[ANN][SCRYPT] KlondikeCoin ★ Cryptsy.com ★ Prepaid VISA Cards ★ 0% Premine [KDC]

[ny2cafuse]

1 Year Anniversary Announcement

On behalf of the Criptoe team, I would like to apologize for my extreme lack of communication regarding taking over KDC development.  My team lost a dedicated coder a few months back to real life commitments, and we have been struggling to find a trustworthy replacement ever since.  Additionally, we got heavily invested, both with money and time, on other coin projects and have not been able to step away to work on KDC.  Now that progress has been made with these other projects, we can dedicate more time to reviving this coin.

Being that it is the 1 year anniversary of KDC, I would like to reiterate my initial intentions of bringing KDC back to life.  I have been working on updating the codebase for KDC for the last week or so, and I'm pleased to announce that I am very close to releasing a new wallet version.  While this initial update won't be as amazing as what I would have liked to have included with these updates, it will be a solid plan of action to get the KDC blockchain thriving again until we can push forward with the more exciting changes.

These updates include:

• An update to the latest stable release of the LTC codebase.  This will help keep KDC in line with the latest patch fixes and security patches that are released.
• A move to the Digishield difficulty algorithm.  
• A increase in the block time from 60 seconds to 90 seconds.  
• Initial block rewards will be increased to 6KDC per block, which decreases by 1% per month for the life of the coin.  
• A 5 million KDC increase in the total number of coins.

Additional line items were discussed a few months back with community members and will most likely be implemented over time.  For now, my team's focus is on maintaining the codebase, and keeping the blockchain moving in a secure manner for the foreseeable future.

To expand on the above items:

Digishield is paramount to the success of KDC mining, as the current KGW algo has been proven ineffective almost everywhere else.  It is susceptible to time warp attacks, even with the patches that are currently in place, and it doesn't stand a chance against the hashrate increases we can possibly see with multipool hopping.

The increase in block time and revision of the payout schedule will extend the mining date substantially, yet still keep transactions fast.  Initial projections have the mining time continuing out to around 200+ months, with a total mine-out block value of around 0.25KDC.  A slow, gradual decrease so we can ease into diminishing returns, instead of causing market shock with dramatic halvings.  The initial code release will probably have around the block values for 6 months hard-coded, and will be replaced with the cummulative percentage code at a later time.

The reason for the increase in total supply is two-fold.  First, after a year of life, and a long period of inactivity, there are probably a lot of coins lost due to deleted wallets and such.  I fully agree that it probably isn't to the tune of 5 million coins, but with the total mined coins getting closer to 9 million, we're almost half way through the supply.  Lets call it a kickstart of sorts to get this revitalization going again.  Secondly, and most importantly, it helps extend mining time with the revised payout structure.  While some community members might be against an increase due to supply/demand concerns and price shock, let's be honest- KDC is pretty dead right now.  My team has been keeping the chain moving with 2 miners for some time now just to keep Cryptsy confirmations going.  The community will set the demand, regardless of the supply.  I'll go ahead and make a prediction that in the days following this post, KDC will be bought in bulk on Cryptsy.  Keep that in mind when the whole supply/demand debate comes up.

Here is where some questions come into play:

• Are the proposed initial changes acceptable with the community?  If so, I could probably have a finalized update ready by late this weekend or early next week.
• Should we include a pre-mine block in this update to be stored in a fully transparent and accountable dev/bounty wallet?  This pre-mine would be controlled by my team, and would only be used for valid KDC rewards and projects.  No pre-mine scam nonsense, just funds to use when we need to pay to have things done or reward community members' efforts.
• Lastly, and this is a big one that would require a lot of discussion, would the community rather scrap the old blockchain and start fresh with a existing balance buyout?  This would clean up the code substantially, and possibly allow the use of a different codebase and features.  For instance, the Digibyte codebase could be used, and multi-algo mining could be introduced to KDC.  Also, it would greatly decrease the blockchain bloat we experienced when we went through the fork issues that my team solved early on.  If you resync the wallet from scratch, you will notice a period in the chain where the sync hangs.  This is the period of orphans and rejected blocks caused by the fork.
  
  Again though, this is a little more substantial than the changes I noted in the pending update, and would require additional planning.  I'm not opposed to doing this, but essentially we would scrap KDC and start new.  We could finally move away from the 47 key address scheme and move to 46, aka getting rid of addresses with "L" as the starting letters... I have no idea why that was chosen to begin with.

If there is no major objection to anything, or if there is no community response, we'll probably push forward with the initial update plans.  If people want to hold off and discuss this before we move forward, let me know, and we'll pump the brakes.

Here's to a new year, and a new beginning.

Cheers,

Fuse

[1714678755]

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[Halofire]

Alright, Fuse! This is a great anniversary indeed!

All looks good, except one point I'd like to make:

Problem with swaps is the "virgin" coin problem and centralization of coins. Once a buyout/swap happens, then it let's everyone (or criptoe team) know who has what coins. If the government(s) ever wanted to track down coins, they would definitely be questioning you. I don't know how you would handle that. Virgin mined coins can possibly hold a higher value in the future since they aren't traceable, save for the initial mining transaction and you ARE playing with gold, one of the most monitored commodities in the world. Also, since you are possibly adding a premine, I can guarantee you will have more than the premine since those "dead" wallets you spoke of won't be swapped or bought out (that extra, unswapped coin could be your premine). Alternative is allow a downloadable blockchain to the point just after the "orphan problem with stuck syncing".

[hennessyhemp]

I'm confused about how the buyout would work, but intrigued.

Also, I would vote against a premine and say the small number of miners that get on this first will get plenty before it gets noticed by most.  Also, we should get it on shapeshift.io as a number one priority.  I have a great feeling about shapeshift and the coins on it.

[ny2cafuse]

I'm confused about how the buyout would work, but intrigued.

Also, I would vote against a premine and say the small number of miners that get on this first will get plenty before it gets noticed by most.  Also, we should get it on shapeshift.io as a number one priority.  I have a great feeling about shapeshift and the coins on it.

Buyouts/Exchanges are essentially a 1 for 1 trade of coins, with the old KDC blockchain coins being exchanged for new KDC blockchain coins.  Because the 2 chains are different, users can't just transfer their old coins to new wallets.  They would have to "buy" the coins as a replacement.  It's sometimes used when coins die off, and new code and blockchains are desired.  It's a long drawn out process though, and usually involves a premine on the new chain to account for all of the currently mined coins on the old chain.

As far as early mining goes, miners aren't going to mine the money needed off the bat to make anything substantial happen.  The payout schedule I outlined above provides a total of 5760KDC a day, between all miners on the network.  That's about $2.50 a day at current exchange rates.  There isn't much wiggle room there, early-adopter or not, for community reward and development funds.  Let's be honest, we're not partnering with devs or vendors with $2.50 bounties.

Part of the problem KDC had early on was the dependence on community donations to get the coin listed on exchanges, paying for development projects, etc.  While I agree a pre-mine is sometimes considered a four letter word in crypto, a lot of times people don't realize that it takes a lot of money to get things done.  Without a pre-mine or large community donation to get the adoption kickstarted, we're just releasing code and letting this coin limp along for another year.  Additionally, the premine wouldn't be be used willy-nilly for anything and everything.  Pre-defined bounties, rewards, and development funds(not for my team, as we will work free) will be the main use of the pre-mine.  The funds would be held in a fully transparent, fully accountable wallet for the community to see.  Use of the funds would be voted on by the community, not by the team.  Again, full transparency and accountability.

Cheers,

Fuse

[Halofire]

Pre-mine validity or credibility isn't in question. People know who Criptoe is, and you have a reputation to uphold. That's why I didn't say much about a pre-mine.

I have mixed feelings about a swap, that's why you may see me contradict myself a lil bit.
A swap might work if you don't have a time limit for people to swap their coins, but most likely not since KDC is barely hanging on at this point in time. Coins like CGA or XCLD which have done swaps, both had time limits. If you do end up limiting how long, then the premine I was referring to in my above post may work against you since it's been obtained at the expense of the old miners/investors/holders who (future tense) hadn't swapped. I suggest not performing a swap, unless it's absolutely necessary like, for example, if you need to add a feature to the coin that needs a new blockchain like XCLD did, but Ray really proved that coin to be a dev scam from halving the rewards and/to swapping. It's all about necessity.

[ny2cafuse]

Pre-mine validity or credibility isn't in question. People know who Criptoe is, and you have a reputation to uphold. That's why I didn't say much about a pre-mine.

I have mixed feelings about a swap, that's why you may see me contradict myself a lil bit.
A swap might work if you don't have a time limit for people to swap their coins, but most likely not since KDC is barely hanging on at this point in time. Coins like CGA or XCLD which have done swaps, both had time limits. If you do end up limiting how long, then the premine I was referring to in my above post may work against you since it's been obtained at the expense of the old miners/investors/holders who (future tense) hadn't swapped. I suggest not performing a swap, unless it's absolutely necessary like, for example, if you need to add a feature to the coin that needs a new blockchain like XCLD did, but Ray really proved that coin to be a dev scam from halving the rewards and/to swapping. It's all about necessity.

I agree with the swap being about necessity.  I don't want to have to do it unless we get to a point where changes we want to make can't be easily implemented in the current codebase.  Easily implemented being the key phrase.  Without dev funds, or a dedicated, full-time, TRUSTWORTHY dev, we won't be able to make radical changes anytime soon.  With the loss of our dedicated coder, my team's coding skills will only get us so far.  However, we don't need to make radical changes anytime soon, and the changes I've made, and plan to make won't take a full rewrite of the code.

I know I brought up the buyout/exchange idea, but IMO it isn't needed.  But I wanted to bring it up so the community had a chance to discuss the possible options that are out there.

Also, thanks for the vote of confidence, Halofire.  After cheering from the sidelines for almost 2 years in the crypto world now, we've just decided it was time to take the next step and lead a coin.  We've seen a lot of failures and dev ego catastrophes bury coins.  We want to apply that knowledge to KDC and make it work.  My team isn't looking to run away with anyone's coins, pre-mine or otherwise.  I know a lot of dev teams will say that, but we mean it.  I know a lot of dev teams will say that too, so you'll just have to trust us.

-Fuse

[almightyruler]

Is it possible to make a future block credit a particular address for bounties, in effect, a MID-mine? That way there's no issues with blockchain restarts and the pain of coin swapping.

[ny2cafuse]

Is it possible to make a future block credit a particular address for bounties, in effect, a MID-mine? That way there's no issues with blockchain restarts and the pain of coin swapping.

There is a way to do this, yes.  For security reasons, I won't go into details... but it is possible.

-Fuse

[Halofire]

How about a lil PR campaign to get people aware of the new KDC happenings? I started to, on twitter.

[Halofire]

So.........

KDC needs a relationship with gold. Whether being back by gold or being used to buy gold, like at Amagi or Agora metals.

https://agoracommodities.com/
https://www.amagimetals.com/

Both of these websites accept BTC for gold and other precious metals.

[Halofire]

https://www.amagimetals.com/info/btc-as-legal-tender-in-california/

Read the title of the link!!!!!
Explains all, and is a step closer to full fledged US adoption.

erhmmm...... Fuse...... time to get these sites on par with KDC.

[ny2cafuse]

So.........

KDC needs a relationship with gold. Whether being back by gold or being used to buy gold, like at Amagi or Agora metals.

https://agoracommodities.com/
https://www.amagimetals.com/

Both of these websites accept BTC for gold and other precious metals.

https://www.amagimetals.com/info/btc-as-legal-tender-in-california/

Read the title of the link!!!!!
Explains all, and is a step closer to full fledged US adoption.

erhmmm...... Fuse...... time to get these sites on par with KDC.

I'd love to get KDC accepted on Amagi or Agora, but I feel we have a long way to go.  We need to get people to participate in the discussion here first

Which brings me to another question.  Is it too late for KDC?  I'm ready to put some time into getting this running again, but is the community interested in bringing this back?

-Fuse

[Halofire]

This is why I suggested to do a little PR campaign to bring people back. There are definitely some investors watching on the sideline. How many KDC are in circulation?

Would be nice to get an explorer up and running. It's the little things we need to re-jump start. Saying you will do work is just that, people need a reason to mine and give feedback. I've given plenty of ideas, via public posts and PM's. Even if it's just a couple of people right now, faith from those few people will be strong enough. Don't dismiss the silence here until you actually start doing work that the rest of the world can see.  For KDC to be maintaining the range it's maintaining on cryptsy for all this time shows that people are still aware of this coin. Maybe do a lil pump to 300-400? Maybe get KDC on trex? Maybe an article by bitcoinmafia?

Also, keeping KDC at the front of BCT's altcoin section by posting shows that the coin is alive and not dormant.

[hennessyhemp]

So.........

KDC needs a relationship with gold. Whether being back by gold or being used to buy gold, like at Amagi or Agora metals.

https://agoracommodities.com/
https://www.amagimetals.com/

Both of these websites accept BTC for gold and other precious metals.

https://www.amagimetals.com/info/btc-as-legal-tender-in-california/

Read the title of the link!!!!!
Explains all, and is a step closer to full fledged US adoption.

erhmmm...... Fuse...... time to get these sites on par with KDC.

I'd love to get KDC accepted on Amagi or Agora, but I feel we have a long way to go.  We need to get people to participate in the discussion here first

Which brings me to another question.  Is it too late for KDC?  I'm ready to put some time into getting this running again, but is the community interested in bringing this back?

-Fuse

I'm curious if it is worthwhile also, I'm a little disappointed it just died, then again, I couldn't continue mining it when Litecoin took back profitability, so I'm not terribly surprised, and really it seems like it didn't offer too many new features, just some gimmicky ones.  Some of your proposed changes seem intriguing, though I'm just hoping my months worth of mining is worth more than 5 bucks.

[Halofire]

So.........

KDC needs a relationship with gold. Whether being back by gold or being used to buy gold, like at Amagi or Agora metals.

https://agoracommodities.com/
https://www.amagimetals.com/

Both of these websites accept BTC for gold and other precious metals.

https://www.amagimetals.com/info/btc-as-legal-tender-in-california/

Read the title of the link!!!!!
Explains all, and is a step closer to full fledged US adoption.

erhmmm...... Fuse...... time to get these sites on par with KDC.

I'd love to get KDC accepted on Amagi or Agora, but I feel we have a long way to go.  We need to get people to participate in the discussion here first

Which brings me to another question.  Is it too late for KDC?  I'm ready to put some time into getting this running again, but is the community interested in bringing this back?

-Fuse

I'm curious if it is worthwhile also, I'm a little disappointed it just died, then again, I couldn't continue mining it when Litecoin took back profitability, so I'm not terribly surprised, and really it seems like it didn't offer too many new features, just some gimmicky ones.  Some of your proposed changes seem intriguing, though I'm just hoping my months worth of mining is worth more than 5 bucks.

There's one way to preserve your KDC minings. Get active, tweet, give some additional input. It's up to us to lead this coin. Criptoe is here, waiting and ready!

Fuse, let's jumpstart this coin! $50 buys a gram of gold with papers. Offer it up for contest of your design! I'll send you $25 USD if you like.
http://www.ebay.com/itm/1-Gram-9999-24K-GOLD-Premium-IGR-IAR-Bullion-Bar-/251791161699?pt=US_Bullion_Bars_Rounds&hash=item3a9fec3963

APMEX.com is even safer if you don't want ebay, but ebay is more private from the prying eyes...

[Halofire]

Just make sure we have a set minimum number of people involved, if it's just 5 of us or so, no point.

[KickAzzDude]

Had been waiting for some movement on this coin since the first time criptoe posted here

[ny2cafuse]

Had been waiting for some movement on this coin since the first time criptoe posted here

So how about posting some feedback on the proposed changes?

If we take over the coin, we want to make sure we're gaining users, not losing them because we upset large holders on a relaunch issue.  How do you feel about the changes I posted to get started again?  How do you feel about a pre-mine for bounty and development use?  If you're opposed to the pre-mine, how should we go about raising money for outside development?

I want to hear the community's opinion.

-Fuse

[hennessyhemp]

I started mining this pretty early from initial launch, and my holdings are literally worth about $5.00 now, so if you want to re-work the code to get this ship sailing again, by all means, make it worth something.  I think the goal should be to get onto Shapeshift.io as quickly as possible, and they are connected with Cryptsy (don't know how much, possibly just API).

That way, Amagi and any other bullion dealer can easily work with KDC, because they can immediately convert it to BTC.

So anything you do to revive any life back into this project, you have my blessing, buyout and lets call it a "Bounty-mine" (Pre-mine sounds solely beneficial to the creator).  Write some code, I'll try to let people know about it.

If the pre-mine was strictly a "bounty-mine" and the addresses and rewards were public and maybe even added to this thread, I think it'd go over better than if it's done at all privately, this coin was supposed to be 0% premine, but clearly that led to a lack of development, so bounties may be better, especially if those bounties included physical gold bullion. 

It'd be awesome to make a physical KDC coin.

[Halofire]

I started mining this pretty early from initial launch, and my holdings are literally worth about $5.00 now, so if you want to re-work the code to get this ship sailing again, by all means, make it worth something.  I think the goal should be to get onto Shapeshift.io as quickly as possible, and they are connected with Cryptsy (don't know how much, possibly just API).

That way, Amagi and any other bullion dealer can easily work with KDC, because they can immediately convert it to BTC.

So anything you do to revive any life back into this project, you have my blessing, buyout and lets call it a "Bounty-mine" (Pre-mine sounds solely beneficial to the creator).  Write some code, I'll try to let people know about it.

If the pre-mine was strictly a "bounty-mine" and the addresses and rewards were public and maybe even added to this thread, I think it'd go over better than if it's done at all privately, this coin was supposed to be 0% premine, but clearly that led to a lack of development, so bounties may be better, especially if those bounties included physical gold bullion. 

It'd be awesome to make a physical KDC coin.

I'd rather see people invest btc into bounties versus seeing a bounty-mine of sorts. Should never use the currency we are trying to build up in the sense of coding more, it dilutes itself as we are now acting like the FED and printing money to ensure KDC success. Agreed that it's a one time deal, but see the parallel? Not a guarantee that people with think that this is a problem, it may not be.  But even if Fuse coded in a million KDC, that's $300-400? The possible short-term negative impact could be more than the worth of the amount of KDC being put in a bounty-mine ---- unless he's buying gold with it, and there's not much gold he can buy with that. Credibility is still not the issue here, Fuse is the man and Criptoe is the team behind/with the man!

The solution is to find investors with BTC in hand. It will take the faith of a few people with a few btc to spare. To do this, miners who are holding a LOT of KDC may be called upon to sell some of their stashs via escrow for BTC to be held by Criptoe, or issue promissary notes to those investors to be rewarded after KDC really kicks off. We need investment backing, not for price exploitation either. A small pump would be good to draw the crowd back to signal that KDC is back, mainly for the people watching the exchanges, but nothing to high. Moderation is key with that. And we're going to have to escrow all the gold and btc collected into a KDC, L.L.C. holding company. Time to get serious and official if we want KDC to live. That's down the road, yes, but it can't be too far down the road.

So Fuse, if you want to code in the bounty-mine, go for it. While it's not going to affect the long term as it's a drop in the bucket, it's not going to affect the short term either unless KDC is worth more today or tomorrow, but short-term with with a chance of negative impact. If I'd start to invest $1000's in to KDC, I'd definitely want some of the bounty-mine, so that means you're going to have to sell the bounty-mine at a much higher price than what's available at cryptsy. I'm not saying I'm going to invest $1000's, but ya never know. But that's the mindframe we need to have. Think about how GAW raised all the money to get where Garza is today with his bank investor guy, I forget his name at this moment, and aside from the other businesses Garza owns. But point is, GAW has financial backing up the arse. We need to replicate.