[ANN][BLC] Blakecoin Blake-256 for GPU/FPGA With Merged Mined Pools Stable Net

[rupy]

Why are so many altcoins doing a total of 7 billion?

And how does that work with this "Block reward is 25 coin + inflation (square root of (difficulty + block height))"?

[Jude Austin]

Why are so many altcoins doing a total of 7 billion?

And how does that work with this "Block reward is 25 coin + inflation (square root of (difficulty + block height))"?

One for every human on Earth.

[BlueDragon747]

Why are so many altcoins doing a total of 7 billion?

And how does that work with this "Block reward is 25 coin + inflation (square root of (difficulty + block height))"?

One for every human on Earth.

yep ~ 7 billion people  

Its a dynamic reward so is based on the difficulty at the time:

past diff ~ 0.0018 BLC
sq rt(0.00000003423*54664)

current diff @4 months ~ 0.0048 BLC
sq rt(0.00000008202*58976)

Estimations of possible future reward:

30k diff @1 year ~ 0.9 BLC
sq rt(0.00000030000*300000)

1M diff @10 years ~ 30 BLC
sq rt(0.00001000000*3000000)

so after 10 years and at a difficulty of 1 Million the block reward will be 55 (base 25+30)

[bzyzny]

just to make sure thats clear for people, those numbers are estimates since obviously we dont know what the difficulty will be at any given point in the future.

[teknohog]

Why are so many altcoins doing a total of 7 billion?

And how does that work with this "Block reward is 25 coin + inflation (square root of (difficulty + block height))"?

One for every human on Earth.

IMHO, this feels weird on so many levels. First of all, why use a number that's only valid today when you design something to last years and years.

Secondly, with a constant minimum block size, it will be awkward if the rewards just halt at one point (though transaction fees will probably be important at that stage). Bitcoin and many altcoins approach this by gradually decreasing the reward, but I would rather keep it constant for the sake of simplicity. Inflation is not really an issue, because we usually worry about it as the percentage, which would be decreasing every year, approaching zero.

[bzyzny]

i agree about 7 billion being only relevant now, but ultimately what's it matter? also, i think the point of blakecoin taking several hundred years to complete its minting is that by then the technology will be obsolete so who cares? there will be no sudden shock because ppl will probably gradually stop using way before the block reward stops. if they are still using blakecoin in 400+ years then im sure they will be well prepared for the day block rewards stop, and will have plenty of time to figure out a way to handle it.

also i think BlueDragon mentioned he was considering putting a cap on the inflation, so that in the off chance difficulty shoots up to the trillions or more, the cap will prevent all the coins from being generated too quickly. however i don't think he's decided anything about adding a cap so i probably shouldnt have even mentioned that

[BlueDragon747]

Why are so many altcoins doing a total of 7 billion?

And how does that work with this "Block reward is 25 coin + inflation (square root of (difficulty + block height))"?

One for every human on Earth.

IMHO, this feels weird on so many levels. First of all, why use a number that's only valid today when you design something to last years and years.

Secondly, with a constant minimum block size, it will be awkward if the rewards just halt at one point (though transaction fees will probably be important at that stage). Bitcoin and many altcoins approach this by gradually decreasing the reward, but I would rather keep it constant for the sake of simplicity. Inflation is not really an issue, because we usually worry about it as the percentage, which would be decreasing every year, approaching zero.

a constant rate is not a bad idea

not going to run out of coins any time soon with the rate I have set even at a block reward of 100 BLC its going to take ~400 years  

also the merkle was set with news on day of creation so makes sense to use current population for max coins

[bzyzny]

Bluedragon, what news did u use?

[masterkiller]

Blakecoin  has been listed at Coin-Swap.net

[kramble]

Bluedragon, what news did u use?

Code:

pi@tvpi ~/.blakecoin/blocks $ hd -n 250 blk00000.dat
00000000  f9 be b4 d2 1d 01 00 00  70 00 00 00 00 00 00 00  |........p.......|
00000010  00 00 00 00 00 00 00 00  00 00 00 00 00 00 00 00  |................|
00000020  00 00 00 00 00 00 00 00  00 00 00 00 dc 6d 20 f8  |.............m .|
00000030  7f ec ae 46 17 84 d8 f4  17 ac 10 ed 06 1d 76 57  |...F..........vW|
00000040  ee ba db c3 23 c7 91 bb  d5 54 46 9e 11 f3 50 52  |....#....TF...PR|
00000050  ff ff 00 1e ff bd 92 07  01 01 00 00 00 01 00 00  |................|
00000060  00 00 00 00 00 00 00 00  00 00 00 00 00 00 00 00  |................|
00000070  00 00 00 00 00 00 00 00  00 00 00 00 00 00 ff ff  |................|
00000080  ff ff 4d 04 ff ff 00 1d  01 04 45 55 53 20 66 6f  |..M.......EUS fo|
00000090  72 63 65 73 20 74 61 72  67 65 74 20 6c 65 61 64  |rces target lead|
000000a0  69 6e 67 20 61 6c 2d 53  68 61 62 61 61 62 20 6d  |ing al-Shabaab m|
000000b0  69 6c 69 74 61 6e 74 20  69 6e 20 53 6f 6d 61 6c  |ilitant in Somal|
000000c0  69 61 6e 20 63 6f 61 73  74 61 6c 20 72 61 69 64  |ian coastal raid|
000000d0  ff ff ff ff 01 00 65 cd  1d 00 00 00 00 43 41 04  |......e......CA.|
000000e0  67 8a fd b0 fe 55 48 27  19 67 f1 a6 71 30 b7 10  |g....UH'.g..q0..|
000000f0  5c d6 a8 28 e0 39 09 a6  79 62                    |\..(.9..yb|

Jude: I'll be off to bed shortly, so we'll continue debugging tomorrow if that's OK.

[BlueDragon747]

Blakecoin  has been listed at Coin-Swap.net

yep seen this awesome 

[rupy]

Ok, that's really wierd, so you have inflation sqrt thingy, until one day at 7 billion zero, zip, nada?

When is this cliff calculated to occur?

[bzyzny]

Blakecoin  has been listed at Coin-Swap.net

hmm, hadnt heard of coin-swap before but that is an interesting idea. its not quite an exchange but more flexible in some ways.

[bzyzny]

Ok, that's really wierd, so you have inflation sqrt thingy, until one day at 7 billion zero, zip, nada?

When is this cliff calculated to occur?

best estimate is at least 400 years from now, so its kind of irrelevant

[BlueDragon747]

Ok, that's really wierd, so you have inflation sqrt thingy, until one day at 7 billion zero, zip, nada?

When is this cliff calculated to occur?

any coin that has a coin max has a limit most coins will be done way before Blakecoin

not any different for Bitcoin most say it will be left with transaction fees after all new coins have been minted

when would be based on the difficulty but I can't see it being mined out much before 2414!  

think we will see hand held quantum computers and personal space craft before then

[Calhil]

Seems Ive been miscalculating the difficulty in that block reward equation. I thought we will run out of new blakecoins in around 10-20 years ;p

I dont know about that 400 years estimate though. As you said blake is faster than sha256 so we can get hashrate (and thus higher difficulty) using similarly priced hardware. If the coin does well we probably can see hashrate similar to what bitcoin has now in a couple of years.

[Gorgoy]

Is there any site that will sell trade Blake? Just curious, I would buy some.

[BlueDragon747]

Atomic-Trade allows trading of Blakecoin
www.atomic-trade.com

Crypto-Currency Exchange allows trading of Blakecoin
https://c-cex.com

Coin-Swap allows trading of Blakecoin
https://coin-swap.net

Edit:
OpenEx also allows trading of Blakecoin but its in maintenance for 2-3 weeks   

[BlueDragon747]

Seems Ive been miscalculating the difficulty in that block reward equation. I thought we will run out of new blakecoins in around 10-20 years ;p

I dont know about that 400 years estimate though. As you said blake is faster than sha256 so we can get hashrate (and thus higher difficulty) using similarly priced hardware. If the coin does well we probably can see hashrate similar to what bitcoin has now in a couple of years.

I can always put a cap on max inflation 

[bzyzny]

i do like the idea of an inflation cap, would take a lot of the unpredictability out of the picture. with this kind of thing its a good idea to have a clear picture of what could happen in the future. maybe something like max block reward = 100blc