MonetaryUnit Coin Swap Poll

[pjcltd]

As per

Happy to announce that pjcltd will be taking over as technical lead for the MonetaryUnit project.

pjcltd will be leading the transition over, and as a community we need to finalise how we want the new MUE to be.
ETH, DASH,?
hashimotodagger, x11, scrypt

This will be an important project and we will manage the transition as a senior team and a community together.
This will open up a huge array of possibilities over the long term, and in the short term address many concerns regarding network hashrate, pool issues, services no longer active etc

I am still awaiting updates from UpgradeAdvice, however he is not being forthcoming with any resolutions.

We are looking to move MUE onto a new Algo with lots more features  but we would like this to be a joint thing not just us telling you what we are going to do.

Theirs lot of different coins / Algos out there  that have done well and are very stable.
So with that in mine we would like your ideas / comments on this poll.
If you want us to add different Coin’s / Algos  let me know and I will add them to list

thanks
Paul

[bizzyb]

As per

Happy to announce that pjcltd will be taking over as technical lead for the MonetaryUnit project.

pjcltd will be leading the transition over, and as a community we need to finalise how we want the new MUE to be.
ETH, DASH,?
hashimotodagger, x11, scrypt

This will be an important project and we will manage the transition as a senior team and a community together.
This will open up a huge array of possibilities over the long term, and in the short term address many concerns regarding network hashrate, pool issues, services no longer active etc

I am still awaiting updates from UpgradeAdvice, however he is not being forthcoming with any resolutions.

We are looking to move MUE onto a new Algo with lots more features  but we would like this to be a joint thing not just us telling you what we are going to do.

Theirs lot of different coins / Algos out there  that have done well and are very stable.
So with that in mine we would like your ideas / comments on this poll.
If you want us to add different Coin’s / Algos  let me know and I will add them to list

thanks
Paul

Thanks Paul, I've voted.

We've discussed plenty within slack about potential tweaks etc managing accessibility to users with limited resources & funds etc & also with swrtse about potential tweaks to transaction processing to allow fair and non elitist exclusivity based on tx fee looking at as close to a FIFO type model as possible (more research is ongoing).
I'm sure discussions will continue.

My personal preference is a Dash clone with some amendments that looks something like this;

• 40 mue per block every 40 seconds as is currently
• Reduction in coin cap to 4 billion (4,000,000,000) rather than the essentially unlimited cap at the moment (though it would actually take millions of years to mine the quadrillion cap) - I think perception is such a huge factor in adoption, and I think changing this will help the project a great deal.
• Change in Master Node parameters - The_Prof and I liked the idea of making "master nodes" more accessible than they are currently for Dash ($13000/1000 Dash each) - If we could offer some kind of "tiered" master nodes, maybe 3-5 levels of tier, starting at the cheapest moving upwards & maybe some kind of pro-rata reduction in the %return for each tier of node
• Development fund - The sustainable & self funding model of dash is fantastic & we could look to utilise this to fund Bounties, services, marketing etc

[Swtrse]

Since I can not vote for some reason.

My vote goes to: Dash X11

[br541]

same here, dash x11

[Redrose]

The best is by far no change. Changing it to X11 will mean the death of mining to the big farms and ASICs.

[bizzyb]

The best is by far no change. Changing it to X11 will mean the death of mining to the big farms and ASICs.

Thanks for the input, the sad fact is Quark algo has inherent issues that several pools have removed MUE because of, and also, we simply don't get the interest of miners because Quark algo is pretty much disregarded.

[bathrobehero]

It would be a shame if it would get turned into an ASIC coin with x11.

[bizzyb]

It would be a shame if it would get turned into an ASIC coin with x11.

Hi, thanks for the feedback.
Any suggestions for an alternate route we could take?
Thanks

[raphma]

i would go with scrypt.

[bizzyb]

i would go with scrypt.

Hi, any particular reason, or is it an algo you just prefer?
Thanks

[bathrobehero]

Scrypt as a single algo is terrible because ASICs can kick the difficulty to the moon and leave so the blockchain will stuck for hours - regardless of difficutly retarget.
Some coins are turning away from it or at least adding other algos as well which can keep the blockchain moving.

SHA256, scrypt and now x11 has ASICs but barely any people own them compared to CPUs and GPUs so it causes poor distribution.

I think the best is to have a mix of algos so everyone is happy. By everyone I mean let's say 1 CPU friendly algo, one or two ASIC algo and a couple GPU algo.

[shadowrider26]

It would be a shame if it would get turned into an ASIC coin with x11.

Hi, thanks for the feedback.
Any suggestions for an alternate route we could take?
Thanks

I would prefer to see an algo or a couple of algos added - keep quark as well. Especially if you go POS.

[Abiky]

I would prefer Dash's X11 algorithm as well as Masternodes feature. I have the feeling that it will be very beneficial towards the long term success of MonetaryUnit. Perhaps, reducing the coin supply a little bit might make MUE a little more scare thus making an increase in value. Just my opinion. 

[rahmad2nd]

about supply ?? so MUE will keep 100M supply or more ??

[Dev_Sempak_coin]

 Other (supports master nodes)
i vote for support master nodes, that's make people keep buying and hold mue, but we must increase the minimum balance maybe 1m mue.

[bizzyb]

about supply ?? so MUE will keep 100M supply or more ??

In my post above I've suggested a reduction in cap from 1,000,000,000,000,000 (1 US quadrillion) to 4,000,000,000 (4 US billion).
The initial principles of MUE being accessible to new users, and also being a relatively low value per unit crypto are still very important, but fact is, I set up the coin initially to do as much as I could to put off the sort of crypto people who like to take advantage, one of those things I did being the ludicrous coin cap.

MUE is currently divisible to 5 decimal places, though the new coin will be divisible to 8 decimal places like BTC is "currently" (I bet that will change again if BTC hits big numbers).
Happy to hear suggestions about coin cap, though we should still keep in mind the principles above.

[bizzyb]

Other (supports master nodes)
i vote for support master nodes, that's make people keep buying and hold mue, but we must increase the minimum balance maybe 1m mue.

Yeah, the true "master nodes" I think should require a significant investment.
It helps reduce the liquidity in the market, and also potentially motivates investors to buy MUE, all helping increase the price.

As my post above suggests, The_Prof and I both like the idea of tiered "nodes" with incremental % return, and incremental cost in MUE.
Obviously the top tier Master node would cost the most and give the greatest return, however, to improve the accessibility of nodes we could have tiers something like:
Noob Node - 10,000 MUE - 2% return
Ninja Node - 50,000 MUE - 4% return
Monster Node - 100,000 MUE - 6% return
Master Node - 1,000,000 MUE - 10% return

I'm just making up the names & the return %, but hopefully you get what I mean.
We'd have to look carefully at these numbers to make sure they work.

edit:
Also, I wonder whether we could implement some kind of "lock-in" period for the masternodes, or whether that would even be appealing?
I think if you want the benefit of the node % return, then you should be willing to lock in your MUE for at least a fixed term, again, helping decrease the liquidity of the market.

[Redrose]

To add something, if a change would ever to be done, I would still prefer that the new algorithm would Qubit, Keccak or better than else Lyra first of the name. The two ones because they'll never be ASIC-attacked and the last one for the really low power consumption. Best is still no change.

[Abiky]

Other (supports master nodes)
i vote for support master nodes, that's make people keep buying and hold mue, but we must increase the minimum balance maybe 1m mue.

Yeah, the true "master nodes" I think should require a significant investment.
It helps reduce the liquidity in the market, and also potentially motivates investors to buy MUE, all helping increase the price.

As my post above suggests, The_Prof and I both like the idea of tiered "nodes" with incremental % return, and incremental cost in MUE.
Obviously the top tier Master node would cost the most and give the greatest return, however, to improve the accessibility of nodes we could have tiers something like:
Noob Node - 10,000 MUE - 2% return
Ninja Node - 50,000 MUE - 4% return
Monster Node - 100,000 MUE - 6% return
Master Node - 1,000,000 MUE - 10% return

I'm just making up the names & the return %, but hopefully you get what I mean.
We'd have to look carefully at these numbers to make sure they work.

edit: This would be a worthy replacement for the MUE Banking services, which by their nature were "centralised".
Also, I wonder whether we could implement some kind of "lock-in" period for the masternodes, or whether that would even be appealing?
I think if you want the benefit of the node % return, then you should be willing to lock in your MUE for at least a fixed term, again, helping decrease the liquidity of the market.

This would definitely be a great way to attract more investors into MUE. I see this as a well thought out plan to keep investors supporting masternodes thus making the MUE network stronger and adding value to the coin itself. If this would be the path that MUE would take, then so be it for long term success.

I would be the one of the first investors for this. Just let me know when its ready and I will gladly support the MUE network by 100% 

[notsofast]

I like the idea of simple changes being the easiest to manage.

Tiered masternodes carry a huge risk: equal voting rights between all tiers means a cloud of the cheapest nodes can take over the network. A large MUE holder could run a ton of noob nodes and sway any vote, including pulling an unfair share of the masternode rewards via the delegating process.

One healthily expensive masternode per IP would be the safest, IE 1 million MUE. Obviously you can run more than one, but it'd be challenging to run enough to create unfairness in the network, and you don't have to puzzle over fairness of relative pricing.

Mining algo is a tough choice. I like CPU-mineable algos that stay true to MUE's original vision of Me, U, and Everyone being able to mine it. Coding a pool interface, where the user can enter pool info and mine directly from the wallet, would be fantastic in supporting this vision, and wouldn't screw over casual CPU miners if/when GPU mining is available for whatever algo is chosen (if it's not been developed already).