Ercoin — Initial Burn Offering, proof of stake, messages, original code

[krzysiekj]

News

Locked accounts are now able to designate other addresses as validators. This change means that compromising validator’s key won’t necessarily mean loss of funds. While it results in a lower incentive to protect validators’ keys, it also results in a lower incentive to crack validators (as there will be little funds to steal). Locked accounts will still have an incentive to make validators secure, as compromised validators can lower the currency value.

This change also means that stakeholders will be able to easily delegate the duty of running a validator to other entity. This opens a possibility of validators being backed by multiple stakeholders.

As a next step, entropy of validators’ drawing was reduced. There are now 20 validator slots and randomness is only used to apportion fractional parts. For a discussion of random number generator and apportionment algorithm, see a related thread on erlang-questions.

Lock time was limited to three years in regard to drawing validators. The main purpose of taking lock time into account when drawing validators is to choose validators that prefer long time appreciation of currency value over short time fee profits. Three years seem sufficient for this purpose.

Tendermint was upgraded to 0.21.0 (this involves only changing port numbers).

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1715022453

[krzysiekj]

Ercoin now has a logo.

[muleroaa]

Ercoin now has a logo.

It looks very....vintage

Might be an idea to hire a logo designer at some point, in exchange for some Ercoin of course!

[krzysiekj]

Ercoin now has a logo.

It looks very....vintage

Might be an idea to hire a logo designer at some point, in exchange for some Ercoin of course!

I agree. For now the priority is to have some logo and this one is not created by a professional. Since there is no ICO and no premine, hiring a designer will likely require a sponsor. Another option is to pay someone to only polish the existing design.

[krzysiekj]

The browser wallet now supports changing format of binary serialization (affecting addresses, private keys and transactions) on the fly, offering four options:

• Base58
• Base64
• Hex
• Raw bytes

[krzysiekj]

Ercoin now has a Twitter account: @ErcoinTech.

[Ngonline]

Did you planned to do airdrop or bounty ?

[krzysiekj]

Did you planned to do airdrop or bounty ?

Two bounties have been already announced (listed on ercoin.tech, paid in BLK as Ercoin is not launched yet) and there may be more in the future. No plans to do an airdrop.

[krzysiekj]

The browser wallet now supports eight currency units, based on decimal prefixes. The smallest possible unit is currently nanoercoin (nERN). An Ercoin node operates only on nanoercoins and treats it as a basic unit.

[krzysiekj]

ercoin.tech has now SSL encryption and there is also a news feed. It is intended to be rather low volume and can be used in particular to watch for the announcement of burning period.

There are also syndication feeds on GitLab which can be used to track activity in repositories.

[krzysiekj]

Laboratorium EE has released a tool which visualizes initial burn offerings, featuring Ercoin and Blacknet.

[krzysiekj]

Big change was implemented recently which changes method of measuring time in Ercoin from block height to timestamps. It comes from the fact that time between blocks is not enforced by consensus in Tendermint. Besides making data structures more natural and the usage simpler, it allows to abandon creating blocks every n seconds regardless of whether there are transactions present or not. If there are no transactions, blocks are created much rarer than when transactions are present. This reduces blockchain size without impacting confirmation time.

The browser wallet now supports timestamps, with some tools to display and edit them nicely in various contexts. The command line wallet has been obsoleted.

To make the feature of delaying block creation when there are no transactions actually possible, Tendermint needs to stop creating blocks if app hash changes. See issue #1909 for details.

[krzysiekj]

It is now possible to list committed transactions in the wallet (using a simple search form). The following data is displayed:

• Block height.
• Transaction hash.
• Transaction type (transfer, account, lock, vote, burn).
• “From” address.
• “To” address (if relevant).
• Valid until / locked until (if relevant).
• Value (if relevant).
• Fee.
• Message (if relevant).

To make this work, Tendermint must be configured to index “from” and “to” tags (either set [tx_index] → index_tags to contain “from,to” or [tx_index] → index_all_tags to true).

Currently there is a discrepancy in regard to messages, as transaction creation form treats messages as strings (which are later encoded using UTF-8), but transaction list displays them as binaries. This probably should be configurable.

[krzysiekj]

New wallet design with improved transaction creation and broadcasting is live at https://ercoin.gitlab.io/ercoin-browser-wallet/. Impressions?

[jino10]

when to start IBO, waitting....

[krzysiekj]

when to start IBO, waitting....

Below are some actions which are desired/possible to happen before announcing the IBO.

• Announcing a public testnet.
• Talking to potential exchanges (after announcing the testnet).
• Improving the website and documentation (maybe writing a whitepaper substitute).
• Waiting until Tendermint is production ready. Speaking of that, there are only 4 open issues left in the “launch” milestone (with 42 closed).

[jino10]

when to start IBO, waitting....

Below are some actions which are desired/possible to happen before announcing the IBO.

• Announcing a public testnet.
• Talking to potential exchanges (after announcing the testnet).
• Improving the website and documentation (maybe writing a whitepaper substitute).
• Waiting until Tendermint is production ready. Speaking of that, there are only 4 open issues left in the “launch” milestone (with 42 closed).

Thank you for your reply.Looking forward to know more about your project. 

[muleroaa]

when to start IBO, waitting....

Below are some actions which are desired/possible to happen before announcing the IBO.

• Announcing a public testnet.
• Talking to potential exchanges (after announcing the testnet).
• Improving the website and documentation (maybe writing a whitepaper substitute).
• Waiting until Tendermint is production ready. Speaking of that, there are only 4 open issues left in the “launch” milestone (with 42 closed).

This has been a long time in the making. Looking forward to see it come to life!

[krzysiekj]

Ercoin 0.1.0 has been released. The test network is scheduled to launch at 6 P.M. UTC on Friday, 29 March. Read the full announcement at https://ercoin.tech/news/ercoin-0.1.0.html .

[krzysiekj]

Version 0.1.1 has been released which updates the entropy library. Launch of the test network will happen using a newly-generated genesis data which uses real entropy instead of the dummy one.