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Author Topic: [ANN] Sannacoin - a lite version of Bitcoin. Launched!  (Read 1913 times)
bitfawkes
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February 09, 2017, 12:09:58 PM
 #1

LAUNCHED

Check out the source: https://github.com/bitfawkes/sannacoin

Sannacoin is the result of some of us who joined together on IRC in an effort to create a real alternative currency similar to Bitcoin.  We wanted to make a coin that is silver to Bitcoin's gold.  Various alternative currencies have come and gone.  Some brought innovation, but they all had problems.

ixcoin - Nasakioto premined 580k coins. Seemed like a pump and dump. Competed with Bitcoin for GPU resources - Dead (~2 gh/s)
i0coin - Basically ixcoin without the premine. Not much support was given to this coin after it was released. - Dead (~5 gh/s)
SolidCoin - Innovative quick transaction times. Appears to have been run aground by CoinHunter, its creator, due to insecure changes and immature forum presence. - Dead, shutdown by CoinHunter
GeistGeld - Lolcust premined 7.7 million coins.  15 second block time is probably a bit extreme. - Alive, but limping (~15 gh/s)
Tenebrix - Lolcust premined 7.7 million coins.  CPU proof of work using scrypt is very innovative.  Price doing fairly well on btc-e.com. - Alive (~0.003 gh/s)
Fairbrix - Basically Tenebrix without the premine.  First launch was crippled due to bad config.  Relaunch attacked initially - Doing OK now, but no exchange so far. - Alive, but limping (~0.0001 gh/s)

We wanted the best innovations of Bitcoin and these other currencies to create a coin with all of their benefits, but nearly none of their problems.

Proof of Work

We really liked Tenebrix's Scrypt proof of work.  Using Scrypt allows one to mine Sannacoin while also mining Bitcoin.  We humbly offer a big thanks to ArtForz for the implementation.

Premines

Sannacoin will come with 10000 premined coins: just the genesis block and the first 9999 blocks to confirm the genesis is valid.  We believe a coin needs to be released in a fair manner.  Having one person (or a group) control a large amount of coins that can be used as they see fit is against the decentralized vision of Bitcoin.  Yes, it is true that without a stash of premined coins, we will not be able to afford to pay for bounties, but we believe people will see the virtue of this coin, invest in it as early adopters, and will be willing to spend time creating services to make this coin better.

Fast transactions

We were impressed by the convenience of SolidCoin's fast transactions.  Although we know that fast confirmations are not necessarily as secure as Bitcoin's slower confirmations, they are very convenient for small merchants who don't need transactions to be super secure. The average Sannacoin block takes 1 minutes.  So if merchants wanted to be as safe as Bitcoin.

Difficulty retarget

We will keep the retarget block the same as Bitcoin's 2016, but because blocks are found 4 times faster, difficulty will retarget about every 1 days.  The combination of fast retarget times and Scrypt proof of work (Sannacoin will not compete with Bitcoin for miners) means we expect to not see the sort of problem Namecoin encountered; hashing power that leaves more suddenly than it came, causing a high difficulty slog for everyone who stayed.

Coin generation

Miners will generate 100 coins per block.  In light of our faster blocks, to properly mimic Bitcoin's generation trajectory, we needed to change the blocks at which coin generation is halved.  Bitcoin generation is halved every 210,000 blocks.  Sannacoin generation will be halved every 840,000 blocks.  For those of you doing the math, Sannacoin is scheduled to produce roughly 4 times as many coins as Bitcoin, about 21 million sannacoins.

Fairness

We have come up with a plan that we believe is most fair.  Some previous coins were released without Windows binaries or without source code; we consider this as unfair as it is unsafe.

We released the source code and binaries ahead of time... 3 days before launch.  People had time to compile the source and run the client on their machines against the Sannacoin testnet.  So people were able to make sure everything was working well before the launch.  We also had a poll so that people can vote for a launch time that best suits them.  At the time of the launch (Oct 12 03:00 GMT), we released the genesis hash and everyone started mining at the same time.  All it took was a simple change in the config file in order to mine the real coin instead of the testnet coin.

51% attack

The problem with alternative currencies is that the network hashrate is likely low when the coin starts up, making an easy target for any potential 51% attacker. With a little hope, a little prayer, a lot of hype, and due to our innovative release, there was a large hashrate from minute one.  We believe this deterred any attackers from targeting this chain.  As expected, there was a lot of natural orphaning of blocks, due to having so many people mining on the chain at once.  With block locking at every difficulty change, we were able to avoid any attacks from succeeding. (if there were any)

Source code

The source code is here:
   https://github.com/bitfawkes/sannacoin

This is based on the latest Bitcoin code. You can either build the daemon version (sannacoind) or you can build the gui version (Sannacoin QT). See the build docs.

Similar to Bitcoin, you may want to create a sannacoin.conf file here:
    Windows: C:\Documents and Settings\<username>\Application Data\Sannacoin
    Win7: C:\Users\<username>\AppData\Roaming\Sannacoin
    Mac: ~/Library/Application Support/Sannacoin
    Unix: ~/.sannacoin

Port is 8910. Open if on your router if you know how. This will allow you to have more than 8 connections.
And default RPC port is 8911. This is the port miners will use to communicate with your client/daemon.

Sample sannacoin.conf file:
Code:
server=1
rpcuser=user
rpcpassword=password

#Change this if you want to use a different rpc port for mining
#rpcport=8911

#Only uncomment this if you are running sannacoind and want to run Sannacoin in the background (not Sannacoin QT)
#daemon=1

Sometimes people who no one imagined could do certain things, those who do things that no one can imagine.
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February 09, 2017, 12:23:36 PM
 #2

I wanna launch a coin too.
Is it oke if I use this thread?
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February 09, 2017, 01:02:04 PM
 #3

I wanna launch a coin too.
Is it oke if I use this thread?

Feel free to use it. Source: OP is my friend

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February 09, 2017, 01:29:04 PM
 #4

Client doesn't connect.
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February 09, 2017, 01:31:30 PM
 #5

It's seem interesting  Smiley.
If I can know, what the algorithm they use?
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February 09, 2017, 01:42:32 PM
 #6

Where to get wallet windows qt HuhHuh?

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February 09, 2017, 01:50:39 PM
 #7

"Sannacoin is scheduled to produce roughly 4 times as many coins as Bitcoin, about 21 million sannacoins"

 Huh
bitfawkes
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February 09, 2017, 01:54:38 PM
 #8

Client doesn't connect.
addnode sannacoin.ddns.net
addnode sannacoin2.ddns.net

Sometimes people who no one imagined could do certain things, those who do things that no one can imagine.
Romiraz362
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February 09, 2017, 01:58:55 PM
 #9

Windows wallet ?

Donate BTC -1K37BurfqELaT6gZ69gBy6G4PWzYQ7Lg59
MirkoIta
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February 09, 2017, 02:00:53 PM
 #10

Finally a lite version of Bitcoin that's all I was waiting for!! Hopefully it will be on exchanges very soon.

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bitfawkes
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February 09, 2017, 02:03:06 PM
 #11

Windows wallet ?
no windows wallet at moment

Sometimes people who no one imagined could do certain things, those who do things that no one can imagine.
bitfawkes
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February 09, 2017, 02:10:14 PM
 #12

"Sannacoin is scheduled to produce roughly 4 times as many coins as Bitcoin, about 21 million sannacoins"

 Huh

I wrong in despription, please aceept apollogize... Sannacoin produce about 21 million of coin, 100 coin for block, retargeting about 1 day, 1 year to halve block reward, about 20 years for mining.

Sometimes people who no one imagined could do certain things, those who do things that no one can imagine.
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February 09, 2017, 02:16:53 PM
 #13

LOLOLOL

The OP is a direct cut and paste of Litecoin's ANN thread at bitcointalk.

https://bitcointalk.org/index.php?topic=47417.0



gg dev

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February 09, 2017, 02:18:57 PM
 #14

Maybe it's Charlie in 'disguise' restarting Rockcoin.
bitfawkes
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February 09, 2017, 02:24:58 PM
 #15

LOLOLOL

The OP is a direct cut and paste of Litecoin's ANN thread at bitcointalk.

https://bitcointalk.org/index.php?topic=47417.0



gg dev
that's, it s just for fun man.

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February 09, 2017, 02:37:10 PM
 #16

LOLOLOL

The OP is a direct cut and paste of Litecoin's ANN thread at bitcointalk.

https://bitcointalk.org/index.php?topic=47417.0

gg dev

that's a blast notsofast...lol
busted the 1st day of posting the ANN.
that's why it's called the lite version of bitcoin - litecoin  Grin
but let's wait -give them the benefit of the doubt.
maybe there's something more from sanna...


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February 09, 2017, 02:58:19 PM
 #17

LOLOLOL

The OP is a direct cut and paste of Litecoin's ANN thread at bitcointalk.

https://bitcointalk.org/index.php?topic=47417.0



gg dev

Aaahh.. So that's whats going on here. I was wondering WTF am I reading a post from years ago? scratching my head..

Whats the point of doing this? I don't get it.
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February 09, 2017, 03:07:42 PM
 #18

You can tell its a copy/paste just by looking at the subject.


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February 09, 2017, 03:30:08 PM
 #19

pesadita la comunidad... I's all copy and paste, it's for fun. enjoy

Sometimes people who no one imagined could do certain things, those who do things that no one can imagine.
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February 09, 2017, 03:50:30 PM
 #20

lite version of bitcoin with scrypt algo

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