• Include PoW block txfees into the PoW block reward

If you do that then you should also include transaction fees in the PoS block reward.  

I think that PoS reward shouldn't include any fees, to maintain a deflationary component of emission process. Average rate of PoS blocks is 2/3 of total blocks rate, so ~2/3 of transaction fees will be destroyed by stake holders. However, a compromise is possible. For example, it's possible to include only a half of the fees, but for the both block types. But it technically complicates the system, so there is a lot of things to think about. That's why this idea was marked with the red color.

[Bitinvestor]

Average rate of PoS blocks is 2/3 of total blocks rate, so ~2/3 of transaction fees will be destroyed by stake holders.

I don't see why this would be a problem? I'm sure that many PoW miners are also PoS miners. One feature of PoS mining is that your inputs get approximately halved every time a block is found. Here's a hypothetical example:

You send 100NVC to your wallet. After 33 days you find a block and get 10NVC reward. Your 100NVC input gets split into two 55NVC inputs. 35 days later it splits into four 30NVC inputs and so on. After a year or so your inputs will be pretty small and it will take longer and longer to find a block. At the same time the difficulty is going up because of all these extra blocks. At this point one could start over and send the coins to a new address but that would most likely destroy a lot of coindays that would earn interest otherwise.

If you include transaction fees in PoS block rewards then this will offset some of the disadvantages that I have described, at least over the long term (transaction fees are minimal at the moment).

[Balthazar]

I'm sure that many PoW miners are also PoS miners.

That's correct, for p2pool miners especially.

One feature of PoS mining is that your inputs get approximately halved every time a block is found.

Split is performed only if input has age lower than 90 days. Otherwise it's possible to get something like this:

http://nvc.cryptocoinexplorer.com/block/a93367a106155ce82f1ff722d336476616bde54271c3bb8871adeeb155ed3dc2

Anyway, I admit that there is a sense in your proposal. Because even without fees destruction the system is able to maintain a deflation due to lost wallets and accidentally destroyed coins, for example.

[Balthazar]

https://bitcointalk.org/index.php?topic=297020.20

Another voting thread

[Bitinvestor]

betting on zerocoin if and when its released.

It's released a long time ago. Btw, zerocoin is not an altcoin.

Yesterday, Matthew Green from Zerocoin project posted this to his tweet:
https://twitter.com/matthew_d_green/status/401797786347114496
"We designed a new version of Zerocoin that reduces proof sizes by 98% and allows for direct anonymous payments that hide payment amount."
"We're going to release it as an alt-coin. It will take a few months to get it to that point. Bitcoin can do what it wants."
"We need a few months to clean up the code. We plan to release the client and an alt-chain."

http://www.reddit.com/r/Bitcoin/comments/1qtevg/zerocoin_reduces_proof_size_by_98_plans_to/

[Balthazar]

Bitinvestor

That's quite interesting news. I have been able to reduce proof size by 30-40% only. Will see... Although the 20-30kb proof size is not a serious problem, there are a lot of transactions with even higher size (something like 100kb) due to many inputs usage. This could be handled by regular fees.

[Balthazar]

Deterministic wallets, i.e. keychains generation from seed (user supplied or automatically generated, see Electrum for example);

First test of hierarchical keys generation algorithm.

1. Creation of public & private key trees using seed (unlocked wallet emulation):

http://pastebin.mozilla-russia.org/111069

2. Creation of public keys tree using master public key and master chain code (locked wallet emulation):

http://pastebin.mozilla-russia.org/111070

[sasquat]

hi there i'm a complete newb in this but, how do i start mining these on a pool?

[Bitinvestor]

hi there i'm a complete newb in this but, how do i start mining these on a pool?

http://cryptocur.com/novacoin-mining-guide-gpu/

[Balthazar]

sasquat
https://nvc.khore.org/gettingstarted
http://coinpool.ru/gettingstarted

You need to register a new account, create worker and then point your miner to URL which provided by pool. You can use cgminer, bfgminer or reaper with stratum-mining-proxy.

Settings will depend on your hardware. Here is an example for Radeon HD 7950:

Code:

cgminer --scrypt -I 18 -g 1 -w 256 --thread-concurrency 21712 --gpu-engine 1070 --gpu-memclock 1400 --gpu-vddc 1.089 --temp-target 80 --auto-fan -o stratum+tcp://coinpool.ru:3333 -u username -p password

P.S. I heard that the new versions of cgminer has no GPU mining support, so you have to use bfgminer or previous versions of cgminer.

[mrbickle]

Hi, I present you the new Ecoining Novacoin Pool with stratum and vardiff

Our aim is to have very stable pools with constant payouts.

http://novacoin.ecoining.com/

Please, check it out! The 20 first miners get 0% fee forever.
Thanks!!

MrBickle

[Balthazar]

Hi, I present you the new Ecoining Novacoin Pool with stratum and vardiff

Our aim is to have very stable pools with constant payouts.

http://novacoin.ecoining.com/

Please, check it out! The 20 first miners get 0% fee forever.
Thanks!!

MrBickle

Hi. First of all, congratulations with starting up.

But I should warn you that NVC uses own block format, that's why unmodified mining software can't work properly. Make sure that you are using an appropriate snapshot of StratumServer. Otherwise you'll lose mined blocks silently.

You need this to mine NovaCoin:

https://github.com/CryptoManiac/stratum-mining

P.S.

BitcoinTalk Official Sexcoin Thread

 

[Sangsara]

Hi, I present you the new Ecoining Novacoin Pool with stratum and vardiff

Our aim is to have very stable pools with constant payouts.

http://novacoin.ecoining.com/

Please, check it out! The 20 first miners get 0% fee forever.
Thanks!!

MrBickle

Hi, I can't connect to your pool though on nvc.khore.org with the same settings everything OK.
Everything OK.

[mrbickle]

Hi, I present you the new Ecoining Novacoin Pool with stratum and vardiff

Our aim is to have very stable pools with constant payouts.

http://novacoin.ecoining.com/

Please, check it out! The 20 first miners get 0% fee forever.
Thanks!!

MrBickle

Hi. First of all, congratulations with starting up.

But I should warn you that NVC uses own block format, that's why unmodified mining software can't work properly. Make sure that you are using an appropriate snapshot of StratumServer. Otherwise you'll lose mined blocks silently.

You need this to mine NovaCoin:

https://github.com/CryptoManiac/stratum-mining

Thanks for the info! Stratum has been updated and running as it should.

All those of you who want to help us testing the pool, will get 0% fee forever

Cheers!!

[mrbickle]

The first block has been found and payments are working fine

Thanks for your help!!

Remember first 20 miners get 0% fee forever and everyone else 0% until Christmas!

http://novacoin.ecoining.com/

Thanks for joining us!