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

[xorxor]

NovaCoin was the first PPC fork, but not a clone!
new versions ale coded standalone, not from new ver. of PPC.
 
major changes:

1. Scrypt chashing
2. initial reward of 100 not 10000
3. slower reward drop
PPCoin cuts a half from reward for every 16x diff adjustment.
NovaCoin cuts a half from reward for every 64x diff adjustment.
4. POW difficulty adjusted for scrypt
5. POS difficulty adjusted for 100 times less coins.
6. ROI for POS changed to 0.05 coin per 1 coinyear [dynamic from 4.1]



Specifications

Coin name: Novacoin
Coin ticker: NVC
Transaction confirmation method: PoS+PoW
Transaction fee: 0.001
Number of transaction confirmation: 6
Number of block confirmation: 520

PoS target spacing: 10 minutes
Max PoS reward: 10 coins
PoS interest halves: every x8 multiply of PoS difficulty
Min stake age: 30 days
Max stake age: 90 days

PoW algo type: Scrypt
PoW target spacing: 30 minutes
Max PoW reward: 100 coins
PoW subsidy halves: every x8 multiply of PoW difficulty

P2P port: 7777 (17777 for testnet)
JSON-RPC port: 8344 (18344 for testnet)


Wiki:
https://github.com/novacoin-project/novacoin/wiki
https://wiki.novaco.in/
https://new.novaco.in/wiki
http://devtome.com/doku.php?id=Novacoin
becool's FAQ (RU)

Sites:
http://novacoin.org/
https://novaco.in/
https://novacoin.ru/ (https://novacoin.su/)


origin:

  https://bitcointalk.org/index.php?topic=114712.0

windows binaries, blockchain snapshot:

 https://sourceforge.net/projects/novacoin/files

source

 https://github.com/novacoin-project/novacoin

[markm]

Its based on the broken version of PPCoin then? He didn't even wait for the fix before cloning it?

-MarkM-

[🏰 TradeFortress 🏰]

SCAM COIN - DO NOT USE

This is a SCAM coin. Here's why:

> Over 200k has being premined secretly by the developer. Every single premined cryptocurrency has died - the only currently surviving ones are those that are NOT premined

> 110k of the premined coins have being given to BTC-e as a bribe for them to accept this worthless coin.

> BTC-e censors chat, removes all negative criticism of NovaScam.

> Balthazar is still trying to deny that the premined coin exists, claiming a 60k premined figure, but BTC-e admitted that they got 100k NovaScam premined coins!  

SCAM COIN - DO NOT USE

[Balthazar]

Its based on the broken version of PPCoin then? He didn't even wait for the fix before cloning it?

-MarkM-

1) Fast checkpointing is still active.
2) PoS isn't active for now, because there are no coins with 30 day age
3) Fixes can be merged after upstream update.

So, there are no reasons to wait. 

[markm]

Is proof of work really only there as a way to distribute coins initially, or does it also rely on it for timing the blocks, that is, to try to make average time between blocks meet some target duration? I am wondering whether one could turn off proof of work entirely to make a purely proof of stake coin and use some other method of distributing coins initially. (Even maybe something as simple as getting a hundred or few hundred people lined up as initial stakeholders and dividing the total number of coins to them as initial stakeholders right from the start.)

-MarkM-

[Balthazar]

According to Gavin, PoS-only system can be easily DoS'ed by generating huge amount of invalid PoS blocks.

[markm]

Hmm if there is a minimum stake level though, maybe adjusted like difficulty, the maximum number of proof of stake blocks that could be generated would be however many times that minimum the total number of coins existing happens to be at that time.

For example if there are 21 million coins and minimum stake of 21, the clients could refuse to relay any blocks containing less than 21 stake thus would not have to deal with more than one million proof of stake block candidates in any one block-timespan.

If stake takes time to be useable, like generated coins, then you also get to divide again by say 120 if its 120 blocks, or the 500 or whatever that PPCoin makes stake wait before being unusable.

-MarkM-

[btc-e.com]

Start trading - https://btc-e.com/exchange/nvc_btc

[tacotime]

balthazar changed difficulty retargeting algorithm too, it's retargeting every single block according to novacoind

[DannyM]

Its based on the broken version of PPCoin then? He didn't even wait for the fix before cloning it?

-MarkM-

1) Fast checkpointing is still active.
2) PoS isn't active for now, because there are no coins with 30 day age
3) Fixes can be merged after upstream update.

So, there are no reasons to wait. 

The fix to PoS is a hard fork

[smoothie]

Seems like a waste of time.

"hey can I use your broken code?"

"yeah sure"

"okay here is a new product called BROKEN"

"yay!"

 

[dust]

Start trading - https://btc-e.com/exchange/nvc_btc

It's funny how NVC gets added to the exchange before PPC.

[tacotime]

coin price is crashing can not mine on the network because getwork takes 30s and the difficulty won't adjust fast enough because balthazar set it at a max of 1% per block...  this is especially bad for the pool which is getting stales above 50%.  the coin is basically dead in the water hours after its release.

[smoothie]

NVC price > LTC....LOL!

Buy it while it's still pumped guys!

[Sunny King]

Well congratulations to the first running ppcoin fork Okay I am a bit surprised but happy I think forks are endorsements of the value of our work and I don't mind more competition

[Balthazar]

Well congratulations to the first running ppcoin fork Okay I am a bit surprised but happy I think forks are endorsements of the value of our work and I don't mind more competition

Thanks.

coin price is crashing can not mine on the network because getwork takes 30s and the difficulty won't adjust fast enough because balthazar set it at a max of 1% per block...  this is especially bad for the pool which is getting stales above 50%.  the coin is basically dead in the water hours after its release.

Sorry, but it looks like typical "End of the World 21/12/12" prophecy. Everything and everyone will be dead (except of undeads, of course ), even Bitcoin. But it still have a sense to exists, because it can change something in our world.

[smoothie]

Well congratulations to the first running ppcoin fork Okay I am a bit surprised but happy I think forks are endorsements of the value of our work and I don't mind more competition

Thanks.

coin price is crashing can not mine on the network because getwork takes 30s and the difficulty won't adjust fast enough because balthazar set it at a max of 1% per block...  this is especially bad for the pool which is getting stales above 50%.  the coin is basically dead in the water hours after its release.

Sorry, but it looks like typical "End of the World 21/12/12" prophecy. Everything and everyone will be dead (except of undeads, of course ), even Bitcoin. But it still have a sense to exists, because it can change something in our world.

You are right...change NVC to BTC...profit lol 

[crazy_rabbit]

Start trading - https://btc-e.com/exchange/nvc_btc

It's funny how NVC gets added to the exchange before PPC.

Funny  haha? I think it's seriously odd that a fork of PPC would be added before PPC itself.

[smoothie]

Start trading - https://btc-e.com/exchange/nvc_btc

It's funny how NVC gets added to the exchange before PPC.

Funny  haha? I think it's seriously odd that a fork of PPC would be added before PPC itself.

+1 let's add the broken code from the fork...not the original. Sounds like a great idea! Let's do it!

[dreamwatcher]

So we have another coin where the source code is not readily available.

Are people really downloading and installing these daemons blindly? Anybody installing these "mystery" coins ever hear the term "Trojan Horse"?

The only files available on the source forge site are compiled installers.

If somebody could point us to the source code, perhaps the coin could be taken more seriously.

No, I am not going to run the installer to get the source code, as with the other legitimate coins, the source should be readily available.


Perhaps the link to the source code should be in the OP.  

https://github.com/CryptoManiac/novacoin

Thank you for the link Sunny.