[ANN] Mincoin Cryptocurrency Project, World's Fastest Rare Altcoin [ANN]

[Chicago]

Hello,

    Previously, we shared a visualization showing off the efficiency of our new SplashGuard difficulty adjustment algorithm based on the Dark Gravity Wave v3 code designed by Evan Duffield of Dash.

    Now, I would like to share with you the classic Mincoin difficulty adjustment algorithm behavior with regard to target spacing.



    The observer should take note of the wild oscillations in target spacing which were an artifact of the asynchronous difficulty adjustment method Mincoin developers had adapted from the original Satoshi client.

    The chart above represents the average target spacing for each interval after the block 75,000 Hard Fork from June of 2013, ending at height 118,200.

    Back then, the difficulty would adjust every 60 blocks. If an army of GPU workers or early Scrypt ASICs started hashing the chain, blocks would be solved quickly and the new difficulty would be disproportionately high. When those workers stopped solving blocks, the loyal miners were stuck with a high difficulty level for several intervals and block target spacing would greatly exceed 60-seconds.

    The cycle was self-fulfilling. The profit-switching pools would find Mincoin's difficulty level extremely profitable on the various exchanges of the day and then thousands of workers would start hashing the chain and continue to solve blocks until the difficulty level was no longer profitable. After the pools abandoned Mincoin, those remaining loyal miners would continue working to solve blocks over several intervals until the difficulty dropped to safe levels restoring a 60-second target spacing. As soon as the difficulty had dropped, the profit-switching pools would return and the cycle would begin once more to drive up the difficulty by solving blocks much more quickly than the target of 60-seconds.

    The outcome was not sustainable, ideal or even fair to Mincoin users who relied on fast transaction processing and 60-second blocks.

    We believe the problem has been solved. The root cause of the problem had been identified to be great variance in the network hashrate over short periods of time. By adjusting the difficulty every block, averaging over a window of 60 blocks; Mincoin's SplashGuard is much more responsive to the dynamic nature of changing hashrate in an environment where profit-switching pools are welcome and contribute to securing the blockchain.

Best Regards,
-Chicago

[Chicago]

Hello sserge009,

Is there any chance of implementing some modern and popular features, such as, for example, MasterNode’s, InstantX, Stealth, Tor, PrivateSend, Mixer, etc.?

    From the above list - we do have Tor service provided for the Mincoin network.
    Depending on whether you're using Linux/macOS/Windows the way to get the Tor proxy running is a bit different.

    On Linux, you'd simply install the Tor service and start it - and then you'll have the proxy listening on 127.0.0.1:9050.
    On macOS, you can use MacPorts to install Tor and then type "tor" to start the proxy.
    On Windows, download the Expert Bundle and unzip it and then double-click on the tor executable.

    After your Tor proxy is running, you can launch Mincoin with the following included inside of mincoin.conf.

    onlynet=Tor
    proxy=127.0.0.1:9050

    We're still working out some quirks with the crawlers and DNS Seeds so that each of them will offer onion nodes.
    We want the DNS Seeds to enable bootstrapping over the Tor network without any addnode entries.

    However, if you do find any trouble there, you can add fkhwktieszixa2d2.onion and cyixu5mrodmjbkpr.onion as addnode entries and you should be able to use the network entirely from Tor.

Best Regards,
-Chicago

[SuperTramp]

Hello sserge009,

Is there any chance of implementing some modern and popular features, such as, for example, MasterNode’s, InstantX, Stealth, Tor, PrivateSend, Mixer, etc.?

    From the above list - we do have Tor service provided for the Mincoin network.
    Depending on whether you're using Linux/macOS/Windows the way to get the Tor proxy running is a bit different.

    On Linux, you'd simply install the Tor service and start it - and then you'll have the proxy listening on 127.0.0.1:9050.
    On macOS, you can use MacPorts to install Tor and then type "tor" to start the proxy.
    On Windows, download the Expert Bundle and unzip it and then double-click on the tor executable.

    After your Tor proxy is running, you can launch Mincoin with the following included inside of mincoin.conf.

    onlynet=Tor
    proxy=127.0.0.1:9050

    We're still working out some quirks with the crawlers and DNS Seeds so that each of them will offer onion nodes.
    We want the DNS Seeds to enable bootstrapping over the Tor network without any addnode entries.

    However, if you do find any trouble there, you can add fkhwktieszixa2d2.onion and cyixu5mrodmjbkpr.onion as addnode entries and you should be able to use the network entirely from Tor.

Best Regards,
-Chicago

I followed this ^ Exactly and it worked perfectly for me! We will need to get a more elegant solution for this in the near future but it is Great that it works!
Thanks again Chicago, Great Work !!


-ST

[lovableseahorse]

how many tokens in total are you issuing?

[Xieta]

how many tokens in total are you issuing?

There will only ever be 10 million mincoins.
Today there are only 3.9 million mincoins.

It is a 10 year emission and there are 2 MNC rewarded every minute.

[SuperTramp]

Hello,

    Previously, we shared a visualization showing off the efficiency of our new SplashGuard difficulty adjustment algorithm based on the Dark Gravity Wave v3 code designed by Evan Duffield of Dash.

    Now, I would like to share with you the classic Mincoin difficulty adjustment algorithm behavior with regard to target spacing.



    The observer should take note of the wild oscillations in target spacing which were an artifact of the asynchronous difficulty adjustment method Mincoin developers had adapted from the original Satoshi client.

    The chart above represents the average target spacing for each interval after the block 75,000 Hard Fork from June of 2013, ending at height 118,200.

    Back then, the difficulty would adjust every 60 blocks. If an army of GPU workers or early Scrypt ASICs started hashing the chain, blocks would be solved quickly and the new difficulty would be disproportionately high. When those workers stopped solving blocks, the loyal miners were stuck with a high difficulty level for several intervals and block target spacing would greatly exceed 60-seconds.

    The cycle was self-fulfilling. The profit-switching pools would find Mincoin's difficulty level extremely profitable on the various exchanges of the day and then thousands of workers would start hashing the chain and continue to solve blocks until the difficulty level was no longer profitable. After the pools abandoned Mincoin, those remaining loyal miners would continue working to solve blocks over several intervals until the difficulty dropped to safe levels restoring a 60-second target spacing. As soon as the difficulty had dropped, the profit-switching pools would return and the cycle would begin once more to drive up the difficulty by solving blocks much more quickly than the target of 60-seconds.

    The outcome was not sustainable, ideal or even fair to Mincoin users who relied on fast transaction processing and 60-second blocks.

    We believe the problem has been solved. The root cause of the problem had been identified to be great variance in the network hashrate over short periods of time. By adjusting the difficulty every block, averaging over a window of 60 blocks; Mincoin's SplashGuard is much more responsive to the dynamic nature of changing hashrate in an environment where profit-switching pools are welcome and contribute to securing the blockchain.

Best Regards,
-Chicago

That is a Night/Day Difference IMO!
And we have had some incredible fluctuations in MinCoin's network hashrate since this last Hard-Fork!
Thanks again for posting these graphs Chicago! 

-ST

[Xieta]

Good times, looks like the network hashrate is up 5x from 48 hours ago which is nice.

[cryptofarmer]

Mincoin pool added to:
www.Mining-Dutch.nl

[Xieta]

    Thanks for supporting Mincoin on your pool!

Mincoin pool added to:
www.Mining-Dutch.nl

    We welcome all of the new workers!

[SuperTramp]

Mincoin pool added to:
www.Mining-Dutch.nl

Wow!
This is GREAT!! Thanks for adding MinCoin!

  **Updated OP With New Pool Link**

-ST

[sserge009]

Hello sserge009,

Is there any chance of implementing some modern and popular features, such as, for example, MasterNode’s, InstantX, Stealth, Tor, PrivateSend, Mixer, etc.?

    From the above list - we do have Tor service provided for the Mincoin network.
    Depending on whether you're using Linux/macOS/Windows the way to get the Tor proxy running is a bit different.

    On Linux, you'd simply install the Tor service and start it - and then you'll have the proxy listening on 127.0.0.1:9050.
    On macOS, you can use MacPorts to install Tor and then type "tor" to start the proxy.
    On Windows, download the Expert Bundle and unzip it and then double-click on the tor executable.

    After your Tor proxy is running, you can launch Mincoin with the following included inside of mincoin.conf.

    onlynet=Tor
    proxy=127.0.0.1:9050

    We're still working out some quirks with the crawlers and DNS Seeds so that each of them will offer onion nodes.
    We want the DNS Seeds to enable bootstrapping over the Tor network without any addnode entries.

    However, if you do find any trouble there, you can add fkhwktieszixa2d2.onion and cyixu5mrodmjbkpr.onion as addnode entries and you should be able to use the network entirely from Tor.

Best Regards,
-Chicago

Thank you for response and clarifications.

Do I understand correctly that there are no plans to other mentoined features?

[Chicago]

Hi Serge,

    Thanks for writing.

Do I understand correctly that there are no plans to other mentoined features?

    It would be incorrect to deduce we have no plans for Masternode/InstantX/Darksend.
    To be completely honest with you, it sounds like you're asking, "When will Mincoin be Dash?"

    Here is my development forecast for the next few months.
    As you know, we upgraded to the tip of the 0.8 Satoshi branch earlier this summer.
    Our immediate plan involved doing so such that we would be able to implement the Hard Fork we executed on September 28th.
    The Hard Fork was designed to fix two critical deficiencies in the Mincoin protocol.
    The first was our classic difficulty adjustment algorithm and the second was the low coinbase maturity threshold.
    These have been addressed by replacing the difficulty adjustment algorithm with our new Splash Guard and increasing the coinbase maturity threshold to 300 for mined blocks.

    We wanted to get this behind us and have v0.8.8.0 be the final release in the 0.8 branch of the Satoshi reference client.
    At the time, the future upgrades were then focused on making a release based on the 0.10 branch in order to secure the Mincoin chain w/ the benefits of BIP66 and BIP65.

    As you know, things like a modern Android wallet currently rely on features found in the newest Bitcoin Core code.
    Our goal is to provide these amenities to Mincoin users by progressively upgrading the Mincoin code base to support those features.

    It is a bit orthogonal to strive to integrate Bitcoin Core upstream features, bringing Mincoin to the latest and greatest from the reference client while at the same time incorporating new features from Dash.
    Each time a new feature gets ported into Mincoin code from one of the other altcoins, we then need to maintain that integration each time we rebase against a newer version of Bitcoin Core.

    Hence, I had figured Mincoin will upgrade to a 0.13 or 0.14 branch of Bitcoin Core code, then start incorporating some of the more exotic and fancy features with regard to coin mixing, stealth, masternodes, etc.
 
    In short, we want the best coin possible but don't know of any shortcuts to get us there.
    I should take this opportunity to mention we are recruiting.

    Any contributions from blockchain developers, Qt UI designers and other talented operators will help us to add more value quickly.

    Which of the above features you requested do you think is the most important to secure the chain?
    Which of the above features you requested do you think will attract the most new users?
    Which of the above features you requested do you think will be the most attractive to new developers considering a contribution to the Mincoin project?

Best Regards,
-Chicago

[Chicago]

In other news, Mincoin hit an ATH difficulty level in block 1503376 at 150.52.
Thanks mining-dutch.nl for the hash support!

[Xieta]

looking forward for this project. it's very promising and has a good progress, plus developed by expert team.

Checkout the Mincoin market on Trade Satoshi.
We've been doing really good on coinmarketcap too.

[SuperTramp]

In other news, Mincoin hit an ATH difficulty level in block 1503376 at 150.52.
Thanks mining-dutch.nl for the hash support!

I seen this as well. Incredible hashrate for MinCoin! I'm very excited to see all the support
from scrypt miners coming into MinCoin in the past week! We are well on our way to
becoming a Top Crypto again!

Thanks again for all the support.

-ST

[anryze]

Need Chinese translation

[nuthatchbold]

Hey guys, pls tell, does this kind of project have competitors?

[Xieta]

Need Chinese translation

Looks like we have a post in the Chinese section now.
Mincoin Chinese Announcement

[Chicago]

Mincoin Indonesian Announcement has been posted too.

[Chicago]

A loose translation for a Mincoin Announcement in Arabic has been posted too.