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Author Topic: [ANN] 0pticoin (0TC) - Release Date: May 15, 2013 - Postponed ~1 month [ANN]  (Read 18708 times)
c4n10
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May 05, 2013, 06:30:20 PM
Last edit: May 15, 2013, 05:32:58 PM by c4n10
 #1

****UPDATE: Release has been postponed for ~1 month (see below)****



    0pticoin is an experimental Litecoin branch and it is intended to be a "sandbox" environment to test building my first alt-coin and is a pre-cursor to my final intended product - the "Advanced Parallel Crypto eXchange System" (APCXS).

    As this is my first build of a new coin there aren't any ground-breaking code changes and borrows most of it's existing code from Litecoin, SmallChange and JunkCoin, but new features will be added as I develop them to test viability and optimize final settings for release of APCXS.

    Along the way, changes in the code may force me to create new forks of 0pticoin at which time I will release them as their own coins with their own changes and optimized settings until I have reached my final intended product which will then be released as APCXS.

    The features for version 1 of 0pticoin are:
    • ZERO pre-mine (Genesis block mined on testnet)
    • rpcport = 9707
    • listen = 9708
    • testnet = 19708
    • Maximum coins: 75,000,000
    • Block target: 90 seconds
    • difficulty re-target: once every ~30 minutes

    Increased rewards for the first week:
    • Day 1: 100 0TC per block
    • Day 2: 50 0TC per block
    • Days 3 & 4: 25 0TC per block
    • Days 4 - 7: 10 0TC per block

    • No rewards for the first 1,000 blocks (This is to allow users time to review the code, download the client and get it installed/configured as well as to allow the network time to adjust to the initial network hashrate)

    • Rewards are cut in half every 700,800 blocks.
    • Every block has a 1% chance to generate x2 block reward and a 0.01% chance to generate x5 block reward.
    • Initial difficulty will be ~0.25
    • Proof of Stake implementation
    • [Allow mining at decreased difficulty if time since last block is greater than "x" minutes

    Release Date: May 8, 2013 @ 6pm GMT (server time)

    Source: TBA
    Linux: TBA
    Windows Binary: TBA[/list]




    UPDATE:
    Alright, this project is going to require a bit more time. The scope of this project has become bigger than I originally expected.

    I am working now with a small team of IRL friends and based on the past week's progress, we expect to be ready within the next month but I do not want to set a deadline for fear of missing it again, I do not want to ruin this project entirely by continuously giving false deadlines.

    If any experienced C++ programmers want to join our team we would happy to welcome you on board (no cut/paste programmers please).

    We thank you for your patience and we apologize for the inconvenience (again).
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    1563543430
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    eskick
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    May 05, 2013, 06:31:25 PM
     #2

    too much suspense, i hope you fail.
    monocolor
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    May 05, 2013, 06:31:55 PM
     #3

    now we are doing pre-announcement, it's good. Give small fishes the executables first, before the big fishes jump in. lol

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    May 05, 2013, 06:32:16 PM
     #4

    Difficulty retarget of 30 minutes will cause a lot of the same problems that terracoin had. I wouldn't recommend it.

    Tigggger
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    May 05, 2013, 06:37:58 PM
     #5

    Difficulty retarget of 30 minutes will cause a lot of the same problems that terracoin had. I wouldn't recommend it.

    Is it not possibe to increase the retarget interval as time passes.

    As a new coin there will be huge jumps in hashrate so it needs to change quickly, as the days go by and it becomes more stable the time increases.

    So it starts at 30 minutes, after a day 60 mins, a week 200 etc etc...

    Also starting the name with an '0' or 'O' makes it look confusing. 100 0TC IMHO

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    May 05, 2013, 06:38:45 PM
     #6

    Let's see! Smiley

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    May 05, 2013, 06:40:31 PM
     #7

    Why hello there.
    Caesar V
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    May 05, 2013, 06:44:47 PM
     #8

      Grin Goodluck!
    Magic8Ball
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    May 05, 2013, 06:48:09 PM
     #9

    Selling all the FTCs to buy a hard disk to store all the clients.
    jimmyk
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    May 05, 2013, 06:48:39 PM
     #10

    0pticoin is an experimental Litecoin branch and it is intended to be a "sandbox" environment to test building my first alt-coin and is a pre-cursor to my final intended product - the "Advanced Parallel Crypto eXchange System" (APCXS).

    As this is my first build of a new coin there aren't any ground-breaking code changes and borrows most of it's existing code from Litecoin, SmallChange and JunkCoin, but new features will be added as I develop them to test viability and optimize final settings for release of APCXS.

    Along the way, changes in the code may force me to create new forks of 0pticoin at which time I will release them as their own coins with their own changes and optimized settings until I have reached my final intended product which will then be released as APCXS.

    The features for version 1 of 0pticoin are:
    • ZERO pre-mine (Genesis block mined on testnet)
    • rpcport = 9707
    • listen = 9708
    • testnet = 19708
    • Maximum coins: 75,000,000
    • Block target: 90 seconds
    • difficulty re-target: once every ~30 minutes

    Increased rewards for the first week:
    • Day 1: 100 0TC per block
    • Day 2: 50 0TC per block
    • Days 3 & 4: 25 0TC per block
    • Days 4 - 7: 10 0TC per block
    • Rewards are cut in half every 700,800 blocks.
    • Every block has a 1% chance to generate x2 block reward and a 0.01% chance to generate x5 block reward.

    Release Date: May 8, 2013 @ 6pm (server time)

    Source: TBA
    Linux: TBA
    Windows Binary: TBA

    IMHO if it's a sandbox to test, which is a good thing, maybe you want to just have some people PM you and help you test it out.  What might happen is that some people will mine this without reading anything and then will complain after the fact that this is a test coin, regardless if you say it's a test coin.  I might be wrong about this, but there are people who hate all alt coins and doing a test might draw the ire of some of the haters.  Of course, they might hate regardless of what you do.

    I'm sure you could find plenty of people to help you test in a beta type environment.  Once you get everything you need tested, release the real coin.

    Just my opinion, obviously you can do whatever you want.  Good luck!
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    May 05, 2013, 06:56:32 PM
     #11

    Release Date: May 8, 2013 @ 6pm (server time)

    What server?

    The forum server I would guess
    Passion_ltc
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    May 05, 2013, 07:00:47 PM
     #12

    c4n10 can you give a time with the help of http://wwp.greenwichmeantime.com/ ?

    GSnak
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    May 05, 2013, 07:07:13 PM
     #13

    What is the starting difficulty?
    c4n10
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    May 05, 2013, 07:41:40 PM
     #14

    too much suspense, i hope you fail.

    This is how a client is SUPPOSED to be announced, so anyone who is interested has a fair chance at downloading the client the same as everyone else. it's not done for the purpose of "suspense".

    now we are doing pre-announcement, it's good. Give small fishes the executables first, before the big fishes jump in. lol

    Well, actually everyone will be receiving availability to the files at the same time, but I think I get what you are saying   Smiley

    Difficulty retarget of 30 minutes will cause a lot of the same problems that terracoin had. I wouldn't recommend it.

    What do you think would be a better retarget time...? I thought faster re-targets would be most desirable to keep the difficulty appropriate in cases of wild upswings/downswings in network hashing power...?

    Is it not possibe to increase the retarget interval as time passes.

    As a new coin there will be huge jumps in hashrate so it needs to change quickly, as the days go by and it becomes more stable the time increases.

    So it starts at 30 minutes, after a day 60 mins, a week 200 etc etc...

    Also starting the name with an '0' or 'O' makes it look confusing. 100 0TC IMHO

    I'm not sure if it is possible to change the retarget interval without forcing a new fork of the blockchain, I will look more closely at the code and spend some time reading about retarget intervals and their advantages/disadvantages on current clients and decide what to do from there...

    I chose the '0' to not only give the name/address scheme a little of it's own originality but also as a symbol of the coin's status as pre-cursor (basically an alpha release) to APCXS.

    I'm not opposed to suggestions on a new name/address scheme...

     Grin Goodluck!

    Thanks!!!

    Increased rewards for the first week:
    • Day 1: 100 0TC per block
    • Day 2: 50 0TC per block
    • Days 3 & 4: 25 0TC per block
    • Days 4 - 7: 10 0TC per block

    Remove those, make the starting difficulty 10+ (in Litecoin terms) and it will be a killer altcoin, guaranteed. Else you'll be adding yet another scamcoin to already huge pile.

    I will consider this as well. I currently have the difficulty set at:

    Code:
    static CBigNum bnProofOfWorkLimit(~uint256(0) >> 30);

    0pticoin is an experimental Litecoin branch and it is intended to be a "sandbox" environment to test building my first alt-coin and is a pre-cursor to my final intended product - the "Advanced Parallel Crypto eXchange System" (APCXS).

    As this is my first build of a new coin there aren't any ground-breaking code changes and borrows most of it's existing code from Litecoin, SmallChange and JunkCoin, but new features will be added as I develop them to test viability and optimize final settings for release of APCXS.

    Along the way, changes in the code may force me to create new forks of 0pticoin at which time I will release them as their own coins with their own changes and optimized settings until I have reached my final intended product which will then be released as APCXS.

    The features for version 1 of 0pticoin are:
    • ZERO pre-mine (Genesis block mined on testnet)
    • rpcport = 9707
    • listen = 9708
    • testnet = 19708
    • Maximum coins: 75,000,000
    • Block target: 90 seconds
    • difficulty re-target: once every ~30 minutes

    Increased rewards for the first week:
    • Day 1: 100 0TC per block
    • Day 2: 50 0TC per block
    • Days 3 & 4: 25 0TC per block
    • Days 4 - 7: 10 0TC per block
    • Rewards are cut in half every 700,800 blocks.
    • Every block has a 1% chance to generate x2 block reward and a 0.01% chance to generate x5 block reward.

    Release Date: May 8, 2013 @ 6pm (server time)

    Source: TBA
    Linux: TBA
    Windows Binary: TBA

    IMHO if it's a sandbox to test, which is a good thing, maybe you want to just have some people PM you and help you test it out.  What might happen is that some people will mine this without reading anything and then will complain after the fact that this is a test coin, regardless if you say it's a test coin.  I might be wrong about this, but there are people who hate all alt coins and doing a test might draw the ire of some of the haters.  Of course, they might hate regardless of what you do.

    I'm sure you could find plenty of people to help you test in a beta type environment.  Once you get everything you need tested, release the real coin.

    Just my opinion, obviously you can do whatever you want.  Good luck!

    Even though it is a test coin I want to be able to test it under real mining/usage conditions so that when APCXS releases I can know what to expect on a full-scale.

    The coin is labeled as a test coin, but I fully intend for people to use it and mine it. I want to know what it's flaws and draw-backs are in a real-world application.

    Bitcoin was released as a beta application and over time grew into something worth mining. 0pticoin while being a beta application on it's way to becoming APCXS may have it's own real-world potential in some real-world applications, I will never know until it is tested.

    But my main reason for doing a full release of a "sandbox" coin is to see how it responds when used in real-world applications on a full-scale.

    Release Date: May 8, 2013 @ 6pm (server time)
    What server?


    Bitcointalk's server

    c4n10 can you give a time with the help of http://wwp.greenwichmeantime.com/ ?

    May 8, 2013 @ 6pm GMT

    What is the starting difficulty?

    Code:
    static CBigNum bnProofOfWorkLimit(~uint256(0) >> 30);
    Twerka
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    May 05, 2013, 07:52:09 PM
     #15

    I think you should wait a "ready to mine pool" to realease the coin. I guarantee it could be succesfull.

    The worst enemy of Bitcoin is Mt.Gox exchange.
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    May 05, 2013, 08:04:27 PM
     #16

    I will try to set up a p2pool. Smiley I hope it isn't such a PITA like CHNcoin..

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    May 05, 2013, 08:18:56 PM
     #17

    Even though it is a test coin I want to be able to test it under real mining/usage conditions so that when APCXS releases I can know what to expect on a full-scale.

    The coin is labeled as a test coin, but I fully intend for people to use it and mine it. I want to know what it's flaws and draw-backs are in a real-world application.

    Bitcoin was released as a beta application and over time grew into something worth mining. 0pticoin while being a beta application on it's way to becoming APCXS may have it's own real-world potential in some real-world applications, I will never know until it is tested.

    But my main reason for doing a full release of a "sandbox" coin is to see how it responds when used in real-world applications on a full-scale.


    I understand that you want a real world test.  But will you decide if the test failed and then kill the coin?  You "expect people to use and mine it" but if you feel it isn't working out then people might be a little peeved that the project was killed.

    I hear what your trying to do.  But, IMHO, you will get more respect if you only release the final version coin.  Your coin isn't Bitcoin, so what they did doesn't apply to any other coin but Bitcoin.

    I can already hear people saying... "yea that is the guy who released 0pticoin, which failed and I wasted my time mining".  Scam, hate, etc.

    You can get a real world test if you beta the coin with miners.  You can get plenty of people to help.  Since you're not changing much, how much do you have to test?

    Your thread title also says - new coin, mine me, make money, fully working, not scam... should say - TEST COIN, SANDBOX, Wanted Testers.
    jonytk
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    May 05, 2013, 09:04:17 PM
     #18

    why not release it with a crazy difficulty at the beginning,
    then such bitbar-scams will not happen. in fact dificulty will go down if needed,
    remember satoshi took days just to mine the genesis block, you should target at least that kind of difficulty,
    look, just because the coin will generate blocks every 90 seconds doesn't mean the first days it has to generate blocks every 90 seconds,
    could be a fair innovation.

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    May 05, 2013, 09:12:51 PM
     #19

    LOL guys. Just because you were so late with BitBars you are now QQing.. Just realize that BitBar isn't a scam, but the most innovative alt coin out of the new ones.

    c4n10
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    May 05, 2013, 09:25:16 PM
     #20

    I think you should wait a "ready to mine pool" to realease the coin. I guarantee it could be succesfull.

    I'm actually planning to have a pool/forum/exchange all on a site somewhere which should be up in the next week or two. In the meantime, I expect that the p2pool gurus and others who may be interested in the coin will build their own pools.

    With 3 days between now and the release, there are likely to be one or two pools available on the day of release.
    I will try to set up a p2pool. Smiley I hope it isn't such a PITA like CHNcoin..

    Ah, here's one now, lol! Can you tell me what specifically was difficult about setting up p2pool for CHNcoin...? If you can let me know I will do best to help avoid those difficulties.

    Even though it is a test coin I want to be able to test it under real mining/usage conditions so that when APCXS releases I can know what to expect on a full-scale.

    The coin is labeled as a test coin, but I fully intend for people to use it and mine it. I want to know what it's flaws and draw-backs are in a real-world application.

    Bitcoin was released as a beta application and over time grew into something worth mining. 0pticoin while being a beta application on it's way to becoming APCXS may have it's own real-world potential in some real-world applications, I will never know until it is tested.

    But my main reason for doing a full release of a "sandbox" coin is to see how it responds when used in real-world applications on a full-scale.


    I understand that you want a real world test.  But will you decide if the test failed and then kill the coin?  You "expect people to use and mine it" but if you feel it isn't working out then people might be a little peeved that the project was killed.

    I hear what your trying to do.  But, IMHO, you will get more respect if you only release the final version coin.  Your coin isn't Bitcoin, so what they did doesn't apply to any other coin but Bitcoin.

    I can already hear people saying... "yea that is the guy who released 0pticoin, which failed and I wasted my time mining".  Scam, hate, etc.

    You can get a real world test if you beta the coin with miners.  You can get plenty of people to help.  Since you're not changing much, how much do you have to test?

    Your thread title also says - new coin, mine me, make money, fully working, not scam... should say - TEST COIN, SANDBOX, Wanted Testers.

    It is unlikely that I will ever just "give up" on the coin. But in the event for some reason I do and I abandon the project entirely, if the coin is worthy of standing on it's own virtues at that point then I believe it will survive due to it's open-source nature as I suspect the community at large would pick up it's development. But I am very unlikely to give up on it's development, I plan for this to be the staging platform for new features before I add them to other currencies I intend to develop for niche purposes. This will be an active and on-going project.

    I'm also quite certain that I won't have to do it all alone as the source will be hosted on my github (the source available on my git now is not current and nor will it be until the coin's final release, I will push the source from my linux box at 6pm GMT on May Cool and I'm sure the community members at large who are interested will have their own pull/commit requests to add.

    And I haven't changed much for the initial release because the initial challenge was just compile my own fork successfully to familiarize myself with the process of creating a new coin (baby steps). Now I will continue to add/edit the source code to familiarize myself with the code intimately and learning over time how both the code and the client/network itself respond to various settings.

    Bitcoin isn't in final release, it's still in development and people use it and mine it, I'm basically doing the same thing but using this client as a staging platform to test new features for my other projects.

    And I would like to see this coin traded, I have no problems with people selling/trading the coin, it's the only way to test my chosen block times, re-target times, potential issues with new features in an exchange environment when I implement them. This is why I will host my own pool/exchange/development-forum somewhere so those who are interested can mine it, trade it and make dev suggestions, hold discussions, etc...

    I don't see any reason why a coin shouldn't be able to be traded, used and mined while it's still under development, EVERY other coin available is still under development, lol...

    why not release it with a crazy difficulty at the beginning,
    then such bitbar-scams will not happen. in fact dificulty will go down if needed,
    remember satoshi took days just to mine the genesis block, you should target at least that kind of difficulty,
    look, just because the coin will generate blocks every 90 seconds doesn't mean the first days it has to generate blocks every 90 seconds,
    could be a fair innovation.

    Well, the starting difficulty I've chosen is already higher than litecoin, junkcoin, smallchange and the other litecoin alts I've seen.

    With a starting higher difficulty and a well thought out difficulty re-target algorithm (I will likely add upper/lower limits to the amount the difficulty can adjust each re-target period and possibly change the actual re-target interval itself) I believe the coin will start with a very stable network and I believe it will hold in stability as the network fluctuates.

    And if Satoshi generated his genesis block the same way I did then it wouldn't have taken him 6 days, it would have taken him an hour. I'm not sure if he used the same method as me (as suggested per sacarlson's multicoin github), but I believe it is a distinct possibility.

    in fact dificulty will go down if needed

    @ c4n10

    For the artifically halved difficulty if block is not found after X minutes check Terracoin 0.1.3-36 or newer stable client, they have it working properly. Very desirable feature.

    Thanks for the suggestion, I will take a look/read.

    LOL guys. Just because you were so late with BitBars you are now QQing.. Just realize that BitBar isn't a scam, but the most innovative alt coin out of the new ones.

    I don't see BitBar as sticking around for the long-term personally, but if that's your chosen client I wish you luck with it.
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