ProtoShares Cheat Sheet

[FreeTrade]

See updated topic -

https://bitcointalk.org/index.php?topic=325261.0

ProtoShares



ProtoShares uses a new Momentum Proof of Work (POW) algorithm that is designed to be GPU and ASIC resistant.
http://invictus-innovations.com/s/MomentumProofOfWork.pdf

There's a $5000 bounty for anyone who can prove it is vulnerable to GPUs or ASICs.
http://bitsharestalk.org/index.php?topic=22.0

Backing
As well as being an altcoin, ProtoShares is a way to own BitShares before they are launched. When BitShares is launched, its genesis block will award one BitShare for every ProtoShare held.

Web page
http://invictus-innovations.com/protoshares
Forums: http://bitsharestalk.org/index.php?board=1.0

Specifications
POW Hash: Momentum (2^26 / 2^50) with SHA512 Generation
Block target: 5 minutes
Difficulty Retargeting: 1 Week
Port: 3888
Codebase: Bitcoin 0.8.5
No premine.
Block reward: 50 PTS, 5% reduction every week
Total coins: Around 2 million, with 1% inflation after 2 years



Start time:
5th November 2013 08:08:08 GMT

Github source (Genesis Block Not Included Yet)
https://github.com/InvictusInnovations/ProtoShares

Download links
TBA

Windows installation
Extract the contents of the zip file
Double click protoshares-qt.exe

Mining

In the Settings menu, you can choose to mine 1, 2, or 3 processes.

You can also use the debug console to start mining.

setgenerate true 1
setgenerate true 2
setgenerate true 3

Note there is a 3 process maximum because of memory limitations on the win32 client. You can run a second or third instance of the program if you want to try running more processes.

[1713580100]

1713580100

[kelsey]

don't know whether to yawn  or go wtf 

[Fablio2]

reserved

[feeleep]

Mining

In the Settings menu, you can choose to mine 1, 2, or 3 processes.

You can also use the debug console to start mining.

setgenerate true 1
setgenerate true 2
setgenerate true 3

Note there is a 3 process maximum because of memory limitations on the win32 client. You can run a second or third instance of the program if you want to try running more processes.

[/center]

Why not release 64bit client then?

[FreeTrade]

Why not release 64bit client then?

I'm just contracted to provide a win32 client to get started. I expect a 64 bit client will be a priority for Invictus in the days ahead.
A 64bit client should provide some speed gains too as SHA512 is very 64bit intensive.

[azwccc]

3 processes means 3 threads, right?

For 4 cores 8 threads I7. I need 3 instances open with 3 ,3 ,2 miners working?

[adoalli]

reserved

[FreeTrade]

3 processes means 3 threads, right?

For 4 cores 8 threads I7. I need 3 instances open with 3 ,3 ,2 miners working?

Yes, but what I'm seeing with the initial client release is that the memory gets bottlenecked after 2 or 3 threads, so it's not much of an advantage to have extra threads - it doesn't scale. I expect there will be more efficient code released over the coming weeks, eventually on an i7, you'll be able to have 8 threads pointed at 768MB for maximum efficiency.

[adoalli]

no cpu mining tool? only use the client?

[feeleep]

Why not release 64bit client then?

I'm just contracted to provide a win32 client to get started. I expect a 64 bit client will be a priority for Invictus in the days ahead.
A 64bit client should provide some speed gains too as SHA512 is very 64bit intensive.

so linux version is also 32bit?

[FreeTrade]

no cpu mining tool? only use the client?

Yes, just the client at launch. I think there's a mining pool under development which may or may not offer better mining efficiency.

[FreeTrade]

so linux version is also 32bit?

Not sure if a linux binary will be made available - I think linux users may need to compile themselves, and I understand it is possible to compile a 64bit version easily on linux.

[Fablio2]

And what will be with your coin "MemoryCoin"? MemoryCoin is dead and you make another one?

[jdebunt]

reserved

[B.T.Coin]

And what will be with your coin "MemoryCoin"? MemoryCoin is dead and you make another one?

Yes, this guy killed off memorycoin by himself because he didn't get enough of the grants.
So he will most likely kill off this coin as well when things don't go exactly as he wants.
I would advise everybody to stay away from this 'dev' who can't even debug his software enough to make it stable.

[Magic8Ball]

Almost 8 hours past the scheduled release

EDIT: My mistake.

[cryptasm]

Almost 8 hours past the scheduled release

Start time:
5th November 2013 08:08:08 GMT

[tacotime]

I'm interested to see how things play out for the pow algo.

[bytemaster]

FreeTrade will not kill of this coin because he is only the guy contracted to build it and its life is in my hands and the foundation of my VC funded company depends upon this coin... it is not meant to be a altcoin, but a way of mining BitSHares pre-release.

It will run on 64 bit on OS X and Linux if you compile it yourself (that is what I am doing)

I am attempting to get an OS X app out the door soon, but am fighting a few deployment issues.

FreeTrade has done his best to optimize the proof-of-work, but the code is open source and I am sure others will find ways to enhance it.

[iGotSpots]

Advertising a 750k market cap in under 2 months is quite the claim

[bytemaster]

Advertising a 750k market cap in under 2 months is quite the claim

Well, the money supply increases rapidly, so I would suspect that present shares factor in the creation of future shares. 

So suppose they sell for $1 per ProtoShare today... that would imply about a 750K market cap... we shall see what people are willing to pay for them

[albon]

I really wish this coin was started at a better time.

08:08 I am on my way to work so no chance of dl it

[bytemaster]

I really wish this coin was started at a better time.

08:08 I am on my way to work so no chance of dl it

For whom... it is 3AM for me

[tacotime]

Advertising a 750k market cap in under 2 months is quite the claim

Well, the money supply increases rapidly, so I would suspect that present shares factor in the creation of future shares. 

So suppose they sell for $1 per ProtoShare today... that would imply about a 750K market cap... we shall see what people are willing to pay for them

Uh.. you're using this as the distribution scheme?  It's just going to get destroyed by botnets and server farms like YAC/etc did, and with the reward algorithm being the way it is it'll be hard to sell this distribution to people later.

[bytemaster]

Advertising a 750k market cap in under 2 months is quite the claim

Well, the money supply increases rapidly, so I would suspect that present shares factor in the creation of future shares. 

So suppose they sell for $1 per ProtoShare today... that would imply about a 750K market cap... we shall see what people are willing to pay for them

Uh.. you're using this as the distribution scheme?  It's just going to get destroyed by botnets and server farms like YAC/etc did, and with the reward algorithm being the way it is it'll be hard to sell this distribution to people later.

This coin has a useful life of about 1 year... after which other coins will be derived from it.   I suspect BitShares will be out in 6 months and that will have a linear decay over 12 years.    Besides, this is a good trial run for the proof of work and I can also see how botnets handle it.