[ANN][Datacoin] Datacoin blockchain start announcement (Minor code upd + logo)

[sfireman]

I wrote a small article to introduce this coin to public
http://cryptoninja.blogspot.ru/2013/12/datacoin-new-word-in-data-store.html
Feel free to comment/discuss, maybe I was wrong in something

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[GreekBitcoin]

I wrote a small article to introduce this coin to public
http://cryptoninja.blogspot.ru/2013/12/datacoin-new-word-in-data-store.html
Feel free to comment/discuss, maybe I was wrong in something

Nice !

[sfireman]

A few more questions:
1. transaction max size is 128kb, right?
2. we can write up to 8 transaction in one block, right?
3. if transaction fee is 0.05DTC, then I pay 0.05DTC for up to 128kb of space. So I pay 0.4DTC for 1MB of space(8 transactions), correct?

[maxsolnc]

A few more questions:
1. transaction max size is 128kb, right?
2. we can write up to 8 transaction in one block, right?
3. if transaction fee is 0.05DTC, then I pay 0.05DTC for up to 128kb of space. So I pay 0.4DTC for 1MB of space(8 transactions), correct?

1. correct
2. it' correct only if all transactions are 128 KB, unless you can write up to 1024 transactions (1kb min size)
3. no, you pay 0.05 DTC for each KB of transaction

[sfireman]

Published a small article about technical details I got from reading promo and this thread:
http://cryptoninja.blogspot.ru/2013/12/datacoin-technical-faq.html
Hope this will help someone to get key features of this project

[cryptrol]

1. This fee is not hardcoded, 'dynamic fee' will be soon built into wallet - just like in Bitcoin wallet. But miners can set their own fees, so transactions with 0 fee can never reach destination. $1.00 per DTC - it was price when DTC costed 0.001 BTC, and Bitcoin price was $1.000. Now it's 0.5$. Anyway, $0.5 for MS Word document is not so much if you're not planning to store hundreds and thousands of documents.

Really ? Source ?

AFAIK the fees are hardcoded to 0.05 into Datacoin, you can easily change them to whatever you want using settxfee from the debug console or the rpc command but if you set them below 0.05 the transactions will not be accepted by the network (I have tried it).

The fees should get lower ASAP.

I am currently working in the envelope protocol described by oocooku I plan to deploy it soon on https://krypte.net

[GreekBitcoin]

1. This fee is not hardcoded, 'dynamic fee' will be soon built into wallet - just like in Bitcoin wallet. But miners can set their own fees, so transactions with 0 fee can never reach destination. $1.00 per DTC - it was price when DTC costed 0.001 BTC, and Bitcoin price was $1.000. Now it's 0.5$. Anyway, $0.5 for MS Word document is not so much if you're not planning to store hundreds and thousands of documents.

Really ? Source ?

AFAIK the fees are hardcoded to 0.05 into Datacoin, you can easily change them to whatever you want using settxfee from the debug console or the rpc command but if you set them below 0.05 the transactions will not be accepted by the network (I have tried it).

The fees should get lower ASAP.

I am currently working in the envelope protocol described by oocooku I plan to deploy it soon on https://krypte.net

Although i dont have a problem with the fees i see that many people really want them lowered. So yes i am starting supporting this too. It seems people will embraced it much easier with less fees.

And i am really glad to see that devs are working! Unfortunately i cant help other than trying to tell the people about the coin, fix a bit the image of the coin etc.

Cant wait for more oocooku updates too!

[maxsolnc]

1. This fee is not hardcoded, 'dynamic fee' will be soon built into wallet - just like in Bitcoin wallet. But miners can set their own fees, so transactions with 0 fee can never reach destination. $1.00 per DTC - it was price when DTC costed 0.001 BTC, and Bitcoin price was $1.000. Now it's 0.5$. Anyway, $0.5 for MS Word document is not so much if you're not planning to store hundreds and thousands of documents.

Really ? Source ?

AFAIK the fees are hardcoded to 0.05 into Datacoin, you can easily change them to whatever you want using settxfee from the debug console or the rpc command but if you set them below 0.05 the transactions will not be accepted by the network (I have tried it).

The fees should get lower ASAP.

I am currently working in the envelope protocol described by oocooku I plan to deploy it soon on https://krypte.net

Sorry cryptrol, I meant that this fee is 'not unchangable', not just 'hardcoded'. Of course, it is hardcoded in common sense, but AFAIK it can be changed without hardfork. Anyway we need to clarify that with oocook5u.

BTW: oocook5u is updating repository just now, so maybe he'll appear here soon. Maybe he will answer this question. And what is optimal fee in your opinion?

[cryptrol]

BTW: oocook5u is updating repository just now, so maybe he'll appear here soon. Maybe he will answer this question. And what is optimal fee in your opinion?

Thanks for pointing it out, it seems that now we have the getadata method for the HP version of the wallet.
No other change that I see ATM.

The best fee ? I really don't know ... 0.01 to start ?

[GreekBitcoin]

[/quote]

Do you know why did Sunny King disabled -paytxfee?
[/quote]

I would like to know why btw.

[tobasco]

Would it be possible to use datacoin as some sort of web host to serve html pages? If so, it could be the Internet's first hosting service with 100% (not 99.5%) uptime?

That would be useful.

[tobasco]

I also notice that it's a CPU-only coin. Does that tie in with the goals of the coin somehow, or is there no specific reason to it?

Are there any notable advantages/disadvantages worth considering as far as how CPU might influence the adoption and usage of datacoin?

[GreekBitcoin]

I also notice that it's a CPU-only coin. Does that tie in with the goals of the coin somehow, or is there no specific reason to it?

Are there any notable advantages/disadvantages worth considering as far as how CPU might influence the adoption and usage of datacoin?

If it was sha2 those that had paid for Asic miners for bitcoins would have killed it since after 1 month they would have mine much of it living nothing for late adopters.

The same goes for scrypt. Those with good expensive graphics cards would have mined most of it.

Only cpu coins like Datacoin, Primecoin and Protoshare (not quark, molecule because those can be now mined with GPUs too) are being mined more slowly and this is good for most adopters if time has passed. For example my i3 laptop now mines 0.3DTC per day. And i am using my laptop 10 hours a day at least.

The problems though for cpu coins are the botnets. Someone with a botnet can easily make its slaves mine for him cpu coins. And this is actually happening with all CPU coins. But pools can easily find botnets and ban them.

[tobasco]

I also notice that it's a CPU-only coin. Does that tie in with the goals of the coin somehow, or is there no specific reason to it?

Are there any notable advantages/disadvantages worth considering as far as how CPU might influence the adoption and usage of datacoin?

If it was sha2 those that had paid for Asic miners for bitcoins would have killed it since after 1 month they would have mine much of it living nothing for late adopters.

The same goes for scrypt. Those with good expensive graphics cards would have mined most of it.

Only cpu coins like Datacoin, Primecoin and Protoshare (not quark, molecule because those can be now mined with GPUs too) are being mined more slowly and this is good for most adopters if time has passed. For example my i3 laptop now mines 0.3DTC per day. And i am using my laptop 10 hours a day at least.

The problems though for cpu coins are the botnets. Someone with a botnet can easily make its slaves mine for him cpu coins. And this is actually happening with all CPU coins. But pools can easily find botnets and ban them.

Okay thank you, that answered my question well.

So basically, there's no major concern that this CPU method would have any possible negative effects when it comes to miners being able to work to keep the datacoin blockchain nice and secure if the coin becomes popular?

[GreekBitcoin]

I also notice that it's a CPU-only coin. Does that tie in with the goals of the coin somehow, or is there no specific reason to it?

Are there any notable advantages/disadvantages worth considering as far as how CPU might influence the adoption and usage of datacoin?

If it was sha2 those that had paid for Asic miners for bitcoins would have killed it since after 1 month they would have mine much of it living nothing for late adopters.

The same goes for scrypt. Those with good expensive graphics cards would have mined most of it.

Only cpu coins like Datacoin, Primecoin and Protoshare (not quark, molecule because those can be now mined with GPUs too) are being mined more slowly and this is good for most adopters if time has passed. For example my i3 laptop now mines 0.3DTC per day. And i am using my laptop 10 hours a day at least.

The problems though for cpu coins are the botnets. Someone with a botnet can easily make its slaves mine for him cpu coins. And this is actually happening with all CPU coins. But pools can easily find botnets and ban them.

Okay thank you, that answered my question well.

So basically, there's no major concern that this CPU method would have any possible negative effects when it comes to miners being able to work to keep the datacoin blockchain nice and secure if the coin becomes popular?

No, i dont think there is a problem. Now i would like to know if PoS can also be implemented and if this stupid idea or not.

[sfireman]

Meanwhile DTC/BTC is rapidly going down, hit 0.00066, from 0.001 a few weeks ago.
More miners -> less price, while stupid useless DOGE are on tons of exhanges and grows like crazy...
lol

[maxsolnc]

Meanwhile DTC/BTC is rapidly going down, hit 0.00066, from 0.001 a few weeks ago.
More miners -> less price, while stupid useless DOGE are on tons of exhanges and grows like crazy...
lol

I noticed that and commented several times - Datacoin needs some thinking. I saw very many DOGEs miners in Ypool chat - most of them don't understand what they are doing, many of them never heard even about  Bitcoin. They see 'funny picture' and several steps instruction, bah! they're mining, they're earning some quick buck! And Datacoin needs some reading to understand its concept - it's 'too difficult', especially for those who wants quick buck. 

P. S. DOGE is like pop music: it's much easier to be understood by masses. Datacoin is like blues\jazz\art rock, for example. 

[tobasco]

I don't think the masses need to understand the technical workings of Datacoin as much as they need to be shown the awesome advantages.

It's a worldwide store of data. If you want to secure some data and give it the best chance of being discovered 1,000 years from now, Datacoin could be the solution. The data is permanent, and it's stored on thousands of hard drives across the world. I think people would be interested in buying in to something like that.

I'm sure some cool applications for Datacoins will be unearthed. I love the concept and can't wait to see how it develops.

[sfireman]

Yea, datacoin looks great. But it's not the first, you can do the same using BitCoin or almost any other BitCoin fork, they also allow to attach arbitrary data to transaction(comments).
Just one limitation, its way too expensive now, nobody use it for this cases. It's not designed to store binary data and there are no services that open this feature to wide masses.
IMO, one good thing datacoin does - it makes this side more wide-open to public and to potential investors and also to developers.

[tobasco]

Yea, datacoin looks great. But it's not the first, you can do the same using BitCoin or almost any other BitCoin fork, they also allow to attach arbitrary data to transaction(comments).
Just one limitation, its way too expensive now, nobody use it for this cases. It's not designed to store binary data and there are no services that open this feature to wide masses.
IMO, one good thing datacoin does - it makes this side more wide-open to public and to potential investors and also to developers.

Would the selling point of be that with Bitcoin you're attaching data to a transaction (the transaction is the focus, and the data is secondary). But with Datacoin you're attaching a transaction to data? So the data is the focus and the transaction supports it?

Also, would it be possible to create a data explorer for a coin like BTC like krypte.net is doing for DTC? Or is that kind of unique to the way DTC has been set up?