[ANN] eMunie (EMU) - NOT a BitCoin fork/clone - call for beta testers

[Fuserleer]

I would like to add that it is great to see someone actually working on something different. Whether it succeeds or fails, it is a breath of fresh air. Thanks.

Thanks for the kind words of support

Also much thanks to all that have offered help so far 

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[trace666]

sounds interesting. would love to test!

[steganos]

I would like to be a beta tester.

[FrenchFriesKetchup]

cool! would like to be a tester!

[ictin]

well i don't know if is full for the beta, but i'am in. Is nice to see something new after the attack of the clones

[vonross2012]

Please change the name.
If you want this to work  have a safe but interesting name.

It's like having a bank name Joe Bob's Savings and loan.

[kohonez]

count me in

[efx]

I'll test, looks like you have the first 50 already though 

[theking]

looks interesting
can help test

[sor.rge]

I would test it too.

[timeofmind]

This is excellent news. I'm in. When/where can we get access to the code? I look forward to thoroughly dissecting this thing.

[wtfvanity]

I'll test, looks like you have the first 50 already though 

70 or so posts, a bunch of replies and questions. Might be getting close to 50. He did also mention that as the beta expands it would be first in line would be next. I'm doubting that the entire beta would limited permanently to 50 people.

[FirewallXIII]

I'd like to test if possible.

[idev]

I would like help with beta testing.

[fronti]

Most interesting is that there are really new ideas!

I understand that in your post (as you wrote) not all can be covered..
But some questions and not only want to ask "tester too, to be an early adapter."

one important (for me) will there a maximum of ENU in your system? I like also to think on one with a non maximum (differnet from bitcoin)..

Also the question if the hatching nodes need to go through all transactions until the first block, will this scale with a large list of transactions (i think in bitcoin, yes wehere we have the ~8 GB Blockchain now..)

I know that this is also need to test so
at least this sound interesting and let us see your effords soon

Thanks for the enthusiasm

There is no set cap target of EMU's, so in theory it's unlimited.  We've opted for a simple 1 EMU per minute volume target (which will be voted on in hourly intervals, so 60 p/h) which gives a nice, steady yearly volume of around 520k EMU's.  Each EMU can be subdivided just like BTC, so granularity isn't a problem.

To your verification question, the backward traversal of the chain will be quite quick, even with many millions of transactions in the system as there is only 1 path to get back to the genesis block.  Forward traversal from the genesis block is more resource hungry as the ledger grows and we have some ideas to mitigate this over time.  That said, as the ledger grows, the amount of work that a hatcher node has had to do to verify that transaction rises, so the proportion of the 80% share allocated to that hatcher will increase, thus they are paid for that work.

Ok so no limit in the number of EMU but as they are coming slow also not a problem

Will it possible in the future o change this or other key feature of the system like change the crypt algorithm or the time when new EMU will appear?
Will there a central system to take care on this or is community related

Like btc transactions from an old client may not accept by newer miners because of something so the community of miners can drive th direction of the development.

[cannonfodder]

As mentioned by com911, the name is only one letter shy of a muslim mullah. If hard set on keeping the name, change it to the common spelling, moola.

[lerelerele]

eMulah (EMU) Announcement

Production launch: 21st June 2013

Beta (test) launch: ~7th June 2013

Before moving on I would like to make it clear that eMulah is NOT a fork of the BitCoin code, or any alt-coin that has been derived from the BitCoin release by Satoshi.  

eMulah is a decentralized, cryptographic currency, which is planned for launch in June 2013 and includes a number of innovations which will push crypto-currencies to the next stage.  

It is a secure, energy efficient system, which is self regulating and discourages "hoarding" as a whole, the aim of which to enable a more stable, reliable currency and value store.

We have a "closed beta" launch date on our test network due around the 7th of June, and I would like to call upon any interested party that would like to assist us, to get in touch with me.  I'll provide more details on this later in the post.

So whats different

eMulah has similarities to current crypto-currencies by way of a public ledger, blocks and transactions.  These however, are where the similarities end and innovation for a better system comes into action.

The network is composed of clients, seeders and hatchers, the functions of which will be explained in this announcement.  Any node can take task in one, or any combination of these roles dependent on the users wishes.

The network is resiliant to any type of "51%" attack, as the models required to perform such an attack are not present.

Currency generation within the network is a collaborative effort, and created currency is distributed according to a set of requirements.  This distribution should help to ward against hoarding, which can further lead to volatility of the currency.

The network performs extensive verification of itself, more so than the BitCoin algorithms, to ensure that all participants are honest nodes and for additional security overall.

A secure, anonymous peer 2 peer messaging system is built into the network, allowing secure, untraceable communications between 2 or more parties.

How it works

Transactions are similar in nature to BitCoin, each transaction has inputs and outputs which are signed.  Once a transaction is created, a "hatching" node is discovered, a verification request is sent, and if accepted, the transaction is forwarded to that node for verification.  At this point the hatching node, which has an entire, complete copy of all network transactions, performs verification of the submitted transaction (more about this later).  Once verified, the hatching node includes the transaction in the next block created, signs the block and hands that block to an additional hatching node.  This secondary hatching node performs the same verification with the newly created block, and if verified, signs it also, and broadcasts the new block into the network.  

Hatching nodes have a copy of all transactions and all public keys involved in these transactions.  Upon receiving a new transaction, the hatcher performs a full verification of the entire transaction chain backwards to the genesis block, and forward from the genesis block, simulating all the historic transactions and ensuring that 2 true, identical paths are always found.

Hatchers" can assign minimum fee's for this service to generate additional income, and any transaction verification request that does not fulfill the minimum set fee is ignored. Of course, transactions can be processed for free as this has additional benefits as explained below.

The delay time for a transaction to be included within a new, verified block should be nominal.

Currency generation is a collaborative effort between n-client nodes and a hatching node.  Each node in the system will cast a vote to a random hatching node to whether to create a currency unit (EMU).  Creation volume of currency over time is confined to a specified target interval to maintain a steady flow of new EMU's.  As the hatching nodes have the information available of all newly created EMU's, they are able to select the correct vote threshold for the generation of new EMU's.  If the collective vote is a success a number of EMU units are created and are distributed around the system in the following manner:

• As all hatching nodes have a complete transaction history, they are able to determine the hatching nodes that have done the most work in the system, 80% of the generated units are distributed to all hatching nodes in the system proportional to the amount of work they have done verifying transactions.
• The remaining 20% of generated units are distributed around the system to all clients, the percentage of which will be proportional to the amount of EMU units within that account, this is similar to interest.

Generated units are signed collectively by the nodes that voted for its creation, and also by the hatching nodes that co-verified it.  These signatures can then be checked by successive hatching nodes upon receiving the new block to ensure that the EMU unit generation is legitimate.

Benefits

Some benefits of eMulah may be obvious, other may not, so allow me to provide a simple breakdown.

• High security
• Fast transaction times
• Energy efficient
• "Fairer" system, all participants receive reward for work & adoption
• Difficult to crash value through hoarding then dumping
• More stability (we hope)
• Secure messaging[/il]
  

Other thoughts

Currently we are exploring the option of backing eMulah with USD, current proposals are a pre-allocation of 100k EMU units, backed by an as yet undecided amount of USD currency in the region of $50k-100k+   To complement this, we will either produce an exchange where individuals can trade EMU's for USD quickly and easily, or via a partnership with a current exchange.  If any current exchanges would like to discuss this possibility, please do feel free to get in touch with me.

Finally

We are looking for interested parties that would be willing to help us with our closed beta.  This is to enable us to do full stress testing of the system on a test network to ensure that any major lurking issues are caught and resolved before our production launch of 21st June.  Any person that participates will be awarded an allocation of EMU's upon launch, and will be privy to a mention of their choosing (real or pseudonym) on our website when launched and within the default client.

Of course this small post does not answer all questions, nor give all details on the eMulah system.  We are drafting our final paper on our algorithms and implementation currently and this will be released in the near future.

Thanks for reading, hopefully I've covered enough points to provide a complete idea how eMulah will work and I look forward to feedback and questions.

Yeeeep test

[Fuserleer]

I'll test, looks like you have the first 50 already though 

70 or so posts, a bunch of replies and questions. Might be getting close to 50. He did also mention that as the beta expands it would be first in line would be next. I'm doubting that the entire beta would limited permanently to 50 people.

Indeed, the more people that pledge their support the better really, heavier testing load = better system, so we aren't capping at 50 or anything like that.  We just don't want to overload it instantly and so plan to scale up over those initial 2 weeks.

[Etlase2]

How are new "hatcher" nodes added post-beta?

[Fuserleer]

Ok so no limit in the number of EMU but as they are coming slow also not a problem

Will it possible in the future o change this or other key feature of the system like change the crypt algorithm or the time when new EMU will appear?
Will there a central system to take care on this or is community related

Like btc transactions from an old client may not accept by newer miners because of something so the community of miners can drive th direction of the development.

Ideally we would like to build a community just like the other successful currencies have, and push this forward as a whole if it can gain some traction.

Any suggestions for improvements etc etc would be met with honest consideration, hopefully as a community.