PPCoin Proof of Stake Minting Setup Guide

[FreeBit]

Question:
...

With 100 CoinYears do I have to wait one year or will I get 0.00000x Coins every hour?
What are the concrete probabilities? Examples? How is difficulty influencing this?

I simply do not find this information (and I am pissed off because of this and the way how this is treated)!

It's a random process, basically the more coins you have and more often you keep wallet running the better chance you will generate blocks.

No, you don't get interest every hour, you only get paid if you find blocks. If you do there will be a 'mint-by-stake' transaction in your wallet.

What are the numbers? The formulas/functions? If they are too complicated, what is the first approximation?

I still do not have any idea what happens with my 100 CoinYears regarding minting in one day.

What the fuck is so complicate or difficult about my question? Do you believe you are the only one who can handle numbers, functions, formulas, probalities?

[FreeBit]

Great to hear that Sunny. Another thing I keep hearing about is people complaining about the design/user friendliness of the official PPCoin site. Any word on that?

Lets stop playing it nicely (from min 4:20):

First, I think the (POS/POW-)concept of ppcoin ist great, innovative, the next step in crypto currency evolution. Honest and sincere respect to you, Sunny, for that.

But (IMO)...

• ... the name is somehow shitty, difficult and obscure.
• ... the icon is crap: an irrecognizable, blurry, fuzzy, greygreen somewhat.
• ... the website is ridiculous: Nice for an amateur, hobby thing - but not for a multi-billion-dollar project. Is this really a GTA-mapin the background?
• ... the main client is insufficient: First of all, there is written "bitcoin" everywhere - and, second and more important, you cannot do minting (a key feature of ppcoin) with an encrypted wallet, while it is possible with the command line daemon.
• ... an understandable documentation regarding the key feature minting is not there, in a usable form. This is somehow very unpolite to the users.

Someone has to improve this things (Before someone say it: I won't do it. I am not a designer, I do not have access to ppcoin.org and I don't know the deeper mechanics of ppcoin). Sunny, you have to organize this somehow - because you are the obviously the boss.

If this is not done, someone (like MC2) will take and copy the concept and improve it. PPCoin will be weed out of the evolution of crypto currencies.

[matt608]

I can't say I understand PPC 100% as I have a Mac and can't test out the client, however I must say the idea of new coins being created by savers earning a small amount of interest instead of mining is a really good idea.  

I do think this process should of earning interest should be built in to happen automatically.  The general population isn't going to want to have to do some 'minting' thing where they have to get to grips with all these new terms (coin age, coin years, proof of stake), as wonderful and necessary as they may be for developers, they are off putting to new users.  People just need to know that with PPC, if you keep hold of your coins there is a 1% interest rate (am I correct it's 1%?).  That's it.  That's all people need to know, that you earn interest on your PPC and that it's more environmentally friendly by saving computing power.  We need to keep all this proof of stake and peculiar (though interesting) terms like coin-age to the developers.

[vindimy]

Great to hear that Sunny. Another thing I keep hearing about is people complaining about the design/user friendliness of the official PPCoin site. Any word on that?

Lets stop playing it nicely (from min 4:20):

First, I think the (POS/POW-)concept of ppcoin ist great, innovative, the next step in crypto currency evolution. Honest and sincere respect to you, Sunny, for that.

But (IMO)...

• ... the name is somehow shitty, difficult and obscure.
• ... the icon is crap: an irrecognizable, blurry, fuzzy, greygreen somewhat.
• ... the website is ridiculous: Nice for an amateur, hobby thing - but not for a multi-billion-dollar project. Is this really a GTA-mapin the background?
• ... the main client is insufficient: First of all, there is written "bitcoin" everywhere - and, second and more important, you cannot do minting (a key feature of ppcoin) with an encrypted wallet, while it is possible with the command line daemon.
• ... an understandable documentation regarding the key feature minting is not there, in a usable form. This is somehow very unpolite to the users.

Someone has to improve this things (Before someone say it: I won't do it. I am not a designer, I do not have access to ppcoin.org and I don't know the deeper mechanics of ppcoin). Sunny, you have to organize this somehow - because you are the obviously the boss.

If this is not done, someone (like MC2) will take and copy the concept and improve it. PPCoin will be weed out of the evolution of crypto currencies.

Look, criticizing anything is easy. Everyone likes complaining on the internet, it probably relieves your stress from not getting laid for so long. But since all you do is talk shit, the net result of your contribution is 0.

You come off as very self-entitled, "give it to me now / I wanna have it my way or else you suck" type. You're posting off-topic, and your points are either obvious (website design can be improved? no shit), or downright dumb (shitty name? lol).

Someone who actually cares will offer up some real help to project owners rather than spreading FUD around here. So, go play with your toys and let the adults have a constructive conversation.

[JessicaMILFson]

Great to hear that Sunny. Another thing I keep hearing about is people complaining about the design/user friendliness of the official PPCoin site. Any word on that?

Lets stop playing it nicely (from min 4:20):

First, I think the (POS/POW-)concept of ppcoin ist great, innovative, the next step in crypto currency evolution. Honest and sincere respect to you, Sunny, for that.

But (IMO)...

• ... the name is somehow shitty, difficult and obscure.
• ... the icon is crap: an irrecognizable, blurry, fuzzy, greygreen somewhat.
• ... the website is ridiculous: Nice for an amateur, hobby thing - but not for a multi-billion-dollar project. Is this really a GTA-mapin the background?
• ... the main client is insufficient: First of all, there is written "bitcoin" everywhere - and, second and more important, you cannot do minting (a key feature of ppcoin) with an encrypted wallet, while it is possible with the command line daemon.
• ... an understandable documentation regarding the key feature minting is not there, in a usable form. This is somehow very unpolite to the users.

Someone has to improve this things (Before someone say it: I won't do it. I am not a designer, I do not have access to ppcoin.org and I don't know the deeper mechanics of ppcoin). Sunny, you have to organize this somehow - because you are the obviously the boss.

If this is not done, someone (like MC2) will take and copy the concept and improve it. PPCoin will be weed out of the evolution of crypto currencies.

Look, criticizing anything is easy. Everyone likes complaining on the internet, it probably relieves your stress from not getting laid for so long. But since all you do is talk shit, the net result of your contribution is 0.

You come off as very self-entitled, "give it to me now / I wanna have it my way or else you suck" type. You're posting off-topic, and your points are either obvious (website design can be improved? no shit), or downright dumb (shitty name? lol).

Someone who actually cares will offer up some real help to project owners rather than spreading FUD around here. So, go play with your toys and let the adults have a constructive conversation.

FreeBit is actually correct about this. These are key issues that needs to be addressed and since we don't really have enough knowledge over the mechanics, it's hard to offer real constructive conversation.

In order to get more people to buy into PPCoins, we need to lower the general entry to use for the masses.

This would require more documentation, more communication. I'm not sure about the self minting issue, but I hope Sunny can address this. Look, I really love the idea of PPCoins, but I hope that the issues that FreeBit have addressed are resolved and fixed. Every successful coin out there right now has these crucial elements that have been identified. The new and upcoming FeatherCoin has nailed this down pretty well too. Given the brilliance of the PPCoin idea, I would expect more widespread adoption, but there isn't right now. Now we have to look at why. If there are actually instances of the word Bitcoin in the client, then that speaks lack of professionalism in our coin itself.

We're not spreading FUD, we are just concerned with these issues and want every bit of PPCoin to succeed.

[Yurizhai]

Jessica what the hecks are the crucial elements of Feathercoin?

[JessicaMILFson]

They branded themselves as something that is very light. Lighter than Litecoin.

https://bitcointalk.org/index.php?topic=188841.0


They have multiple slogans such as:

"Feathercoin - so light you won't notice the wait"

But essentially, they are a copycat of Litecoin that offers more coins, so I think they did pretty good at conveying that.

[gramma]

Back on the topic of ease of use and fiddling around with scary code and such, I had a hell of a time implementing the "scary code" of mint.bat.  It wasn't until I ran it in a separate cmd.exe instance that I saw the error generated: it didn't realize part of my password as a valid command. 

Wha..

I had an "&" as one of my special characters in my not-in-any-dictionary wallet encryption password, right at the place where the batch file was erroring out.  On a hunch I dropped it, and mint.bat now does what it's supposed to do.  Care to put this somewhere in the how-to section - no ampersands in your wallet encryption password if you want to unlock it for minting?  Any other characters to be avoided?

---

Also, agree on the need for ease of use for the graphical client, which I tend to use for that very purpose.  I am not capable of coding the unlocked-for-minting-only functionality, so I guess that might make me just a complainer.  But if minting is a key new feature, it should be highlighted in a non-kludgy way.

Yes, "bitcoin" is all over the client, as has been pointed out.  I might be better able to fix something like that, but I am a little reluctant to volunteer and break something. Nevertheless, if I am being too timid, say something and I'll figure out how to hop in there and make the wording fixes.

[btbrae]

I can offer help on ppcoin.org if Sunny King is looking for voluntary assistance. Afaik he has stated it is not a priority but I believe a cleaner portal to the client would help adoption. It's upto Sunny at the end of the day. Feel free to PM me.

[Guido]

need a simple option on wallet to have locked for sending coins but to allow minting, without going into files and playing with code
risky and confusing
needs a patch for this imo

Sunny?

thanks

Yes I already noted that the current procedure to enable minting for gui+encryption is not user friendly. It will be made easier for qt.

ok, than ks for getting back

just to confirm, you can RECEIVE coins when wallet is locked?
just no interest received

also how the hell does one find how to unlock the wallet, I really can see no way to unlock
to send coins you enter pasword, then it auto RELOCKS

how do you unlock and leave unlocked/??

[Sunny King]

I would be very happy if users start contributing to the github wiki page, so far there is a lot a complaints and no contributions, except for the quite nicely done reddit discussion forum page.

As to the website, there is nothing preventing anybody designing a nicer portal than ppcoin.org, I have a separate domain name ppcoin.info currently not used. If there is community consensus that the design is nice enough I would link ppcoin.info to it. But that would need someone to either volunteer the work and hosting, or try to raise a bounty for it.

[Guido]

Sunny would you be able to answer the question above please
you prob didn't see as maybe didn't refresh
I cant' send coins to my wallet from exchange without knowing the answer and knowing is safe to receive while locked

and how to unlock???

it really needs an easy unlock feature, obviously placed like now tbh
thats gott be more important than anything else I can think of on backburner

thanks

[Sunny King]

Sunny would you be able to answer the question above please
you prob didn't see as maybe didn't refresh
I cant' send coins to my wallet from exchange without knowing the answer and knowing is safe to receive while locked

and how to unlock???

it really needs an easy unlock feature, obviously placed like now tbh
thats gott be more important than anything else I can think of on backburner

thanks

You don't need to unlock wallet unless you want to mint blocks with an encrypted wallet. For Qt it doesn't need unlock in order to send/receive coins.

[Guido]

thanks Sunny

[kneim]

What hardware is appropriate for "Proof of Stake" minting?

At this time my coins are on a rather old laptop. For Bitcoin mining this is absolutely insufficient, and for PPC minting? Do I need a VGA card, or even an  FPGA?

[Sunny King]

What hardware is appropriate for "Proof of Stake" minting?

At this time my coins are on a rather old laptop. For Bitcoin mining this is absolutely insufficient, and for PPC minting? Do I need a VGA card, or even an  FPGA?

No special hardware required. Proof-of-stake minting is not computing intensive.

[12gaFacelift]

everything say so much....ok then what i just have to keep ppcoind open thats it?

[robotrebellion]

This was very useful, thanks!

[Elokane]

Thanks a lot for this guide. I looked around a while ago and just gave up due to lack of time.
Great service to the community and hats off to you.

Will donate my first minted PPCoin!

[kong2029]

Sunny,

I have gone through the steps but I can't get into minting mode. I am still seeing "Info: Minting suspended due to locked wallet". on the lower left and "Wallet is encrypted and locked" when hovering over the lock in the lower right.

I have gone through your following steps 1-4.  After starting the wallet up (in the several times I've tried this), I run the mint.bat file and enter my password- to clarify, this is the encryption password for the wallet and not the rpc password in step 2, correct?

before the terminal window disappears i can briefly see "Error: type mismatch".

Any idea of how to fix this?

Thanks and regards-