[ANN][YAC] YACoin ongoing development

[sairon]

or, you know, you just have to wait for the blockchain to actually download
 

[1714805975]

1714805975

[1714805975]

1714805975

[ilostcoins]

I'm not visiting this forum very often these days. The great flood of whatever-to-get-attention-coins in recent months has worn me out. 

Just want to say the change in OP looks good and a multipool that pays in YAC would be great. If someone makes it happen, I'll use it gratefully. 

[Sahtor]

You can add this thread to your Watchlist and that way get a small list of threads you want to follow. "watch" link should be right next to reply and notify

https://bitcointalk.org/index.php?action=watchlist

[bitcoinvideos]

You can add this thread to your Watchlist and that way get a small list of threads you want to follow. "watch" link should be right next to reply and notify

https://bitcointalk.org/index.php?action=watchlist

That's exactly what I do. That way I can filter out the junk!

[luckygenough56]

no total coins supply ? Any guess ?

[sairon]

no total coins supply ? Any guess ?

TL;DR: unlimited

reasons:
* no block reward halving as in bitcoin, the reward is simply inversly proportional to current difficulty (max possible yearly supply growth is 52`596`000 coins)
* proof of stake minting also increases the total coin supply (at a max possible rate of 5% per year for the whole network)

so the worst-case scenario (inflation-wise) for a one year period is a supply growth of roughly 52.6 million (lowest possible PoW difficulty) + 5% of all previously minted coins (everyone is just hoarding and PoS minting)

(the calculation above does not account for interest generated from coins minted in the "current" year for the sake of simplicity)

however, the maximum amount of coins that can be sent in a single transaction output is limited to 2`000`000`000 coins (defined in the code as MAX_MONEY constant - so I assume some people incorrectly assume that's the coin supply cap )

[canonsburg]

Any thoughts on the price of YAC?

Its at about half of when I first started. I know the next Nfactor change is coming is about 29 day.

[sairon]

Any thoughts on the price of YAC?

Its at about half of when I first started. I know the next Nfactor change is coming is about 29 day.

THE PRICE OF YACOIN

IS TOO DAMN LOW

 

[fredeq]

Hey,

I have a feeling that people are afraid of nfactor 14. Is there any faq, or how-to-mine for newbies that I could promote?

[sairon]

Hey,

I have a feeling that people are afraid of nfactor 14. Is there any faq, or how-to-mine for newbies that I could promote?

sure, here's a short FAQ

Q: OMG I GOT 50x LOWER HASHRATE WITH YAC THAN I HAVE WITH LTC!!!!1
A: don't look at hashrates, compare your daily profits (learn2math)

[Beave162]

no total coins supply ? Any guess ?

TL;DR: unlimited

reasons:
* no block reward halving as in bitcoin, the reward is simply inversly proportional to current difficulty (max possible yearly supply growth is 52`596`000 coins)
* proof of stake minting also increases the total coin supply (at a max possible rate of 5% per year for the whole network)

so the worst-case scenario (inflation-wise) for a one year period is a supply growth of roughly 52.6 million (lowest possible PoW difficulty) + 5% of all previously minted coins (everyone is just hoarding and PoS minting)

(the calculation above does not account for interest generated from coins minted in the "current" year for the sake of simplicity)

however, the maximum amount of coins that can be sent in a single transaction output is limited to 2`000`000`000 coins (defined in the code as MAX_MONEY constant - so I assume some people incorrectly assume that's the coin supply cap )

I feel like the word 'unlimited' should be avoided--political correctness . I like 'no predetermined limit'. A limit theoretically could be reached and total coins could even decline since transaction fees are destroyed.

It is the same as Peercoin except:
1) YAC POS around 5% max annual inflation rate; PPC around 1%
2) POW block reward increases with each NFactor change assuming miners constant

I like this explanation: "Long answer: Unlike bitcoin, ppcoin does not have a fixed money supply cap. However this does not mean that ppcoin is significantly more inflationary than Bitcoin. The minting design attempts to better mimick gold than Bitcoin does in our opinion. Gold does not have a known money supply cap either, but we know it's reliably scarce. For many years annual inflation of gold is around 1-3%. In ppcoin there are two types of minting, proof-of-work and proof-of-stake. The proof-of-work minting rate is regulated by Moore's Law, which dictates that our ability in proof-of-work grows exponentially. We are aware that Moore's Law eventually has to end, but by that time inflation in ppcoin is likely already approaching gold's level. The proof-of-stake minting introduces at most 1% annual inflation. Meanwhile ppcoin's transaction fees are destroyed to counterbalance these inflationary forces. So overall ppcoin's minting design is still a very low future-inflation design comparable to Bitcoin.
There is a 2-billion coin max value in the source code, however that is only used for consistency checking and is not meant to be part of the minting design."

http://www.reddit.com/r/ppcoin/comments/1bv4dt/what_is_ppcoins_coin_cap_easy_to_understand/

Good discussion on economic implications:
http://www.peercointalk.org/index.php?topic=187.0

[Beave162]

Any thoughts on the price of YAC?

Its at about half of when I first started. I know the next Nfactor change is coming is about 29 day.

The slow, insidious decline... reminds me of LTC right before it shot up from $1.6 to over $48. A lot of people would rather hold on to bitcoin (or USD) rather than yac, which is understandable. I think it is just a lottery to guess where the bottom will be (and when to sell on the way up!). I don't like this low volume though.

Hey,

I have a feeling that people are afraid of nfactor 14. Is there any faq, or how-to-mine for newbies that I could promote?

sure, here's a short FAQ

Q: OMG I GOT 50x LOWER HASHRATE WITH YAC THAN I HAVE WITH LTC!!!!1
A: don't look at hashrates, compare your daily profits (learn2math)

A newbie like my parents? Or a newbie like an UltraCoin cult member?

It would be awesome to have mining software that automatically detects your hardware and just takes care of the rest. Then parlay that into a multipool (which includes many coins of all algorithms) that pays out in YAC. game. set. match.

[fredeq]

Haha that would be nice indeed.

Sairon I am serious people outside China are afraid to touch chacha. Nice little infographic FAQ would help you guys out, just sayin. If you ever do it, feel free to pm me.

[Joe_Bauers]

Haha that would be nice indeed.

Sairon I am serious people outside China are afraid to touch chacha. Nice little infographic FAQ would help you guys out, just sayin. If you ever do it, feel free to pm me.

In case anyone wants to make changes for the website:  https://github.com/yacoin/yacoin.org   

[Joe_Bauers]

Haha that would be nice indeed.

Sairon I am serious people outside China are afraid to touch chacha. Nice little infographic FAQ would help you guys out, just sayin. If you ever do it, feel free to pm me.

In case anyone wants to make changes for the website:  https://github.com/yacoin/yacoin.org   

One thing that would be great is if someone can generate google translate code @ https://translate.google.com/manager/website/

[Beave162]

There should be translations of the OP in many languages--yea, especially Chinese. I like how UltraCoin has that setup where you can just click the flag of a different country to get the respective translation.


For the meme contest, I've updated the rules on how the voting will go down and when the bounties will be awarded. The memes are pretty entertaining so far (I've used a couple myself), but there hasn't been a submission in weeks! Even at these extremely deflated prices, first place gets $50 USD worth of coin--for a picture.


http://forum.yacoin.org/index.php?topic=631.0
https://bitcointalk.org/index.php?topic=561040

[mhps]

A bug report here https://bitcointalk.org/index.php?topic=276948.msg6501805#msg6501805

It happened after I selected some coins to send in the coin control window, closed the window but didn't send the coins. When I came back to it the choosen stakes found a POS block.

[WindMaster]

sure, here's a short FAQ

Q: OMG I GOT 50x LOWER HASHRATE WITH YAC THAN I HAVE WITH LTC!!!!1
A: don't look at hashrates, compare your daily profits (learn2math)

Sounds about right.  I guess people are quick to forget the even earlier short FAQ:

Q: OMG I GOT 1000x LOWER HASHRATE WITH LTC THAN I HAVE WITH BTC!!!!1
A: Umm, yup.

[sairon]

just FYI - we now have dns seed code available for yacoin. however, i can't run the server myself on the same VPS block explorer is running (amazon won't let me access the dns port from outside for some reason even though i enabled it in all firewalls). so, if anyone has the resources to do it here's the link https://github.com/saironiq/yacoin-seeder. you don't need anything fancy, really - just access to your domain's authoritative NS record and a linux box, the daemon itself is VERY light on resources

FYI #2: i'm working (again) on bringing electrum (with a twist) to yacoin. merged in latest upstream commits from electrum-server and i'm now testing it (had some problems with buggy rpc interface of yacoind >.< ...it's solved worked around now, hopefully). besides just changing a few bits i added a few methods to the ones the server exposes, so it's now possible to create an entire block explorer based on electrum (even with graphs and stuff) - that means my explorer will be getting an overhaul soon-ish that would make it lightning fast (at least i hope so lol). now the bad news: the client side of electrum got a lil' more difficult as of version 2.0 to port over to yac, so i'm looking for someone to help me with it (though it's mostly "gui" work, i think the hardcore pieces i've written earlier can be reused). AND after this bit of bad news comes some GREAT news: with the server interface enhancements i've made it should be possible to PoS mine directly from a thin electrum client (though it's definitely not the best way to mine... but at least you don't need slow client with big blockchain. the worst thing the server can do to you is not broadcasting your block, but that can be worked around by broadcasting it yourself by getting active node IPs from a dnsseed server )

FYI #3: i'm looking for a web developer/javascript wizard to create a front-end for an electrum-based block explorer (something like blockchain.info with fancy live block/tx streams and whatnot). if you're interested, shoot me a PM!

[ivanlabrie]

Wow!!!

"PoS mine directly from a thin electrum client"

That sounds super awesome :p