[ANN][CACH] CACHeCoin released based on scrypt-jane

Quote from: singula on March 20, 2014, 04:18:18 AM

I decided to try to do something with dedicatedpool having 90% of the hashrate. As things like saying "please distribute hashrate more evenly" (even if you would write them in 100pt red blinking font) have almost no effect, I had to think about something different.
What would persuade miners to mine elsewhere? 0% fee? No, there is already a CACHe pool with 0% fee and while it is slowly getting users, its growth is slow and having second 0% fee pool won't have probably any significant effect - not enough miners see 0% fee as advantage lsrge enough to join a small pool. The only way would be to somehow offer significantly better services in some aspects (while in other aspects offer at equally good or slightly better services)

So - many complaints on the pool support are about long confirmations. It is 520 blocks. About 5 days. Did the pool owners say that they can't sent the coins earlier and did they babble something about "coin maturity", "unconfirmed" and "impossible"?
Maybe they really can't. But we can and we will!

Mine at http://cach.catcoin.cz and we will simply send you your mined coins much sooner than after 520 confirms - let's just cut down the time and pay miners after mere 90 confirms - approximately one day!

So all miners on http://cach.catcoin.cz will have their mined coins in their local wallets after a day, people mining elsewhere have to wait 4 more days than that to get to their coins. No other pool can currently do that

All miners still get exactly the same amount of coins as usual - but they get them several days earlier!

How is it possible? How does it work:

Pool is using a coin buffer, supplied by pool operators - as long as there are enough confirmed coins in the buffer to pay for oldest unconfirmed block, users are paid.
For every block paid out, the same amount of unconfirmed coins is assigned to the buffer, where they wait to be confirmed.

The new payment system is robust - even if everybody on the pool decides to request a payout of all their funds in the same moment for some reason (price spike at exchanges?),
there would be enough confirmed coins to pay everybody out instantly.

Following picture should explain how it works and you can see the benefit of the new payout system.

Performance:

The performance of the early-payment feature depends on amount of coins in the buffer and on number of found blocks (that in turn depends on percentage of network hashrate).
Considering current situation, the optimistic target of sending coins after 1 day will hold up until about 30 MH/s pool hashrate, after that the delay will gradually increase (the buffer is not infinite and can only cover certain amount of blocks

).
In the absolutely worst case (pool getting somehow close to 100% hashrate in a spike, where there are not much PoS blocks - very unlikely to happen, though) the coins would be paid out still almost a day earlier than usual. At pool having 50% of network hashrate (possibly somewhat realistic scenario), coins would be paid out 2-3 days earlier.
Note that the early payments are capped at 90 blocks (the pool will never pay out blocks earlier than after 90 confirmations, i.e. about 1 day)

Well, after turning the system on, lot of miners suddenly received 4-days worth of mined coins (what a pleasant surprise

and of course, from now on, all miners will receive mined coins after only a day of confirming.

Nice offer. I support this pool from the start but this pool has a lot of bad luck recently. This scared off people. Look at the stats. 4 consecutively blocks over 100% shares. Sad

IMO, Cachecoin and MRC are the two most undervaluated coins right now. I have stacked up a lot of this two coins and won't sell a dime. Hopefully it will pay me back some days, like BTC Cheesy