[ANN] Elacoin | Released | Fair Elastic Scrypt Mining | No Premine

[Milkshake]

Most alt coins have a very short life, because they're not announced in advance, and the only users of it are the early adapters or the preminers. Elacoin is an open cryptocurrency based on the Scrypt hashing algorithm, with a few innovative modifications:

OFFICIAL WARNING: AlternativeCypt IS A SCAMMER. DO NOT TRADE WITH HIM, HE CLAIMED TO HAVE MORE ELACOINS THAN WHICH WERE MINED



Elastic block reward algorithm based on the difficulty and Moore's Law
The more computational power you throw at it, the more each block will give.
The reward is halved every nine months to preserve the coin's value.

Stable Currency that Regulates Itself Through Supply and Demand
Less demand? Less hashpower, less block reward, less supply. Same value.
High demand? More hashpower, more block reward, more supply. Same value.

Fast Payments and Confirmations
The block target is one every 2 minutes, which is the perfect amount.
Fast enough without running into network IO limits, or bloating your hard drive.

Open to everyone. No premining, no shenanigans, announced release
Elacoin will be released after 24 hours of this message. Elacoin is not premined,
with the genesis block timestamping "Traffic from Syria Disappears from Internet".

The genesis block for Elacoin will be released after 24 hours of OP. Get your scrypt
miners ready (a miner is included in the client), and have fun  

Elacoin has being released! http://github.com/elacoin/elacoin

[Milkshake]

Official forum - on AltcoinForum.org

Elacoin Website

Elacoin Wiki

#elacoin on Freenode

[Milkshake]

Reserved.

[Vince Torres]

Why not, nice logo brah.

[mc_lovin]

oh goody another.. i like the advance notice though.

[bohanz]

Total number of coins? Time for block retargets? At least the logo is chill

[megablue]

Nice! I have a date with Ela tomorrow!

[cryptocancer]

Ah sahweet first page!

[Hazard]

Hmmm...

[Praxis]

Most alt coins have a very short life, because they're not announced in advance, and the only users of it are the early adapters or the preminers. Elacoin is an open cryptocurrency based on the Scrypt hashing algorithm, with a few innovative modifications:



Elastic block reward algorithm based on the difficulty and Moore's Law
The more computational power you throw at it, the more each block will give.
The reward is halved every nine months to preserve the coin's value.

Fast Payments and Confirmations
The block target is one every 2 minutes, which is the perfect amount.
Fast enough without running into network IO limits, or bloating your hard drive.

Open to everyone. No premining, no shenanigans, announced release
Elacoin will be released within 24 hours of this message. Elacoin is not premined,
with the genesis block timestamping "Traffic from Syria Disappears from Internet".

The genesis block for Elacoin will be released within 24 hours. Get your scrypt
miners ready (a miner is included in the client), and let's use the fairest cryptocurrency

Your currency will inflate like crazy! The very reason we love cryptos is that unlike fiat they don't inflate like crazy
But  I wish you good luck

[willhash4food]

No shenanigans???

F*ck this. I'm out. 

[Milkshake]

Your currency will inflate like crazy! The very reason we love cryptos is that unlike fiat they don't inflate like crazy
But  I wish you good luck

Bitcoin may be still be great for a store of value, but Elacoin would be better for getting everyone in. People who are new to cryptocurrencies can still mine it, and merchants will be happy to accept it because people will want to spend Elacoin.

The inflation is also limited by the halving every 9 months (it's not a sudden jump through, it's a smooth decrease).

[hdclover]

seems fair, thanks for the announcement.

[Schwede65]

please give the sources and binaries before the start - to test this software - to make it a little bit fairer to mine it for all

Edit: please don't give the linux-user the huge start-advantage like YAC did

[Yuri.]

24 hours is too soon, make it 72 and release more info, this is very scarce

[Milkshake]

please give the sources and binaries before the start - to test this software - to make it a little bit fairer to mine it for all

The sources are already available no point since you need to rebuild it anyways, however, the graphics have not being changed yet, and there is no genesis block. The genesis block will be announced when the coin has officially launched. You're free to generate your own genesis block (just remove 'false ||', compile and run elacoind) and test it out.

[txmasut]

Some interesting changes but I'm not to sure on the increasing block rewards

[markm]

How high is the initial difficulty set? Probably any estimate you have of how high it will need to be to hit your target two minites between blocks is likely to turn out to be too low, so maybe discuss that ahead of time, it is kind of suspicious actually that you didn't even mention initial difficulty yet made vague noises about no pre-mine / early-miner type benefits (which blocks coming out much faster than the target time certainly are...)

-MarkM-

[Milkshake]

How high is the initial difficulty set? Probably any estimate you have of how high it will need to be to hit your target two minites between blocks is likely to turn out to be too low, so maybe discuss that ahead of time, it is kind of suspicious actually that you didn't even mention initial difficulty yet made vague noises about no pre-mine / early-miner type benefits (which blocks coming out much faster than the target time certainly are...)

-MarkM-

The block reward is based on the difficulty, you know. It is the same as Litecoin. Early adapters will not accumulate a mass amount of coins, as the block reward will be many factors of what they are getting during the launch.

This is why Elacoin is the most fair cryptocurrency - to everyone, the launching adapters, and to the users who come months into the cycle.

[tonyback]

I hope it will live on bter and btc -e