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

[Milkshake]

So this is an INFLATING litecoin clone ?

How is this an improvement ?

All coins inflate during the period where there is the block subsidy. This ties in the rate of inflation with the network hashpower, because:

(i) more hashpower would mean the coin is worth more, so more coins are produced / more inflation
(ii) less hashpower would mean the coin is worth less, so less coins are produced / less inflation

This helps give Elacoin a stable price, and make it easy for everyone to mine.

[Devianttwo]

well heres my question. If everyone gets paid the same amount won't this hurt pools?

[Milkshake]

well heres my question. If everyone gets paid the same amount won't this hurt pools?

The block reward is different, everyone can get the same block reward but small miners will hit it less often, etc.

[Isaacariah]

Will there be an Elacoin-qt pre-compiled EXE available to download on the OP tomorrow morning when this is released? If you want good adoption of this coin, make it easy, have a wallet EXE ready for those of us who aren't into compiling/downloading so that we can either solo-mine straight away or payout from the pools.

[Cyberdyne]

The launch version has an incredibly high max coins (billions, like PPCoin)

I thought there was a cap of 100 million. Now you're saying there's effectively no cap?

[Boba]

If in the future there is a breakthrough in computing so that hash power increase 100 fold, will this create hyperinflation of elacoin? Or is there a cap on the block reward?

[Devianttwo]

Well right now I don't know how I'm going to make the format of how many coins to pay out my people for mining.  Maybe you can give me a format to add to the site so people get paid correctly?

[Milkshake]

If in the future there is a breakthrough in computing so that hash power increase 100 fold, will this create hyperinflation of elacoin? Or is there a cap on the block reward?

By then, mining would have effectively stopped - 100 fold of computational power would still mean 0.05 ELC per block or so.

0.5^13 (about 12 years) = 0.0001 multiplier.

Well right now I don't know how I'm going to make the format of how many coins to pay out my people for mining.  Maybe you can give me a format to add to the site so people get paid correctly?

You should be able to query the RPC and obtain the block reward. What mining pool software are you using?

[ilostcoins]

...

Pretty clever system, even if I say it myself

Based on what I read from your posts (I'm not going through your code with my layman eyes), it's a clever system indeed. 

It allows most of the coins to be generated years or even decades later after (hopefully) the coin has gone mainstream, rather than being too concentrated in the hands of people who join in the early years. At the same time, it still gives early adopters pretty good reward to kickstart the system.

People worried about inflation needn't be. If the block reward scales linearly with total hash rate, it would just indirectly peg the value of the coin to energy cost/hash in the long term. With less than linear scaling and reward down to half every 9 months which is faster than energy cost/hash will come down guessing by Moore's law, the coin's value will be well beyond the electricity cost you put in now IF it ends up being widely adopted. Just don't dream about becoming a billionaire.

[Vilepickle]

I like the adjusting block reward of the coin... the problem with the coins these days seems to be that of stagnation ala Freicoin (not its recent update, but the coin "rape" and then when everyone left the chain it takes months to adjust difficulty back).  Since Bitcoin powered through it since it was first, the followups have had problems balancing difficulty and block reward for different network hashrates.  This coin doesn't seem to "care" what the hashrate is, and it doesn't give 10 people millions of coins compared to everyone else since they pointed their cannons at it first.  Though, the early people still get perks, just not a monopoly.

[e521]

It allows most of the coins to be generated years or even decades later after (hopefully) the coin has gone mainstream, rather than being too concentrated in the hands of people who join in the early years. At the same time, it still gives early adopters pretty good reward to kickstart the system.

"The reward is halved every nine months to preserve the coin's value."


I think Elasticity tries to reduce the effect but it's not 100% effective

[nocoin]

https://github.com/elacoin/elacoin/commit/d2a3f1badd6a2ff77583ce573be370bc09572708

Code:

static CBigNum bnProofOfWorkLimit(~uint256(0) >> 20); // Elacoin: starting difficulty is 1 / 2^12

So, are you gonna fix this? Difficulty will be like... 0.0002 at launch.
If yes, what value are you planning to state?
If no... well, good luck as another-premined-coin-all-crying-about

[Milkshake]

https://github.com/elacoin/elacoin/commit/d2a3f1badd6a2ff77583ce573be370bc09572708

Code:

static CBigNum bnProofOfWorkLimit(~uint256(0) >> 20); // Elacoin: starting difficulty is 1 / 2^12

So, are you gonna fix this? Difficulty will be like... 0.0002 at launch.
If yes, what value are you planning to state?
If no... well, good luck as another-premined-coin-all-crying-about

Yes!

It has already being fixed, but you know, the coin hasn't launched so I'm not pushing the changes out?  

Not only that.. but the block reward is based on the difficulty..

[Devianttwo]

If in the future there is a breakthrough in computing so that hash power increase 100 fold, will this create hyperinflation of elacoin? Or is there a cap on the block reward?

By then, mining would have effectively stopped - 100 fold of computational power would still mean 0.05 ELC per block or so.

0.5^13 (about 12 years) = 0.0001 multiplier.

Well right now I don't know how I'm going to make the format of how many coins to pay out my people for mining.  Maybe you can give me a format to add to the site so people get paid correctly?

You should be able to query the RPC and obtain the block reward. What mining pool software are you using?

We are using mmcfe http://elc.hackshardgaming.net

I tried looking at getmininginfo on powercoin for example and it always tells me currentblocktx = 0. where on bitcoins and litecoins it shows up properly. so not sure how I'm going to get the current block value without manually setting it.

[Devianttwo]

LOL I thought I was the only person that found the github. Oh well. lol I already have it compiled on my server box but I'll be updating it when its updated

[zhuhaifeng]

I very much hope to develop a neither monetary quantity is limited, and no difficulty of the new currency, value can be unlimited creation, rather than being limited to a fixed number of. With the passage of time, slowly growing amount of money, it is only fair currency.

Otherwise, just like other virtual currencies, dig into some difficulty will abandon, no value. Avoid virtual currency because of difficulty and abandoned by people, then the resulting monetary value depreciation of this kind of thing. I want someone to understand me.

Decentralized monetary center idea is good, but no monetary reins like no carriage, not know what will happen, so, can adjust, virtual currency adjustment, in order to win the final victory, speculators, and the recognition of the public.

[Lollaskates]

You'd really be better off marking a set time in GMT when the release is happening rather than a 24-hour window of F5 the page. Especially if the code is completed and you're just waiting.

[Milkshake]

You'd really be better off marking a set time in GMT when the release is happening rather than a 24-hour window of F5 the page. Especially if the code is completed and you're just waiting.

05:59:27 AM forum time

[nocoin]

It has already being fixed, but you know, the coin hasn't launched so I'm not pushing the changes out?  

Oh, c'mon, at least share the difficulty! 1? 5? 25?
Also, don't forget to set up some nodes and post their IP, so we can "-addnode" them.

[muddafudda]

And there will be a compiled windows launcher link??