[ANN] [ASIC-RESISTANT] UltraCoin (UTC) - Ultrafast 6 second transactions!!

[thaitunhi1606]

Hello UCM`s!  

Last night we had a very productive IRC meeting and we say thank you to everybody who attended, a few things were discussed and the general consensus was that we should try to turn the yearly POS into a weekly POS and that this should be 0.1% per week.We are still talking to a dev about this.

The second thing people agreed upon is that we should lower the N factor and keep it there for 1 year,this is also being discussed.We are aware of the N factor change today,but dont worry,this will be rolled back so bare with us for now.

The dev has informed us that letting people update so quickly without time to prepare can create a hard fork and damage the coin,so the most responsibe thing for us to do is let this N factor happen for now.


I am very pleased with some of the posts in here, The dev team is working very hard behind the scenes, but we can only do so much, we need your help.....Dcgirl, xwebnetwork and Jakob have lives to live aswell, and i have told them on multiple occasions i dont want UTC to suck up their entire life.I am most gratefull for their efforts and commitments, but as somebody just mentionend,we are just 5 people....

I also see some comments from people who think "it will die forever".this is offcourse nonsense.This price point does not reflect the actual value of a coin.value is much more then a number. Value is the community ,the team,the developments,.Lets be honest,this price is not caused by the dev team.this price is caused by:

1:people selling at this rediculus price
a battle to undercut the seller above you,makes sure we are on a steady decline in price

2:the lack of proper demand
The coin needs an actual purpose to exist,and services like the minecraft plugin to tap into communitys unrelated to crypto,to create a vast userbase to create proper volume

To the doom & gloom people i would like to say : please find a way to redirect your energy into something uplifting and contructive.
Ask yourself : How can i contribute? How can i make a difference?

Complaining is very easy and anybody can do it,but you acomplish absolutely nothing,and this is not what Ultracoin represents,its about making a change , and making a difference,and having core values.This UTC community is not large, i will admit that.BUT the people we DO have are absolutely fantastic.They pull through for us at every voting event.They stick with us even on a downslope graph, and for this i think i can speak for the team when i say, we are deeply gratefull for that.

SO!

what are some things anybody could do to help UTC?

-Tell people about it (facebook,twitter,real life)
-Talk about ultracoin in chatboxes
-Prove the doubters wrong and show howmuch we have accomplished in just 4 months

making a coin,
getting on 20 exchanges (including mintpal and cryptsy) , ( http://ultracoin.net/exchanges.html )
getting spending places like altoutlet,pock.io ,
being invited to represent UTC at the swedish bitcoin conference 2014,
forging a wonderfull relationship with bitcoinwoman and Dcgirl becoming a regular writer with great articles.
launching the ultra-arb tool,
making our own pool,
getting physical coins,
getting physical aluminium wallets,
getting service websites on board like wealthico,coinCPA,whattomine,countmycrypto,cryptocoinrank, ( http://ultracoin.net/services.html )
mobile services like bitcoin checker,bitcoin profit and cryptocurrency converter ( http://ultracoin.net/apps.html )
sponsering Elsa Hammond in her amazing endevour
3 succesfull wallet updates and upgrades

This list is nothing to look down on!


And think about what is yet to come :

ultra-arb premium,
our own multipool,
in game minecraft economy,
mobile wallets,

So when you think about it,the coin should really be 1 dollar at least to represent what we have done as a group and what we are going to do.Its up to you guys what happens,i know we as the team are doing our very best,but we are indeed just 5 people.Look at the beautifull aluminium wallets,We did not ask him to make that,he did that all by himself. This is the model for the UCM (Ultracoin community member).proactive,innovative,intelligent.

we need you!

Great new.
But it is summer now, VGA card is so hot, if UTC can change to x11, I'll back.

+1. Me too. 

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[azerbaidjan]

This is when I say goodbye, it was a fun ride..  

Price is too low to sell, so holding out.
I have faith in the coin (and even more so in the team behind it) and well, if it goes where I think it's going, my bet will have paid off....if it doesn't , well it was a fun ride, bu there is no point getting off a ride just coz it's slowed down.

As per coinmarketcap the 3 main exchanges are mintpal, crypto-trade and cryptsy:

54. UltraCoin (0.01 %)
Source   Pair   Volume (24h)   Price   Volume (%)
MintPal   UTC/BTC    $ 2,956   $ 0.015676    38.63 %
Crypto-Trade   UTC/BTC    $ 2,535   $ 0.024981    33.12 %
Cryptsy   UTC/BTC    $ 2,115   $ 0.020297    27.64 %
Crypto-Trade   UTC/LTC    $ 33   $ 0.022983    0.43 %
SwissCEX   UTC/BTC    $ 10   $ 0.005361    0.13 %
Bittrex   UTC/BTC    $ 3   $ 0.026022    0.04 %
Total/Avg   $ 7,653   $ 0.020058

So losing polo doesn't impact the coin at all. Keep cool guys...

[LHM]

WALLET DEVELOPMENT UPDATE:

Okay, so our community chat session was wildly successful and we all agreed to implement the following:

Code:

NFACTOR - 1 less from what it is now, effective for 12 months
POS - 7 day POS system at 5.2% per year, which equates to 0.1% per 7 days.  Max time = 30 days
No change to # of coins or ratio for now

The POS modifications are implemented and being tested. More news to follow on this. Expect an update shortly!

NFACTOR is actually far more complex than originally thought. Turns out dialing back could have severe, potentially crippling, repercussions. We are investigating how to work through this, if at all possible.

That being said: NFACTOR will change as scheduled this Saturday, May 24th, 2014 @ 03:15:12pm UTC. We cannot risk crippling the entire blockchain in an attempt to force this revision. When the NFACTOR changes, please use the config generator to update your miners!

http://ultracoin.net/configgen_raw.html

To summarize, the wallet update will, for now, include only the POS modifications, NFACTOR changes are being discussed, and NFACTOR will shift this Saturday. We will keep you all posted otherwise.

Thank you for your continued support!

I'm not sure why the N-factor change has to be so complicated.  I'm getting ready to go home for a long, long weekend but, if I remember correctly, there is just a convoluted function that has a bunch of arbitrary calculations that result in a block heights to change the N-factor at.  The point is, I thought it just returned nFactor and all the other things that used that value derived it from that function.

Why couldn't you just comment that all out and hardcode in the return value to be the N-factor you want it to be, aka 12?  

Obviously, this would be a mandatory wallet update.  No ones wallet would work on the old N-factor so you'd have to set it at a date in the near future.  

well there is the factor of changing the wallet software, a mandatory update, and a forced date for transition. However there is also mining software, scrypt-jane/scrypt-chacha mining software also uses the same formula to determine the n-factor when mining. Custom revisions of each of the mining programs used will need to be ready for this change as well. Coordinating all of this is a nightmare in the crypto world, some people don't listen some don't understand and things just get complicated.

[barbados-fs]

Please join me on poloniex until the chat!  Thanks for the support!

I would love to join but there is no chat in Russian. In Russian there is a chat on btc-e but there is no UTC

[bret]

I do not understand why anytime someone complains it is met with the same response "WHAT ARE YOU DOING TO HELP THE COIN?"

That's so easy to say, but so unrealistic. Do you expect people to be cheerful when a coin they have invested months of time mining into is literally evaporating in front of their eyes? Everyone can sugar coat this as much as they want, if UTC doesn't start making some REAL changes to get people to use and invest in it, it will drop to nothing, it is already on that path.

Also, not everyone signed on to be a core member of the UTC team. Some people want to mine, some people want to trade, some want to hold, some want to spectate and speculate. It is kind of silly and immature to tell Joe Average that they are not doing enough because they are complaining about a coin they care about and have been investing time and effort into is dying.

Everyone has a role, and to pass the blame onto the community for lack of real world production by the core team is insulting at the very least. People who did not get a piece of the pre-mine and obtained their coins through investing their own time and money, in most cases at a huge loss.

We all do what we can, but to not allow people to express their disappointment and dissatisfaction is flying in the face of the "core values" that the UTC team continues to preach about. People should have the right and freedom to sing the praises of UTC when it is doing well and criticize and complain about it when it is performing  poorly.

We all do our part and play our roles, I think some of this community needs to grow a little and understand what those roles are and who should be playing them.

I mined some coins, bought some coins and have been trying to get an additional block explorer off the ground in my spare time (which is very limited right now), asking me to champion this coin and go around and do marketing beyond what I would do in the normal course of conversation or communication is ludicrous.

If there were exciting news to spread about the coin the community would spread it, frankly, I am not sure that the things in place are enough for people to really care about.

I will say dcgirl's coin arb thing is impressive, very.  It would be nice if it forced all the arbitrations though UTC (since UTC is so fast) one could get money between exchanges at a faster rate than most other coins. It would be a nice way to emphasize that fact to the rest of the world and show them a real world use for UTC.

[Mikebeav3r]

Having not used Ultra-arb, I thought you HAD to use UTC to go between the exchanges, looks like I was wrong. It's a good idea if UTC is about the same price on each exchange.

[KingCole]

All I have seen some new people in the thread and I hope all have taken the opportunity to vote for UTC on Coinpayment? As it stands the count hasn't increased in the last 48 hours. Please, if you have not voted, vote now at https://www.coinpayments.net/vote any problems or concerns please post here

KC

[nuocmamt]

Devs, Please seriously consider adding a Russian and Chinese member to your group. You need to expand to other languages right now. The coin's message has to at least be understandable by different groups of people around the world. I honestly think that the nfactor should be changed to previous levels where it was successful, where the nfactor had a modicum of use and people could understand how to adapt to the changes. Probably restart the nfactor from scratch and revamp the successive windows of time for the changes to take place. The nfactor changes were too sudden and quick for the gain and keep users mining it. I assume this can be done, but if it can't sorry for my unreasonable suggestion.

[funsponge]

just curious who the marketing person is now? Because as normal its just me and DCGirl doing all the tweeting everyday. Surely in the whole world there is more than 2 people willing to tweet a few times a day?

Please all get behind the coin and spread the word. Get on blogs get on troll boxes and just highlight what we are aiming to achieve and what is been done.

[KingCole]

just curious who the marketing person is now? Because as normal its just me and DCGirl doing all the tweeting everyday. Surely in the whole world there is more than 2 people willing to tweet a few times a day?

Please all get behind the coin and spread the word. Get on blogs get on troll boxes and just highlight what we are aiming to achieve and what is been done.

I try to Tweet in the morning before work a few times and then a few more times in the evening. I do agree the main person is DCGirl and I try to retweet all her posts. I'd like more people to get on Twitter and start talking about #Ultracoin

KC

[dcgirl]

To the person asking for a Russian or Chinese person to be added to the team - please feel free to volunteer, or direct people our way. We are not about to turn down anyone that wants to help, but don't always know who all of these people are. Thanks.

[funsponge]

just curious who the marketing person is now? Because as normal its just me and DCGirl doing all the tweeting everyday. Surely in the whole world there is more than 2 people willing to tweet a few times a day?

Please all get behind the coin and spread the word. Get on blogs get on troll boxes and just highlight what we are aiming to achieve and what is been done.

I try to Tweet in the morning before work a few times and then a few more times in the evening. I do agree the main person is DCGirl and I try to retweet all her posts. I'd like more people to get on Twitter and start talking about #Ultracoin

KC

Im @ultracoinnews and volunteer to do my part. If you look at other altcoins twitter feeds they have 300-800 followers and websites are mediocre. I have 1600 follows dcgirl have over 1000 and so does Michael on the official_utc. So am at a loss to see what these coins are doing that we are not. Take Unobtanium for example, they have 186 followers on twitter and a website with about 3 pages. They are ranked 36 on coinmarketcap and have a value of nearly $3 per coin!? It doesn't make sense. People need to be told about how good UTC is and how fast it is!

[funsponge]

To the person asking for a Russian or Chinese person to be added to the team - please feel free to volunteer, or direct people our way. We are not about to turn down anyone that wants to help, but don't always know who all of these people are. Thanks.

I have contacted bter and asked them what we can do to get listed.

[SxC]

To the person asking for a Russian or Chinese person to be added to the team - please feel free to volunteer, or direct people our way. We are not about to turn down anyone that wants to help, but don't always know who all of these people are. Thanks.

I have contacted bter and asked them what we can do to get listed.

simple have volume

[coinnext]

Coinnext Exchange added UltraCoin

Trade at https://coinnext.com/trade/UTC/BTC

On top, trading is completely free for 90 days.

[xwebnetwork]

Awesome! Great addition. Will add to the site's exchange list!

ATTENTION MINERS

Please prepare yourselves for tomorrow's NFACTOR shift at 03:15:12pm UTC. You may use the auto-config generator to build out an optimal config for your configuration(s) here: http://ultracoin.net/configgen_raw.html

And if you run into any issues, please open a support ticket via our website or post here!

Happy mining!

[utcminer]

I do not understand why anytime someone complains it is met with the same response "WHAT ARE YOU DOING TO HELP THE COIN?"

That's so easy to say, but so unrealistic. Do you expect people to be cheerful when a coin they have invested months of time mining into is literally evaporating in front of their eyes? Everyone can sugar coat this as much as they want, if UTC doesn't start making some REAL changes to get people to use and invest in it, it will drop to nothing, it is already on that path.

Also, not everyone signed on to be a core member of the UTC team. Some people want to mine, some people want to trade, some want to hold, some want to spectate and speculate. It is kind of silly and immature to tell Joe Average that they are not doing enough because they are complaining about a coin they care about and have been investing time and effort into is dying.

Everyone has a role, and to pass the blame onto the community for lack of real world production by the core team is insulting at the very least. People who did not get a piece of the pre-mine and obtained their coins through investing their own time and money, in most cases at a huge loss.

We all do what we can, but to not allow people to express their disappointment and dissatisfaction is flying in the face of the "core values" that the UTC team continues to preach about. People should have the right and freedom to sing the praises of UTC when it is doing well and criticize and complain about it when it is performing  poorly.

We all do our part and play our roles, I think some of this community needs to grow a little and understand what those roles are and who should be playing them.

I mined some coins, bought some coins and have been trying to get an additional block explorer off the ground in my spare time (which is very limited right now), asking me to champion this coin and go around and do marketing beyond what I would do in the normal course of conversation or communication is ludicrous.

If there were exciting news to spread about the coin the community would spread it, frankly, I am not sure that the things in place are enough for people to really care about.

I will say dcgirl's coin arb thing is impressive, very.  It would be nice if it forced all the arbitrations though UTC (since UTC is so fast) one could get money between exchanges at a faster rate than most other coins. It would be a nice way to emphasize that fact to the rest of the world and show them a real world use for UTC.

you have said what i want to say
only thing the investor has to do is to buy coins and hold them,i have done my part
if there are some other things investor need to do ,that should be voting or communicating,commenting. i have done all these.
what should you do ,devs? whatever you have done,it is not perfect,because the coin performs bad

[cointradero]

WALLET DEVELOPMENT UPDATE:

Okay, so our community chat session was wildly successful and we all agreed to implement the following:

Code:

NFACTOR - 1 less from what it is now, effective for 12 months
POS - 7 day POS system at 5.2% per year, which equates to 0.1% per 7 days.  Max time = 30 days
No change to # of coins or ratio for now

The POS modifications are implemented and being tested. More news to follow on this. Expect an update shortly!

NFACTOR is actually far more complex than originally thought. Turns out dialing back could have severe, potentially crippling, repercussions. We are investigating how to work through this, if at all possible.

That being said: NFACTOR will change as scheduled this Saturday, May 24th, 2014 @ 03:15:12pm UTC. We cannot risk crippling the entire blockchain in an attempt to force this revision. When the NFACTOR changes, please use the config generator to update your miners!

http://ultracoin.net/configgen_raw.html

To summarize, the wallet update will, for now, include only the POS modifications, NFACTOR changes are being discussed, and NFACTOR will shift this Saturday. We will keep you all posted otherwise.

Thank you for your continued support!

I'm not sure why the N-factor change has to be so complicated.  I'm getting ready to go home for a long, long weekend but, if I remember correctly, there is just a convoluted function that has a bunch of arbitrary calculations that result in a block heights to change the N-factor at.  The point is, I thought it just returned nFactor and all the other things that used that value derived it from that function.

Why couldn't you just comment that all out and hardcode in the return value to be the N-factor you want it to be, aka 12?  

Obviously, this would be a mandatory wallet update.  No ones wallet would work on the old N-factor so you'd have to set it at a date in the near future.  

well there is the factor of changing the wallet software, a mandatory update, and a forced date for transition. However there is also mining software, scrypt-jane/scrypt-chacha mining software also uses the same formula to determine the n-factor when mining. Custom revisions of each of the mining programs used will need to be ready for this change as well. Coordinating all of this is a nightmare in the crypto world, some people don't listen some don't understand and things just get complicated.

That is what I said, I'll just copy it below and save myself the trouble of explaining it.  

Code:

// ultracoin: increasing Nfactor gradually
const unsigned char minNfactor = 4;
const unsigned char maxNfactor = 30;

unsigned char GetNfactor(int64 nTimestamp) {
    int l = 0;
    if (nTimestamp <= nChainStartTime || fTestNet)
        return 4;
    int64 s = nTimestamp - nChainStartTime;
    while ((s >> 1) > 3) {
      l += 1;
      s >>= 1;
    }
    s &= 3;
    int n = (l * 170 + s * 25 - 2320) / 100;
    if (n < 0) n = 0;
    if (n > 255)
        printf( "GetNfactor(%lld) - something wrong(n == %d)\n", nTimestamp, n );
    unsigned char N = (unsigned char) n;
    //printf("GetNfactor: %d -> %d %d : %d / %d\n", nTimestamp - nChainStartTime, l, s, n, min(max(N, minNfactor), maxNfactor));

    return min(max(N, minNfactor), maxNfactor);
}

The wallet passes the Timestamp to the function, subtracts the start time to get the total length of time the coin has been producing blocks, does some funky arbitrary math, then returns the N factor, assuming it's between 4 and 30.  If the value is outside that range ( 4> x >30), then it returns 4 or 30.  That's it.  Every call to get the N-factor in every other part of the wallet uses a call to GetNfactor.  For a short term fix, you just comment out the entire block of code, and write "return 12".  Then all the function calls remain the same and you are just forcing a set N factor until you decide on a proper schedule.  

I wouldn't imagine the mining software would care that it is hardcoded.  I'd need thirtybird to go over that though, as I really don't know a ton about that side of it.  I looked at his YACminer code and there are calls to getNFactor, but I got tired of tracking down where they were going to.  He's much better at this stuff than me anyway so he can probably tell me whether there is something wrong with what I said above as well.  

[kkk2000]

let this coin go, i saw 0.00002002 buy order. None care this.

[utcminer]

let this coin go, i saw 0.00002002 buy order. None care this.

you are wrong!!!!0.00004 is stable,because you can not pay electric bill below this ,