MC2: A cryptocurrency based on a hybrid PoW/PoS system

[canth]

Code:

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2014/11/02 18:22:11 Block connected: Hash: 209928e582553c958dd11305b3a8a77f00a25d8283bbdd66edf2153ffbac856b, Height: 756

Simulation network is operational and fairly well functioning, there are a number of issues that need to be fixed including a rather severe memory leak. Test coverage is still low.

Awesome - thanks for the update, Taco. Regarding test coverage, are you looking for participants or do you just need to go through more test scenarios?

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[tacotime]

Awesome - thanks for the update, Taco. Regarding test coverage, are you looking for participants or do you just need to go through more test scenarios?

I still have a lot of work to do first. Additionally, the source code for this has basically been licensed to a third party purchaser for first use of the software. When we move further from alpha I'll let you know if they're looking for some exclusive beta testers, I know you've been here for the start so maybe I can see if I can get them to draft an NDA for you in the future and let you play with it. They're just wary about someone running off with it at this time.

[canth]

Awesome - thanks for the update, Taco. Regarding test coverage, are you looking for participants or do you just need to go through more test scenarios?

I still have a lot of work to do first. Additionally, the source code for this has basically been licensed to a third party purchaser for first use of the software. When we move further from alpha I'll let you know if they're looking for some exclusive beta testers, I know you've been here for the start so maybe I can see if I can get them to draft an NDA for you in the future and let you play with it. They're just wary about someone running off with it at this time.

No worries - when the time is right, hit me up.

[JackCelere]

PoS system also intended to prevent 51% attacks

How?

[myagui]

PoS system also intended to prevent 51% attacks

How?

By forcing the network attackers to read at least 51% of the whitepaper! :duh:

Dropping in just to say that I'm keeping an eye on this project.
Looking forward to any updates!

[JackCelere]

PoS system also intended to prevent 51% attacks

How?

By forcing the network attackers to read at least 51% of the whitepaper! :duh:

Mea culpa.

[tacotime]

PoS system also intended to prevent 51% attacks

How?

By forcing the network attackers to read at least 51% of the whitepaper! :duh:

Mea culpa.

The whitepaper is a bit outdated, but I would personally refer you to the recent Proof of Activity paper by Iddo Bentov that details use of stake to further secure a blockchain again 51% PoW attacks.

[madmalkav]

Hope to get any news soon, I think this is the most promising project in the cryptocurrency world.

[frga13]

This is still active?

[nutildah]

I guess the idea fell to the wayside...

[igba]

I guess the idea fell to the wayside...

TacoTime got busy with Monero development is what happened. Pretty sure no one else was consistently working on this.

[canth]

I guess the idea fell to the wayside...

TacoTime got busy with Monero development is what happened. Pretty sure no one else was consistently working on this.

And that's fine. It would be good for his reputation though if he put out an official comment on the direction of this project.

[_ingsoc]

Hope to get any news soon, I think this is the most promising project in the cryptocurrency world.

This is still active?

I guess the idea fell to the wayside...

TacoTime got busy with Monero development is what happened. Pretty sure no one else was consistently working on this.

And that's fine. It would be good for his reputation though if he put out an official comment on the direction of this project.

Hey guys, not sure if anyone is still out there. The last correspondence from tacotime in this thread was over a year ago. I spoke to him yesterday, and we agreed for me to come here and share the story with you. Truth be told, the project has had a bumpy ride. It's been an uphill battle, and quite a few times it looked like it was going to end as just a theoretical piece. It was during this time that we decided to drop off the radar and get our hands dirty until we could deliver, lest we end up building hope and letting everyone down. So today I bear good news for you. tacotime has been coding on this for over a year now. He started solo while I searched and tried to build relationships with developers who care about this technology and the ethos behind it. We built a relationship with the group that develops the free and open-source btcsuite (formerly known as btcd). btcsuite is solely funded by a relatively unknown guy who I can describe as an open-source philanthropist. He has been instrumental in helping us get this going. The group agreed to help us build up the project, and what we hope to present is an "alt" that will have the same level of quality and development consistency demonstrated by btcsuite over the last 2.5 years since its introduction in 2013.

So the good news is this, the project is alive and well, and close to completion. We can begin to break the silence because now we know we can deliver. But ultimately this isn't about who developed what, it's about the community because it'll be dead in the water without your interest in using it. I wanted to come here first and reach out to the people who have supported this project during its darkest days (and hopefully for its brightest!). You should receive this news first. The plan now is to have everything finished and ready for launch in January. There will be an announcement soon, and from that point on, there is going to be open communication and transparency in every reasonable regard. Nobody will be able to own the project, just act as contributors and custodians where required. Once the infrastructure is up, we turn on the machine and everyone is welcome. The future for the project is not a big monolithic corporation that took all your money before a line of code was written, but small dedicated teams that work with surgical precision and efficiency on building this out beyond what is launched. The whole thing was self-funded at a fraction of the cost we've seen some projects take in this community. We took the risk and time over the years knowing it can fail, and every cent we take from it to cover the bring-up cost will be matched and given in full to the community for free to distribute the network effect as far and wide as possible. All of this will be documented in full at the announcement. As we work, I wanted to take a second and share this information with you if you're still out there.

I look forward to getting to know you all again. And I look forward to working with you now that we're so close to this being real. In this project, if you have a voice and something meaningful to contribute, you will have a place to share that with others. My personal objective is to make sure it stays that way. Can't believe we're going to get there in the end, community.

[iCEBREAKER]

I look forward to getting to know you all again. And I look forward to working with you now that we're so close to this being real. In this project, if you have a voice and something meaningful to contribute, you will have a place to share that with others. My personal objective is to make sure it stays that way. Can't believe we're going to get there in the end, community.

Glad to hear this great news.  What an ambitious experiment!

I'm skeptical of both PoS and democracy, but if anyone can make it work it's TacoTime.

What's the tl;dr answer to the (soon to be frequently asked) question "how is MC2's PoW/PoS hybrid different from Peercoin?"

*puts on Newtsuit; prepares for deep dive*

[canth]

Hope to get any news soon, I think this is the most promising project in the cryptocurrency world.

This is still active?

I guess the idea fell to the wayside...

TacoTime got busy with Monero development is what happened. Pretty sure no one else was consistently working on this.

And that's fine. It would be good for his reputation though if he put out an official comment on the direction of this project.

Hey guys, not sure if anyone is still out there. The last correspondence from tacotime in this thread was over a year ago. I spoke to him yesterday, and we agreed for me to come here and share the story with you. Truth be told, the project has had a bumpy ride. It's been an uphill battle, and quite a few times it looked like it was going to end as just a theoretical piece. It was during this time that we decided to drop off the radar and get our hands dirty until we could deliver, lest we end up building hope and letting everyone down. So today I bear good news for you. tacotime has been coding on this for over a year now. He started solo while I searched and tried to build relationships with developers who care about this technology and the ethos behind it. We built a relationship with the group that develops the free and open-source btcsuite (formerly known as btcd). btcsuite is solely funded by a relatively unknown guy who I can describe as an open-source philanthropist. He has been instrumental in helping us get this going. The group agreed to help us build up the project, and what we hope to present is an "alt" that will have the same level of quality and development consistency demonstrated by btcsuite over the last 2.5 years since its introduction in 2013.

So the good news is this, the project is alive and well, and close to completion. We can begin to break the silence because now we know we can deliver. But ultimately this isn't about who developed what, it's about the community because it'll be dead in the water without your interest in using it. I wanted to come here first and reach out to the people who have supported this project during its darkest days (and hopefully for its brightest!). You should receive this news first. The plan now is to have everything finished and ready for launch in January. There will be an announcement soon, and from that point on, there is going to be open communication and transparency in every reasonable regard. Nobody will be able to own the project, just act as contributors and custodians where required. Once the infrastructure is up, we turn on the machine and everyone is welcome. The future for the project is not a big monolithic corporation that took all your money before a line of code was written, but small dedicated teams that work with surgical precision and efficiency on building this out beyond what is launched. The whole thing was self-funded at a fraction of the cost we've seen some projects take in this community. We took the risk and time over the years knowing it can fail, and every cent we take from it to cover the bring-up cost will be matched and given in full to the community for free to distribute the network effect as far and wide as possible. All of this will be documented in full at the announcement. As we work, I wanted to take a second and share this information with you if you're still out there.

I look forward to getting to know you all again. And I look forward to working with you now that we're so close to this being real. In this project, if you have a voice and something meaningful to contribute, you will have a place to share that with others. My personal objective is to make sure it stays that way. Can't believe we're going to get there in the end, community.

Definitely exciting news. I'm a big fan of the work that has been done on BTCD - being associated with this project is a big positive. Keep up the work - we'll be here whenever you guys are read to share more details!

[_ingsoc]

Glad to hear this great news.  What an ambitious experiment!

I'm skeptical of both PoS and democracy, but if anyone can make it work it's TacoTime.

What's the tl;dr answer to the (soon to be frequently asked) question "how is MC2's PoW/PoS hybrid different from Peercoin?"

*puts on Newtsuit; prepares for deep dive*

Definitely exciting news. I'm a big fan of the work that has been done on BTCD - being associated with this project is a big positive. Keep up the work - we'll be here whenever you guys are read to share more details!

Thank you for the kind words and taking the time to post again! In terms of dissimilarity to Peercoin - to paraphrase tacotime informally - we're more PoA-like, PoS miners don't make blocks, we have per block stake validation, explicit dependency on PoW validation, lottery requires locking of funds rather than all outputs, cold minting, and efficient decentralized stake pooling. We'll have detailed specs on the system up in the near future now that it's getting close to completion and undergoing testing, as it's changed a bit since the early days.

We've tried to put together an overall system that ensures a long-term future for what we're introducing. We want to make consistent and active development happen in a progress-focused environment. This is a central tenet of the whole system. For those interested in the bigger problems we're trying to address, you can read about some of the challenges we think exist in Bitcoin today (that we're hoping to address with this project). At very least, we hope to begin as an alternative system with a community where we can do things we can't do in Bitcoin at present.

We've got another entry coming to explain how the theoretical system that started in this thread will attempt to address the outlined problems evident in Bitcoin. I'll come post that as well for those curious in digging a bit deeper on the information side.

We're planning an announcement thread here on Bitcointalk in about a week's time, so it's official and we can all start engaging the issues directly as a community. We'll do a new thread for that and it'll be straight from tacotime this time. People can also meet the other guys there, but I'll come x-post so that those who follow here can find it.

[tacotime]

The descendant of this system is here:
https://bitcointalk.org/index.php?topic=1290358.0

Closing this thread