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

[Milkshake]

My apologies, source code has not being released because when the genesis block is released you would need to recompile anyways.

It's not a valid a reason not to release source code.
If you really want everything to be fair, you should release source code with unofficial/testnet genesis block and commit real genesis block at release time.
Otherwise it'll be a race "Who can compile it faster?".

The source code is out.

Yup, the genesis block in the source is invalid on purpose. I am not going to release an "official unofficial" genesis block, that will lead to people starting to trade ELCs which would be destroyed in 20 hours with the real launch. You're free to mine the genesis block yourself (at the low difficulty, actual diff not pushed out yet) and play around with it.

Just have some patience, will you? People complain about sudden announcements, so I pre-announce it to make it fair. People then demand the source code, "unofficial" genesis blocks, and I think someone set up a pool for it already ?? Seriously.

[Milkshake]

You need to recompile with a new genesis block anyways! So it will always be a race of who can compile the fastest. That's impossible to change, compiling and downloading are going to take time, and I can't have DRM telling you what to do or not do.

[jubalix]

I'm will have to agree with the earlier comments.  Making the awards equal to the hashing power is going to cause massive inflation, even if you halve block rewards every 9 months.  Does this coin have an eventual maximum number of coins that will be generated?

The award is not equal to the hashpower. It is increased by the hashpower, however it is not 1:1.

So this is essentially the same as all coins ever, just caps out faster, so more mining up front....this may make it a short lived coins if transaction cannot sustain miners

[Milkshake]

I'm will have to agree with the earlier comments.  Making the awards equal to the hashing power is going to cause massive inflation, even if you halve block rewards every 9 months.  Does this coin have an eventual maximum number of coins that will be generated?

The award is not equal to the hashpower. It is increased by the hashpower, however it is not 1:1.

So this is essentially the same as all coins ever, just caps out faster, so more mining up front....this may make it a short lived coins if transaction cannot sustain miners

Not the same.

Difficulty 50: ~3 coin reward for block ID 1
Difficulty 100: ~5 coin reward for block ID 1
Difficulty 500: ~21 coin reward for block ID 1

Not taking in account the per-block block reward decreases.

Explain to me "more mining up front" when later in it's lifecycle, the coin reward is still high enough to encourage new miners to join in (even without much hashing power), while inflation is controlled because it reduces to half every 9 months?

It doesn't "cap out" really, if the difficulty increases to a billion then there will be millions of coin rewards. The launch version has an incredibly high max coins (billions, like PPCoin), so it's not going to be reached. Actual amount of coins in circulation? My guess is a few hundred thousand / million.

[cebb]

Waiting!!!!!!!!!

[mercSuey]

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.

Regardless, MarkM is correct.  You need first X blocks to give zero reward to get an initial gauge of difficulty/network hash rate.  Sort of ironic that a pre-announcement would force you to do it that way.  And in actuality if the baseline block reward is really low then, dare I say it, a preannouncement or at least a 24 hour one, is unnecessary and a bit redundant.  But, I admit this seems intriguing from a democratic standpoint, so how about some actual numbers?  Is it a scale with respect to network hash rate?  Initial reward is 50 like litecoin?  

edit:
I just saw the scale a few posts up.

[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.

Regardless, MarkM is correct.  You need first X blocks to give zero reward to get an initial gauge of difficulty/network hash rate.  Sort of ironic that a pre-announcement would force you to do it that way.  And in actuality if the baseline block reward is really low then, dare I say it, a preannouncement or at least a 24 hour one, is unnecessary and a bit redundant.  But, I admit this seems intriguing from a democratic standpoint, so how about some actual numbers?  Is it a scale with respect to network hash rate?  Initial reward is 50 like litecoin?  

edit:
I just saw the scale a few posts up.

See post #124 please!

[moreporknz]

Anyone else got any pools ready for launch?

[billionaire]

I like the pre-announcement  and it fits well with the latest Litecoin retarget timeframe. If it truly is not premined, I will mine this coin.

[escrow.ms]

That's great, I will keep an eye on this thread

[e521]

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).

Let's say you start with 100kh/s, 1 coin per block, only 1 person, 1 coin/person per block
At block 50 you reach 200kh/s, 1.5 cons per block, shared by 2 persons, 0.75 coin/person per block
At block 100 you reach 500kh/s, 2.5 coins per block, shared by 5 persons, 0.5 coin/person per block

So:
- I understand that  hashpower:reward is not linear, so early adopters will still get an higher reward
- How this is going to fight inflation?
- Don't you think that people will fight inflation converting elacoin to bitcoin/litecoin until there are some merchants?
- And how long do you think it will take to make this happen? See litecoin

Maybe it's a good idea, maybe not, who knows, see you in a few hours

EDIT: Also, could you explain how you are going to control diff and value using Moore's law which doesn't consider it. Thanks

[JimmyFL]

Eight-o-clock release? SCREW YOU EDUCATION, this is more imporant 

[Quartx]

Eight-o-clock release? SCREW YOU EDUCATION, this is more imporant 

I see you are from my timezone XD

[Milkshake]

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).

Let's say you start with 100kh/s, 1 coin per block, only 1 person, 1 coin/person per block
At block 50 you reach 200kh/s, 1.5 cons per block, shared by 2 persons, 0.75 coin/person per block
At block 100 you reach 500kh/s, 2.5 coins per block, shared by 5 persons, 0.5 coin/person per block

So:
- I understand that  hashpower:reward is not linear, so early adopters will still get an higher reward
- How this is going to fight inflation?
- Don't you think that people will fight inflation converting elacoin to bitcoin/litecoin until there are some merchants?
- And how long do you think it will take to make this happen? See litecoin

Maybe it's a good idea, maybe not, who knows, see you in a few hours

EDIT: Also, could you explain how you are going to control diff and value using Moore's law which doesn't consider it. Thanks

It's based on difficulty. Let's say every user has the same hashing power, and each user contributes 50 difficulty (work with big numbers).


Difficulty 50: 3.08 coin reward for block ID 1
> 3.08 coins per person
Difficulty 100: 5.16 coin reward for block ID 1
> 2 people, 2.58 coins per person
Difficulty 500: 21.83 coin reward for block ID 1
> 10 people, 2.18 coins per person
> Without elasticity: 0.31 coins per person

As you can see, the coins per person drops with more users, however it is still elastic and makes sure everyone can still get a reasonable amount. This is how inflation is fought, in addition with the constant reward reduction that works out to be half every 9 months.

The value of Elacoin should be quite stable, regardless of if there are 200k or 2 million coins. Why? Because the more coins there are, the more demand there would have being (more hashpower), and that would drive the price of each up. The less coins there are, the less demand there is, and that balances out the lack of supply.

Pretty clever system, even if I say it myself

[Hydroponica]

So, hold on....not only are the guys with more hashing power, going to find more blocks, there blocks will be bigger, because they have high hashing power? That will be good for pools, but in the first solo mining hours, the rich get richer, and the poor get Orphans.

[xibeijan]

I like all these different altcoin ideas mixing around.

So long as there's _an_ idea to experiment with, then I am happy.  Otherwise, if it's just a silly name or hype, then I'm not happy and ignore it.

Elacoin sounds interesting, so I am keen.

[ictin]

So, hold on....not only are the guys with more hashing power, going to find more blocks, there blocks will be bigger, because they have high hashing power? That will be good for pools, but in the first solo mining hours, the rich get richer, and the poor get Orphans.

As far i understand, the number of coins per block will rise with the difficulty, and this is good in  my opinion.

But, from my understanding, there is not an upper limit on the number of generated coins, and the number of coins is based on the supply and demand, i am right? Because, yes, in this case case is a clever system, and this can be the base for a coin for every day use, and not only for investment purposes.

[Devianttwo]

I just hope he doesn't make it to confusing for me to configure on the site for payouts.

[Milkshake]

So, hold on....not only are the guys with more hashing power, going to find more blocks, there blocks will be bigger, because they have high hashing power? That will be good for pools, but in the first solo mining hours, the rich get richer, and the poor get Orphans.

No, the rich will not get richer. Everyone gets the same payout per block. It's more fair to small miners actually when there is high difficulty, while it does not handicap large miners either.

[Joerii]

So this is an INFLATING litecoin clone ?

How is this an improvement ?