[ANN][GRA] Graincoin - New PoW/PoS coin | Fast, secure | Version 1.5 Released!

[bee7]

How the PoS is working.

When you get some GrainCoins in your wallet by any means (transfer, PoW minting, the output of the previous PoS mined block) the count of coin age starts.
When a single input get 10 days old it become eligible for searching the PoS blocks. It's weight grows day-to day until it get 30 days old, then the weight remains constant until that particular input is not spent. The more weight an input has the more probability that this input generates a PoS block. When the PoS block is found using some input then a few things happens:
1) a new coinstake transaction is created;
2) if the the block that contains the original transaction is younger than 30 days, then the coinstake transaction get two outputs, i.e. the input value is split in two parts. If the block is older than 30 days, then the split does not happen;
3) if split happened and the selected input value is less than one third of current PoW block reward then extra eligible inputs are added to this transaction until the total exceeds one third of current PoW block reward;
4) then the coinstake reward is calculated based on cumulative coinage of all used inputs expressed in cents per seconds;
5) then a PoS block is created using this coinstake transaction and submitted to the network.

All used inputs are spent in the step 5. The new output(s) start their own life with zero coin age.
If the block get orphaned due to any reason, then the transaction had no place and thus the coin age of used inputs remains intact.

So, basically you need not to run your wallet 24/7 if you have no many inputs. However, you can't predict when exactly all your inputs would create a PoS blocks. The only thing you could be sure is that the wallet will not generate any PoS blocks while any of your inputs are younger than 10 days.

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[BrewCrewFan]

How the PoS is working.

When you get some GrainCoins in your wallet by any means (transfer, PoW minting, the output of the previous PoS mined block) the count of coin age starts.
When a single input get 10 days old it become eligible for searching the PoS blocks. It's weight grows day-to day until it get 30 days old, then the weight remains constant until that particular input is not spent. The more weight an input has the more probability that this input generates a PoS block. When the PoS block is found using some input then a few things happens:
1) a new coinstake transaction is created;
2) if the the block that contains the original transaction is younger than 30 days, then the coinstake transaction get two outputs, i.e. the input value is split in two parts. If the block is older than 30 days, then the split does not happen;
3) if split happened and the selected input value is less than one third of current PoW block reward then extra eligible inputs are added to this transaction until the total exceeds one third of current PoW block reward;
4) then the coinstake reward is calculated based on cumulative coinage of all used inputs expressed in cents per seconds;
5) then a PoS block is created using this coinstake transaction and submitted to the network.

All used inputs are spent in the step 5. The new output(s) start their own life with zero coin age.
If the block get orphaned due to any reason, then the transaction had no place and thus the coin age of used inputs remains intact.

So, basically you need not to run your wallet 24/7 if you have no many inputs. However, you can't predict when exactly all your inputs would create a PoS blocks. The only thing you could be sure is that the wallet will not generate any PoS blocks while any of your inputs are younger than 10 days.

Yeah coin age would not be an issue for all the coins are well over 10 days lol.

What I will do then is move the wallet to a miner which of course runs 24/7 and keep the wallet open. Outside of the PoS, it also adds connection to the network.

Glad to see you are working on the coin. I dont have a huge stake like many do, but heck I might even toss in a cpu or 2 at it to keep it moving.

[BrewCrewFan]

One more thing.. this I dont understand. I noticed this long ago at first and thought it was just maturing but you will notice that many of these are not "mature" I guess is how you would say it?

[bee7]

One more thing.. this I dont understand. I noticed this long ago at first and thought it was just maturing but you will notice that many of these are not "mature" I guess is how you would say it?

The gray ones are orphaned blocks. In the coming version there should be less orphans.

[BrewCrewFan]

One more thing.. this I dont understand. I noticed this long ago at first and thought it was just maturing but you will notice that many of these are not "mature" I guess is how you would say it?

The gray ones are orphaned blocks. In the coming version there should be less orphans.

So you can orphan PoS too? That stinks.

[hoertest]

I need an elastic cryptocoin (see http://cryptonomics.org/2014/01/15/the-marginal-cost-of-cryptocurrency/ ) that I can sell grain with (okay, technical food-grade non-gmo soybeans), for fall delivery. Would the grain community be interested in me working with Bee7 to implement the code changes required to link the total 'grain' in circulation to the total world commodity grain production? (see http://petrodollar.org/ for a different kind of example)

This would, in some ways, make grain a commodity index, and then give me a cryptocoin that I can work with for selling soybeans grown in the US to China without paying corruption fees to all the high-frequency traders, hedge-fund managers, and corrupt government officials (which are mostly in the US... look at the number of former Monsanto executives with high-level positions, and number of former USDA people with large salaries from Monsanto)

I believe that only trade for goods or services creates value of money. I am open to discuss any possibilities to extend the GrainCoin applications in legal market. However, it is not completely clear now how you would like to implement the relation between total GrainCoins in circulation and the total world commodity grain production. Right now I have no time to look thoroughly the model of PetroDollar as I am behind of schedule in fixing the bugs and performance improvements. I was planning to finalize this work around the moment the network reaches block #630000 but I failed. Nevertheless, I am planning to schedule a protocol switch-over (a hard fork) on June 01, 00:00 AM GMT.

To use a cryptocoin to sell grain, I need a futures market. To have a viable futures market, the coin itself has to be able to react to changes in demand for the coins by changing the total supply of coins. There are several (proposed) ways of doing this. The biggest limitation I have seen so far is community and developer unwillingness to consider changing the coin supply dynamically based on coin demand.

What I would propose is when the average contract price for physical grain is too high (i.e., there are too many coins), that some kind of demurrage system, or destruction of transaction fees be implemented to remove coins from circulation.

When the average contract price for physical grain is too low (i.e., there are not enough coins), then increase the stake and mining block rewards, so everyone has more graincoin to bid up the price of physical grain contracts.

interesting stuff, is this still beeing discussed ?

[hoertest]

by the way, just found out bee7 took over, thanks man

[bee7]

One more thing.. this I dont understand. I noticed this long ago at first and thought it was just maturing but you will notice that many of these are not "mature" I guess is how you would say it?

The gray ones are orphaned blocks. In the coming version there should be less orphans.

So you can orphan PoS too? That stinks.

Any block may be orphaned by the block with the higher trust score. However, as I explained earlier there is no harm to accumulated coin age when the block get orphaned.

[bondi]

Today I bought a few million GRA on CoinedUp. Process went ok, no problems on that, but the withdrawal part isn't the ideal since I had to transfer the coins in 100000 chunks...
We need to try and get them to raise this limit.

[bee7]

Today I bought a few million GRA on CoinedUp. Process went ok, no problems on that, but the withdrawal part isn't the ideal since I had to transfer the coins in 100000 chunks...
We need to try and get them to raise this limit.

Hi bondi, I am not 100% sure that the limit is artificial. There is also a limit on total tx size. I have no idea how they implemented the withdrawal. It might be that they set this limit to minimize the number of withdrawals failed due to exceeded tx size.

@Community: I am postponing the release with expected hard fork on 5th of June. I am sorry, the real life some times takes precedence

[GZCH]

What block are we ruffly at? Just redownloaded whole thing with new client and wondering if I am on wrong fork

[bondi]

What block are we ruffly at? Just redownloaded whole thing with new client and wondering if I am on wrong fork

659234

[GZCH]

What block are we ruffly at? Just redownloaded whole thing with new client and wondering if I am on wrong fork

659234

Thanks, seems to be OK, but getting just orphans

[jdebunt]

I haven't forgotten about you guys

http://www.cryptoarticles.com/crypto-news/2014/5/31/graincoin-new-developer-turning-things-around-at-midnight-tomorrow#

Share share share

[alexrussel1980]

im getting this error any ideas?
makefile.unix:159: recipe for target 'obj/wallet.o' failed
make: *** [obj/wallet.o] Error 1

[BitcoinNational]

I haven't forgotten about you guys

http://www.cryptoarticles.com/crypto-news/2014/5/31/graincoin-new-developer-turning-things-around-at-midnight-tomorrow#

Share share share

GrainCoin hard fork is scheduled to take place on June 1st at midnight GMT

new developer, bee7, has implemented a lot of fixes for the protocol, and testing is currently underway

[bee7]

I haven't forgotten about you guys

http://www.cryptoarticles.com/crypto-news/2014/5/31/graincoin-new-developer-turning-things-around-at-midnight-tomorrow#

Share share share

GrainCoin hard fork is scheduled to take place on June 1st at midnight GMT

new developer, bee7, has implemented a lot of fixes for the protocol, and testing is currently underway

@Community: I am postponing the release with expected hard fork on 5th of June. I am sorry, the real life some times takes precedence

im getting this error any ideas?
makefile.unix:159: recipe for target 'obj/wallet.o' failed
make: *** [obj/wallet.o] Error 1

Please, create the src/obj folder - it should fix the problem.

[bee7]

I need an elastic cryptocoin (see http://cryptonomics.org/2014/01/15/the-marginal-cost-of-cryptocurrency/ ) that I can sell grain with (okay, technical food-grade non-gmo soybeans), for fall delivery. Would the grain community be interested in me working with Bee7 to implement the code changes required to link the total 'grain' in circulation to the total world commodity grain production? (see http://petrodollar.org/ for a different kind of example)

This would, in some ways, make grain a commodity index, and then give me a cryptocoin that I can work with for selling soybeans grown in the US to China without paying corruption fees to all the high-frequency traders, hedge-fund managers, and corrupt government officials (which are mostly in the US... look at the number of former Monsanto executives with high-level positions, and number of former USDA people with large salaries from Monsanto)

I believe that only trade for goods or services creates value of money. I am open to discuss any possibilities to extend the GrainCoin applications in legal market. However, it is not completely clear now how you would like to implement the relation between total GrainCoins in circulation and the total world commodity grain production. Right now I have no time to look thoroughly the model of PetroDollar as I am behind of schedule in fixing the bugs and performance improvements. I was planning to finalize this work around the moment the network reaches block #630000 but I failed. Nevertheless, I am planning to schedule a protocol switch-over (a hard fork) on June 01, 00:00 AM GMT.

To use a cryptocoin to sell grain, I need a futures market. To have a viable futures market, the coin itself has to be able to react to changes in demand for the coins by changing the total supply of coins. There are several (proposed) ways of doing this. The biggest limitation I have seen so far is community and developer unwillingness to consider changing the coin supply dynamically based on coin demand.

What I would propose is when the average contract price for physical grain is too high (i.e., there are too many coins), that some kind of demurrage system, or destruction of transaction fees be implemented to remove coins from circulation.

When the average contract price for physical grain is too low (i.e., there are not enough coins), then increase the stake and mining block rewards, so everyone has more graincoin to bid up the price of physical grain contracts.

interesting stuff, is this still beeing discussed ?

I think, yes it is, feel free to say your thoughts, ask questions. However, I am not sure that this is the right thing to do with GrainCoin. It has completely different emission model from the initial idea of the GrainCoin. Also, it seems that this can not be implemented in a way when no humans are involved into the decision taking process: when to reduce emission/rise comission and vice versa. However, the thought is interesting and we could elaborate the specification for a new coin with these specific properties.

[alexrussel1980]

Please, create the src/obj folder - it should fix the problem.

nah it doesn't work

[indiguy]

Grain now has it's own page on http://coinwik.org a wikipedia listing all the alt coins to help you quickly find facts and links about your favorite coin.

http://coinwik.org/Grain

If you know of other facts and links that can be added to the page, please feel free to update the page.