Can you speak some more on this? Sounds like you are going to launch another coin specifically for that purpose?
Not just yet, I would like to get Noble protected and sorted for the community, finish Steps, Marketplace & our .PDF before those details.
It is a good decision essentially and will benefit Noble in the long run, but I thought there would be more consultation with the community about it?
There is a lot of IRC talk. Please keep in mind we're also going by public & private sentiment. I stuck by our original plan as well I could, but it's come to a matter of change or die simply because PoW at our hash/price makes it too easy to be abused by 'malicious actors'.
what will the total number of coins be? what interest rate will there be? I would not put it too high, maybe you can make it variable and set it to avarage inflation rate in the large economies?
My personal preference is an interest rate that when compounded yearly provides an attractive incentive to hold but does not over-inflate like our PoW rate similar to a savings account. However we need to and continue to factor in incentives to stake (provide security) and hold value. That's a fine and generally subjective balance (as all choices are). PoS generally will not be limited but instead maintain low inflation to hold value - the extra coins are necessary to reward staking because it is an unknown whether transaction fees alone would be enough to support any network. Whatever the final choice, the focus will be on low inflation, longterm rewards, but with an incentive to hold/'save'.
will we have a multipool at launch?
I don't want to support one officially after the parasitic damage they have done to many coins including NOBL. They are a nasty beast that reflect the nature of this scene. Keep in mind while classic BTC multipools have mined to dump & profit, the multipools being supported today are in the hands of 'unknowns'. We aren't the only PoW coin suffering attempted difficulty manipulation & 51% attacks. However, if someone wants to develop one for NOBL in particular I will bounty so and they can promote it here.
when NOBL will go POS, will the algo will still be "scrypt"? i'm planning to add more HW, either GPUs or a pair of Gridseed G-Blades... by doing this upgrade, would it beneficial when I'll mine NOBL (on POS)? all my mined coins are still intact... from the start of my mining activity until this writing (i'll be a month old this coming 20th June '14)...
PoS involve no mining so it is free from multipools & ASICs. However we will be building a different PoW coin in the future to partner with NOBL that supports it in different ways and has it's own unique 'approach'/innovations. My only advice I can give is to continue mining other profitable PoW coins & buy NOBL if we are your preference.
@Rofo, Do you want any involvement in noble-charts.com?
Definitely KB, our communication has been very poor while we've focused on attacks & feedback/pressure to fundamentally change NOBL and for this I apologise. Once this is sorted we can continue building with a stronger base.
when mint went PoS, I think, price went down to now maximum 10 sat. A coin shouldn`t be hold back in a wallet. It has to circulate to get a real value.
I agree with you. However I feel MINT (as well as NOBL) suffer because the older a coin gets, the less community members remain. Only genuine supporters of a coin are around at this point, the rest of the crypto. community have moved on to new coins to continue their profit-taking. This is the trial period. We will be promoting circulation with merchant acceptance and continuing our Marketplace deals, promotions & future services. Unfortunately, our PoW security is too low in this environment. That has to come first, then we can tackle the rest head on.
I don't understand why the price is that fucking low?
Manipulation or accumulation, or people unhappy with us being Scrypt, or unhappy with us being PoS. People generally unhappy that we lack immediate gains or fear for the longetivity of the coin. There are a million reasons and I combat the question myself daily after all the work we've put in, believe me. I think most people in this scene chase quick profits and then leave coins to die, regardless of its specs or what it plans to offer. You see this with every 'big thing' we've been asked to compete against this year. While our cap never went as high as some, the % lost in value comparatively is relatively similar over time with other coins. It's an unfortunate reality we've had to deal with daily, but we will deal with it until we hit a sweet spot.
Do we still expect a < 2 week period before switching over to POS?
Once a final decision is made on specs, development & timeframe I would like to give a 2-4 week notice. This gives time to vet, warn and organise any transition and allow a final mining period. It will also mean NOBL will be a PoS coin with 6+ months organic mining.
Also, how will current wallets transfer? Will we just keep the same amount in our wallets? Is the 15b to 5b total coin limit being imposed in this fork as well?
We are in talks to allow same wallet & do a hardfork. This is considered slightly riskier with more potential for small bugs that need ironed out, but this is why we want to work with some of the best & pay well doing so. We have the option to do a clean changeover hosted by an exchange, but we are exploring a fork first. This means it's a matter of updating your wallet and waiting for the PoS switch to come. Total # of coins addressed earlier.
I would also suggest for them to be all "premined" for one specific usage: Noble Steps. The coins would then be gradually distributed among the active Noble Steps projects throughout a time period (one year, maybe more). How to do this distribution might be something to give more thought, but I initially thought of either giving a percentage of funds raised for each project or having a group of people choosing Project of the Month or something.
I would like the premine organically spread over the next 2 months as well as spent on this transition and marketplace deals. We will be constantly criticised for distribution because of it, but if we can make it seem as organically, slowly & transparently spent over a period of 8 months and all original wallets emptied in a way that doesn't look 'suss', then longer-term it should look like it was cleanly done.
