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Author Topic: TrueCoin <-- coin with moderate inflation  (Read 5348 times)
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Ukigo
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April 22, 2013, 04:22:04 PM
 #1

Hi !
Here we'll post about TrueCoin proposal.
(The REAL name will be crowdcoined there :
https://bitcointalk.org/index.php?topic=183000.0
).

     [Draft #0]
Features :

 (0) 2 min between blocks on average.

 (1) PPC/NVC smooth difficulty  adjustment
 for every block.

 (2) PoS generation will be turned off.

 (3) There will be some premine,
    distributed for free to good
 forum members only.
 
 (4) bounty will be calculated like this :
 Reward = K * math.Log(difficulty) + 1.0 ,
 where K is some nice coefficient Wink
 and THEN Reward  will be adjusted in such
 a way, that every year money supply
 will increase +2% or +3%
 
 (5) But first X years (how long ?)
   TrueCoin will experience hyperinflation,
 for better adoption. Wink

 (6) Instead of using DoubleSHA256
 for PoW hashing, TrueCoin will use

 
Code:
Skein-256(Blue_Midnight_Wish-512(...))
 
So, likely there will be no GPU
 mining in TrueCoin Wink

(7) No MAX_CAP. Money supply will be
 "infinite", although rather modest,
 according to simulations.

"...Enemies are everywhere ! Angka is all rage ! Be a good soldiers, blow everything... " <-- Pol Pot (C)
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Ukigo
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April 22, 2013, 04:22:31 PM
 #2

reserved

"...Enemies are everywhere ! Angka is all rage ! Be a good soldiers, blow everything... " <-- Pol Pot (C)
Ukigo
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April 22, 2013, 04:22:51 PM
 #3

reserved

"...Enemies are everywhere ! Angka is all rage ! Be a good soldiers, blow everything... " <-- Pol Pot (C)
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April 22, 2013, 04:23:20 PM
 #4

Watching

Remember remember the 5th of November
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April 22, 2013, 04:23:24 PM
 #5

I like that you will use new algo. How will difficulty be calculated?

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April 22, 2013, 04:33:46 PM
 #6

interested, I've been wanting to do / see something like this, a small amount of inflation is a NECESSITY for a currency IMO.

PM me if I can help in anyway.

Also I'd go with like +1% inflation, I agree pretty much with other alt coins that inflation is "bad" but I also see it as necessary so I'd try to go as small as possible (within reason not like +0.0000001% or something crazy).


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Cheshyr
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April 22, 2013, 04:44:11 PM
 #7

I'll watch this.  A couple of ideas here mesh up with things I want to try out...  CPU mining, Premine used to facilitate early functionality such as faucets and the like.
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April 22, 2013, 05:06:17 PM
 #8

I like that you will use new algo. How will difficulty be calculated?

just about. each difficulty * 10  --->  reward +10coin
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April 22, 2013, 05:22:52 PM
 #9

interested, I've been wanting to do / see something like this, a small amount of inflation is a NECESSITY for a currency IMO.

PM me if I can help in anyway.

Also I'd go with like +1% inflation, I agree pretty much with other alt coins that inflation is "bad" but I also see it as necessary so I'd try to go as small as possible (within reason not like +0.0000001% or something crazy).


Please, see this topic: https://bitcointalk.org/index.php?topic=130619.0
Bitcoin will receive a 1% inflation the year 2025. This is quite small value.
Ukigo
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April 22, 2013, 05:34:26 PM
 #10

Difficulty will be calculated,
 similarly to PPCoin (for PoW).

Tomorrow we'll post about "inflation"
 more detailed, but in short
 1% of inflation per year is not enough for several reasons.

 Regarding inflation, the biggest question,
 is this : "How to predict adoption rate/curve ?"
That is : how many first blocks we should
 "hyperinflate" and how to calculate
 bounty for "hyperinflation" stage of coin's
 life.

"...Enemies are everywhere ! Angka is all rage ! Be a good soldiers, blow everything... " <-- Pol Pot (C)
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April 22, 2013, 06:07:59 PM
 #11

Why not include the proof of stake, that was considered to be a very good idea. 

And I'd shy away from premining since that(right or wrong) has tarnished the reputation of many coins.

don giovanni
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April 22, 2013, 06:09:39 PM
 #12

Why not include the proof of stake, that was considered to be a very good idea.  

And I'd shy away from premining since that(right or wrong) has tarnished the reputation of many coins.

Proof of stake requires centralization, which is against bitcoins design philosophy.
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April 22, 2013, 06:22:20 PM
 #13

Proof of stake requires centralization, which is against bitcoins design philosophy.

Not exactly accurate, ppcoin's central checkpointing would become advisory-only by default in the future, as an emergency recourse for the users. I would say the level of decentralization would become effectively similar to bitcoin.
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April 22, 2013, 06:27:24 PM
 #14

There are already FPGA implementations of both SKEIN-256 and BlueMidnightWish-512, they both run fairly fast.  A GPU implementation would be trivial.

I'm working on a more FPGA/ASIC proof hash algorithm for MC2, you can use that when I'm done with it if you want.

Code:
XMR: 44GBHzv6ZyQdJkjqZje6KLZ3xSyN1hBSFAnLP6EAqJtCRVzMzZmeXTC2AHKDS9aEDTRKmo6a6o9r9j86pYfhCWDkKjbtcns
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April 22, 2013, 06:30:15 PM
 #15

Premining isnt a good idea imo, most westerners have stayed away from novacoin for that very reason. Is this simply so the drvelopers have a greater chance of profiting. And what makes you think some forum members are morw deserving of receiving priproty?
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April 22, 2013, 06:39:53 PM
 #16


 (3) There will be some premine,
    distributed for free to good
 forum members only.
 


I advise against this ...

Even though the premine is for a "good purpose", people would still hate it.
How do you define "good forum member"? Many will resent you for not falling into that special category.
It's better to not touch politics and not to try to buy old forum members, just don't do any premine at all.

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April 22, 2013, 06:44:48 PM
 #17


 (3) There will be some premine,
    distributed for free to good
 forum members only.
 


how about the name "premine coin", so everyone knows not to waste their time.
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April 22, 2013, 06:45:57 PM
 #18

(3) There will be some premine,
    distributed for free to good
 forum members only.

Oh dear. Epic fail. Avoid.

Ukigo
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April 22, 2013, 06:48:34 PM
 #19

@tacotime

Thanks for the link !
We've read about FPGA/ASIC impl.
 for this hashes.
All we can say : ATM there is no
 ready for use device (for Skein/BMW)
, and this is good !
>>> A GPU implementation would be trivial.
Maybe or maybe not ?!
According to this paper :
http://upcommons.upc.edu/pfc/bitstream/2099.1/7933/1/Masteoppgave.pdf
GPU implementation not faster the
 CPU one.

"...Enemies are everywhere ! Angka is all rage ! Be a good soldiers, blow everything... " <-- Pol Pot (C)
Ukigo
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April 22, 2013, 06:58:46 PM
 #20

@ALL complaining about premine...
Premine is GOOD (almost as good as greed !)

We'll DISTRIBUTE 90+% of the premined coins
for free !
You do like free lunch, or don't you ?!
Just enjoy coins' windfall ! Wink

Also , please we'll broke that pattern of yours,
 (THIS IS INFLATIONARY COIN),
so, nothing to hoard...
Spend TC as fast as you can !
-----
About "good" and "evil" members...
Trolls are NOT good members... Wink




"...Enemies are everywhere ! Angka is all rage ! Be a good soldiers, blow everything... " <-- Pol Pot (C)
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