SmallChange [research-only] [Litecoin based] [15 seconds blocks] [*update now*]

[lightenup]

SmallChange (SMC) - a 'faster' version of Litecoin which also uses scrypt as a proof of work scheme and is intended for microtransactions.

    *) 15 seconds block targets: beat that MinCoin!
    *) 42 007 680 total coins
    *) no subsidy within the first 3 days and after approximately 5 years; in between: 4 coins per generated block
    *) difficulty retargets every 0.35 days
    *) currently peers are looked up over IRC only
    *) currently no block checkpoints are in the code (but could be easily added)

Other than that, this coin is exactly like Litecoin and should by no means be used as a real cryptocurrency. All of the coin parameters are chosen arbitrarily or at most with 'fairness' towards everyone in mind. [..]

But head over here for the client and more information:
https://github.com/bfroemel/smallchange.git

Cheers!


Any mining efforts are probably wasted efforts. Imagine this coin to be like a small Bitcoin testnet with it's own set of (untested) rules.

binary clients and building:
Please (learn to) make your own builds. Then you only need to trust the source code and your understanding of it: https://bitcointalk.org/index.php?topic=42465.0

However, Balthazar has put a Windows build up here:
https://bitcointalk.org/index.php?topic=182430.msg1923633#msg1923633

On Linux (e.g. Ubuntu, Debian) getting and building is as simple as:

Code:

# those steps need to be done only once
sudo apt-get install libboost-thread-dev libboost-program-options-dev libboost-filesystem-dev libminiupnpc-dev libdb5.1++-dev libssl-dev libboost-dev build-essential git
git clone https://github.com/bfroemel/smallchange.git
# every time you do a fresh build
cd ./smallchange/src
git pull # update local sources
make -f makefile.unix

For qt, see: https://github.com/bfroemel/smallchange/blob/master/doc/readme-qt.rst

Thanks for the overwhelming interest --> didn't expect that.

updates
2013/05/14 Many thanks to sido, who operates for now a node on a permanent IP: https://bitcointalk.org/index.php?topic=182430.msg2134304#msg2134304
 
2013/05/10  please update now (move to a (hopefully unique) network magic number), details: https://bitcointalk.org/index.php?topic=182430.msg2102353#msg2102353 and some of the following posts.
2013/04/24  the block reward was reached a bit earlier than planned and total hashing power is now around 12 MHashes/s, 46 peers; difficulty 'slowly' adjusts. Right now 22 937 blocks are mined and the current total smallchange around is: 22 628 coins.
2013/04/22  please update before block 15 000

[Balthazar]

It will be dead-by-design, if you leave difficulty adjustment algorithm without changes.

[Shad3dOne]

SmallChange (SMC) - a 'faster' version of Litecoin which also uses scrypt as a proof of work scheme and is intended for microtransactions.

    *) 15 seconds block targets: beat that MinCoin!
   
Cheers!

lulz.

I wish you the best.

[Balthazar]

TBX & GG also used 15s block targets, so no records there. You should use 10s targets to win

[lightenup]

It will be dead-by-design, if you leave difficulty adjustment algorithm without changes.

Thanks for the honest advice -- I expected that my chosen coin parameters could break stuff
but the whole thing is more intended to show where to change what in the codebase for 'rebranding' and that anyone can do it with minimal efforts. Hopefully it contributes to keep the value of those cryptocurrencies down that are just weak spinoffs (with questionable intentions) of 'serious' ones on the one hand and on the other I wanted to have something to play with for research reasons...

TBX & GG also used 15s block targets, so no records there.

ow.. :/

[blastbob]

I am a stat whore.. Blocking hard here

[Balthazar]

I understand, but at least the sampling interval increase would be helpful.  

I.e. perform retarget every 0.35 days, but use last 1-3 day blocks set for target calculation. It will prevent some kind of attacks by users with high hashing power.

[Rawted]

Let's not forget that no exchange is going to want to host a currency with 15s blocks, and the resources that requires. You would need the friggin obama hope campaign of advertising to generate enough buzz to sway an exchange to offer a coin with 15s block solves.

[tacotime]

TBX & GG also used 15s block targets, so no records there. You should use 10s targets to win

Maybe increase the block size to 10 MB and try 5s too, it'll be a contest for who can achieve the highest rate of orphans    A double-spend filled adventure!

[Balthazar]

Let's not forget that no exchange is going to want to host a currency with 15s blocks, and the resources that requires. You would need the friggin obama hope campaign of advertising to generate enough buzz to sway an exchange to offer a coin with 15s block solves.

GG/BTC and TBX/BTC pairs existed at BTC-E for some time.

[Balthazar]

TBX & GG also used 15s block targets, so no records there. You should use 10s targets to win

Maybe increase the block size to 10 MB and try 5s too, it'll be a contest for who can achieve the highest rate of orphans    A double-spend filled adventure!

Maybe.  

But I prefer decreasing of blocksize to 16k or even 4-8k, because there is no sense of 1mb blocks at such blocks rate. That's may be interesting for currency which intended for microtransactions.

[tacotime]

But I prefer decreasing blocksize to 16k or even 8k, because there is no sense of 1mb blocks at such blocks rate.

Yes, that's the obvious answer.  It remains to be seen if the Litecoin network will encounter orphan problems as time goes on with 1 MB blocks.  Bitcoin is already having problems with 10 min blocks, which is kind of scary.  Litecoin should probably have adjusted the block size to 256 KB.

[js2082]

do you have a compiled version? or we have to compile ourselves?

[Mushoz]

No binaries?

[lightenup]

I am a stat whore.. Blocking hard here

lol
you really wasting 1.35 MHashes/s ? okay

I understand, but at least the sampling interval increase would be helpful.

you mean: nInterval, currently at 8 hours ?

Code: (main.cpp)

static const int64 nTargetTimespan = 0.35 * 24 * 60 * 60; // SmallChange: 0.35 days
static const int64 nTargetSpacing = 15; // SmallChange: 15 seconds
static const int64 nInterval = nTargetTimespan / nTargetSpacing;

No binaries?

Sorry, no binaries and I also didn't test windows builds or the qt GUI build.. This "coin" is more meant for research, not as a currency (and as such maybe in the wrong forum section).

[blastbob]

With a windows client you would have more peers. I only got 1 in my list for now.

[lightenup]

With a windows client you would have more peers.

aw - SMC shouldn't grow too fast

I only got 1 in my list for now.

yes, that's me!

[blastbob]

    "connections" : 2,

YAY!

I was trying to get p2pool to work still some snags.

[Rawted]

Let's not forget that no exchange is going to want to host a currency with 15s blocks, and the resources that requires. You would need the friggin obama hope campaign of advertising to generate enough buzz to sway an exchange to offer a coin with 15s block solves.

GG/BTC and TBX/BTC pairs existed at BTC-E for some time.

Sorry, i should have specified 'successful currencies'.

[lightenup]

    "connections" : 2,

YAY!

I was trying to get p2pool to work still some snags.

hope you have it sorted out soon, because SMC difficulty will go up soon and then it might not be profitable here anymore
anyway: thanks for the nearly 4000 blocks!