Ethereum: 2nd gen cryptocurrency with contract programming, "dagger" hashing

[super3]

At the start of bitcoin, nobody knew it, very few of those knowing its existence wished to have many.

Situation is different today.

100% premine appear to provide easier repartition at start.

Creation on proof of burn allow this as easily, with emphasis on fairness and trustlessness.
(Of course it's less easy to keep 25% for the dev with this method... they have to burn like everyone else)

Other than the security it gives, I really don't like POW mining.
Over advantage to those with heavy hardware & knowledge or overadvantage to those with knowledge controlling vast botnet.
Both having an unfair taste to me.

PoW is dead. 51% percent attacks, and so much computational waste, and devaluing the coin.
Some other model will pop up. Proof-of-burn looks pretty interesting. Love to see it actually implemented.

I've seen some other model out there but they seem half-baked at this point.

[LeoC]

At the start of bitcoin, nobody knew it, very few of those knowing its existence wished to have many.

Situation is different today.

100% premine appear to provide easier repartition at start.

Creation on proof of burn allow this as easily, with emphasis on fairness and trustlessness.
(Of course it's less easy to keep 25% for the dev with this method... they have to burn like everyone else)

Other than the security it gives, I really don't like POW mining.
Over advantage to those with heavy hardware & knowledge or overadvantage to those with knowledge controlling vast botnet.
Both having an unfair taste to me.

You tout your proof of burn and XCP in every post you make in every thread about a software that might be competition for Counterparty.
It's getting extremely annoying. We get it, you are invested in XCP, and honestly its a GREAT idea, but no need to hijack other threads.
Now could you please stay in your thread and never come out? Ethereum is independent, proof of burn can never be independent.

With that said, I am normally against crypto IPOs simply because an ROI is unlikely.

[panonym]

Nope, freedom of speech.
Just ignore me if you wish, I do not consider I'm spamming.

What people propose doesn't satisfy me.
Therefore I evoke proof of burn which has *many* advantage, and until recently no project used it.
PoB is underused, wherea IPO guy are scam-spamming...

I mention XCP not because I'm a fanboy, but because I'm pretty sure many people are interested in PoB investment but do not know yet any project using it.
Weird to mention PoB without mentioning the only project using it. Partial info is useless.
I would be glad to find this info this way if I didn't knew it.
Invest time is 1 month, that's "short". Information has value. I give awareness.
It's even again my gain. The less people burn, the more % I have. ==> altruism

Not everyone pass as much time as you in these forum...
My little number of post are easily missable, hardly spam.
Just watch the post previous of yours... "Love to see it actually implemented."
He doesn't know it's been implemented very recently, like many.
Without me he could have missed it.

Chill on man.

edit: you edit fast. "proof of burn can never be independent"? WTF? nonsense

[Ursium]

For those interested, I've written a quick how-to on how to install Ethereum and test mining! (on OSX)

http://www.ursium.com/install-ethereum-osx-mining/



Hope you like it!

[super3]

For those interested, I've written a quick how-to on how to install Ethereum and test mining! (on OSX)

http://www.ursium.com/install-ethereum-osx-mining/



Hope you like it!

Thanks!

[Abdi Shakur]

Very interesting read, keep the discussion coming will certainly be keeping an eye on this project.

[allwelder]

interesting,keep an eye

[bopstika]

I'm pleased to see an innovative coin with a seemingly intelligent team behind it. Unlike most every other coin launched this week.

[LeoC]

For those interested, I've written a quick how-to on how to install Ethereum and test mining! (on OSX)

http://www.ursium.com/install-ethereum-osx-mining/



Hope you like it!

Do one for Windows and I'll be your bitch for a week.

[LeoC]

edit: you edit fast. "proof of burn can never be independent"? WTF? nonsense

Counterparty requires BTC to succeed, without BTC or any other crypto to allow for a burn, then it's absolutely worthless. Even the thread title says "Built on Bitcoin"
Do you see Ether saying it's built on Bitcoin? No. Ether on the other hand plans on being the NEW Bitcoin. Proof of burn can be created as a sub category using the contract system.

The contract system lets you be innovative. People first mine Ether. Then with that Ether, they can choose the route they want to go.
If someone codes a Proof of Burn sub-currency, then people can burn their Ether to gain that sub-currency.
If someone codes a Proof of Stake sub-currency then people can use Ether to buy that sub-currency.
In theory, Ether can be a PoW, PoS, AND PoB all combined once the clever minds get together and code it in.
If someone codes a Proof of Burn sub-currency, with Proof of Stake integrated, then people can mine Ether (PoW), burn it to receive the sub-currency (PoB), then hold to receive interest (PoS).

All of this independent from any other system, unlike how Counterparty works.
I'm sorry that you can't see the ingenuity here, but Ether will be leaps and bounds superior to Counterparty. Sorry if you burned too many BTC. I feel ya.
I still feel that this IPO and Turing complete are a bad bad idea.

[nesco1805]

Good.
Can't wait to get rid of N..

Hopefully Ethereum isn't too clever about everything else, except issuance and adoption

[Lawyer]

Will follow this!

[msin]

Bitcoin has a current inflation of about 11%
Ethereum seems to have a initial inflation of 50%, based on the info.

Why not proof-of stake? Fixes the inflation and the 51% attack problem.
Cool project though. Can't wait to get more info at Miami.

Vitalik had trouble solving the "fork" issue, that is, that when two forks arise in a PoS coin, there is no incentive for PoS miners to select one over the other.  That is, they are incentivized to mine both simultaneously at the same time.  He thought he may have solved it today, but didn't seem terribly interested in pure PoS, especially because you need to typically do a 100% premine.

There are other people I know who previously wanted pure PoS chains arguing about them for one reason or another now.  I would guess that Satoshi himself/themselves also considered this (as it seems like the more logical means to construct a cryptocurrency network), but abandoned it for whatever reason.

Can you help me understand Ethereum.  I can seemingly buy 200k for 20BTC, yet there is no interest earned or POS forging?  Furthermore, there will eventually be 1.2Trillion Ethereum?  I just don't get why there is so many units, I mean I get 2 Billion, but 1.2 Trillion?  Doesn't seem like I'm getting a lot for my buck.  Also, why POW, it's an incredible waste of resource.

[luckygenough56]

trillion coin at 0.0001 starting price, is this a bad joke ?

[Lloydie]

.0001 is an absolutely insane starting price for a coin that will eventually have 1 trillion in circulation.

I am also wondering about the statement in the paper and the expected fundraising volume.

Original:
"Ether will have a theoretical hard cap of 2^128 units (compare 250.9 in BTC), although not more than 2^100 units will be released in the foreseeable future."

2^100 = 1,26 * 10^30 = 1 260 000 000 000 000 000 000 000 000 000.

The issuance rule is like that: 0.0001 BTC for 1 Ether.
If people invest all in all 1000 BTC there will be 10 000 000 Ether from fundraising and 50% of that goes to founders/org + 50% to miners per year. So after 1 year you have 20 mio Ether.
If they get 10k BTC at fundraising -> 200 Mio Ether;
If they get 100k BTC at fundraising (100 mio USD!) -> 2 000 Mio Ether;
If they get 1000k BTC at fundraising (1000 mio USD!) -> 20 000 Mio Ether; But thats very unrealistic (10% of btc market cap)
In that caseFor mining there would be added 10 000 Mio per year, if you count for 100 years thats 1 000 000 Mio = 1*10^12.
So even in a highly unlikely scenario of 1 Mio Btc fundraising there would be only about 10^12 in circulation. So what does "not more than 2^100 units will be released in the foreseeable future" refer to? Or was it just a relict form an older version of a fundraising model or Ether nomination?

This is very clever.  But my,"12 year old" doesn't get it.

I have 10 Btc, which I invest. That gets converted to ether. Ok, the founders/org take half and miners take half. What do I get?  Then after one year, the mined coins are rising at linear inflation of 50%? Who gets those?

Thanks.

[bitcool]

trillion coin at 0.0001 starting price, is this a bad joke ?

Yeah, that's too high.

In contrast, with their initial 40K giveaways, Ripple feels like Mother Teresa  

[Come-from-Beyond]

it start with "0."

Of coz. I expected to get another answer...

[LeoC]

I have to agree that 0.0001 is way too high. Lower the total coins or lower the price.

[Come-from-Beyond]

There are other people I know who previously wanted pure PoS chains arguing about them for one reason or another now.  I would guess that Satoshi himself/themselves also considered this (as it seems like the more logical means to construct a cryptocurrency network), but abandoned it for whatever reason.

According to Vitalik

The reason why Satoshi could not have done this himself is simple: before 2009, there was no kind of digital property which could securely interact with cryptographic protocols.

[RJX]

This is interesting stuff!

Will keep tracking.